Her latest goal is to add more gowns in a variety of sizes as well as bridesmaids’ dresses to compete with online shops offering “try before you buy” services. Furthermore, the idea is to offer bridal party style options and colors which they can try on in store and order bespoke dresses in the needed color and size. For instance, all the bridesmaids could try on dresses in various styles in their size, choose the color palette desired from a variety of dresses in stock and color swatches, and order the dress of their choice, knowing the size and color will be perfect on arrival to the shop. Moreover, Leigh also offers alterations as needed, but is hoping the new idea won’t require many adjustments.
Leigh has owned a small bridal shop for several years. As her business grows, she has decided to add additional inventory including not only bridal gowns but also more bridal party options. Recently the store next to her has become available and she has already secured the property. The owner has given permission to connect the two rental spaces and she has already begun a minor buildout on the space to accommodate her plan. Leigh’s shop is known for exclusive gowns and accessories as well as exceptional service for her brides and bridal parties, including bridesmaids, mothers of the bride and groom, and flower girls.
Leigh anticipates a substantial increase in inventory, encompassing dresses, shoes, and accessories, as part of her expansion plan. She believes that offering a wide range of sizes for customers to try will yield significant long-term benefits. Additionally, she recognizes the importance of regularly introducing new styles. She also understands the significance of keeping popular ones in stock and retiring unpopular designs. While she has secured funding for most of the renovations, she still requires additional financial support. This support is needed for essential aspects like displays, dressing rooms, and acquiring fresh inventory.
Leigh aimed to be the ultimate destination for every bridal party and started gathering cost estimates for her plan’s essential elements. Leigh already benefits from significant word-of-mouth advertising. She also enjoys a popular presence on social media and has a strong referral network within the bridal industry. She believes that these assets enable her to offer brides and bridal parties a unique experience that distinguishes her from the competition. Additionally, she anticipates rapid growth in her customer base.
Her cost estimate for the displays, dressing rooms, and inventory is $110,000. Armed with excellent credit and solid financials, Leigh began her search for available financing options at reasonable rates. Ultimately, she settled on a 36-month short-term loan at a good interest rate. She believes the upcoming wedding seasons will boost sales. Therefore, she will be able to repay the loan within the length of the term. With the funds, Leigh went to work quickly securing the new inventory and completing the renovations.