Executive Summary.
The business I Do is a wedding company that offers services for rental bridal gowns specializing in the deluxe versions and is located in Westfield shopping mall. Other products offered by the enterprise include shoes, veils, headpieces, jewellery while services offered include hair styling services and a brand of accessories that brides can choose from. I Do mission is to provide our customers with an unforgettable experience through exquisite products that meets and satisfies the consumer’s needs. The business specialty is in the provision of products that meet all wedding requirements while incorporating uniqueness and innovation through consideration of the bridal team as opposed to other wedding gown companies. Opportunities available in the market as a consequence of market niches is through alteration services and while offering rental services for products.
Rental services form the main basis of business services of wedding gowns that correspond with consumers needs inclusive of bridal accessories and wedding gowns. Products offered are from private companies and store brands. Free after sale services include hair styling services upon the renting of bridal gowns. Marketing strategies that the company will use to market products is the use of an online website to market products on a large scale base. Website will provide information on the products offered and on estimation of prices for products. Stylist directors are available to assist brides in the selection of products that meet their specific needs. Professional stylists are part of our team that services the bridal party in the onsite hair salon. Strategies earmarked for growth is the commencement of business immediately from the first year with expectations of breaking even. Profits are expected after a year’s sales through increments in the clientele base. Feedback and a continuous web traffic are long term goals that the company has earmarked for future growth. Groom suites have been penciled as future products with expansion into other markets countrywide as part of our growth strategy. Target market for products are middle income families and the market of California. In terms of competition against other market players I Do has a competitive advantage due to a brand identity that is innovative as the bridal team is also covered. A hospitable customer service and competitive pricing model for luxurious wedding accessories are amongst the advantages provided by the company.
Industry in which I Do falls records annual sales of over $40billion in the U.S.A. The wedding industry is the single largest enterprise of business growth in the events industry. Many common styles used for gowns retail from a cost of $1000with only 8 % of brides paying more than $2500. Hidden costs are dominant in this market ranging from cleaning, alteration, and rental and cleaning services therefore constant fluctuations on prices. Rental business of wedding attire is existent though it mainly focuses on men’s tuxedos. Wedding gowns rentals are relatively new entrants in the market with strong growth indicated for companies involved in the trade with incremental sales of 35% for existent rental business. Such statistics augers well for the future prospects of the industry and company. However the greatest challenge is ignorance on the availability of rentable dresses. Markers for potential business challenges is the conditions in which workforce are subjected to especially considering that the industry is a service industry.
The company will be involved in extensive events to help create a wide customer base and increase awareness. Advertisements and catalogues are other marketing tools that shall be used. New customers shall be afforded a discount of 10% to enhance trust. Social networks are other tools allocated for an efficient marketing strategy. Pricing models inclusive of yearly memberships are competitive at a relatively reduced price than the marketing prices. Long term goal of the enterprise is growing of the revenue base twice by first years end. Founding partners of the venture are focused on achievement of results to ensure that set goals are met through the overall management of the company as the founders are dedicated towards ensuring that the company starts off in the right footing. Statistical graphs indicate periods of relatively low sales though this is evened out with high sales turnovers in other months. Generally statistical graphs show profitability margins that supersede any losses that may be occurring during the inception of the business. Total cash budget for the commencement of business projected by the accounting team is $128250. The company may face stiff competition from already established companies however aggressive marketing strategies shall be used to help improve clientele base.
The company is currently seeking for investors to help support our cause and business venture. All considerations have been taken into account and investors will be informed conclusively on all matters pertaining to the business. Profitability margins are expected as business commences. Founders are confident of positive results as a result of the feasibility study carried beforehand. For investor this is a golden opportunity to maximize on the events industry and supply the market niche through provision of our services to grow our business and your investment portfolio.
