Start-up Funding | |
Start-up Expenses to Fund | $36,250 |
Start-up Assets to Fund | $59,750 |
Total Funding Required | $96,000 |
Assets | |
Non-cash Assets from Start-up | $37,850 |
Cash Requirements from Start-up | $21,900 |
Additional Cash Raised | $0 |
Cash Balance on Starting Date | $21,900 |
Total Assets | $59,750 |
Liabilities and Capital | |
Liabilities | |
Current Borrowing | $0 |
Long-term Liabilities | $65,000 |
Accounts Payable (Outstanding Bills) | $1,000 |
Other Current Liabilities (interest-free) | $0 |
Total Liabilities | $66,000 |
Capital | |
Planned Investment | |
Dorina Thaker | $30,000 |
Other | $0 |
Additional Investment Requirement | $0 |
Total Planned Investment | $30,000 |
Loss at Start-up (Start-up Expenses) | ($36,250) |
Total Capital | ($6,250) |
Total Capital and Liabilities | $59,750 |
Total Funding | $96,000 |
Bride’s Entourage will carry mother-of-the-bride, mother-of-the-groom, bridesmaid, and flower girl attire. In addition, we will carry bridal footwear and bridal accessories such as veils, headpieces, and jewelry. We will aim to provide products in a wide variety of styles and price-ranges that are of good quality and from reputable designers.
The dresses will be sold primarily on a made-to-order basis. We will keep a sample dress of each style in the store for customers to try on, and once they decide on a style, we will then order it in their size and in the color of their choosing. If, however, a customer is pleased with the floor sample, they will have the option to purchase that item.
When a dress is being made-to-order, a fifty percent, non-refundable deposit will be required. Once the dress arrives, the deposit will be applied toward the balance. Full payment will be due before the customer can take the dress from the store. Veils and headpieces will be sold in the same manner as the dresses. Shoes and jewelry will primarily be sold off the floor.
Bridal inventory is typically purchased in two seasons: fall and spring. The fall buying season is typically for items that will be displayed in the winter and spring, which will then be worn in the spring and summer. The spring buying season is typically for items that will be displayed in the summer and fall, which will then be worn in the fall and winter.
Most designers set “minimums,” which means that they require the purchase of a certain number of sample dresses in any given season. Some designers require that all samples be purchased at once, while other designers allow the purchase of samples to be staggered throughout the season. The buying pattern for Bride’s Entourage will be a function of designer requirements as well as customer demand for new products.
Bride’s Entourage will track the “success rate” (the number of times a particular dress is purchased), and if a dress is selling poorly, it will be discounted, sold off the rack, and replaced with a new inventory item.
For the past five years, Multnomah County has consistently seen around twelve thousand weddings annually. According to Multnomah County population projections, the number of females here will increase by about three percent over the next five years. It is safe to conclude from these facts that there is a solid customer-base that will increase slightly in the years to come.
What is unique about Bride’s Entourage is that it places a spotlight on the wedding purchases that are typically overshadowed by the purchase of the wedding gown. Wedding gowns, on average, comprise about 6.1% of the total wedding expenditures, while the mothers’ attire, attendants’ attire, and accessories collectively make up another 7.8% of the total wedding expenditures. Bride’s Entourage is focusing on the 7.8% that is usually an afterthought for most bridal shops.
Bride’s Entourage is a store like no other. It creates a shopping environment in which mothers, bridesmaids, and flower girls, as well as the bride, are catered to.
For almost every bride in Multnomah County, there will be at least two mothers who will need to be outfitted for the big day. For many mothers, especially the mother-of-the-bride, the wedding of her child is second only in significance to her own wedding. As a result, the style of the gown tends to take precedence over price. These customers will want a unique shopping experience that will acknowledge their significance in the upcoming wedding.
The most common number of bridesmaids, including the maid-of-honor, is four. Because bridesmaids are typically expected to pay for their own attire, they tend to be fairly cost-conscious. If they believe that they will be able to use the dress more than once, then price becomes less of an issue. The bride usually has the final say in which dress will be chosen, which creates an interesting dynamic. On the one hand, the bride’s tastes need to be accommodated, and on the other hand, the bridesmaids need to feel comfortable with the amount they are spending. Bridesmaid parties often shop as a group so that they can decide on a dress together. For groups of three or more, appointments will be recommended to ensure that proper attention and dressing room space is provided.
About 62% of all weddings have a flower girl. As with the bridesmaids’ attire, the bride usually makes the decision about the style of the dress, but the parent of the flower girl usually pays for it.
In addition to helping outfit the bridal party, Bride’s Entourage will aim to accommodate brides who are still in need of the other critical pieces to go with her gown, such as shoes, a veil and/or headpiece, and jewelry. While some brides purchase the “other items” at the time that they purchase their gown, most brides choose to shop around for the accessories.
Market Analysis | |||||||
Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | |||
Potential Customers | Growth | CAGR | |||||
Mother-of-the-Bride/Mother-of-the-Groom | 3% | 24,000 | 24,720 | 25,462 | 26,226 | 27,013 | 3.00% |
Bridesmaids | 3% | 48,000 | 49,440 | 50,923 | 52,451 | 54,025 | 3.00% |
Flower Girls | 3% | 7,440 | 7,663 | 7,893 | 8,130 | 8,374 | 3.00% |
Brides | 3% | 12,000 | 12,360 | 12,731 | 13,113 | 13,506 | 3.00% |
Total | 3.00% | 91,440 | 94,183 | 97,009 | 99,920 | 102,918 | 3.00% |
The focus of Bride’s Entourage is “everything but the wedding gown.” There are nearly 40 bridal shops in the greater Portland area that focus primarily on selling wedding gowns. However, for every bride, there are, on average, at least five other females who need to be outfitted, and the bride herself will also require additional accessories.
Because most bridal shops focus on selling wedding gowns, there is minimal effort dedicated to the other necessary items. Bride’s Entourage gives the “other items” their own significance. Without the bridal gown as a distraction, the “other items” will no longer be an afterthought. Mothers and bridal attendants can have their own unique shopping experience, and brides can have a fresh environment in which to shop for their accessories.
There are over two million weddings annually in the United States, twelve thousand of which are in Multnomah County, alone. The average cost of a first wedding is currently about $20,000, and that number has consistently been increasing by about 5% each year. About 6.1% of the total wedding budget will be spent on the wedding gown, and 7.8% of the total budget will be spent on mothers’ attire, attendants’ attire, and accessories.
There are thousands of bridal shops nation-wide. Most of them are locally-owned, single-unit operations, however, there are increasing numbers of chains entering the marketplace. The primary focus of all bridal shops is the wedding gown. Some shops will also carry a limited selection of mothers’ dresses, attendants’ attire, and accessories, but their main goal is to sell wedding dresses. As a result, the market currently lacks a place to find a good selection of the other necessary items.
There are currently about 40 bridal shops in Multnomah County; however, the primary focus of all of those shops is wedding dresses, so they have a very limited selection of mothers’ attire, attendants’ attire, bridal footwear, and other bridal accessories. Bride’s Entourage is unique in Multnomah County in focusing on everything except the wedding gown.
Establishing a reputation for having a good selection and providing superior customer service will be key. Statistics show that brides will visit, on average, a total of six stores before purchasing their wedding gown. The “shop around before you buy” mentality may apply to the other members of the bridal party, as well, so it will be critical to provide a unique selection of items in a memorable environment. It will also be important to have a wide selection of items, so that the customers feel fulfilled with what they’ve seen at our store and won’t feel the need to shop around.
As previously mentioned, bridesmaids tend to be more cost-conscious, so competitive pricing will be key for that segment. We will offer a wide variety of styles at different price points – again, working to assure the members of the bridal party that they are being presented with a comprehensive selection, thus reducing the need to shop around.
Bride’s Entourage has the distinct advantage of being the only store of its kind in its market. Our marketing and sales strategies will emphasize our unique advantages for the Multnomah County wedding party:
Our marketing strategy begins with standard print and online listings in wedding media, and continues through networks of wedding consultants. Our location, next to complementary shops and an upscale mall, will generate additional foot traffic.
Our sales strategy is designed to “close the deal” – from the moment a potential customer walks in the door, she will know that her place in the wedding, and her needs, are important to us. We will create an atmosphere that makes shopping for the “other items” as significant as the experience of shopping for the wedding gown. In other stores, mothers, bridesmaids, and other wedding party members are often an afterthought. At Moms, Maids, and More, they will be given as much prominence and attention as the bride receives when gown shopping.
