Read the business plan for Gorgeous Bridal Boutique, a new retail shop in London providing unique and high-quality bridal wedding gowns, footwear, and jewelry to brides. Learn about the owner's background, products and services, market research, marketing strategy, competitor analysis, operations, and logistics.
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Welcome The Business Plan You’ve got a business idea. You’ve decided to start a business. You want to get going. But there’s a lot more to a good business than a good idea. You need to think things through to maximise your chances of success. Are you the right person to run the business? Will customers like your product? A business plan will help you turn an idea into a business. It needs you to think through all the parts of your business to plan how everything will work. It will take a few weeks to write if you’re going to do it properly. Some parts will be easier to complete than others. Stick at it because it’s not the final document that’s important, it’s the process. Although you want to have a good plan when you’re done, an OK plan is better than no plan. The Prince’s Trust Business Plan Pack The best business plans aren’t long and complex; they explain only the most important information – what you want to achieve, how you will get there and the things you need to do along the way. It’s best to tackle a business plan in small chunks. The Prince’s Trust Business Plan Pack can help. This is The Business Plan divided into sections to help you develop your business idea. You can use the information in The Guide to help you complete the sections. Some of the sections of The Business Plan have tables to record the financial parts of your business. The tables are also available in MS Excel format and the sums in these are automatic. The Prince’s Trust Enterprise Programme The Prince’s Trust has helped many young people to complete their business plans and start their own businesses. If you are aged 18–30 and unemployed or working fewer than 16 hours per week, then we might be able to help you. We have offices throughout the UK and in each there is a team of Enterprise Programme staff. To take part, you need to be interested in self employment and have a business idea that you would like help to test and explore. The programme can then help you to see if your business idea will work and whether self employment is right for you. If through this process you find out it is, the programme can offer mentoring support and, if you really need it, financial support to start your business. However, if self employment turns out not to be the right option, the programme can offer support to secure other goals in employment, education, training or voluntary work. We can’t guarantee that your business will work or that we will be able to offer you money, but if you are up for a challenge and want our help to explore your business idea, get in touch and come and meet us.
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Getting started Whose plan is this? Business and owner details: Gorgeous Bridal Boutique is a sole proprietorship which is individually owned and run by the Nigel Rowling. It is registered in the state of London, UK. Business name: Gorgeous Bridal Boutique Owner(s) name: Nigel Rowling Business address and postcode: 58 Somerset Rd, London, Postcode = SW19 5JX. Business telephone number: 12181190 Business email address: gorgeousbridalboutique811@gmail.com Home address and postcode (if different from above): 36 Somerset Road, LONDON, Postcode = SW19 5JX Home telephone number (if different from above): 12191120 Home email address (if different from above): nigelrowling211@gmail.com
Section one Executive summary 1.1 Business summary: Gorgeous Bridal Boutique is a new retail shop in London which provide unique and high quality bridal weeding gowns, footwear and jewellery to bride. This is known as Dream Bridal Wedding Package. Beside this, the bridal shop will also provide the attire to bride and groom mother, sisters and bridesmaids. The products are designed by one of the top designer in order to maintain its quality and to also satisfy customers. 1.2 Business aims: The aim of the business is to satisfy its customer and provide fulfilling shopping experience to bride and other women member of bride including groom mother. 1.3 Financial summary: In order to start and established this bridal boutique, the company will require the total fund of £50000 and the business will acquire this fund from three main sources. Cash on Hand = £10000 Business Loan = £25000 Debentures = £15000
Elevator Pitch 1.4 Your business name: Gorgeous Bridal Boutique 1.5 Strapline: Gorgeous Bridal Boutique will bring out the star in you. 1.6 Elevator pitch: Gorgeous Bridal Boutique is a weeding attire shop which provides bridal dress to the bride along with jewellery which perfectly matches with the dress. All other bridal boutiques in this area sells only bridal gowns but this company will focus on mothers of bride as well as groom, bridesmaids, bride sisters, flower girls etc. as well. The business will also provide all accessories to all female member of the bridal and groom party.
