Are you writing a bridal shop business plan? If YES, here is a sample bridal shop financial projection, sales cost, profit & loss statement. In setting up any business, the amount or cost will depend on the approach and scale you want to undertake.
If you intend to go big by renting a place, then you would need a good amount of capital as you would need to ensure that your employees are well taken care of, and that your facility is conducive enough for workers to be creative and productive. This means that the start-up can either be low or high depending on your goals, vision and aspirations for your business.
Table of Content
Startup Expenditure (Budget)
The tools and equipment that will be used are nearly the same cost everywhere, and any difference in prices would be minimal and can be overlooked. As for the detailed cost analysis for starting a bridal shop business; it might differ in other countries due to the value of their money. This is the key areas where we will spend our start – up capital;
- The total fee for registering the business in the United States of America – $750.
- Legal expenses for obtaining licenses and permits as well as the accounting services (software, P.O.S machines and other software) – $3,300.
- Marketing promotion expenses for the grand opening of Isabella & Nancy ™ Bridal Shop, LLC in the amount of $3,500 and as well as flyer printing (2,000 flyers at $0.04 per copy) for the total amount of $3,580.
- The total cost for hiring Consultant – $2,500.
- The total cost for the purchase of insurance (general liability, workers’ compensation and property casualty) coverage at a total premium – ,400.
- The cost for payment of rent for 12 month at $1.76 per square feet in the total amount of $105,600.
- The cost for shop remodeling (construction of racks and shelves) – $20,000.
- Other start-up expenses including stationery ($500) and phone and utility deposits ($2,500).
- Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $40,000
- The cost for start-up inventory (stocking with a wide range of wedding gowns and wedding accessories such as shoes, gloves and jewelry, bridesmaid dresses, groom and groomsmen tuxedos and suits, dress and suit accessories and other related merchandize) – $100,000
- The cost for store equipment (cash register, security, ventilation, signage) – $13,750
- The cost of purchase and installation of CCTVs: $5,000
- The cost for the purchase of furniture and gadgets (Computers, Printers, Telephone, TVs, Sound System, tables and chairs et al): $4,000.
- The cost of launching a website: $600
- The cost for our opening party: $5,000
- Miscellaneous: $5,000
TOTAL EXPENSES: $317,980
We would need an estimate of $350,000 to successfully set up our bridal shop in Baton Rouge – Louisiana. Please note that this amount includes the salaries of all the staff for the first month of operation.
Generating Funds / Startup Capital for Isabella & Nancy ™ Bridal Shop, LLC
Isabella & Nancy ™ Bridal Shop, LLC is a private business that is solely owned and financed by Isabelle Marcos and Nancy Marcos. They do not intend to welcome any external business partner which is why he has decided to restrict the sourcing of the start – up capital to 3 major sources. These are the areas we intend generating our start – up capital;
- Generate part of the start – up capital from personal savings
- Source for soft loans from family members and friends
- Apply for loan from my Bank
N.B: We have been able to generate about $100,000 (Personal savings $70,000 and soft loan from family members $30,000) and we are at the final stages of obtaining a loan facility of $250,000 from our bank. All the papers and document have been signed and submitted, the loan has been approved and any moment from now our account will be credited with the amount.
Sources of Income
Isabella & Nancy ™ Bridal Shop, LLC is in business to retail a wide range of bridal wears, bridal accessories and related products to the residence of Baton Rouge – Louisiana. We are in the bridal shop industry to maximize profits and we are going to go all the way out to ensure that we achieve or business goals and objectives.
In essence, our source of income will be the retailing and renting of a wide range of bridal wears and other related products at affordable prices. We will generate income by;
- Retailing and renting bridal / wedding gowns
- Retailing bridal accessories
- Retailing and renting bridesmaid dresses
- Providing alterations and other related services
- Retailing and renting groom and groomsmen tuxedos and suits
- Retailing dress and suit accessories
One thing is certain when it comes to bridal shop business, if your shop is well stocked and centrally positioned, you will always attract customers cum sales and that will sure translate to increase in revenue generation for the business.
We are well positioned to take on the available market in Baton Rouge – Louisiana and we are quite optimistic that we will meet our set target of generating enough income / profits from the first six month of operations and grow the business and our clientele base.
We have been able to critically examine the bridal shop industry and we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The sales projections are based on information gathered on the field and some assumptions that are peculiar to startups in Baton Rouge – Louisiana.
Below is the sales projections for Isabella & Nancy ™ Bridal Shop, LLC, it is based on the location of our business and other factors as it relates to bridal shop start – ups in the United States;
- First Fiscal Year-: $200,000
- Second Fiscal Year-: $450,000
- Third Fiscal Year-: $750,000
Retailing and renting bridal / wedding gowns
Retailing a wedding gown will cost $1,500
- Retailing 50 wedding gowns will cost $75,000
Renting a wedding gown will cost $300
- Renting 200 wedding gowns will cost $60,000
Retailing bridal accessories
Other jewelry (bracelet, earrings, necklace) will cost $100
- Selling 500 jewelries will cost $50,000
Headpiece (veil, flower crown, tiara) will cost $30
- Selling 500 headpieces will cost $15,000
ON-GOING OPERATIONAL EXPENSES:
- Operational cost for second quarter of the year (salaries of employees, payments of bills et al) – $40,000
- Operational cost for third quarter of the year (salaries of employees, payments of bills et al) – $40,000
- Operational cost for last quarter of the year (salaries of employees, payments of bills et al) – $40,000
- Equipment rental, repairs and maintenance – $5,000
- Office supplies (stationaries et al) – $1,000
- Restock (bridal accessories, bridal gowns et al) – $40,000
- Credit card processing fees – $1,000
- Other miscellaneous expenses – $3,000
N.B: This projection is done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and there won’t be any major competitor offering same products and customer care services as we do within same location. Please note that the above projection might be lower and at the same time it might be higher.