Consumer trends especially in the bridal industry can change rapidly I will

Consumer trends especially in the bridal industry can

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have I will have to research and explore possible avenues and designers to help meet their needs. Consumer trends, especially in the bridal industry, can change rapidly. I will always need to stay on top of current trends and forecast the future trends in fashion. Attending industry trade shows and designer fashion shows to preview and order new designs will be an important aspect of this stage. This stage will last years. Essentially, as long as the business is open, I will be constantly developing the business. Costs will vary from year to year depending on inventory orders, staffing needs, etc. Expansion and Exit Stages If the business is doing well, is profitable, and I have built a strong and trustworthy staff, I would consider expanding the business to have multiple locations. I would consider opening a few other regional locations within a short drive but far enough away that I would not necessarily be competing with myself. I would also consider the possibility of expanding to other states. Whether I expand locally or in a new region, I will have to assess each potential location carefully, just as I did with the first shop. Should I choose to open a new location, I know that I would have to place most of my focus into the new location and place the day to day operations
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OPPORTUNITY ANALYSIS 8 of the original store into the hands of someone I trust, hopefully promoting an assistant manager into a store manager role. Finally, every business owner has to have two exit plans. The first exit plan will be for if the business is not succeeding, knowing when it is time to end the venture. Knowing that man businesses do not generate positive cash flow the first couple of years, I will likely not consider closing unless my financial advisor indicates that it is necessary until the end of year three. The second exit plan is for retirement. After owning a business for years it becomes your baby. However, there is a time in almost everyone’s lives when we realize that we cannot continue to work and need to plan for retirement. As far as the business is concerned, I will have to determine if I have someone that I can pass the business down to so that a family member can carry on the business. Otherwise, I will be scouting for buyers that will be able to take over the business. The third option would be to simply close the doors and sell the remaining inventory. My preference would be to hand the business down to a family member or sell to a new owner but I would be able to make that decision until I am closer to retirement. If the decision is made to transfer ownership, a transition plan would be implemented in order to facilitate a smooth transition for employees, customers, and the new owner.
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OPPORTUNITY ANALYSIS 9 References Bridal Gowns Market to reach US$43,502.8 Mn by 2022, globally: Transparency Market Research. (October 12, 2017). Transparency Market Research. Retrieved from https:// globenewswire.com/news-release/2017/10/12/1144856/0/en/Bridal-Gowns-Market-to- reach-US-43-502-8-Mn-by-2022-globally-Transparency-Market-Research.html?print=1 Marriage and Divorce. (n.d.). American Psychological Association. Retrieved from http:// Schmidt, S. (2017). The Wedding Industry in 2017 and Beyond. MarketResearch.com Retrieved from
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  • Summer '16
  • White wedding, Wedding dress, wedding industry, Bridal Chateau

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