How to Start a Tuxedo Rental Business


Tuxedo rental business is a specialized field that offers leasing of formal wear. The business startup capital is moderately costly based on price of acquiring the tuxedos.
There are other parameters such as staff, shop rent, furnishing and promotion. There are not many people doing this type of business so entrepreneurs have less competition.
To succeed you need a good location, lots of tuxedos, visibility and quality service. Write a feasibility study and business plan to understand the business dynamics.
Another major consideration before stating the enterprise is funding sources.
cap
By Mina Credeur via Wikimedia Commons
Write a Feasibility Study
Conduct a feasibility study to know the business prospects of in your community. The business caters to a specific market and is not applicable in some environment.
Tuxedos are used only at formal gatherings and weddings. The feasibility study highlights the challenges, profitability and future projections.
Your location is very important to the success of your enterprise. A business plan is different from a feasibility study so write one. Take into account sourcing your tuxedo, customer base and promotions.
This is how to write a business plan
Register your Business
You need a trade license to run a tuxedo rental business. Although the business template is simple you should register a business name.
Register your business as a sole proprietorship or limited liability company. You also need a personal identification number, insurance cover and fire safety license.
Make sure the name properly identifies the kind of rental business.
Funding the Enterprise
The major expenditure is buying or sewing the tuxedos. Others are furniture, leasing a store, staff and promoting the business.
Your business plan and feasibility study will give you a clear idea on funds needs. To raise startup capital, approach a trade or commercial bank for loan.
You can secure loans from cooperatives that lend money to members. Try target savings or get soft loans from friends and family.
Lease a Shop
The easiest way to start your enterprise is by leasing a shop. The best locations for your shop are shopping malls or close to residential houses.
You can locate your business close to churches, event centers and a registry. Find out locations that attract wedding planners, grooms and event managers.
The location should have ample parking and heavy vehicular/ pedestrian traffic. Your shop needs a fitting room, well displayed tuxedos, counters and a cash register.
Buy or Sew
You can buy your tuxedo, sew them or do both. You need lots of tuxedo in different designs styles, sizes and colors.
You need to have a robust inventory of tuxedos to meet customer’s expectations. Stock various sizes, colors and designs.
If you want to sew tuxedos make sure the tailor is highly proficient in his craft. There is nothing worse than a badly sewn tuxedo.
Buy used or new tuxedo and breathe new life into the outfit. Apart from stocking tuxedos add ties, shoes and handkerchiefs.
Others are shirts, hats cuff-links, accessories and nice vests. To reduce expenditure your can have contractual agreements with bigger rental firms for outfits.
As your business grows expand the inventory to include wedding dresses and other formal wear.
Staff
You need a cashier, sales person, security staff and cleaners. If you include delivery then you need a driver, sales representatives and marketers.
To succeed develop a competitive pricing structure that is fair and reasonable. The principle behind tuxedo rental is to reduce costs and avoid purchase of the outfit.
 Promote your Business
Although the business is not very competitive you still need to promote your enterprise. The reason is because without adequate promotion nobody will find your store.
Your clientele usually carry out one-off transactions however you get lots of referrals from customers. Advertise through newspaper advertisement, handbills or business cards.
Use colorful brochures, referrals and online resources. Offer discounts, bundle deals and promotions to attract customers.
Brand you company name and provide quality service to customers. Use online and offline yellow pages, business directories and forums. Create a glossy catalog for your customers to use when selecting an outfit.
Build a Website
Customers in your demography are aware of the power of the internet. They will probably conduct a search for tuxedo rentals in their area.
If you have a well trafficked website targeted to you community you will be found. Online patronage accounts for 35% of sales in most business.
Make sure your website is search engine compliant and easy to navigate.  Promote the website through social media and online advertisement.
Related reading Bridal Salon Business





1 comments:

Note: Only a member of this blog may post a comment.