Formalwear hire boutique

Wedding parties, prom-goers, event guests and people attending awards dinners or balls.

Hire fees per outfit, often priced in packages for wedding groups, plus deposits, accessories, alterations and cleaning fees.

• Knowledge of sizing and fit
• Customer service and sales
• Stock control and bookkeeping
• Basic alterations or links with a local tailor

• Rent, business rates and fit-out costs, so check the full cost of premises before signing a lease
• Public liability insurance, stock and contents insurance, and employer's liability insurance if you hire staff
• Seasonal demand around wedding season and prom time, so plan cash flow for quieter months
• Cleaning and repair costs, plus a process for late or damaged returns
• Check whether you will need planning permission for change of use of premises
• VAT registration if your turnover passes the threshold

Estimates suggest startup costs are typically around £10,000 to £40,000, depending on the premises, fit-out and the range of outfits you stock. Check the full cost of premises before signing a lease.

Monthly revenue is typically around £2,500 to £12,000, depending on location, stock range and the time of year. These are estimates, and demand around wedding season and prom time may be stronger than in quieter months.

Check rent, business rates and fit-out costs, whether you need planning permission for change of use, and your insurance, including employer's liability if you hire staff. Also check when VAT registration may apply to your turnover.