A bridal registry or wedding registry is a bridal-related service that can be provided by an eCommerce website or retail store that assists couples that are ready to get married in the selection of gift preferences. The couple lists desired items and files this list with the selected store.
The desired item list is then made available to wedding guests, either by the couple’s family or by the merchant. Upon the purchase of a listed item, the store updates the gift registry accordingly. Aside from providing valuable information for the buyer, the system is designed in such a way as to prevent the receipt of duplicate or unwanted gifts, hence saving time for both the giver and the recipient.
The US gift, novelty, and souvenir store industry that the bridal registry at my store is a part of includes about 22,000 stores with combined annual revenue of about $16 billion. A 2018 estimate placed the market at $125 billion, but a newer study finds it to be far more robust, an estimated $242 billion in 2021, and likely to swell to over $300 billion by 2024.
Steps on How to Start a Bridal Registry at Your Store
Table of Content
Conduct Market Research
The first step in the market research process for you to establish a bridal registry at your store is to develop market-based research questions in line with your overall business goal and objective.
In this regard, you should source information that will help you maximize your business, information that will help you know what your potential market will be looking out for from a bridal registry, and also to help you operate your bridal registry from your gift store with less stress and of course, build the business to profitability within the shortest time frame.
a. Who is the Target Market for Bridal Registry Business?
- About to wed couples
- Wedding planners
- Families of about-to-wed couples
- Friends and colleagues of about to wed couples.
b. Is Bridal Registry from a Store a Profitable Business?
Yes, the bridal registry from a store business is quite profitable. Statistics show that in the United States, the wedding industry generates over 60 billion dollars each year – and that figure doesn’t even include the honeymoon.
c. Are There Existing Niches in the Industry?
No, there are no existing niches when it comes to the bridal registry business because it is a niche idea in the wedding industry.
d. Who are the Major Competitors?
- The Knot Registry
- Williams Sonoma
- Crate & Barrel
- Traveler’s Joy
- The Dowry
- Pottery Barn
- SPUR Experiences
- West Elm
- Etsy’s Online Marketplace
- Bed Bath & Beyond
- Sur La Table.
e. Are There County or State Regulations or Zoning Laws for Bridal Registry?
Yes, there are county or state regulations and zoning laws for a bridal registry that operates from stores, and players in this industry are expected to work with the existing regulations governing such business in the county or state where the business is domiciled.
f. Is There a Franchise for Bridal Registry?
Yes, there are franchise opportunities for the bridal registry business. Here are some of them;
- Fully Promoted
- Circle K
- Ace Hardware
- The UPS Store.
g. What Do You Need to Start a Bridal Registry Business from your Store?
- A Feasibility Report
- Business and Marketing Plans
- Business Licenses and Permits
- A Good Store facility
- EIN (Employer Identification Number)/Federal Tax ID Number.
- A Corporate Bank Account
- Supplies (A wide range of gift items)
- Startup Capital
Choose a Memorable Business Name
When looking to start a business, before you can begin to file the necessary documents with the constituted authorities or start your website, it is necessary that you come up with a name that you will be recognized with. It is essential that the name you come up with can easily be pronounced, is unique and easily memorable.
Some of the catchy business name ideas suitable for a bridal registry business are;
Creative Bridal Registry Name ideas
- Book Your Gift© Bridal Registry Store, Inc.
- Your Plug® Bridal Registry Store, LLC
- Wedding Prode© Bridal Registry Store, Inc.
- Sholly Bright® Bridal Registry Store, Inc.
- Lurie Logan™ Bridal Registry Store, Inc.
- Debby Rowland™ Bridal Registry Store, LLC.
- Gift Republic© Bridal Registry Store, LLC
- Joannes Bon® Bridal Registry Store, Inc.
- Perry Tim© Bridal Registry Store, Inc.
- Gift Pointe© Bridal Registry Store, Inc.
- Wendy Cruize® Bridal Registry Store, LLC
- Your Choice® Bridal Registry Store, LLC
- Phebe James™ Bridal Registry Store, LLC
- Timeless Gifts© Bridal Registry Store, Inc.
- Lucia Jones® Bridal Registry Store, Inc.
- Jenny Jones™ Bridal Registry Store, Inc.
- Delight Gifts™ Bridal Registry Store, Inc.
- Go Gifts© Bridal Registry Store, Inc.
- One Stop® Bridal Registry Store, LLC
- Praise EL™ Bridal Registry Store, Inc.
Register Your Business
a. What Type of Business Structure is Best for Bridal Registry?
Even though there are several options when it comes to the business structure of a bridal registry at my store business, the one that most players in this line of business consider is an LLC. It is common to consider an LLC because providers want to protect themselves from lawsuits.
Please note that an LLC will need an EIN if it has employees or if it will be required to file any of the excise tax forms listed below.
b. Steps to Form an LLC
- Choose a Name for Your LLC.
- File Articles of Organization.
- Choose a registered agent.
- Decide on member vs. manager management.
- Create an LLC operating agreement.
- Comply with other tax and regulatory requirements.