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Section two Owner’s background 2.1 Why do you want to run your own business? I want to start my own business because that is my passion and for this I have really done very hard work from my college days. As I always want to be my own and make all the decisions and reap rewards. I always want to do something that will love by the people and provide benefits to society and community. 2.2 Previous work experience: I have 5 years of work experience in marketing and sales field. I was a marketing manager of Tesco Plc for 5 years. 2.3 Qualifications and education: I have completed my MBA in both Business and Marketing specialization in the year 2015 from the world's best renowned business university name London Business School (LBS). 2.4 Training: I have joined the personality and skills development course in London to build my career in business. Details of future training courses you want to complete: In the future, I will join the course of entrepreneurial finance: strategy and innovation to understand the financial requirement and external factors that will affect my business. 2.5 Hobbies and interests: My hobbies are reading novels, business books, business news and articles. I have also interest in playing badminton and listening musics. 2.7 Additional information: My life aim is to help the customers with my unique and high quality products and make their big day successful.
Section three Products and services 3.1 What are you going to sell? a product a service both 3.2 Describe the basic product/service you are going to sell: Bridal Weeding Gown Bridal Footwear Veils Headpieces Jewellery Dresses for Bridal and Groom mother, sisters and bridesmaids 3.3 Describe the different types of product/service you are going to be selling: Designer wedding dress Designer Footwear Designer accessories 3.4 If you are not going to sell all your products/services at the start of your business, explain why not and when you will start selling them: The Gorgeous Bridal boutique will not sell the Dresses for Bridal and Groom mother, sisters and bridesmaids at the start of the business. It is because the business does not have funds for the same. The company will start this products selling at the second year for the business. 3.5 Additional information: In the fifth year, the company will expand its business line by opening a bridal beauty parlour in the same state of London, UK.
Section four The market 4.1 Are your customers: individuals businesses both 4.2 Describe your typical customer: Bride Bridal and Groom Mother Bride sisters. Bridesmaids. 4.3 Where are your customers based? The customers from any location of London can contact the boutique for products. 4.4 What prompts your customers to buy your product/service? The customer will definitely buy our products because this is designed by the designers and experts of London and will get high quality product. 4.5 What factors help your customers choose which business to buy from? High Quality and value products. Dress are designed by designers and experts Our trustworthiness and reputations 4.6 Have you sold products/services to customers already? yes no If you answered “yes”, give details: 4.7 Have you got customers waiting to buy your product/service? yes no If you answered “yes”, give details:
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Yes, the customers wait for our products because we provide them the best Dream Bridal Weeding Package on time and to the doorstep of customers. 4.8 Additional information: The dresses and other products will be sold by the company on a made-to-order basis.
Section five Market research 5.1 Key findings from desk research: From the research and development program, it is found out that the demand of the designer wedding dress for the Bridal is high in the London market. 5.2 Key findings from field research – customer questionnaires: After the customer questionnaires, it is identified and analyse that the other women of bride and groom family does not found the designers dress from the bridal boutiques which is quite time-consuming for them. Thus, they want a boutique from where all the women party including bride can get designer dress. 5.3 Key findings from field research – test trading: The customers need to pay large amount of money for the designer wedding dress thus our boutique will provide them the best designers and customized dress at affordable price. 5.4 Additional information: The price of the package and other products offer by the Gorgeous Bridal Boutique is low and affordable along with that they also provide discounts to the customers. The company will also take urgent order from the customers.
Section six Marketing strategy What are you going to do?Why have you chosen this marketing method? How much will it cost? 1.Pamphlet It is because this will reach to each and every people of local area.3600 2.Photos and Videos on social media marketing This is because it helps in increasing the customer base from local as well as internationalarea.Itreachesto customers situated all over the world. 3000 3.Promotion on Magazines It will help the boutique to reach at rich class customers.4000 4.Advertisement on TV It will help in increasing the brand value of the boutique5000 TOTAL COST15600
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Section seven Competitor analysis 7.1 Table of competitors Name, location and business size Product/servicePriceStrengthsWeaknesses 1.Mirror Mirror LondonDesignerweddingdressesby appointment only £3600They provide designer dress to the customers. They do not provide urgent orders to their customers. 2. Love Spell: Bridal Shop London Customized weeding dresses£4100Theirproductsarehigh quality. Theproductsaretoo expensiveandnodoorto steps delivery service. 3.BrownsBrideLondon Bridal Boutique BridalDressandchicbridal robes and accessories £2500The price of the product is affordable and low. Theydonotprovidehigh qualityanddesigner products to customers.
