A bridal store focused on specialty wedding attire with allied wedding supplies products is a profitable retail store business in the clothing and fashion industry. Even in a poor economy, brides to be and their wedding parties spend a lot of money on bridal attire and wedding accessories because weddings are memorable once-in-a-lifetime events.
Women who might normally dress in the latest Western fashions usually adopt a more conservative, Indian style when it comes to their wedding. On the other hand, wearing western outfits at weddings are also increasing in numbers recently.
So, in opening a bridal store business, you must have a market feasibility study report in hand on the bridal fashion industry. You can initiate with your own brand or you can buy a bridal store franchise of an established brand.
14 Steps to Start a Bridal Store Business
1. Research the Market
The first step to start a bridal shop must be to understand the local market. Try to gather as much information as possible regarding the trends, demand, and the competition from other shop owners selling similar items. Based on the information received, explore the gaps, and plan your business.
2. Choose the Bridal Shop Business Model
You can start a bridal shop in three ways. They are starting your own shop starting from scratch, and buying a franchise of a bridal shop brand.
The third one is starting an e-commerce bridal store. The online e-commerce business is fastly growing in the Indian market.
Based on your interest and resources, select the one that fits you best.
3. Create a Bridal Store Business Project Plan
If you want to start a successful bridal shop, it is a must to have a business project plan. It not only works as a roadmap to success but also helps in arranging funds from investors. All banks and investors will have a look at your business project plan before committing to provide finance.
If you are not confident in writing the project plan, take help from professional plan writers.
4. Name Your Bridal Shop
The bridal business comes under the glamorous fashion industry. It is important to provide a name for your bridal shop that not only attracts customers but also help in creating a brand
Take some time off and brainstorm bridal shop name ideas and select a name that appropriately defines your range of products. Also, check whether a similar domain name is available or not. You will find it difficult to create a website that matches your business name in the future.
5. Calculate the Cost of Starting a Bridal Shop
The cost of opening a bridal shop will largely depend on two aspects. One is the investment in stocks and the other is the cost of retail space. For a small bridal shop, a stock investment of Rs. 5 lacs to 10 lacs can be a good starting point.
The cost of retail space will vary as per the location. The more it is in a commercial location, the more will be space cost. Roughly, an investment of around Rs. 10 lacs is a minimum requirement to start a bridal shop in India.
6. Apply for Business Registration & License for Your Bridal Shop
In starting a bridal store in India, you must obtain a number of registrations and licenses from Government Authorities. These are as follows:
Get Business Registered with ROC
You can register your business as a proprietorship or One Person Company. But for further expansion and to get smooth financing from banks or any other financial institution, it is recommended to form LLP or Private Limited Company.
Apply for Shop & Establishment Registration
Obtaining a Shop & Establishment Act license is mandatory in operating the bridal store business in India. According to the act, all shops and commercial establishments operating within each state are covered by the respective Shops & Establishments Act.
Get GST Registration Number
GST Registration is presently mandatory in starting and running a bridal store business in India. If your business registered under GST, you can get various tax benefits. It will also help you in avoiding reverse taxation.
This is not mandatory. If you are starting your own store with your own brand name (other than franchise), it is advisable to get a Trademark registration of your brand name and logo.
7. Choose the Location of The Bridal Store
Alike any retail venture, location matters in the bridal store business also. Selecting the right location with the desired floor are is one of the most crucial aspects of this business.
8. Design Your Bridal Shop
Interior design plays a vital role in the success of this kind of retail business. it is advised to hire a professional interior designer to design your shop.
The ambiance must be comfortable for customers and a smooth buying experience.
9. Arrange Funds
If you have sufficient financial resources to fund, no need to worry. However, if you are short of money you have to take the necessary steps to arrange the required investment.
Approach banks and financial institutions with your business project plan. There are various loan schemes from banks that can be helpful for getting funds.
Also, apply for a business credit card for the emergency working capital requirements.
10. Hire Manpower
Depending on the size of your shop, recruit sales personnel for selling bridal items over the counter. Your salespeople must have excellent communication skills and a pleasant appearance. Verbal communication is key to success in the retail shop business, especially for a bridal store.
11. Procure the Right Inventory for Your Bridal Store
You won’t please the market with the wrong products. In the wedding attire market, there are two parameters: one is weight, and one is the price. People judge the quality and aesthetic value by virtue of how much it costs and how much it physically weighs
12. Buy a Point of Sale & Accounting Software for Bookkeeping
Selecting the right Point of Sale software that supports your inventory and operation is extremely important in running a bridal store business.
Set a proper accounting method to carry out day o day financial transactions. Select the best-suited accounting software for your shop. If you don’t have an effective accounting process, you will find it extremely difficult to submit a filing to the income tax department.
13. Be proactive
The days of the retailer opening their doors and waiting for the public to walk in and buy have gone. You have to look for opportunities. Plan for promotion first, then open your doors. Determine where you are at now and decide how much you are willing to spend on your marketing to reach this goal.
14. Create A Bridal Store Operating Policy
Creating a growth-oriented store policy is most crucial in running a bridal store business. Is there
a point of difference that will make customers come to you? If you want to catch the right fish you have to have the right bait.
Editorial Staff at NextWhatBusiness is a team of Business Consultants having years of experience in small and medium scale businesses.