Fully describe the business's activities?
The business is a one-stop wedding service shop. You can hire wedding dresses, bridesmaids dresses, matric farewell dresses and suits from this shop. The owner has a great business model in providing the clients with a wedding package which includes the following: - Decor for your wedding day (chairs, table decor, flowers) - The cake - Photographer & videographer - The wedding dress and bridal party dresses They assist with the setup on the day and all prior arrangements. You can choose to pay the package once-off or make payment arrangements with the store.
How long has the business been established?
The owner started the business in January 2018 and the business has kicked off from the start making a profit from day 1.
How does the business operate on a daily basis?
The owner and her shop assistant are at the business on a daily basis. They assist walk-in clients wanting to hire dresses or meet with brides explaining their packages on offer. Weddings are over weekends and the owner or the assistant are at the wedding venue setting up the tables and decor for the brides.
How are the clients attracted to the business?
The business is based on a very busy street with great visibility from the street, also located within a lot of other businesses and government buildings. They have a lot of passing trade and walk-in clients. They also utilise social media and Instagram to showcase their dresses and wedding decor.
What Advertising/Marketing is carried out?
Other than social media the owner doesn't do much advertising and marketing. This is something a new owner can focus on.
Does the business have any contract work?
The business will sell a wedding package and the client will either pay a once-off amount or make down payments over 6-months.
What competition exists?
There's no other business providing the same services in the area.
What are the seasonal trends?
March and April tends to be busy months for weddings and it picks up at the end of the year with matric farewells.
Is the business VAT Registered?
Are there up-to-date Management Accounts available?
No. The owner provided us with bank statements.
What percentage of the business is cash/credit?
Most payments are done by EFT.
How could the profitability of the business be improved?
There are three major opportunities that can be pursued: - Opening on Sundays; - Focusing more on marketing; - Adding a for sale section to the store
Is Seller finance available and for what amount?
What is the total staff complement?
2 (Including the owner). During the busy times the owner employs another sales lady to assist in store.
Do any receive special perks or incentives?
All staff receives a basic salary and commission on packages sold.
Are they on contract?
Do any have management potential?
Yes, the owner is comfortable to leave the store in the hands of the sales assistant. However, she feels the owner needs to be involved.
How involved is the Owner in running the business?
The owner is currently 100%involved in the business.
When does the current lease end?
The current lease ends January 2020.
Is there an option of renewal & what period?
There is an option to renew for another 3 years.
What are the trading hours?
Monday - Friday 09:00 - 17:00 Saturdays 09:00 - 14:30 Sundays - Closed
What are the main assets of the business?
Wedding decor for 200 quests - R250 000 Wedding dresses / Martic Farewell Dresses / Bridesmaid Dresses - R500 000 Shop fitting
Are any items not included in the sale?
Everything will be included in the sale.
What is their overall condition?
Everything is in a good condition and does not need replacement. The wedding dresses needs to be kept in season and up-to-date.
How have they been valued ?
Owners valuation has been used.
Are they presently insured?
- Unique business model - High demand in the market for a one-stop wedding shop - High quality and affordable for their clients
- Trading hours can be extended to Sundays; - Add dresses for sale section - Focus on more marketing
- Business is based in the Pretoria CBD and the security relating cash can be a threat.
What is the reason for the sale?
The owner is in the process of opening a second store and would like to focus on the growth of the new store.
Why is this a good business?
Great business model, the business has been highly successful since she started the business in 2018. The service offering is very unique and they have a huge scope of clientele interested in purchasing wedding packages which are all-inclusive. The owner is very involved in the day-to-day activities of the business and the business is performing very well.
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