7.2 SWOT analysis : Strengths The boutique will provide Dream bridal wedding package to bride and also cloths to other women of bride and groom mother. The products are of high quality as designed and prepared by experts and designers. Strong research and development capabilities. Weaknesses Company faces lack of financial resources at the beginning of the start-up. High competition is also one of the weakness. Opportunities The business have an opportunity to expand itsproducts line and business line. The company can open bridal beauty parlour in the future. Threats Continuous change in technological factor and innovation is a threat for the company. 7.3 Unique Selling Point (USP): Unique Selling Point (USP) The USP of the Gorgeous Bridal Boutique is their Dream Bridal Weeding Package, and they also provide best and designers clothes to other women of the bride party.
Section eight Operations and logistics 8.1 Production: The production of the clothes, footwear and other accessories will be designed by experts and will swing by local employees. For this, boutique has purchased 10 swing machines. The production was basically hand-made. 8.2 Delivery to customers: The products are delivered to the customers at doorstep. It means the boutique will delivery the products at 10 days after the order taken. 8.3 Payment methods and terms: The boutique takes payment on both online and offline mode. The term of payment is that 50% of the deposit at the time of placing order and remaining 50% at the time of delivery. 8.4 Suppliers: Name and location of supplier Items required and prices Payment arrangementsReasonsforchoosing supplier Name: Noah Smith Location:152–160 Kemp House City Road, London EC1. Rawdressmaterial (Satin, Fabric)= £1500 Pearl = £250 Silkchiffondress material = £800 GorgeousBridal Boutiquewillpayits supplier payments from thecashinhand account. Itisbecausethey provide the best material atlowcosttothe boutique which help in maintainingthe affordablepriceof designer dresses. 8.5 Premises: Gorgeous Bridal Boutique will purchase a store at 36 Somerset Road. The purchase price of the shop is £30000 which is paid by the boutiques from owns fund. 8.6 Equipment If being bought Item requiredAlready owned?Neworsecond hand? Purchased fromPrice 10 Swing MachineNoNewMaurySewing Machine Co. £20000 8.7 Transport:
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The boutique has purchased the Van to delivery the products to the customers at their doorsteps. The purchase price of van is £15000. 8.8 Legal requirements: The registration and other legal fees for the registration of the sole proprietorship business is also paid by company. The cost is of £1800. 8.9 Insurance requirements: The boutique has taken insurance of business i.e., insurance for loss of stock and profit at the cost of £9600. 8.10 Management and staff: The management and staffs of the business is as follows: CEO Marketing and sales manager Finance manager 5 designers and experts. 20 employees 8.11 Additional information: The business will provide proper training and development session to its employees in order to increase their productivity and performance,
Section nine Costs and pricing strategy Product/service nameDream Bridal wedding package ANumber of units in calculation10 units B Product/service components Bridal Gown Bridal Footwear Bridalaccessories(Veils,headpiecesand Jewellery) Components cost £2900 £800 £400 CTotal product/service cost£4100 DCost per unit£4100/ 10 = £410 per unit EPrice per unit£471.5 FProfit margin (£)£471.5 - £410 = £61.5 GProfit margin (%)£61.5/ £471.5* 100 = 13.04% HMark up (%)£471.5 - £410 / £410 * 100 = 15%
Section ten Financial forecasts 10.1 Sales and costs forecast Month123456789101112TotaL AMonth nameJanuaryFebruaryMarchAprilMayJuneJulyAugustSeptem ber Octobe r Novem ber Decem ber Sales forecast BDreamBridal wedding package£4715£4715£4715£4715£4715£4715£4715£4715£4715£4715£4715£4715£56580 Costs forecast CDreamBridal wedding package£4100£4100£4100£4100£4100£4100£4100£4100£4100£4100£4100£4100£49200 EAssumptions (e.g. Seasonal trends) In the weeding season such as May, July, December to January, it might be chance that the monthly sales of the Dream Bridal wedding Package get double.
