Write a Business Plan for a Retail Store
You have decided to become an entrepreneur and start your own retail business. Before you open your doors, you will want to write up a business plan to help you define your objectives, set goals and see potential problems. You can then correct any problems before they occur. Basically, a business plan is a plan for success.
Instructions
Business Description
1. Describe the products, services, location and facilities. List the benefits to the customer. Discuss your business objectives.
2. Prepare your business analysis. Assemble an industry analysis and do a market analysis. Research the competition and evaluate their products. Consider the advantages and disadvantages you have over other retailers.
3. Create a product development plan. Discuss customer service, quality assurance and insurance. List the vendors, including electric, phone, water and shipping.
4. Create a management plan. Decide on your business structure and create the management team. Determine your staffing needs.
5. Write an executive summary. This is a miniature version of your business plan and where you describe the business and create your mission statement. Include market potential, management team and prepare an exit strategy.
Marketing Plan
6. Establish your sales objectives and develop a marketing strategy.
7. List your promotions, advertising and publicity strategies.
8. Determine the method of distribution for your retail business.
9. Decide on pricing, discounts and incentives. You might offer discounts to regular customers.
Financial Plan
10. Focus on a financial strategy. Basically figure out the funds available and the funds required for your retail business.
11. Assemble the financial documents. This includes a profit/loss statement, cash flow analysis, balance sheet, projected income statement and break even analysis.
12. List your financial resources. Determine any additional funding needs and how you will meet them.
13. Predict sales forecasts.
14. Prepare a list of inventory.
Tags: your business, retail business, your retail, your retail business, Business Plan, business plan, Business Plan Retail