Are you writing a bridal shop business plan? If YES, here is a detailed guide on how to conduct and write a bridal shop SWOT analysis. Our intention of starting just one outlet of our bridal shop in Baton Rouge – Louisiana is to test run the business for a period of 2 to 5 years to know if we will invest more money, expand the business and then open other outlets all across the United States of America.
We are quite aware that there are several bridal shops all over Baton Rouge – Louisiana and even in the same location where we intend locating ours, which is why we are following the due process of establishing a business.
We know that if a proper SWOT analysis is conducted for our business, we will be able to position our business to maximize our strength, leverage on the opportunities that will be available to us, mitigate our risks and be welled equipped to confront our threats.
A Sample Bridal Shop SWOT Analysis
Isabella & Nancy ™ Bridal Shop, LLC employed the services of an expert HR and Business Analyst with bias in retailing to help us conduct a thorough SWOT analysis and to help us create a Business model that will help us achieve our business goals and objectives. This is the summary of the SWOT analysis that was conducted for Isabella & Nancy ™ Bridal Shop, LLC;
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The revenue growth expected in this industry will slow down between 2015 and 2022, especially as less people will not only be getting married but competition from different external factors will increase. Other factors that will cause a decrease in revenue for this industry includes, companies having to invest in labor so as to be able to provide superior and quality service.
According to a survey from The Knot and Wedding Channel, the average budget spent on a wedding is $28,400 even though weddings in certain parts of the city such as Manhattan, has an average of $76,000. One reason why there has been a wedding surge is due to the legalization of same-sex marriages; where the average gay couple is older and likely to spend more on their weddings. According to Bloomberg, the New York’s economy alone will get see $100 million generated from these gay marriages.
It is estimated that the next 25 years or more will see more Americans getting married, thereby allowing more businesses to tap into trending opportunities in order to keep up with the times and habits of couples. This means that more bridal shops will have to embrace mobile technology as nearly 60 percent of brides have embraced using a smart phone to plan their weddings and order their dresses.
The bridal shop business isn’t one that is very difficult to break into especially as most of the businesses in the industry are run by local entrepreneurs. The industry is one that relies heavily on referrals and word-of-mouth, so entrepreneurs are going out of their way to ensure that they offer their customers quality service and products.
Our location, the business model we will be operating on (brick and mortar bridal shop and online bridal store), varieties of payment options, wide range of bridal wears and related accessories and our excellent customer service culture will definitely count as a strong strength for Isabella & Nancy ™ Bridal Shop, LLC.
So also our management team members are people who have what it takes to grow a business from start – up to profitability with a record time.
A major weakness that may count against us is the fact that we are a new bridal retail store outlet in Baton Rouge – Louisiana and we don’t have the financial capacity to compete with multi – million dollars bridal shop outlets like David’s Bridal and co when it comes to retailing at a rock bottom prices for all their bridal wears and other wedding accessories.
The fact that we are going to be operating our bridal shop in one of the busiest streets in Baton Rouge – Louisiana provides us with unlimited opportunities to sell or rent our bridal wears and related products to a large number of people.
We have been able to conduct thorough feasibility studies and market survey and we know what our potential clients will be looking for when they visit our bridal shop; we are well positioned to take on the opportunities that will come our way.
Just like any other business, one of the major threats that we are likely going to face is economic downturn. It is a fact that economic downturn affects purchasing / spending power. Another threat that may likely confront us is the arrival of a new bridal shop in same location where ours is located. We are not ruling out the fact that unfavorable government policy can also pose a threat to our business.
Major Competitors in the Bridal Industry
In every industry, there are brands that stand out due to several reasons and the bridal shop services market is no different. The reasons why brands stand out are due to their products and services, their marketing and publicity strategies, their pricing strategies, their length of time in the industry as well as their customer care relationship.
Below therefore are some of the well-known bridal shops in the United States of America;
- David’s Bridal
- Mark Ingram Atelier
- The Dress Theory
- Little White Dress
- Loho Bride
- Chic Parisien
- Solstice Bride
- Lovely Bride
- Shareen Vintage