The predominant competitive edge of Bride’s Entourage is that it is the only store of its kind in Oregon state. Most bridal shops focus on the wedding gown itself and dabble in a few other product-lines, such as mothers’ attire or bridesmaids’ attire. When shops focus primarily on the bride’s gown, there tends to be a lack of selection and lack of attention devoted to the other product lines. At a traditional bridal shop, the bride is the primary focus, and everything else is secondary.
Another competitive advantage is our location. We are located in downtown Portland, which is geographically convenient to customers in the greater Portland area and the surrounding suburbs. Downtown Portland is a destination shopping area, and our store is located directly across the street from one of the largest and most up-scale shopping malls in the Pacific Northwest. In addition, our shop is located on the corner of a main intersection with great street visibility and free parking. We are located in a complex that includes jewelry stores and a tuxedo shop, all of which are complementary businesses.
Bride’s Entourage will use the following mediums for its marketing efforts:
The following table illustrates the forecasted sales for Bride’s Entourage. The forecast reflects sales to slightly more than one percent of the total customer base in Multnomah County, based on the following assumptions:
One percent is a sensible estimate for the first year of operations. There are currently about 40 shops in Multnomah County that carry some or all of the items offered at Bride’s Entourage. Assuming that the customer base was divided evenly among these shops, each shop would have about a two-and-a-half percent market share. However, because this will be the first year of operations for Bride’s Entourage, that “even share” of the market is not expected right away. It is expected that by year two, the market share will increase to two percent, and by year three, the market share will exceed three percent. This will happen as Bride’s Entourage becomes known as the place to shop for mothers’ attire, attendants’ attire, and other bridal accessories.
To break the sales forecast down even further, the goal of of sales in year one is equivalent to selling to 160 wedding parties during the year, or to three wedding parties per week.
The table is constructed in such a way that it counts a sale when cash is received. When dresses are ordered, a minimum 50% deposit is required. When a customer receives the item they ordered, the remaining 50% is due. For projection purposes, it is assumed that the dresses will arrive two to three months after they are ordered. So, for example, if a customer orders a $200 dress in January, $100 goes into January’s sales, and $100 goes into April’s sales. For shoes and accessories, we are assuming that the items will be in stock, therefore, those projections reflect the gross amount of the sale on the day of purchase.
Costs of sales assumes that for clothing, the wholesale cost will average about 46.5% of the retail price, and for accessories, the wholesale cost will average about 30% of the retail price. For the clothing items, there is a two-month lag in cost of sales because the inventory takes two to three months to arrive from the day it is ordered, and the store does not pay for custom-ordered items until they are shipped.
Sales Forecast | |||
Year 1 | Year 2 | Year 3 | |
Sales | |||
Mothers’ Attire | $110,500 | $193,375 | $338,406 |
Bridesmaids’ Attire | $101,388 | $147,013 | $213,168 |
Flower Girl Dresses | $8,650 | $11,245 | $14,619 |
Shoes | $16,300 | $22,005 | $29,707 |
Other Accessories | $15,950 | $20,735 | $26,956 |
Total Sales | $252,788 | $394,373 | $622,855 |
Direct Cost of Sales | Year 1 | Year 2 | Year 3 |
Clothing | $99,096 | $158,553 | $253,684 |
Shoes and Other Accessories | $10,485 | $13,631 | $17,720 |
Subtotal Direct Cost of Sales | $109,581 | $172,183 | $271,404 |
The accompanying table lists the critical milestones for Bride’s Entourage from now until the store is ready to open for business. Dorina Thaker will be in charge of each of the completion of each of these items.
Milestones | |||||
Milestone | Start Date | End Date | Budget | Manager | Department |
Business Plan | 6/30/2003 | 9/30/2003 | $0 | Dorina Thaker | Administrative |
Licensing and Permits | 7/1/2003 | 8/31/2003 | $0 | Dorina Thaker | Administrative |
Site Selection and Lease Negotiations | 7/7/2003 | 10/15/2003 | $0 | Dorina Thaker | Administrative |
Secure Start-Up Financing | 7/28/2003 | 10/15/2003 | $0 | Dorina Thaker | Administrative |
Secure Line of Credit | 7/28/2003 | 10/15/2003 | $0 | Dorina Thaker | Administrative |
Buying Show | 9/10/2003 | 9/13/2003 | $0 | Dorina Thaker | Administrative |
Web Site Construction | 10/8/2003 | 11/15/2003 | $0 | Dorina Thaker | Administrative |
Accounting Plan | 11/15/2003 | 1/15/2004 | $0 | Dorina Thaker | Administrative |
Leasehold Improvements | 1/2/2004 | 2/28/2004 | $0 | Dorina Thaker | Administrative |
Personnel Plan | 1/15/2004 | 2/15/2004 | $0 | Dorina Thaker | Administrative |
Totals | $0 |
The Bride’s Entourage website will be an expanded business card for the store. Visitors will be able to receive information about the designers we carry as well as basic store information, such as location and store hours.
The site will also be a resource for bridesmaids who are unable to physically come in to order their attire. Through a secure log in, they will be able to provide the necessary information to place their order. This is an added convenience that most bridal shops do not offer.
The website will be an additional resource for customers who want to learn more about our store. Visitors to our site will fall into two primary categories:
Category 2 visitors will be bridesmaids who are unable to come into the store to be measured and/or pay their deposit. It is quite common for bridesmaids to be out-of-town and unable to physically come in to complete their purchase. While our customers will be able to complete sales by phone and fax, they will appreciate the added convenience of being able to complete their purchases online. Once the bridesmaid gown has been selected for a bridal party, a secure login will be created for each of the bridesmaids so that they can complete the necessary order information on line.
Initially, the Bride’s Entourage website will be developed with few technical resources. A simple hosting provider will host the site and provide the technical back end. We will work with a contracted web page designer to develop a simple, yet classy, site.
The most technically complex portion of the site will be the bridesmaid ordering portion. For this, a secure site must be created so that credit card information can be transmitted safely. In addition, it will need to be designed in such a way that store employees will be able to set up the necessary profiles for bridesmaids to log in.
Bride’s Entourage will be managed by the owner, Dorina Thaker (complete resume is enclosed). Dagny is a CPA who spent four years in public accounting. Her efforts were primarily focused on auditing the financial statements of closely-held businesses in the greater Portland area. Through this work, she developed an understanding of various business cycles, internal controls, cash flow, inventory management, ratio analysis, variance analysis, small business dynamics, and basic tax principles. While working in public accounting, Dagny supervised numerous projects and teams of various sizes. She frequently represented the firm at public speaking engagements, and she established a recruiting program for the firm.
For the past two years, Dagny has performed extensive research on the bridal industry. Her mentors include a bridal boutique owner; a wedding consultant in the greater Portland area who has been planning weddings for nearly 20 years; and a coordinator of a local wedding show. In addition to performing extensive research on the bridal industry, Dagny also worked in a local bridal shop to learn the day-to-day operations. While working as a salesperson at the bridal shop, Dagny was one of the top sellers, often out-performing sales associates who had been there longer and worked more hours than her.
Dagny’s enthusiasm, perceptiveness, and organization skills will be the keys to orchestrating the efforts of the sales team and making Bride’s Entourage a successful business.
Dorina Thaker
SUMMARY OF QUALIFICATIONS
[PROPRIETARY AND CONFIDENTIAL INFORMATION REMOVED]
Bride’s Entourage will have a sales force that includes the owner and three part-time employees. The store will have two sales associates in the store on weekdays, and three associates in the store on weekends. Sales associates will be paid an hourly wage of [Proprietary and Confidential Information removed]. In years two and three, the sales associates’ hours will increase to accommodate the planned increase in sales; thus, the wages in years two and three increase significantly.
The owner, Dorina Thaker, will not be paid a salary, but will take distributions from the company profits while maintaining a positive cash balance. The financials in this plan do not yet include the owner’s draw.
Personnel Plan | |||
Year 1 | Year 2 | Year 3 | |
Dorina Thaker, Owner | $0 | $0 | $0 |
Part Time Sales Associate 1 | $16,800 | $18,000 | $18,500 |
Part Time Sales Associate 2 | $6,960 | $15,000 | $18,000 |
Part Time Sales Associate 3 | $6,960 | $8,000 | $8,500 |
Total People | 4 | 4 | 4 |
Total Payroll | $30,720 | $41,000 | $45,000 |
Bride’s Entourage expects to be profitable by the end of its second year of operations. To get the business up and running, we will need to obtain financing. The initial market share will be modest; however, significant growth in market share is expected due to the unique niche that the shop is targeting. The market share is expected to grow at a more modest rate after year three.