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10.2 Personal survival budget SectionMonthly cost (£) A Estimated costs Mortgage/rent1500 Council tax310 Gas, electricity and oil150 Water rates25 All personal and property insurances1000 Clothing2500 Food and housekeeping5000 Telephone500 Hire charges (TV, DVD etc.)150 Subscriptions (clubs, magazines etc.)250 Entertainment (meals and drinks)800 Car tax, insurance, service and maintenance900 Children’s expenditure and presents1000 Creditcard,loanandotherpersonaldebt repayments2900 National Insurance1200 Other1300 BTotal costs (£)19485 C Estimated income Income from family/partner Part time job15000 Working tax credit2000 Child benefits1000 Other benefits2500 Other1500 DTotal income (£)22000 ETotal survival income required (£)2515 surplus
10.3 Cashflow forecast MonthPre-start123456789101112Total AMonth nameDecemb erJanuaryFebrua ryMarchAprilMayJuneJulyAugustSeptem ber Octobe r Novem ber Decem ber Money in (£) B Funding from ThePrince’s Trust 5000000000000000050000 Funding from other sources700070007000700070007000700070007000700070007000700091000 Own funds3000000000000000030000 Incomesfrom Sales47154715471547154715471547154715471547154715471556580 Other150015001500150015001500150015001500150015001500150019500 CTotalMoney in (£)84500132151321513215132151321513215132151321513215132151321513215247080 Money out (£) D Loan repayments ThePrince’s Trust 2002002002002002002002002002002002002002400 Personal drawings1500000000000000015000 Cost of dream bridal wedding package 410041004100410041004100410041004100410041004100410049200 Feesto designer250025002500250025002500250025002500250025002500250030000 Costof equipment2000000000000000020000 Payrollto staffs150015001500150015001500150015001500150015001500150018000 Business insurances8008008008008008008008008008008008008009600 Taxesand permits5005005005005005005005005005005005005006000
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Accounting fees125012501250125012501250125012501250125012501250125015000 Software installation cost 50000000000000005000 Advertising and promotion130013001300130013001300130013001300130013001300130015600 others1501501501501501501501501501501501501501800 ETotalmoney out (£)52300123001230012300123001230012300123001230012300123001230012300187600 FBalance (£)3620091591591591591591591591591591591591559480 Opening balance10000462004711548030489454986050775516905260553520544355535056265624790 Closing balance46200471154803048945498605077551690526055352054435553505626557180671970
10.4 Costs table Cost itemWhat is included and how you worked it outTotal cost Loan repayments2400 Personal drawing15000 Costofdreambridal wedding package Bridal Gown 34800 Bridal Footwear 9600 Bridal accessories (Veils, headpieces and Jewellery) 4800 49200 Fees to designer5 designer experts30000 Cost of equipment10 Swing machine20000 Payroll to staffs20 employees18000 Business insurances9600 Taxes and permits6000 Accounting fees15000 Software installation costERP software5000 Advertisingand promotion Pamphlet 3600 Social media marketing 3000 Magazines 4000 TV ads 5000 15600 othersLegal expenses1800 Section eleven Back-up Plan 11.1 Short-term plan: The short-term plan of the business is to expand their product line by selling customized and designers dress to bride and groom mothers, sisters and bridesmaids. 11.2 Long-term plan: The long-term plan of the business is to expand its business line by starting bridal beauty parlour for providing the best service to customers. 11.3 Plan B: In case, if Plan A will not work, the business will adopt plan B in which they will start offering the customized and designer wedding dress to men and groom also along with the women. 11.4 Plan B continued...:
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