Town B Although Town B looks more competitive 10 competitors vs. The definition of a potential customer will depend on your type of business. For example if you are opening a small shop selling office furniture then your market will be all the companies within your delivery range. As in the example above it is likely that most companies would have only one person in charge of purchasing furniture hence you wouldn't take the size of these businesses in consideration when assessing the number of potential customers.
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.
Sample Retail Store Business Plan Template – Executive Summary People’s Choice Retail Shop is a retail shop that will be located in one of the busiest streets in Columbus, Ohio. We have been able to lease a facility that is big enough to fit into the design of the retail shop that we intend launching and the facility is located in a corner. A Business Plan is a written document that outlines a company's goals and how it plans to achieve them. It also encompasses several other aspects of a company's future agenda and can serve as a tool for internal decision-making or as a business proposal to pitch to potential investors. Get detailed information about how to write a business plan on the Start Up Donut website. Why you need a business plan A business plan is a written document that describes your business.
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.A retail business plan is a solid foundation for the success of your company, whether you plan to take out a loan or not. It helps you see clearly what your business . The resulting document can serve as the blueprint for your business and be supplied to financial institutions or investors if debt or equity financing is needed to get your business off the ground..
Pros of using a business plan template. It’s tedious and time consuming, but it pays off. Companies who write a business plan are more than twice as likely to improve over the following year compared to companies who don’t, according to Bplans.
Use this free clothing line business plan to get your business started.
Home Business Plans Retail Clothing Line Business Plan. Retail Clothing Line Business Plan. By. R. Khera. Linkedin. Download our free marketing plan example to create a detailed plan for your business. Includes sample text, charts and tables. kaja-net.com | Take a look at the Business Plan Template for Online Retail Business presents a sample of a detailed Executive Summary for Michael’s Business Centre which is a successful start-up business.
Bplans offers free business plan samples and templates, business planning resources, How-to articles, financial calculators, industry reports and entrepreneurship webinars.