The following assumptions are key to understanding the profit and loss projections.
General Assumptions | |||
Year 1 | Year 2 | Year 3 | |
Plan Month | 1 | 2 | 3 |
Current Interest Rate | 6.25% | 6.25% | 6.25% |
Long-term Interest Rate | 6.25% | 6.25% | 6.25% |
Tax Rate | 30.00% | 30.00% | 30.00% |
Other | 0 | 0 | 0 |
For the break-even analysis, the following assumptions were used:
Break-even Analysis | |
Monthly Revenue Break-even | $21,445 |
Assumptions: | |
Average Percent Variable Cost | 43% |
Estimated Monthly Fixed Cost | $12,149 |
We expect losses in the first year, because it will take time for the store to build momentum and generate traffic. However, once sales increase, the results are positive because many of the other expenses will remain fixed. In fact, we expect that sample inventory costs will actually go down in years to come. Some designers will provide sample inventory at deep discounts and/or provide the samples free of charge once good credit terms are established. As a result, the annual expenditures for sample inventory should decrease.
Pro Forma Profit and Loss | |||
Year 1 | Year 2 | Year 3 | |
Sales | $252,788 | $394,373 | $622,855 |
Direct Cost of Sales | $109,581 | $172,183 | $271,404 |
Credit Card Fees | $3,640 | $3,155 | $4,983 |
Total Cost of Sales | $113,221 | $175,338 | $276,387 |
Gross Margin | $139,567 | $219,034 | $346,468 |
Gross Margin % | 55.21% | 55.54% | 55.63% |
Expenses | |||
Payroll | $30,720 | $41,000 | $45,000 |
Sales and Marketing and Other Expenses | $11,900 | $12,000 | $12,000 |
Depreciation | $2,160 | $2,160 | $2,160 |
Rent including triple nets | $52,800 | $54,750 | $66,900 |
Utilities | $9,000 | $9,500 | $10,000 |
Insurance | $4,200 | $4,600 | $5,100 |
Payroll Taxes | $4,608 | $6,150 | $6,750 |
Supplies | $3,600 | $4,000 | $4,300 |
Repairs and Maintenance | $2,400 | $2,600 | $2,800 |
Professional Fees | $3,300 | $3,500 | $4,000 |
Taxes and Licenses | $1,100 | $1,100 | $1,100 |
New Sample Inventory | $20,000 | $15,000 | $14,000 |
Total Operating Expenses | $145,788 | $156,360 | $174,110 |
Profit Before Interest and Taxes | ($6,221) | $62,674 | $172,358 |
EBITDA | ($4,061) | $64,834 | $174,518 |
Interest Expense | $3,622 | $2,843 | $2,030 |
Taxes Incurred | $0 | $17,950 | $51,098 |
Net Profit | ($9,842) | $41,882 | $119,230 |
Net Profit/Sales | -3.89% | 10.62% | 19.14% |
The cash flow of Bride’s Entourage is somewhat unique. For items that are sold off the floor, the cash flow and revenue recognition is traditional, in that full payment is received at the time of the sale, and the customer takes possession of the item at that time. This is how most of the shoe sales will take place, as well as some of the other accessory purchases.
However, most of the other items in the store have a different flow. Let’s use a dress as an example. The customer will try on a sample in the store, and when she decides to purchase the item, she will most likely have to order it in the size and color of her choosing. For this process to begin, the customer must provide a deposit of at least 50% of the total price of the item (note: while some customers may choose to pay the full amount at the time the order is placed, these illustrations assume that everyone will choose the 50% option). The remaining balance will be due within thirty days of when the item arrives in our store.
This timing issue has also been taken into consideration for the costs of goods sold. The store will be billed for items when the items are shipped, thus cash outflow for the cost of the item will closely match the cash inflow of the customer paying the balance on the item.
Pro Forma Cash Flow | |||
Year 1 | Year 2 | Year 3 | |
Cash Received | |||
Cash from Operations | |||
Cash Sales | $252,788 | $394,373 | $622,855 |
Subtotal Cash from Operations | $252,788 | $394,373 | $622,855 |
Additional Cash Received | |||
Sales Tax, VAT, HST/GST Received | $0 | $0 | $0 |
New Current Borrowing | $0 | $0 | $0 |
New Other Liabilities (interest-free) | $0 | $0 | $0 |
New Long-term Liabilities | $0 | $0 | $0 |
Sales of Other Current Assets | $0 | $0 | $0 |
Sales of Long-term Assets | $0 | $0 | $0 |
New Investment Received | $0 | $0 | $0 |
Subtotal Cash Received | $252,788 | $394,373 | $622,855 |
Expenditures | Year 1 | Year 2 | Year 3 |
Expenditures from Operations | |||
Cash Spending | $30,720 | $41,000 | $45,000 |
Bill Payments | $194,477 | $302,314 | $450,411 |
Subtotal Spent on Operations | $225,197 | $343,314 | $495,411 |
Additional Cash Spent | |||
Sales Tax, VAT, HST/GST Paid Out | $0 | $0 | $0 |
Principal Repayment of Current Borrowing | $0 | $0 | $0 |
Other Liabilities Principal Repayment | $0 | $0 | $0 |
Long-term Liabilities Principal Repayment | $13,020 | $13,000 | $13,000 |
Purchase Other Current Assets | $0 | $0 | $0 |
Purchase Long-term Assets | $0 | $0 | $0 |
Dividends | $0 | $0 | $0 |
Subtotal Cash Spent | $238,217 | $356,314 | $508,411 |
Net Cash Flow | $14,571 | $38,058 | $114,444 |
Cash Balance | $36,471 | $74,529 | $188,973 |
Bride’s Entourage maintains a strong current ratio throughout. While the net worth of the business is negative in year one, it makes steady gains and becomes positive in year two. By the end of year three, retained earnings is also close to being positive.
Pro Forma Balance Sheet | |||
Year 1 | Year 2 | Year 3 | |
Assets | |||
Current Assets | |||
Cash | $36,471 | $74,529 | $188,973 |
Inventory | $6,878 | $10,808 | $17,036 |
Other Current Assets | $1,000 | $1,000 | $1,000 |
Total Current Assets | $44,349 | $86,337 | $207,009 |
Long-term Assets | |||
Long-term Assets | $8,500 | $8,500 | $8,500 |
Accumulated Depreciation | $2,160 | $4,320 | $6,480 |
Total Long-term Assets | $6,340 | $4,180 | $2,020 |
Total Assets | $50,689 | $90,517 | $209,029 |
Liabilities and Capital | Year 1 | Year 2 | Year 3 |
Current Liabilities | |||
Accounts Payable | $14,802 | $25,747 | $38,030 |
Current Borrowing | $0 | $0 | $0 |
Other Current Liabilities | $0 | $0 | $0 |
Subtotal Current Liabilities | $14,802 | $25,747 | $38,030 |
Long-term Liabilities | $51,980 | $38,980 | $25,980 |
Total Liabilities | $66,782 | $64,727 | $64,010 |
Paid-in Capital | $30,000 | $30,000 | $30,000 |
Retained Earnings | ($36,250) | ($46,092) | ($4,210) |
Earnings | ($9,842) | $41,882 | $119,230 |
Total Capital | ($16,092) | $25,790 | $145,020 |
Total Liabilities and Capital | $50,689 | $90,517 | $209,029 |
Net Worth | ($16,092) | $25,790 | $145,020 |
The following table breaks down some of the key financial ratios. Where available, industry averages for Bridal Shops – SIC code 5621.0102, are shown for comparison.