- File annual reports.
c. What Type of License is Needed to Open a Bridal Registry Business in Your Store?
- General Business License
- Health and Safety Permit
- Reseller’s Permit
- Zonal Permits
- Signage Permit
- Operational State Facility Inspections
d. What Type of Certification is Needed to Open a Bridal Registry?
You don’t need any certifications to open a bridal registry at my store.
e. What Documents are Needed to Open a Bridal Registry Business?
- Business and liability insurance
- Federal Tax Payer’s ID
- State Permit and Building Approval
- Certificate of Incorporation
- Business License
- Business Plan
- Employment Agreement (offer letters)
- Operating Agreement for LLCs
- Insurance Policy
- Contract Document
- Company Bylaws
- Memorandum of Understanding (MoU)
f. Do You Need a Trademark, Copyright, or Patent?
If you are considering starting a bridal registry business in your store, you may not have any need to file for intellectual property protection or trademark.
Cost Analysis and Budgeting
a. How Much Does It Cost to Start a Bridal Registry?
A standard bridal registry from an established gift store can cost anywhere from $30,000 to $500,000 depending on size, the type and brand of gifts you want to retail, and also whether or not the shop will require electricity, and how you have it plumbed.
Your retail storefront will require another $50,000 investment minimum and your start-up inventories and supplies will cost you another $50,000 to $250,000.
b. What are the Costs Involved in Starting a Bridal Registry?
- Marketing promotion expenses (2,000 flyers at $0.04 per copy) for the total amount of $80.
- The cost for hiring a business consultant (writing of business plans inclusive) – $2,500.
- The cost of accounting software, CRM software, and Payroll Software – $1,500
- The cost for shop/facility remodeling – $25,000.
- The cost for start-up inventory (a wide range of gift items from different brands) – $150,000
- Storage hardware (bins, utensil rack, shelves, glasses case) – $3,720
- The cost of launching an official website – $600
- Miscellaneous – $2,500
c. What Factors Determine the Cost of Opening a Bridal Registry?
- The size of the store business
- The choice of location
- The required licenses and permits
- The type of facility
- The cost for branding, promotion, and marketing of the store
- The cost of furnishing and equipping the store
- The cost of the insurance policy covers
- The cost of registering the business
- Source of your supplies and ongoing expenses
- Cost of recruiting and training your staff
- The cost for the purchase and customizing of uniforms
- The cost for the grand opening of the bridal registry business.
d. Do You Need to Build a Facility? If YES, How Much Will It Cost?
It is not compulsory to build a new facility for your bridal registry since you already have an existing store.
e. What are the Ongoing Expenses of a Bridal Registry?
- Supplies (inventory expenses)
- Utility bills (internet subscriptions, phone bills, signage, and software renewal fees et al)
- Salaries of employees
f. What is the Average Salary of your Staff?
- Shop Manager (Owner) – $45,000 Per Year
- Merchandise Manager – $32,000
- Cashier (Accountant) – $29,630,000 Per Year
- Sales Boys and Sales Girls – $26,100 Per Year
- Security Guard -$24,000 Per Year
g. How Do You Get Funding to Start a Bridal Registry?
- Raising money from personal savings and sale of personal stocks and properties
- Raising money from investors and business partners
- Sell shares to interested investors
- Applying for a loan from your bank/banks
- Source for soft loans from your family members and your friends.
Write a Business Plan
a. Executive Summary
Gift Pointe© Bridal Registry Store, Inc. is a neighborhood bridal registry store that will be located in a fast-growing community in Montclair, New Jersey. We have been able to secure a two-year lease within the city’s largest shopping mall in the city. We are fortunate to secure a facility with an option of renewal for 5 years at a rate that is favorable to us.
b. Products and Service
Gift Pointe© Bridal Registry Store, Inc. will be involved in helping about-to-wed customers to register with us. We will also make use we have a wide range of gift items per time.
c. Mission Statement
Our mission is to establish a bridal registry at my store business that will make available a wide range of gift items at affordable prices to the residents of Montclair, New Jersey, and other cities in the United States.
Our vision is to become the leading bridal registry brand in the wedding and store industry in New Jersey and also to be amongst the top 10 bridal registry brands in the United States of America.
d. Goals and Objectives
The goals and objectives of a bridal registry from a store are to provide an eCommerce website or retail store that assists couples who are engaged and ready to be married in the selection of gift preferences for wedding guests.
e. Organizational Structure
- Shop Manager (Owner)
- Merchandise Manager
- Cashier (Accountant)
- Sales Boys and Sales Girls
- Security Guard
a. SWOT Analysis
- Ideal location for a bridal registry (our store is well located)
- Highly experienced and qualified employees and management
- Access to finance from business partners
- Customers can create their bridal registry online or in stores.
- Customers can manage their lists through our website or app. Or, make an appointment in one of our stores for an in-person experience.
- Excellent customer testimonials.
- A wide range of gift items.
- Financial Constraints
- A new business that will be competing with well-established bridal registry stores.
