Bridal Startup   Tips before you open a Bridal Store!

If you're considering opening your own bridal business, you should know what you're getting into up front. I. UNDERSTAND THE NUMBERS Big numbers are often quoted in relation to the wedding industry. Big, as in 2.4 million weddings annually and $36 billion a year in wedding-related spending. The average wedding now costs just over $19,000; the average wedding gown is $823. But wait.... $823 isn't a very big percentage of $19,000. (It's 4.3 percent.) In fact, the entire bridal ensemble, including shoes and headpiece, is less than 10 percent, and usually about 6 percent, of a total wedding budget, according to two consumer magazine surveys. And about that $36 billion? It includes everything from wedding gifts to honeymoon packages to major appliances newlywed couples buy to outfit their home in the first year of marriage. Actual wedding-related spending is much less, say about 10 percent of the industry's annual revenue. Which means that 90 percent of that $36 billion is actually spent on products or services unavailable through bridal stores! And that 2.4 million weddings is obviously nationwide. The secret to success is determining the demographics of your area - what percentage of the population falls into the marrying age of about 22 to 28? If your population base is too old, or too young, you need to reassess the need for a store. One last, sobering number we'd like to share is "six." Doesn't seem like much, we know, but that's the average number of stores a bride will shop before she makes a gown decision. And, if there aren't six or more shops in your immediate area, the number of visits doesn't necessarily go down. Brides easily drive two hours from their home to visit a bridal store...which translates to larger market area from which to pull but also increases the number of stores your must compete against. Determine the number and type of existing bridal stores in a 100 mile radius and keep them in mind as you develop a business plan. II. UNDERSTANDING THE MINIMUMS Selling bridal merchandise is not like selling women's apparel. You don't buy a garment with the notion of reselling the same garment to the end consumer. You buy samples, and from this hanging stock you sell special orders - new dresses just like the ones hanging, but cut in the correct sizes for individual brides. What's more, you can't just buy one sample from a given manufacturer. The twice-a-year minimum buys are generally six pieces but often more for new shops. So, as an example, you buy a group of six dresses, wait for them to be cut and shipped, receive them, get billed for them and in the meantime take a special order on one of the dresses. You order the special and get billed for it, too. Now you're sitting on bills for seven gowns when you've received income for only one. This isn't to say bridal is a no-win situation. The system can work or no retailers would be using it. And, to be fair, most stores eventually sell their sample merchandise... but the waiting period for the transaction is much longer than in regular retail. III. UNDERSTAND THE CONSUMER This may be the trickiest topic yet. You've probably already heard that a wedding gown is an emotional purchase. More and more, it's also true that a wedding gown is a hard-line financial proposition. Sure, a bride wants just what she wants, to look just as she's envisioned. But she also wishes to spend no more than she wants. And she's not afraid to haggle on price. The lesson here: Do plenty of consumer research and discover what's good about twenty somethings as well as what gives retailers pause. Understand your customer doesn't have to be like you, and sell to her enthusiastically - or don't sell at all. It is possible to make a healthy living in bridal. It's more-than-probable that you'll fall in love with the work (crazy as it is!). It's almost guaranteed that you'll feel an emotional attachment to your business and draw inner sustenance from the contented customers who praise your service and ideas. Just don't let all the emotional up-sides overshadow the very real investment of time and money you will HAVE to make to make it in bridal retail. More Information Also refer to the VOWS Article Archive. For a fee of $4.50 apiece, you can jump start your understanding of the industry by purchasing articles of interest. For additional insights into owning your own bridal store, visit www.openabridalstore.com for it's 50+ page Ebook!