Ratio Analysis | ||||
Year 1 | Year 2 | Year 3 | Industry Profile | |
Sales Growth | 0.00% | 56.01% | 57.94% | -0.02% |
Percent of Total Assets | ||||
Inventory | 13.57% | 11.94% | 8.15% | 50.91% |
Other Current Assets | 1.97% | 1.10% | 0.48% | 24.44% |
Total Current Assets | 87.49% | 95.38% | 99.03% | 85.49% |
Long-term Assets | 12.51% | 4.62% | 0.97% | 14.51% |
Total Assets | 100.00% | 100.00% | 100.00% | 100.00% |
Current Liabilities | 29.20% | 28.44% | 18.19% | 29.49% |
Long-term Liabilities | 102.55% | 43.06% | 12.43% | 11.18% |
Total Liabilities | 131.75% | 71.51% | 30.62% | 40.67% |
Net Worth | -31.75% | 28.49% | 69.38% | 59.33% |
Percent of Sales | ||||
Sales | 100.00% | 100.00% | 100.00% | 100.00% |
Gross Margin | 55.21% | 55.54% | 55.63% | 40.07% |
Selling, General & Administrative Expenses | 59.10% | 44.92% | 36.48% | 21.95% |
Advertising Expenses | 0.00% | 0.00% | 0.00% | 2.92% |
Profit Before Interest and Taxes | -2.46% | 15.89% | 27.67% | 2.90% |
Main Ratios | ||||
Current | 3.00 | 3.35 | 5.44 | 2.64 |
Quick | 2.53 | 2.93 | 5.00 | 0.74 |
Total Debt to Total Assets | 131.75% | 71.51% | 30.62% | 5.31% |
Pre-tax Return on Net Worth | 61.16% | 232.00% | 117.45% | 47.92% |
Pre-tax Return on Assets | -19.42% | 66.10% | 81.49% | 10.20% |
Additional Ratios | Year 1 | Year 2 | Year 3 | |
Net Profit Margin | -3.89% | 10.62% | 19.14% | n.a |
Return on Equity | 0.00% | 162.40% | 82.22% | n.a |
Activity Ratios | ||||
Inventory Turnover | 6.78 | 19.47 | 19.49 | n.a |
Accounts Payable Turnover | 14.07 | 12.17 | 12.17 | n.a |
Payment Days | 27 | 24 | 25 | n.a |
Total Asset Turnover | 4.99 | 4.36 | 2.98 | n.a |
Debt Ratios | ||||
Debt to Net Worth | 0.00 | 2.51 | 0.44 | n.a |
Current Liab. to Liab. | 0.22 | 0.40 | 0.59 | n.a |
Liquidity Ratios | ||||
Net Working Capital | $29,548 | $60,590 | $168,980 | n.a |
Interest Coverage | -1.72 | 22.05 | 84.91 | n.a |
Additional Ratios | ||||
Assets to Sales | 0.20 | 0.23 | 0.34 | n.a |
Current Debt/Total Assets | 29% | 28% | 18% | n.a |
Acid Test | 2.53 | 2.93 | 5.00 | n.a |
Sales/Net Worth | 0.00 | 15.29 | 4.29 | n.a |
Dividend Payout | 0.00 | 0.00 | 0.00 | n.a |
Sales Forecast | |||||||||||||
Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | ||
Sales | |||||||||||||
Mothers’ Attire | 0% | $2,250 | $4,500 | $7,500 | $11,250 | $13,500 | $14,500 | $15,000 | $12,500 | $10,000 | $8,500 | $6,000 | $5,000 |
Bridesmaids’ Attire | 0% | $2,142 | $3,213 | $5,712 | $10,710 | $10,353 | $11,424 | $14,280 | $11,424 | $9,282 | $9,282 | $7,140 | $6,426 |
Flower Girl Dresses | 0% | $200 | $300 | $350 | $800 | $900 | $900 | $1,050 | $1,000 | $950 | $850 | $700 | $650 |
Shoes | 0% | $250 | $400 | $1,000 | $1,500 | $1,900 | $2,000 | $2,250 | $2,100 | $1,500 | $1,500 | $1,000 | $900 |
Other Accessories | 0% | $425 | $500 | $1,000 | $1,625 | $1,700 | $2,100 | $2,100 | $1,800 | $1,550 | $1,300 | $1,000 | $850 |
Total Sales | $5,267 | $8,913 | $15,562 | $25,885 | $28,353 | $30,924 | $34,680 | $28,824 | $23,282 | $21,432 | $15,840 | $13,826 | |
Direct Cost of Sales | Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | |
Clothing | $0 | $0 | $4,226 | $7,538 | $12,673 | $16,687 | $15,617 | $12,248 | $11,178 | $6,843 | $6,314 | $5,773 | |
Shoes and Other Accessories | $405 | $540 | $1,200 | $1,470 | $1,620 | $1,320 | $1,140 | $720 | $570 | $540 | $480 | $480 | |
Subtotal Direct Cost of Sales | $405 | $540 | $5,426 | $9,008 | $14,293 | $18,007 | $16,757 | $12,968 | $11,748 | $7,383 | $6,794 | $6,253 |
Personnel Plan | |||||||||||||
Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | ||
Dorina Thaker, Owner | 0% | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Part Time Sales Associate 1 | 0% | $1,400 | $1,400 | $1,400 | $1,400 | $1,400 | $1,400 | $1,400 | $1,400 | $1,400 | $1,400 | $1,400 | $1,400 |
Part Time Sales Associate 2 | 0% | $580 | $580 | $580 | $580 | $580 | $580 | $580 | $580 | $580 | $580 | $580 | $580 |
Part Time Sales Associate 3 | 0% | $580 | $580 | $580 | $580 | $580 | $580 | $580 | $580 | $580 | $580 | $580 | $580 |
Total People | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | |
Total Payroll | $2,560 | $2,560 | $2,560 | $2,560 | $2,560 | $2,560 | $2,560 | $2,560 | $2,560 | $2,560 | $2,560 | $2,560 |
General Assumptions | |||||||||||||
Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | ||
Plan Month | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | |
Current Interest Rate | 6.25% | 6.25% | 6.25% | 6.25% | 6.25% | 6.25% | 6.25% | 6.25% | 6.25% | 6.25% | 6.25% | 6.25% | |
Long-term Interest Rate | 6.25% | 6.25% | 6.25% | 6.25% | 6.25% | 6.25% | 6.25% | 6.25% | 6.25% | 6.25% | 6.25% | 6.25% | |
Tax Rate | 30.00% | 30.00% | 30.00% | 30.00% | 30.00% | 30.00% | 30.00% | 30.00% | 30.00% | 30.00% | 30.00% | 30.00% | |
Other | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Pro Forma Profit and Loss | |||||||||||||
Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | ||
Sales | $5,267 | $8,913 | $15,562 | $25,885 | $28,353 | $30,924 | $34,680 | $28,824 | $23,282 | $21,432 | $15,840 | $13,826 | |
Direct Cost of Sales | $405 | $540 | $5,426 | $9,008 | $14,293 | $18,007 | $16,757 | $12,968 | $11,748 | $7,383 | $6,794 | $6,253 | |
Credit Card Fees | $76 | $128 | $224 | $373 | $408 | $445 | $499 | $415 | $335 | $309 | $228 | $199 | |
Total Cost of Sales | $481 | $668 | $5,650 | $9,381 | $14,701 | $18,452 | $17,256 | $13,383 | $12,083 | $7,691 | $7,022 | $6,452 | |
Gross Margin | $4,786 | $8,245 | $9,912 | $16,504 | $13,652 | $12,472 | $17,424 | $15,441 | $11,199 | $13,741 | $8,818 | $7,374 | |
Gross Margin % | 90.87% | 92.50% | 63.69% | 63.76% | 48.15% | 40.33% | 50.24% | 53.57% | 48.10% | 64.11% | 55.67% | 53.33% | |
Expenses | |||||||||||||
Payroll | $2,560 | $2,560 | $2,560 | $2,560 | $2,560 | $2,560 | $2,560 | $2,560 | $2,560 | $2,560 | $2,560 | $2,560 | |
Sales and Marketing and Other Expenses | $1,500 | $500 | $500 | $2,000 | $700 | $700 | $700 | $700 | $700 | $2,500 | $700 | $700 | |
Depreciation | $180 | $180 | $180 | $180 | $180 | $180 | $180 | $180 | $180 | $180 | $180 | $180 | |
Rent including triple nets | $4,400 | $4,400 | $4,400 | $4,400 | $4,400 | $4,400 | $4,400 | $4,400 | $4,400 | $4,400 | $4,400 | $4,400 | |
Utilities | $750 | $750 | $750 | $750 | $750 | $750 | $750 | $750 | $750 | $750 | $750 | $750 | |
Insurance | $350 | $350 | $350 | $350 | $350 | $350 | $350 | $350 | $350 | $350 | $350 | $350 | |
Payroll Taxes | 15% | $384 | $384 | $384 | $384 | $384 | $384 | $384 | $384 | $384 | $384 | $384 | $384 |
Supplies | $300 | $300 | $300 | $300 | $300 | $300 | $300 | $300 | $300 | $300 | $300 | $300 | |
Repairs and Maintenance | $200 | $200 | $200 | $200 | $200 | $200 | $200 | $200 | $200 | $200 | $200 | $200 | |
Professional Fees | $100 | $100 | $500 | $500 | $1,000 | $500 | $100 | $100 | $100 | $100 | $100 | $100 | |
Taxes and Licenses | 15% | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $100 | $0 | $1,000 | $0 | $0 |
New Sample Inventory | $0 | $0 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $1,000 | $1,000 | $4,000 | $2,000 | $2,000 | |
Total Operating Expenses | $10,724 | $9,724 | $12,124 | $13,624 | $12,824 | $12,324 | $11,924 | $11,024 | $10,924 | $16,724 | $11,924 | $11,924 | |
