Bridal shop business is undeniably one of Nigeria’s most sought after enterprises. Every man wants to marry a pretty woman. Each wife who gets married always wants a beautiful wedding; and a dress that would make her look outstanding on her memorable day. One of the things that can make the wedding a momerable is getting the right bridals on the day of the event. Bridal boutique shops are, therefore, a profitable venture because of the latest obsession in today’s society with glamour and trend. Most people now want their marriages in a luxurious way that makes a good profit for event management companies and also for the bridal and groom parlours. Note weddings kick-off every weekend in the country at different places, building a bridal shop business, a very profitable one, backed up by the fact that very few people venture into it. It is not a business as popular as others in the apparel industry, but it is one which holds a million-dollar promise. The reasons being that the market demand is vast, weddings are continually taking place weekend after weekend and the competition is not so much as compared to other sectors. This is why you need to delve into this opportunity and make money for yourself. So if you have the passion as well a s the matching experience, this business is just right for you.
Why Bridal Shop business?
Nigerians are by nature, ceremonial people, given our socio-cultural disposition. Weddings are a widely celebrated event. Every bride wants a glamour wedding with that perfect gown that turns the head of every attendee at the event. Moreover, the wedding industry is considered one of the significant contributors to Nigeria’s economy. It is credited for creating entire industries that didn’t exist or were previously unprofitable, such as makeup artists and luxury toilet hire companies. Fashion designers have also largely benefited from Nigeria’s wedding boom. In previous years, wealthy brides would travel abroad to buy their wedding gowns, but they are now turning to homegrown designers to shop for weddings. Therefore the market has blossomed into creating a perfect leveraging for investors, fashion entrepreneurs and boutique owners. Starting a bridal shop is, therefore, a secure way to tap into your share of this lovely bit of cake.
Before you delve into this venture, you need to know what it entails. A bridal shop sells dresses and accessories to brides-to-be and bridal party members (e.g., the bride’s maid of honour, the bride’s mother, etc.) They also provide alteration services so that everyone can get the perfect fit.
What you need to Startup
You would need the following materials as startup kits such as a showroom, mannequins, pieces of furniture, an office complex, file cabinets and desks, cash register, bookkeeping materials, measurement kits and so on.
Steps to starting your own Bridal Shop business?
To establish and successfully run a bridal shop business in Nigeria, you need to take the following steps:
Create a business plan: Your business plan should act as a blueprint or master template for your store. A good business plan will show investors that your business is viable and that it has the potential to succeed. Your marketing strategy for the bridal shops will include; A general business description: with the name of your business, the city where your business will be located, a proposed location for your business, and your customer type. It should also include your inventory details, your promotion plan, future, resume, startup expense as well as project statement of sales and expenses.
Get capital: You need sufficient capital to start your business. Your capital should be included in your business plan, or rather your business plan gives you a sense of how much equity you are going to need for both worse scenarios and best-case scenarios. It would be best if you strategize how to include loans to your capital, from friends, family, investors and other industries. Bear in mind that the bridal shop business is a serious investment. If we exclude the store’s rent, then you’ll probably be needing about N1Million to start the business.
Name Your Business Bridal Shop: This may sound straightforward, but as you participate in the practice, you will discover that sometimes having a perfect business name can be a hassle. Don’t stress yourself. Take a breath and think about names that portray the business purpose. Two known words can be coined together, or perhaps work with a meaningless abstract name. But the best name would be a reflection of your person and brand idea.
Register the business: You must go through the rudimentary process of registering your business with the county and state. Contact the secretary of your country to register your bridal shop according to laid down guidelines. In Nigeria, CAC is the body that handles all that. You need to decide if you want to specialize in defining a specific brand name or wedding dress style, such as a single designer or high-end luxury gowns, or whether you want to bring a range of different gowns. Decide, too, if you wish to store bridal accessories.
Get a suitable Location: Your bridal shop has to have an excellent position to aim for success. Don’t expect to hit the peak by putting your company in a secluded area, away from potential clients. The benefits that come with a good business location cannot be overemphasized. Get a shop along the road, where there’s lots of traffic for your business to flourish.
Do this wrong, and you’ll end up frustrated and in the worst cases, fold up.
