Business Plan: Bridal Salon Business Products and services

Keys to Success

Company description

Vision Statement

Mission Statement

Company background

Products and Industry

Product Description

Industry Description

The Market

Market and Target Customer

Market Segmentation

Target Market Strategy

Competition and Competitive Advantage

Curbing Local Competition

Curbing Regional Competition

Marketing Strategy

Overall Strategy

Sales Plan

Competitive Plan

Research and Development (Growth Plan)

The Organization

Legal and Organization Structure

Key Personnel

Related Service Providers

Location

The Financials

Critical Risks

Income Statement

Cash Flow Projection

Balance Sheet

Assumptions

References

Executive Summary

Introduction

Pace-setter is a bridal salon that rides on the theme of 'experience'. It creates an environment in which one is able to relax, do away with the pressure that comes with wedding planning, and indulge in the realization of their dream wedding. Pace-setter also responds to other dressing needs of the entire family through dedication, consistency and innovation. We are committed to offering the most fashionable and trendy attire at the lowest prices in town.

3b. The Company

We strive to surpass expectations by offering personalized care to our clients, so as to boost their mental relaxation as well as their physical appearance. The owners plan to, one day, make Pace-setter a global brand. The talented and dedicated Pace-setter team will obviously go a long way in the realization of this vision to make the venture an extremely successful one. We intend to improve the ability of each member of the team to serve our clients through further training and professional development. We are hereby seeking investors to help us achieve these noble goals.

3c. Products and Services

Pace-setter deals in re-orderable wedding gowns, bridesmaids' dresses, rental tuxedos, party dresses, purchase-only crinolines, shoes and jewelry. The entity also offers shoe-dyeing services free of charge for shoes bought from its store - at a low fee of $5. At Pace-setter, customer satisfaction is always a priority.

3d. Keys to Success

These include;-

Environment: providing a suitable location; one that clients can easily gain access to, relax, and soothe their stress away.

Convenience: boosting client convenience through offering a variety of products - clients conveniently get all the services they need from the same store.

Sale: Increasing the client base by not less than 15% yearly, through quality products, superior services and customer satisfaction.

4. The Company

4a. Company Description

Pace-setter One Stop Bridal Store will be a full-service wedding attire rental store. I will be co-owner to the business, alongside Trotter Greene, my cousin, who has worked in a reputable upscale bridal salon in Mason for approximately three years. Diane Comb, my maternal grandmother, and Greene Comb, her husband, own a successful and prestigious bridal salon in Texas, and have agreed to voluntarily chip in and offer financial, management and other relevant guidance that would be beneficial to the new venture. Through hard work and dedication, Trotter has managed to build a strong client base, and Mrs. Comb strongly believes that she, and her committed team of personnel, has what it takes to make Pace-setter one extremely successful venture.

To begin with, Trotter will be bringing in a talented full-time bridal alterations specialist, and two sales assistants who will operate on a commission basis. This is a means of incentive-creation aimed at ensuring that the clients' needs are addressed in a superior way. Moreover, the store will be hiring a receptionist, responsible for managing transactions that are point-of-sale in nature, and managing the daily bridal appointments. Pace-setters will heavily invest in employee training in order to ensure both client satisfaction and retention.

4a1. Vision Statement: We intend to provide our clients with the most superior bridal experience. Our secure and clear-cut payment methods, friendly personnel, timely and quality delivery, personalized care, and unbelievably low prices will leave you feeling good inside, and glowing outside.

4a2. Mission Statement: Our mission at Pace-setters is to offer personalized, friendly services, through our talented, committed crew. Teamwork is our most crucial success tool; innovation and education will help us keep pace with market trends, maintain market share, and build long-term customer relations.

4a3. Objectives

Within the first two years of operation, the business intends to realize a number of objectives, including:

1. Creating a client-based venture; this works at meeting and surpassing the expectations of its customers.

2. Increasing the client base by at least 15% each year, through effective word-of-mouth referrals and superior service delivery.

