People can spend a lot to make their wedding most beautiful, colourful and memorable since it’s always once in a lifetime.
There are several businesses that are attached to wedding ceremonies across the world. Some people invest money in catering services to offer the best food to the people who come to weddings; others do businesses by offering decoration items and other wedding equipment rentals.
In the same way, there are many agencies or stores across the country which are specialists in offering wedding dresses to both bride and bridegroom who are about to marry.
Wedding dress rental business may not need huge capital, but we should have some knowledge about various kinds of wedding dresses for both bride and bridegroom as well as understand basic tips that can work in our favour to make profits out of this rental business.
However, starting a wedding gown rental business requires a great deal of effort, dedication, and most importantly passion.
The best part about starting a wedding dress rental business is that you do not have to be available on a set schedule to run it because, aside from customer phone calls and wedding dress deliveries and pickups, you do not have to be available all the time. Furthermore, the initial investment required to start a wedding dress business is relatively low.
Mrs Temitope Adeola, a banker said, traditionally, dresses for the wedding parties were always bought, nobody rented them but as people’s disposable income continues to nosedive, people are looking for new ways to save money when it comes to extravagant occasions such as weddings.
Additionally, she said, the bridesmaids in particular never really wanted to own their bridesmaid’s dress, regardless if they had to spend their money on it or it was a gift, saying, normally the dresses are not the prettiest and they can be used only once.
Starting Wedding Dress Rental Business
There are steps and requirements needed to succeed in this venture. They include:
Familiarisation: You will need to familiarise yourself with wedding dress rental industry. Since weddings are always in demand, wedding dress rental businesses provide vital services to a specific demographic.
The wedding dress rental businesses typically rent out a variety of weddings dresses. Brides, who do not want to spend a fortune on wedding dresses, rent the dress for short-term use.
Market Research: The wedding niche is a huge industry. This rental business could be started at a basic level of about N100,000 and above, depending on the design of the gown in Lagos state.
Business Name: Choose a name for your wedding dress rental business; whether you want to start a wedding dress rental business or a utility trailer rental business, you must choose a name that reflects the values and beliefs of your business.
Business Plan: if you want to start a successful wedding dress rental business, you will need a compelling business plan at a barest minimum. A well-written business plan should explain the company’s core objectives and how it plans to achieve them.
One of the other purposes of a business plan is that, it makes your wedding dress rental business look professional and appealing to prospective lenders and investors.
Business Registration: You must first register your wedding dress rental business in order to operate it as a legal entity. However, before registering the company, you must first understand and choose a business structure for your rental company.
Funding: Even if you have the best wedding dress rental service that can win the hearts of brides from miles away, your business will fail if you do not have enough money. Small businesses like wedding dress rental businesses can take advantage of numerous incentives, subsidies, loans, and equity investments.