Set up your shop: There are lots of suppliers and fabricators from whom you can order your supplies. With just your computer system, you can even ship most inventories from China into Nigeria if need be. That is why your business plan is critical because it is also going to be crucial in deciding how you’d get in contact with the dress manufacturers, designers and suppliers. You would have to decide Set up credit accounts or wholesale accounts with each one so that you can purchase the dresses at wholesale prices and then resell at retail prices.
Get your supplies: Your choice of wedding gowns are crucial to being relevant in this industry. It would help if you were in touch with experienced designers and manufacturers as many as you can buy to deliver bridal gowns that include different sizes, designs, and prices to suit both the wealthy and moderate earners. Renting these bridal gowns, hats, floral arrangements and so on may be sold aside. As your business grows, you can start taking notice of your customers choices, competitors, market trends and all that.
How to Succeed in Bridal Shop Business:
Promotion is key to getting ahead in this business. Traditionally, it is expected that you go around to show off your dresses and other products by taking part in local bridal events at the fashion shows and exhibitions. To keep it short, Identify and meet with strategic partners. Besides, make a list of referral sources you can use as strategic partners for your new business, including wedding vendors such as wedding planners, photographers, florists and DJs. Contact these referral sources to discuss ways you can work together to refer business to each other.
There are lots of ways in which you can promote your bridal shop in a short time, and make mind-blowing figures. How to advertise wedding dresses. It would be best if you carved out a unique brand identity that makes your business stand out from the others. Building your brand image is vital as it helps you carve a niche and informs the way customers perceive your business. Your logo design should include elements of colours, typeface, symbols, and images that successfully convey your business message. Having a gratuitous card and some fliers can also do wonders.
The power of social media as well can never be overemphasized. By running different social ads like Facebook ads, twitter and Instagram ads, you can get your business out there. Having a luxurious website can also work wonders in building your brand’s visibility and giving you that successful boost to your business.
Cost of Starting bridal Accessories/wedding dresses Shop
The cost of opening a bridal shop and accessories depend on your capital. You can start with hundred of thousands and you can start with millions. So you are the one to set the cost of starting.
Meet Challenges Of Production
Small and startup companies are typically faced with several obstacles related to growth. One of which is ordering more than is necessary. Note that you should only order small amounts when starting at your fashion design company because you are expected to make prompt production payments, while retailers can not collect the mortgage on the due date. Others include intense competition, economic challenges, lack of adequate promotional strategies and so on.
Tips to help you….
Learn more about the items you want to build and sell in fashion. Know your target customers and accumulate ample funds to run your company smoothly for at least several months before generating income on your own. Build your brand name, be present on social media and create your brand using any powerful promotional tool. Note that due to many difficulties, such as not getting payments on time, the company may not be able to make a profit right away. So, make sure your place on the cash flow is secure. More importantly, have patience!
Wedding doesn’t happened everyday, some people prefer low key when they want to marry except super rich weddings so add accessories to your bridal shop.
Preserve your bridal dress the way you will do to your certificate. Do not expose to dust, cover with transparent nylon and allow enough air or provide good ventilation for them.
Bridal Accessories for your Bridal Shop
- hand fan
- bridesmaid dresses
- jewelry sets
- make up kits
- head crown
- fascination tiaras
Many people now search internet for styles and designs to know what to pick so having a website will mean more customers for you.
Profit in Bridal Business
If you are using quality wedding gowns and other accessories, you can rent them out a hundred times to make your profit. Some people charge as much as #50,000 to rent a wedding gown. Lets assume the gown was bought #150,000, imagine renting it for 20 times in a year, you would have realize the profit and gain within a year. Wedding accessories are the most profitable you can sell times two of the price you bought them. you now see why you should invest in a bridal business idea.
How to start a wedding gown rental business Whatever qualifications and past work experience, anyone can be a bridal shop owner. What’s critical is having an entrepreneurial spirit and heart for the trade. Still, some preparation is needed to ensure that your bridal shop is prosperous and profitable. You would also need lots of hard work, patience and a positive disposition, especially in getting ahead, because there is no telling how things could play out. Fashion is dynamic, and trends may rise and fall much to a fashion entrepreneurs dismay. However, perseverance and experience will always help keep you afloat.
Someone wants to sell off her bridal garments and accessories worth 10 Million plus but she is ready to give it out at 8 million. She has more than 100 wedding gowns and each was bought #150,000 not to mention accessories. Call: 08035965405 if you are interested.