A suit rental business plan should make it clear to your audience precisely what demand there is in your local market for suit rentals. You start by thinking about why people rent suits… reunions, proms, funerals, business interviews? Figure out what your target market needs the clothing for, and then you can pin down how frequently these events occur in the area and make a working estimate of your potential revenues servicing this market. Also what kind of suits will you stock? What designers, what fashions, what sizes, etc.? A full description of this is imperative so that the banker reviewing your plan knows what the business will “look like†from the inside. Also cover:
What competitive threats are there in your market?
Do you have plans in place to buy the suits at a discounted rate?
Are there any alteration services you will provide?
What sort of men can you not outfit (i.e. no big and tall, no children's wear, etc.)?
What staff will you need for the store?
Will you have a website, and if so what functionality will there be?
The business plan does not need to be too complex, but it should include a set of financial projections that has a revenue forecast, break-even point (showing when you reach profitability), cash flow statement, the profit & loss table, and the balance sheet, as well as a monthly look at Year One after you get funded. The plan should have a basic marketing strategy talking about how you will inform people of the suit rentals, and there should be a start-up summary that takes into account the likely costs of fitting out your new space (even if the terms/location are not finalized). MasterPlans has worked on this very business model in the past, and our team of strong writers and researchers can complete the plan for you. Call us today for a free consultation. (877) 453-2011.