Profit Before Interest and Taxes | ($5,938) | ($1,479) | ($2,212) | $2,880 | $828 | $148 | $5,500 | $4,417 | $275 | ($2,983) | ($3,106) | ($4,550) | |
EBITDA | ($5,758) | ($1,299) | ($2,032) | $3,060 | $1,008 | $328 | $5,680 | $4,597 | $455 | ($2,803) | ($2,926) | ($4,370) | |
Interest Expense | $333 | $327 | $322 | $316 | $310 | $305 | $299 | $293 | $288 | $282 | $276 | $271 | |
Taxes Incurred | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Net Profit | ($6,271) | ($1,807) | ($2,534) | $2,564 | $517 | ($156) | $5,201 | $4,124 | ($13) | ($3,265) | ($3,382) | ($4,821) | |
Net Profit/Sales | -119.06% | -20.27% | -16.28% | 9.91% | 1.82% | -0.51% | 15.00% | 14.31% | -0.06% | -15.23% | -21.35% | -34.87% |
Pro Forma Cash Flow | |||||||||||||
Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | ||
Cash Received | |||||||||||||
Cash from Operations | |||||||||||||
Cash Sales | $5,267 | $8,913 | $15,562 | $25,885 | $28,353 | $30,924 | $34,680 | $28,824 | $23,282 | $21,432 | $15,840 | $13,826 | |
Subtotal Cash from Operations | $5,267 | $8,913 | $15,562 | $25,885 | $28,353 | $30,924 | $34,680 | $28,824 | $23,282 | $21,432 | $15,840 | $13,826 | |
Additional Cash Received | |||||||||||||
Sales Tax, VAT, HST/GST Received | 0.00% | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
New Current Borrowing | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
New Other Liabilities (interest-free) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
New Long-term Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Sales of Other Current Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Sales of Long-term Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
New Investment Received | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Subtotal Cash Received | $5,267 | $8,913 | $15,562 | $25,885 | $28,353 | $30,924 | $34,680 | $28,824 | $23,282 | $21,432 | $15,840 | $13,826 | |
Expenditures | Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | |
Expenditures from Operations | |||||||||||||
Cash Spending | $2,560 | $2,560 | $2,560 | $2,560 | $2,560 | $2,560 | $2,560 | $2,560 | $2,560 | $2,560 | $2,560 | $2,560 | |
Bill Payments | $1,280 | $8,361 | $7,523 | $9,984 | $12,115 | $28,000 | $32,190 | $25,112 | $17,839 | $19,145 | $17,111 | $15,817 | |
Subtotal Spent on Operations | $3,840 | $10,921 | $10,083 | $12,544 | $14,675 | $30,560 | $34,750 | $27,672 | $20,399 | $21,705 | $19,671 | $18,377 | |
Additional Cash Spent | |||||||||||||
Sales Tax, VAT, HST/GST Paid Out | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Principal Repayment of Current Borrowing | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Other Liabilities Principal Repayment | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Long-term Liabilities Principal Repayment | $1,085 | $1,085 | $1,085 | $1,085 | $1,085 | $1,085 | $1,085 | $1,085 | $1,085 | $1,085 | $1,085 | $1,085 | |
Purchase Other Current Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Purchase Long-term Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Dividends | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Subtotal Cash Spent | $4,925 | $12,006 | $11,168 | $13,629 | $15,760 | $31,645 | $35,835 | $28,757 | $21,484 | $22,790 | $20,756 | $19,462 | |
Net Cash Flow | $342 | ($3,093) | $4,394 | $12,256 | $12,593 | ($721) | ($1,155) | $67 | $1,798 | ($1,358) | ($4,916) | ($5,636) | |
Cash Balance | $22,242 | $19,149 | $23,544 | $35,799 | $48,392 | $47,671 | $46,516 | $46,583 | $48,381 | $47,023 | $42,107 | $36,471 |
Pro Forma Balance Sheet | |||||||||||||
Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | ||
Assets | Starting Balances | ||||||||||||
Current Assets | |||||||||||||
Cash | $21,900 | $22,242 | $19,149 | $23,544 | $35,799 | $48,392 | $47,671 | $46,516 | $46,583 | $48,381 | $47,023 | $42,107 | $36,471 |
Inventory | $28,350 | $27,945 | $27,405 | $21,979 | $12,971 | $15,722 | $19,807 | $18,433 | $14,264 | $12,923 | $8,121 | $7,473 | $6,878 |
Other Current Assets | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 |
Total Current Assets | $51,250 | $51,187 | $47,554 | $46,522 | $49,770 | $65,114 | $68,478 | $65,949 | $61,847 | $62,304 | $56,144 | $50,580 | $44,349 |
Long-term Assets | |||||||||||||
Long-term Assets | $8,500 | $8,500 | $8,500 | $8,500 | $8,500 | $8,500 | $8,500 | $8,500 | $8,500 | $8,500 | $8,500 | $8,500 | $8,500 |
Accumulated Depreciation | $0 | $180 | $360 | $540 | $720 | $900 | $1,080 | $1,260 | $1,440 | $1,620 | $1,800 | $1,980 | $2,160 |
Total Long-term Assets | $8,500 | $8,320 | $8,140 | $7,960 | $7,780 | $7,600 | $7,420 | $7,240 | $7,060 | $6,880 | $6,700 | $6,520 | $6,340 |
Total Assets | $59,750 | $59,507 | $55,694 | $54,482 | $57,550 | $72,714 | $75,898 | $73,189 | $68,907 | $69,184 | $62,844 | $57,100 | $50,689 |
Liabilities and Capital | Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | |
Current Liabilities | |||||||||||||
Accounts Payable | $1,000 | $8,113 | $7,192 | $9,599 | $11,187 | $26,919 | $31,344 | $24,519 | $17,198 | $18,573 | $16,583 | $15,306 | $14,802 |
Current Borrowing | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Other Current Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Subtotal Current Liabilities | $1,000 | $8,113 | $7,192 | $9,599 | $11,187 | $26,919 | $31,344 | $24,519 | $17,198 | $18,573 | $16,583 | $15,306 | $14,802 |
Long-term Liabilities | $65,000 | $63,915 | $62,830 | $61,745 | $60,660 | $59,575 | $58,490 | $57,405 | $56,320 | $55,235 | $54,150 | $53,065 | $51,980 |
Total Liabilities | $66,000 | $72,028 | $70,022 | $71,344 | $71,847 | $86,494 | $89,834 | $81,924 | $73,518 | $73,808 | $70,733 | $68,371 | $66,782 |
Paid-in Capital | $30,000 | $30,000 | $30,000 | $30,000 | $30,000 | $30,000 | $30,000 | $30,000 | $30,000 | $30,000 | $30,000 | $30,000 | $30,000 |
Retained Earnings | ($36,250) | ($36,250) | ($36,250) | ($36,250) | ($36,250) | ($36,250) | ($36,250) | ($36,250) | ($36,250) | ($36,250) | ($36,250) | ($36,250) | ($36,250) |
Earnings | $0 | ($6,271) | ($8,077) | ($10,611) | ($8,047) | ($7,530) | ($7,686) | ($2,486) | $1,639 | $1,626 | ($1,640) | ($5,022) | ($9,842) |
Total Capital | ($6,250) | ($12,521) | ($14,327) | ($16,861) | ($14,297) | ($13,780) | ($13,936) | ($8,736) | ($4,611) | ($4,624) | ($7,890) | ($11,272) | ($16,092) |
Total Liabilities and Capital | $59,750 | $59,507 | $55,694 | $54,482 | $57,550 | $72,714 | $75,898 | $73,189 | $68,907 | $69,184 | $62,844 | $57,100 | $50,689 |
Net Worth | ($6,250) | ($12,521) | ($14,327) | ($16,861) | ($14,297) | ($13,780) | ($13,936) | ($8,736) | ($4,611) | ($4,624) | ($7,890) | ($11,272) | ($16,092) |
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Introduction
Hey, are you a fashion -loving geek, and looking forward to initiating the revenue-generating wedding dress business ? and worried about how to start a wedding dress rental business ? and wedding dress business . The establishment of the wedding dress business is really exciting and profitable for fashion enthusiasts. You get to dive deeper inside the in-depth exploring of the technicalities and even live to survive with your ever-charming passion. The article hereby discusses the best strategies to start the wedding dress business and take it up to the long term for an assured income lifetime.
