This free sample business plan retail store guide is designed to help an owner-manager work up a sound business plan. To profit in business, you need to consider the following questions:
Retail is a high volume industry conducted largely by small businesses. Total retail sales in the U. Succeeding with a small retail business requires a thorough understanding of the market niche you intend to serve.
Creating a business plan helps a small business owner become more customer focused in all aspects of his business.
Market Need The starting point for a retail business plan is identifying market needs that the retailer can fill through the products and services he provides.
For the business to succeed, the need must be urgent enough that target customers will be willing to visit the store and make a purchase.
The target market must also be large enough to support the store and generate sufficient sales that the retail business will be profitable.
Products and Distribution Describe what product lines will be your major revenue sources and why these were chosen. Explain your unique selling proposition -- what you intend to offer that is new, different and better than what the retailers you compete with are offering.
Clarify what makes the concept of your store stand out. For example, a pet store could offer exotic tropical fish that are hard to find. Discuss your distribution channels -- how you will get your products in front of customers. Choices include store retailing, mail order business, Internet retailing and vending machines.
Target Markets Describe your target customers so vividly that the reader of your plan can see them as individuals. Avoid demographic generalizations such as you intend to market to 21 to 35 year olds. Be specific about what motivates your targeted groups to purchase from you.
They could be seeking convenience, product variety, low prices and information from knowledgeable sales personnel. Competitive Analysis You have already identified that a market need exists that is not being met by current competitors.
This is the gap you intend to fill with your retail business.
Now discuss each major competitor in detail -- their strengths and weaknesses, the target customers they cater to and the marketing strategies they use. Marketing Strategies Describe the actions you will take to acquire new retail customers -- your marketing strategies. Discuss why each strategy will have a positive effect on revenue generation.
Use your unique selling proposition as the basis for the marketing message you will deliver to target customers. Describe the merchandising strategy for your store; for example, how you will arrange the merchandise to showcase high profit margin items and provide easy access to impulse purchases.
Personnel Plan Forecast your staffing requirements by day of week and time of day. Project any seasonal variations as well. Describe how you intend to train your employees so they will consistently deliver superior customer service -- a key success factor for any retail business.
Financial Forecast Prepare a month-by-month forecast of revenues and expenses. Build a revenue model that reflects the sales process with measurable variables you can track over time.
For example, a retail bakery could forecast how many customers will visit during the morning hours versus the afternoon hours, which products they purchase -- doughnuts and rolls in the morning and cakes and cookies in the afternoon -- and the average dollar purchase.
Make sure you include all categories of expenses, no matter how small, in your forecast. Smaller items such as postage or cleaning supplies can add up to a significant dollar amount over the course of the year.Business Plans It may be a lifelong dream to open your own retail shop, but first you need to sit down and write a business plan.
Learn how to write a business plan for your retail store and view free sample retail business plans. Ethiopian Business and Lifestyle. Ethiopian-American Yonas Beshawred who is from Maryland is the founder and CEO of Stackshare, a developer-only community of engineers from some of the world's top startups and companies.
Retail Business Plan Template – 13+ Free Word, Excel, PDF Format Download Whether one is planning to have a restaurant, a bakery, or a café or just venturing on other retail and online stores, having a simple Retail Business Plan in word, pdf or excel may do as a perfect masterpiece in analyzing and reviewing ones business commitment.
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These templates are ideal for seeking investors' funding, securing bank or SBA loans, and goal-setting. Also available are several business planning forms for collecting information, as well as articles on how to approach writing your business plan.