3. Providing employment opportunities for a tangible...

Company Background:
This business idea arose from the gaps revealed by a recent study, which analyzed the weaknesses and strengths of bridal businesses in Wisconsin. The study revealed that most bridal salons offer unreasonably high prices. It is speculated that nine out of every ten women would get married, and these high prices would be a hindrance to the realization of these women's dream weddings. A venture that offers quality products at reasonable prices would, therefore, be viable. Most buyers would shift to the low-priced service provider. The Pace-setter store will be located in the Green Bay area of eastern Wisconsin. The area is estimated to witness approximately 1000 weddings yearly. If just half the number of these couples purchase wedding gowns at Pace-setter's lower price of $800 (rather than $850), headpieces at $40 (rather than $167) and bridesmaid dresses at $150 (rather than $175), this translates to approximately $500, 000 in revenues, in this area alone. This low-pricing strategy is one of the reasons why Pace-setter is seeking loan financing.

4b. Products and Industry

4b1. Product description

Pace-setter will deal in tuxedo rentals, party dresses, shoes, jewelry, crinolines, re-orderable headpieces, re-orderable bridesmaid dresses and re-orderable wedding gowns. To begin with, the store will carry sixty samples of wedding gowns, three samples of bridesmaids' attire, and fifteen headpiece samples. The bridal gown samples will feature three prominent manufacturing lines -- Lazaro, Christos and Amsale. These, like the tuxedo rentals, will be available only on special order. Additionally, the store will stock three heel-heights of dyeable shoes, different sizes of crinolines, and a variety of off-the-rack jewelry (30 necklaces and an equal number of earrings), which will all be purchase-only. Crinolines will be available at no charge during client fittings and in-store gown adjustments.

4b2. Industry description

The bridal salon industry is largely fragmented. It consists of chain players who rely on product diversity to respond to different market needs, and hundreds of 'mom-and-pop' stores, which are very limited in scope. This large number of sellers and buyers constitutes a competitive market, which is characterized by free entry and exit of firms. The buyers have a range of sellers to choose from, and the costs of switching from one service provider to another are relatively low. The industry prices have, however, remained relatively high since most sellers choose to maintain their market shares by employing the general strategy. Pace-setter holds the strong belief that effective employee incentives are the solution to this. Through this strategy, Pace-setter seeks to increase its client base by 15% each year. Its main target segments include men and women who are in no position to access the services of an upscale salon.

5. The Market

Pace-setter will reach out to that Wisconsin client who seeks to acquire high quality products at reasonable prices.

5a. Market and Target Customer

Pace-setter will target two diverse client groups. Pace-setter will work hard to appeal, distinctively, to these target groups. By putting focus on multiple groups, the company will be mitigating against the risk of loss brought about by business cycles (Word Press, 2013).

5a1. Market Segmentation

Pace-setter will target two broad segments of the market;

i) Men -- men would naturally opt for simple, time-saving procedures. Those options that are easily available and easy to acquire are readily acceptable to them

ii) Women who are unable to afford costly services in upscale stores -- Women would naturally opt for upscale services. They are only prevented from accessing such services by the high prices. There, however, is no significant difference in the services offered in these, and other low-cost service providers.

5a2. Target Market Strategy

Pace-setter intends to handle these diverse groups differently. The men will be served through convenient and quick deliveries. Males are usually less concerned about how they look, and would more often than not work during normal hours, and then pay the stores a visit later on in the evening. By this time, most stores would have closed for the day. Pace-setter will target these clients by creating incentives through which its staff work longer evening hours, and by employing a non-appointment service basis (Word Press, 2013).

Females would naturally prefer upscale services. Pace-setter will target this segment of the market by offering products that are of the same quality, at more affordable prices. This we will do by putting emphasis on the ultra-hip, trendy products our company has to offer.

5b. Competition and Competitive Advantage

The competition within the bridal salon industry in Wisconsin can be analyzed from two perspectives; the local stores (Megan's Bridal store in Oshkosh) and the regional stores. Pace-setter holds the strong belief that low pricing and good service delivery are the keys to overcoming the competition likely to be brought about by Megan's store. Megan's store has been in operation for approximately thirty years. This could be a source of success as well as failure. Megan's store enjoys economics of scale, and would, in case of threat, readily offer lower prices without…