Table of Contents
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Step by step strategy to start a wedding dress rental business.
It is feasible to visit the wedding fairs and get in touch with the vendors and wholesalers under the wedding dress business categories. You can get to take guidance from other similar entrepreneurs involved in the area and collecting good business revenues. Furthermore, get to research the age groups and concerned demographics as well to understand their fashion taste. After compiling the needful information, you can go ahead and proceed to open the shop in the maximum revenue-generating location. Rather than the regular stitching of the wedding dresses , you even advertise to design customized dresses as well.
Either you are getting to start an online business , or an offline business, it is mandatory to get it named and even make the business presence online. The wedding dress business will start getting exposure after the needful marketing of the campaign all over the internet. You can utilize social media like Facebook , Pinterest , Instagram , and even move forward to paid advertising as well. The business name will be further your brand name that can attract the masses for all-around growth in terms of sales.
The investment of the funds will be the major prospect under the business that needs to be taken care of at every single step. You can get to consult the bank’s financial advisor regarding the establishment of the business or take the business loans at the appropriate interest rates. Create a detailed business plan, take a tour of the local bridal shop ‘s owners, discuss your business motive with the financial accounts, and create a detailed marketing plan for the expansion of your business.
Taking up a business license is the super mandatory step for the setting up procedure of the wedding dress business. Get in touch with the concerned state/ district regulatory authorities for the process. Apply as per the procedure, and pay the fee for the business license release as per the appropriate date. You can even inquire about the concerned federal authorities, or visit their portal available online for other essential queries.
Acquiring a shop in a massively populated area or in a commercial environment boosts the probability to drive more and more customers. Any of business cannot be fruitful at a location where people rarely visit. Try to get the wedding dress business shop opened in the foot traffic areas at the market, or elsewhere. The shop will get noticed by the girls, boys, and women, and obviously, they will be targeting to have window shopping at least, and later get it converted to sales at their end. The rental will be higher at such places, but the output will be amazing without any doubt.
The shop interiors and eye-catching window display will attract the visitors moving outside the shop searching for wedding dresses . It would even be better to stick the price tags along with the dresses to let them get an idea about the same. Accordingly, they will be asking on the lookout for that particular dress, or even something similar for the grand purchase. The time to make a business conversion will be less in this regard and your business will start getting popular.
The wedding dress rentals and the wedding dress alteration also need special attention during the business establishment process. You can move ahead with the wedding dress rentals and make a handsome amount per day from the individuals who never want to purchase wedding clothes from the shop. Get to decide the appropriate rental as per the cloth’s quality and wearable fashion aspects. You may keep stock separately of various wedding dresses for rental and maintain them timely by washing and dry-cleaning properly through the laundry .
Last, but not least, you can even hire professionals having expertise in graphic design software. They will design the eye-catching wedding dress catalogue using different graphic software for the sake of customer satisfaction. The better the catalogue, the more orders you will be getting for the dresses.
You need to stay tuned with the trending fashion wear that the youths prefer wearing during the marriage ceremonies. The habit of getting in touch with social media trends and regularly browsing the concerned fashion pages will help you get the idea. Subscribe to the groups, and pages, and even follow the Twitter handles of the professionals involved in the business. Furthermore, never hesitate to follow almost all the social media and YouTube channels as well, to understand the trends of wedding fashion and the technicalities of their stitching processes.
Further, If you would like to create your brand, you may appoint any fashion designer who will contribute their best experience, especially for woman wedding dresses .
You may also make a small stitching unit equipped with all the necessary sewing machine and other decorative and finishing equipment and make the decision according to the wedding dress business plan and wedding dress business ideas.
How to Select the Machine Model <<<< Click here
How to Start A Business With No Money <<<< Click here
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In this grooming digital marketing scenario, you must be capable enough in running business advertising campaigns on different social media platforms. Get to explore the potentials of Facebook advertising, Instagram advertising, Twitter advertising, Pinterest advertising, and several others for increasing the business reach. Get to join the concerned buyer’s group everywhere and keep on updating the products.
To sum up, How to start a wedding dress rental business and wedding dress business all the above-mentioned points need to be followed before starting the wedding dress business and making profitable business sales. Furthermore, keep an eye on the activities, and track the activities of the different acquired campaigns. The wedding dress business will go beyond the sky in the least possible duration so that you can make it a full-time activity and even a passive earning source.
This is your guide into starting a wedding rental business. No business plan or special certifications required! Open your online shop today and add your inventory. With over thousands of shoppers each month you’ll be well on your way to a successful rental business!
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Start by creating your free account with Eventlyst. A PayPal account is required for payment processing. If you have any questions our Customer Experience team is here to help .
Take pictures of individual rental items or find pictures online that match. Set your prices, and write a short description. Start with one item and voilà! Your wedding rental business is online!
Eventlyst will promote your wedding rental business and items in your local area. With thousands of client visits every month you can quickly scale your business to thousands of dollars in orders every month. This can be a great source of passive income for years to come.
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Starting a wedding rental business and want to set yourself up to have complete success? The industry is booming and there is plenty of money available for you to make, but you do need to follow certain steps and put a lot of effort into getting things started from scratch. If you develop a business plan that contains a list of ideas that you have and you are fully aware of what you will need to do to get all the equipment you plan to rent out to customers that are getting married, your business can eventually take off and do exceptionally well.
When you are starting a wedding rental business, you need to have a certain amount of money available to pay for different expenses, including business permit/license applications, inventory, and other startup costs. While some people already have a decent amount of cash set aside to get their businesses started, not everyone has had the chance to save money. If you do not have any money saved, it does not mean that you cannot start a successful business. It simply means you will need to find other ways to get the funding you desire.
Several funding options are available. You can apply for a loan with the Small Business Administration. They offer various programs for entrepreneurs looking to do something they love. However, you can apply for working capital and loans from different lenders. There is even the possibility of applying for business credit cards with low-interest rates to purchase some of the equipment you are going to need to have to run your business and keep the customers happy. After you have figured out how you will get the funding needed to get things started, you may then move forward.
If you want to legally run a business, you do need to have a license to do so. You can complete an application for a business license and permit with the Small Business Administration. There is a filing fee when filling out the application and the fee varies from city to city, so there is not one set price for everyone in the country. You can expect to pay as low as $50 or as much as $400 in filing fees. The amount will also depend on the type of business you are running. In this case, you are running a wedding rental business. You can register your business at this time with the specific name that you end up selecting.
Figure out where you are going to open your business. There are a few things you need to consider before you choose a specific location. While you may want to open up shop in an area that is not too far from where you live, your main priority should be to open the business in an area that is highly populated with plenty of people that are in relationships or even engaged to one another because those are the people that are going to need to use your services at some point. Not only do you want to open the business in an area where you can easily reach your targeted audience, but you also want to open up in an area where you do not have to deal with a lot of competition.
If there are already a few wedding rental businesses in the area, you should try to look elsewhere. Running a business is challenging enough and the last thing you should have to deal with is a lot of competition that keeps you from bringing in a lot of the customers. When you have less competition, you can get more customers, make more profit, and eventually reach the business goals that you are setting for yourself.
Even after you have decided on the right neighborhood to open your store, you will need to think about where you want to put it. Look online or in person at different properties that are currently available for rent. You could lease a space in an area that is frequented by shoppers to grab the attention of potential customers. It is even more convenient if you can lease a building that is not too far from a bridal gown shop because then you can attract women that are getting married in the coming weeks or months. The right location can make such a difference for you when it comes to bringing in a steady number of customers each week.
Find out what kind of competition you are dealing with ahead of time. You may find out that there are a few other wedding rental businesses operating within the city, even if they are not in the same neighborhood. You want to pay attention to what they are doing and how they are advertising. You should never copy the competition, but you should want to make sure you are offering more to the customers and providing them with better rates because that is how you are going to get several steps ahead of the competitors. Even if a business has been around for a while, you could end up with some of their customers simply because you have more to offer and your prices are great.
