The Market Bridal Boutique will not only sell bridal gowns and accessories, but partner with local businesses and professionals to provide a variety of products and services. It will be a new infrastructure and business model compared to its competitors. It will not only collaborate with external vendors, but also host internal, local vendors. Grand Rapids, MI is a saturated bridal market with 17 bridal stores; however, most of the stores not only have similar designers and inventory, they have shared vendors. The Market will have exclusive designers and partner with only one business or professional in a specific field or industry like event coordinating, dentists, and photography. The Market understands it is about the marriage and we want to help the couples and their families through the process with ease, accessibility, and resources. It is the reason why the tag line is, “Take a breath. Take your time. Take in the moment.”
This business model is emphasizing sustainability through relationships, which means hopefully everyone wins. The customers benefit because it is a trusted network of established, experienced businesses and professionals. The partners will benefit because they will have a referral source and direct connection with clients as the bridal boutique develops. The Market will benefit because it will have referral sources with established businesses and professionals to help the company initially grow.
What I Will Do With $5,000
Funding is always the key battle for many start-up companies. Any earnings from 5x5 night would go towards obtaining the 20% down needed for a SBA loan. The minimum loan amount needed is $120,000, which means The Market needs to raise $24,000 either through grants, personal financing, or equity investors. Currently, The Market individually has $5,000 raised towards the SBA loan and is looking for other equity investors or grant opportunities. Once the $24,000 is attained, The Market will launch.