- Inability to retain our highly experienced and qualified employees longer than we want
- Increase in the number of people getting married
- Online market, new services, new technology, and of course the opening of new markets.
- The arrival of a new bridal registry at my store within our market space
- Unfavorable government policy and regulations.
- Steady wage expenses will reduce industry profitability.
- Economic uncertainty
- Liability problems.
b. How Do Bridal Registry Businesses Make Money?
Bridal registries from a store make money by;
- Register gift items for about-to-wed couples, their families, and their friends.
c. Payment Options
- Payment via bank transfer
- Payment with cash
- Payment via credit cards
- Payment via online bank transfer
- Payment via check
- Payment via mobile money transfer
d. Sales & Advertising Strategies
- Introduce your bridal registry business by sending introductory letters alongside your brochure to wedding planners, socialites, celebrities, and other key stakeholders throughout the city where your store is located.
- Advertise on the internet on blogs and forums, and also on social media like Pinterest, Twitter, Facebook, and LinkedIn to get your message across
- Create a basic website for your business to give your business an online presence
- Directly market your services
- Join local bridal registry business associations for industry trends and tips
- Provide discount days for your customers
- Advertise our business in community-based newspapers, local TV and radio stations
- List your business on yellow pages ads (local directories)
- Encourage the use of word-of-mouth marketing (referrals)
a. How Much Should You Charge for your Product/Service?
There is no uniform price when it comes to the products retailed by bridal registry stores. This is so because of the brand (designer), type, and size of the gift item registered by the customers.
b. How Much Profit Do Bridal Registry Businesses Make a Year?
A lot of factors can determine the amount a bridal registry that operates from a store is expected to make. Some of the factors include the type and size of gifts retailed, the location of the business, and loads of other factors.
c. What Factors Determine the Amount of Profit to Be Made?
- The capacity of the bridal registry and the store
- The types of products retailed in the store
- The location of the store and their clientele base
- The management style of the store
- The business approach of the bridal registry business
- The advertising and marketing strategies adopted by the management of the store
- The number of years the store is in business
d. What is the Profit Margin of a Bridal Registry?
The profit margin of a bridal registry business that operates from a store is not fixed. It could range from 35 percent to 65 percent depending on the type of products retailed in the shop.
e. What is the Sales Forecast?
Below is the sales forecast of a bridal registry business that operates from a store business. It is based on the location of the business and other factors as it relates to such startups in the United States;
- First Fiscal Year: $320,000
- Second Fiscal Year: $450,000
- Third Fiscal Year: $580,000
Set Up your Shop
a. How Do You Choose a Perfect Location for Bridal Registry?
- The demography of the location especially as it relates to people due to marry
- The demand for wedding registry services and gift items in the location
- The purchasing power of businesses and residents of the location
- Accessibility of the location
- The number of bridal registry stores, and other gift shops in the location
- The local laws and regulations in the community/state
- Traffic, parking and security et al
b. What State and City are Best to Open a Bridal Registry?
- Montclair, New Jersey
- Brooklyn, New York
- Chicago, Illinois
- Durham, North Carolina
- Los Angeles, California
- Green Bay, Wisconsin
- Dallas, Texas
- Manhattan, New York
- Pittsburgh, Pennsylvania
- Boston, Massachusetts
c. What Equipment is Needed to Operate a Bridal Registry?
You should be prepared to purchase hangers, holders, cases, shelves, racks, accessories, receipt issuing machines, Sound systems, POS Machines, CCTV Cameras, Flat Screen TVs, computers/laptops, internet facility, telephone, fax machine,s and office furniture (chairs, tables, and shelves) amongst others and all these can be gotten as fairly used.
When it comes to hiring employees for a standard bridal registry business that operates from a store, you should make plans to hire a competent shop manager (owner), merchandize manager, cashier (accountant), sales boys and sales girls, and security guard.
Launch the Business Proper
No bridal registry business that operates from a store opens its door for business without first organizing an opening party to officially launch the business. You can choose to do a soft opening if you are operating on a low budget or you can go for a grand opening party.
The bottom line is that with a proper launching of the bridal registry business from your store, you will be able to officially inform people in your city that your bridal registry will be part of the services your offer from your store.
a. What Makes a Bridal Registry Business?
- Choose a good location and shop facility to launch the business
- Make sure your shop is stocked with different types of gift items
- Be deliberate with your marketing sales approach
- Encourage the use of word of mouth to promote your bridal registry business and your store
- Leverage all available online and offline platforms to promote your bridal registry business and your store
b. What Happens During a Typical Day at a Bridal Registry?
- The shop is open for the day’s work
- Goods are properly arranged
- Walk-in customers are attended to
- Deliveries of orders are made
- Stocks are taken and reports are written and submitted to superior officers
- The business is closed for the day.
c. What Skills and Experience Do You Need to Build a Bridal Registry?
- Customer services skills
- Interpersonal skill
- Accounting and bookkeeping skills
- Business management skills
- Bargaining skill
- Work experience in a retail shop environment
- Experience in managing people
- Experience in business administration
- Experience in handling different types of gift items and related products.