You do need to come up with a creative and unique name for your business. Think of something that sounds good and is memorable enough. If you choose something that sounds a bit off or is simply too long to remember, people are going to forget it too quickly, and that is going to work as a disservice for you. If you feel a bit stumped and are not sure of a good name for the wedding rental business, ask some of your loved ones to help you come up with suggestions. After coming up with a few good ideas, you may then want to ask your loved ones to help you choose between those different options before settling on a specific name for the business that you are going to start.
You are going to need to create a list of all the different products you are going to offer to your customers. Pay attention to wedding trends now that you are starting a wedding rental business because you need to know what is in and what is not currently in for most brides and grooms. You should cater to the needs of all different types of customers by offering a huge selection of items for them to rent from you and use during their wedding receptions and ceremonies.
Some of the great items to consider purchasing and then renting out to your customers for their special moments include:
• Protective party tents • Various wedding arches • Artificial flower vines • Floral backdrops • Chairs in different colors and materials • Tables • Chair sashes in different colors and styles • Assorted table centerpieces • Plastic decorative plates • Ceramic decorative plates • Assorted cutlery • Balloon arches • Pedestals
While these are some great items to have available for brides and grooms to rent, there are hundreds of other great items to consider investing in for your wedding rental business. The more options that you have to offer, the better chance you have of getting a lot of customers because they want to rent out certain items that you can offer them.
If you want to save money and get the best possible return on the investment you are going to make, you should buy most of your products in bulk. Of course, this does require finding certain wholesale suppliers that provide high-quality products at great discounts. It can take a few days of researching these different companies before you find the one that you are going to go with, but you should know that there are many great wholesale suppliers out there that are willing to work with their customers. If you build a good relationship with these suppliers, they are often even more willing to provide some deep discounts to keep you coming back for more items.
If you are going to have a business where you are renting out different types of equipment, you should certainly have insurance just in case something happens. You do want to make sure that customers understand they will be held responsible for damages that occur to the items that you rent out to them because you do not want those items to come back damaged. However, having additional insurance is a great way to protect yourself and your business.
Different types of insurance are available. You can look into the options that will fit your needs best, such as risk insurance or even liability insurance. It is going to take some time to do research on different insurance companies and the plans they offer, so do not feel like you need to rush into making any major decisions. Simply spend some time researching the policies and the premiums to figure out which plan is best for you to have for your business.
Advertising is the key to getting people to know your business is open. You want people to know when you are opening, but you also want them to know what you have to offer because they might need something from you. There are plenty of couples that are going to get married and they could come to you to rent certain items out instead of paying for those items. They will come to you when they want to save money and get great deals on the things that they truly need to have for their wedding ceremony and reception.
You should advertise both online and offline. When marketing your bwedding rental usiness online, you can pay for advertisements to appear on sites like that Facebook that bring in millions of users each day. However, there are free ways to get more exposure online, too. You can simply create accounts on Instagram, Facebook, Twitter, and other social sites and begin posting content here and there while explaining what your business is all about and what you currently have available for people to rent out. You can include images of the rentals, price lists, and more. Simply being active on social media and engaging with followers could help you get the exposure you are looking for.
Using social media is not the only ways to successfully get more traffic. You should have a site that is optimized with fresh content, includes great photos of products you have for rent, and details about the services. If your site is optimized, it will show up higher on the search engines and people will find the site a lot quicker.
When advertising offline, you can hand out business cards, attend bridal tradeshow events, pass out flyers, and even purchase a print advertisement in the local paper. Think of different ways to advertise your business because it is important for you to attempt to reach as many people as you possibly can. Even if someone sees an advertisement and does not need the services you provide, they might know someone who could use those services, thus referring that person to you for assistance.
Starting a wedding rental business may be something you have wanted to do for a long time. If you feel like it is the right time to start your own business, you can follow the various steps mentioned above to get things started. Always make sure to create a business plan outline that you can follow to keep track of what you have done so far and what you will still need to do before officially opening your business to the public. When you put forth the effort each day and work toward reaching each of your personal goals, you will eventually have a wonderful business that does well.
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Dears, we (4 of us) will be travelling in Russia nearly 3 weeks, so we are planning to purchase local SIM cards to stay on-line.
- is there a good place to purchase them right at SVO airport, upon arrival? Any telecom having their stand / shop there or better get the the city first?
- is there any particular telecom and plan you would suggest? We will need - mostly - to stay online, so internet, not that much phone calls.
Your kind advice will be greatly appreciated.
Best regards
Hi, as you exit SVO arrivals, you will immediately see phone shop, selling all operators, and at least MTS dedicated popup shop selling SIMs. All operators have data packages. You will need passport to buy a SIM...
If you plan to visit multiple cities, ask for tariff without internal roaming
I thought recent legislation eliminated roaming like charges???
Thank you all for your help :)
Just came back from Russia and I had Megafone while there, was rock solid. Didn't pick it up in the airport, just at a megafon location there. 350 rubles gets you 1000 anytime minutes and 25gbps lte data...dirt cheap. Don't recall the plan name but they do it in some weird fashion I haven't seen before as it isn't done this way here in NA as far as I know, but you basically put money into the account, and it drains as you use your services, if you just stick to data and national minutes, it drains at a rate that would drain 175 rubles in two weeks, at which point you add more money to your account, or can prepay and it will be an extra credit that will automatically load on your account and you are good to go. If you do anything outside of the included minutes/data, it drains differently and you may not have enough money once the two week renewal comes, at which point you had to add more money. I don't know how that's done, Russians do it through an app or online banking, but you can just go to any megafon store and get it sorted out. I had to use SMS a few times to talk to my AirBNB host, and that cost some rubles, so when the renewal time came at the two week mark, i didn't have 175 rubles in my account anymore as SMS isn't normally included, so my renewal got all whacked and I had to use some promise payment system they have to get back online until I could pay. I don't really know as it was all in Russian so i just pressed some buttons until I got back online, but it did show my balance in the negatives.
Ebertsj, no, this only applies within and between countries classed as Europe, so that doesn't include Russia or Switzerland.
I meant more roaming within Russia...the legislation I was referring to was Russian legislation...
This topic has been closed to new posts due to inactivity.
Ann Miller starts her day around 6 a.m. She goes for an early walk, does laundry, and puts breakfast in a bowl for her dog, Lizzy Rocket — usually some rice and bacon scraps. Sometimes she'll flip through a local newspaper for the week's grocery coupons.
The 78-year-old lives on a ranch in Ellensburg, Washington, a town about 100 miles northwest of Seattle . Her small, lofted apartment sits over a hay barn. It gets a little dusty, but it feels like home, she said.
Miller lives on about $1,800 a month in Social Security income , according to documents viewed by Business Insider. She doesn't have any savings and it can be a challenge for her to afford basic necessities : rent, groceries, and enough gas to drive her 2002 pickup truck.
Miller, who chose to use her maiden name due to privacy concerns, said her lifestyle has gone from "riches to rags." She's been married twice before — to a professional athlete and politician — but has been single since 2017. While Miller has a college degree and briefly worked in modeling and pharmaceuticals, her husbands were the sole income earners in her household for most of her adult life. She didn't have robust savings of her own, and drained what she did have a few years ago to repair her truck.
Since she began receiving Social Security several years ago, Miller has been doing her best to live on a fixed income .
"I don't go out and buy things," she said. "When things are low, I just make do with what I have."
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Millions of older adults are retiring without the savings or assets to support themselves. The Census Bureau's Current Population Survey found that more than half of Americans over 65 had an annual income of $30,000 or less — a figure far lower than the estimated $1.5 million it takes to comfortably retire in the US.
Some retirees have told BI that they feel financially confident due to strong corporate 401(k)s , large savings nest eggs, and well-placed investments . But others — like Miller — say they're living check to check on Social Security or have been forced to forgo retirement to make ends meet.
Without close friends or relatives, Miller worries about what will happen when she can no longer maintain her physical independence.
"What kind of plan can I make when I have no spare money and I don't have any living relatives?" she said. "What am I going to do?"
Seven years ago, shortly after her second divorce, Miller moved to her barn loft on the ranch. She likes the space — she said it costs her a little over $1,000 a month — but the ranch has a new owner and she expects they will require her to move soon. Miller said the owner plans to give the loft to one of his family members. But she's not sure she can afford to live anywhere else: The median rent in the area is over $1,700 a month.
Once Miller pays for her housing, utilities, cellphone, and credit card debt bills, she barely has enough money left over for food.
