Setting up wedding dress shop

Q

quinerty

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Hi all
Just wondering if anyone out there would have any advice on setting up a wedding dress shop. There is a strong possibility I will be made redundant from my current job and I am looking into alternatives. I have always wanted to work for myself and I feel this business may be the perfect solution for me.
I am wondering about the costs of start-up. I understand there will be the obvious costs: Rent, Insurance, Stock, Utilities but would be grateful for any feedback on any additional costs I may be missing.
In relation to stock - is there a huge outlay for stock starting off or how does this work?
As I have said before i would be very thankful of any advice here are I am new to the retail industry.
 
quinerty said:
Hi all
In relation to stock - is there a huge outlay for stock starting off or how does this work?
Click to expand...


I think this will depend on how much stock you are thinking of starting with and if you can get credit from suppliers.

You might not be given credit since you are only just starting off. I would ring around and see what the conditions are. You could heve 30/60 days credit and even with that you'd have to make sure you had the money to pay then.

I would also say that setting up a business at this time is risky....but the local wedding shop in my area is doing very well. She also does all the communion/confirmation stuff as well, maybe something you can thinnk of doing as well.

Another option is to approach florists, hairdressers, beauticains....anything that can be related to weddings and see if you can advertise in their shops and in return you will do the same for them.

Good luck hope everything works out for you.
 
Thanks for the advice. Much appreciated. I would assume that as the wedding dress shop is the main route for suppliers to sell their dresses I would be able to purchase a sample selection reasonably but I may be wrong.
Great suggestions and thanks again.
 
Quinerty,

If you are new to retail and running a business perhaps attanding a business course would be a good idea.

Unfortunately there are many costs to consider:-

Advertising
Packaging
 Stock Obsolescence (Not being able to sell certain stock)
Wages & Salaries
Employers PRSI
Pension
Travel Expenses (to Wedding Fairs / Suppliers etc.)
Office Supplies
Bookkeeping
Bank Interest & Charges
 Insurance
Advertising
ESB
Heating
Rates
Rent
Equipment / Shop fit-out
Alterations (if you cannot do this 'in-house')

I think it will be very difficult to secure a start-up loan if this is what will be required in your case. However, if you have a sound business plan and can show that you have the skills to run a successful business, it is possible.

Best of luck if you decide to proceed.

Also - Be very careful about signing any lease without legal advice.
 
Hiya

Not to rain on your parade but a friend of mine recently closed her wedding shop in Cork. Basically she was booked up with lots of appointments but basically it was women trying on the dresses and then sourcing themselves n the internet afterwards. She brought in a rule of "No Photographs" during trials but in the end she decided to duck out and currently is selling dresses off to frinds for pennies to pay back stockists.
 
I've noticed a lot of wedding dress shops closing recently. One in our local town is closing by the end of the month and Patricia's bridal shop in Newcastlewest (which was open for a long time) has also closed. Think there is not really a market for too many bridal shops as people have started to source their dresses over the internet (after trying on in a store) so more and more shops seem to be closing.
 
Thanks for the advice QED. My background is in sales (finance industry) so I would consider doing a start your own business course. I would not intend taking on any staff until I have the business up and running and am prepared to put in the hard graft myself. I am hoping, if made redundant that I will be able to fund the initial set-up costs myself but perhaps I am being a bit naive.
All advice much appreciated therefore!!
 
All of the costs outlined by QED will add up and do need to be considered.

But I imagine the cost of stock is going to be your biggest!

No point opening a shop if you cannot sell the products so do some homework about what other shops do, where they get their stock from, how much does it cost, are you going to have to pay for the stock up front?

Also very important is to consider, can you sell?

How much cash do you have access to and how much cash will it cost to set up the business? then work out how many months you can afford to keep the business going for without making a single sale? I would probably suggest that if you cannot afford to keep the business going for say 12 months it is not a runner. In saying that I know nothing about wedding dresses but just imagine it will take a few months to make your first sale and imagine you get paid in installments!

Basically concentrate on your cashflow!
 
"No point opening a shop if you cannot sell the products so do some homework about what other shops do, where they get their stock from, how much does it cost, are you going to have to pay for the stock up front?"

Thanks jack2009.
I'm sure other bridal shops would be very wary of discussing info about their business for fear of competition but maybe I'm wrong. I would have assumed they would not give such info to potential competition.
 
Quinerty,

Talk to a bridal shop that might possibly be owned by a friend of a friend, or even an friendly accountant who audits a bridal business.

Perhaps a bridal shop that you will not be in direct competion with would be able to give you a feel for how things are run etc. no harm in asking.

I would not jump into any business unless I knew as much as possible.

Ps. assumption is the mother of all XXXX ups. so talk to as many people who may be in the know as possible and who have bought dresses recently for feed back.
 
As i have been in quite a few of these shops recently I would very comfortably say that they all seem to be under pressure.

Im not sure what mark up they have on dresses but it would want to be very good. The dresses are all really expensive 1000euro+ and while people may have splashed out in the past they will be buying the same dress online for 500euro now or even less.

I know you may not want to hear this but it is what I have seen.

Your outlay for dresses maybe quite high and Im not sure if you could be certain of selling them, I may be wrong but it is risky.

Now if you can offer an inexpensive allternative - you would have people flocking to you I have no doubt.

Do your research - talk to brides if you have to!!!!

The day of 30k on a wedding will be gone soon if not already, because its seen as rude now and unnecessary -IMO


I am open to correction........
J
 
I think all fashion retailers seem to be in a bit of bother at the moment especially one off boutiques. In my town (small town in county cork) all the local boutiques have their summer sales on this week when in other years they would not be donig this until another month. All have either 50%,30% or up to 70% off stock.
Would be surprised if these outlets all last the year. One shoe shop has already closed this year.
 
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