Recycled dream is a Portland-based rental shop for bridal gowns and accessories. Recycled Dreams is owned and operated by Connie Jugal. They will fill the gap in the market for formal wedding attire that is rented instead of purchased. Traditionally, wedding party members are required by the bride to buy their dresses. They have no say in what the dress will look like. They are informed exactly what dress to buy. Most often, the dresses look terrible and end up in the closet collecting dust. The dress will be rented once so it is very practical to allow people the option to rent it. This makes it much more affordable, but also fashionable. Men can rent tuxedos, now women can rent bridal dresses.
The Services
Recycled dreams rents dresses, shoes head pieces, and veils. You can buy the dresses for the bride and other women if you so desire. Customers will love the option to rent these unique pieces of clothing. Recycled Dreams not only offers the possibility to rent clothing and accessories for wedding parties, but also has strategic partnerships established with top-flight local suppliers of wedding services such as catering, invitations, catering and photographers. Recycled Dreams is able to provide customers with a one-stop shop for all their wedding preparations. Recycled Dreams will also earn a commission on any referrals that result in additional revenue.
The Market and Competition
Recycled Dreams aims to target two distinct market segments. These are the parents and the spouses of the bride. Couples as a market are growing at 9.9% per year with 114,584 customers. Parents have an 8% growth rate with over 112,000 customers.
Recycled Dreams is up against traditional bridal shops that carry the product. Recycled Dreams recognizes that these shops are competition, but they see them as indirect competitors. Recycled Dreams also believes that renting the dresses is a great value-added service. There are currently no other Portland-based bridal rental services. The concept is entirely new. It has been tested to great success in San Francisco and Recycled Dreams is the first to offer it in Portland.
Competitive Edge
Recycled Dreams boasts two distinct advantages that will enable them to rapidly grow their customer base, and validate their new concept. The first is that women’s bridal wear can be rented just like men’s suits. Because the dresses can only be worn once, this is especially intuitive. Although it might seem that renting dresses is frowned upon by some, the only way anyone can know is that the rental customer is the one who rented the dress. Their second competitive edge is their benchmarked customer service. Recycled Dreams views their role as being there to guide clients through the process and meet all their needs. This philosophy is deeply ingrained throughout the company.
Management
Beyond the fact that Recycled Dreams is a great idea, the company has a seasoned founder and manager at the helm to guide the company to profitability. Connie brings years of retail management expertise. Her retail management experience came from the Salvation Army, where she managed several stores. Connie was a manager and responsible for achieving growth rates of 46% per store each year. Connie will draw on her extensive industry experience to make Recycled Wishes a success.
Recycled Dreams is an exciting concept that acknowledges the fact that most bridal party dresses are not the prettiest creations, are quite expensive, and almost never worn after the intended wedding. Recycled Dreams will reach profitability by month 10 with healthy sales for year one and more than doubling by the end of year three.
1.1 Objectives
The following objectives are set for the initial three years of operation
- To create a service-oriented company that exceeds customer expectations.
- Superior service can increase the number clients by 20% each year.
- To develop a sustainable start-up business providing cost effective bridal dresses.
1.2 Mission
Recycled Wishes’#8217’s mission it to offer affordable bridal dresses and accessories that can be used for weddings.