On a good month, Miller said she has $75 to spend at the grocery store. She fills her basket with a caseload of canned tomatoes, 10 bags of frozen vegetables, and five bags of frozen fish. If there are any sales or discounted items, she will buy those too. Ideally, the food will last her a full 30 days, with some ingredients left over for the hard months — the ones when she doesn't have any money to afford meals.
Despite being on a tight budget, Miller always makes sure Lizzy Rocket has everything she needs. Nearly every grocery item Miller buys is something that's also safe for Lizzy to eat. The French Briard rescue is "her constant companion," and she " tries not to be lonely ."
Miller said many of her friends have faded away over the years because she couldn't afford to travel with them or meet up at restaurants for dinner. She occasionally visits with neighbors, but she hasn't told most people in her life about her financial situation.
At this point, Miller has decided not to apply for any forms of government assistance like SNAP or Medicaid. She said she can afford most of the healthcare she needs through Medicare , the federal health insurance that's typically attached to Social Security. There's also a lot of stigma attached to getting help, she said.
Miller feels uncertain about her future, but she does find comfort in her routine. She knows Lizzy Rocket will wake her up just after 6 a.m. tomorrow morning. They will go on a walk around the ranch, then Miller will tidy her loft and sit down to read the newspaper or write her budget for the week.
"I've tried not to go backward," she said. "I just figure this is a new adventure."
Are you living on a fixed Social Security income? How have you made the decision to enroll in Social Security early or late? If so, reach out to this reporter at [email protected] .
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A Sample Clothing Rental Business Plan Template. 1. Industry Overview. Clothing rental business falls under the Formal Wear & Costume Rental Industry and businesses in this industry engage in renting out women's formal wear (e.g. bridal wear and gown), men's formal wear (e.g. tuxedo and suit), costume, motion picture wardrobe and costume ...
Creating a Business Plan for Your Dress Rental Business: A business plan is a vital document for your dress rental business. It serves multiple purposes, including acquiring funding and attracting investors. Moreover, it acts as a guide to steer your business through the startup phase and full operation. Importance of a Well-Crafted Business Plan:
Launching your dress rental business. Starting a dress rental business requires dedication and a willingness to learn. You must conduct market research, develop a business plan, choose your inventory, create a website and marketing materials, and manage it effectively to ensure long-term success.
Explore a real-world bridal gown shop business plan example and download a free template with this information to start writing your own business plan. ... Recycled Dreams - a Bridal Repository is a Portland, OR based retail rental shop of bridal dresses and accessories. Founded and operated by Connie Jugal, Recycled Dreams will meet the ...
Starting a business plan for your clothing rental business ... The customer pays a single fee and can enjoy the garment without committing to owning a formal gown, for example. Single-time rentals are useful for getting a sense of the local market. Rent clothes are most common in the United States, but Europe is catching up.
Gaining Access to Bridal Gown Rental Business Ownership. As a bridal gown rental business entrepreneur, it's important to explore all of your options before you commit to a specific business opportunity. There are a lot of benefits of buying a bridal gown rental business. If you're on the fence consider this: There has never been a better time ...
Starting with a business plan for your clothing rental business. ... The customer gets to pay a single fee and enjoy the garment without having to commit to owning a formal gown, for example. What single-time rentals are good for is feeling out the local market. Renting clothes is mostly seen in the US, and Europe is slowly catching up.
Calculate your operating profit margin using the following formula: Operating Profit Margin = (Operating Profit / Revenue) * 100. While starting a wedding dress rental business can be profitable, consider the risks and potential losses involved. Plan for contingencies and develop strategies to mitigate risks.
When venturing into the bridal gown rental business, proper planning and thorough market research are essential to lay a strong foundation for your business. Business Planning. Before diving into the bridal rental business, it is crucial to develop a comprehensive business plan. This plan will serve as a roadmap to guide your business operations.
Create a Business Plan: A comprehensive plan outlining the business's strategy and operations. Document your business vision, define objectives, and detail operational aspects such as budget, staffing, and marketing. ... Starting a wedding dress rental business can be a dream come true for many brides by providing them with their ideal dress at ...
Identify a niche that sets your gown rental business apart - whether it's focused on bridal gowns, evening dresses, or themed costumes. Knowing your target market and their preferences will guide your inventory selection. 2. Create a Business Plan: A well-thought-out business plan is crucial for any startup.
Choose a variety of sizes but concentrate on the average sizes which are 8-16 and an average height 5'4"-5'7". To begin with, you don't need to have a huge stock. As you begin to rent some dresses, you can reinvest the money into the business and purchase more dresses. It is worth buying some used designer wedding dresses when your business ...
A bridal gown rental business is a business that predominantly rents out bridal wear, including wedding gowns, veils, and other accessories such as shoes, ties, gloves, and jewelry. The global bridal gown market was valued at over US$ 39 billion in 2020 and it is estimated to expand at a CAGR of 7.01 percent from 2021 to 2031.
You can use business plan software like BizPlan and Enloop to compose a professional-looking business plan for your wedding dress rental business. However, don't get lazy and pay someone 10 bucks to write a business plan for your wedding dress rental business. You will need professional high-quality work that comes from within you. 3.
Step 4: Create a Business Plan. Here are the key components of a business plan: Executive Summary: Summarize your wedding rental business's mission to provide a wide range of high-quality, stylish wedding items for rent, including decor, furniture, and lighting.
Explore a real-world bridal shop business plan example and download a free template with this information to start writing your own business plan. ... Wedding gowns, on average, comprise about 6.1% of the total wedding expenditures, while the mothers' attire, attendants' attire, and accessories collectively make up another 7.8% of the total ...
Create a detailed business plan, take a tour of the local bridal shop 's owners, discuss your business motive with the financial accounts, and create a detailed marketing plan for the expansion of your business. Acquire a business license. Taking up a business license is the super mandatory step for the setting up procedure of the wedding ...
You can expect to pay as low as $50 or as much as $400 in filing fees. The amount will also depend on the type of business you are running. In this case, you are running a wedding rental business. You can register your business at this time with the specific name that you end up selecting. 3.
Find Wedding Dresses & Gowns | Wedding dress vendors vendors in Moscow (Moscow City) for your wedding • Compare prices and browse past jobs • Contact the best vendors in Moscow (Moscow City) on Bridestory.com
2312 White Ave #2336-102, Moscow, ID 83843 is an apartment unit listed for rent at $1,275 /mo. The 677 Square Feet unit is a 1 bed, 1 bath apartment unit. View more property details, sales history, and Zestimate data on Zillow.
Step into our boutique bridal shop to find the gown of your dreams. We also offer accessories and shoes to compliment your gown perfectly. Call to make an appointment at (208) 892-9804.
Executive summary: The executive summary offers a snapshot of your business idea.It includes your business name, location,and the types of rental properties you plan to manage. Market analysis: For the market analysis section, research your target market and identify the demand for rental properties in your chosen area.Also analyze the competition as well as the demographics of the tenants you ...
Answer 1 of 6: Hello I will be for two nights and one day in Moscow in transit (from 16 Dec to 18 Dec). I plan to stay in Red Square and explore the surroundings. I am 22 years old and I am travelling alone. I would like to visit a theater, opera or ballet or...
544 Birchwood Dr, Moscow Mills, MO 63362 is pending. Zillow has 1 photo of this 3 beds, 2 baths, 1,601 Square Feet single family home with a list price of $366,680.
A comprehensive business plan is essential for convincing lenders of the viability of your rental property investment. A well-done plan will outline your property's location, market analysis, projected income and expenses. Demonstrating a clear strategy and potential for profitability can make your application more attractive.
Zillow has 21 photos of this $585,000 6 beds, 6 baths, 1,350 Square Feet multi family home located at 1045/1047 S Meadow St, Moscow, ID 83843 built in 2005. MLS #98919844.
Answer 1 of 8: Dears, we (4 of us) will be travelling in Russia nearly 3 weeks, so we are planning to purchase local SIM cards to stay on-line. - is there a good place to purchase them right at SVO airport, upon arrival? Any telecom having their stand / shop...
Ann Miller, 78, is living on $1,800 monthly from Social Security. With no savings or familial support, Miller struggles to pay rent and afford food. Many older adults face similar financial ...
Doran Cos. and Inland Development Partners have proposed a plan to build 26 market-rate rental townhomes in Minnetonka. The local developers recently submitted the concept plan to redevelop the 1. ...
A draft plan for southwest Modesto, California, suggests eight housing units in a two-story building on a vacant lot at Madison Street and California Avenue.