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.
Our retail store is located in a corner piece property on a busy road directly opposite one of the largest residential estates in Columbus, Ohio. We have enough parking space that can accommodate well over cars per time.
One thing is certain; we will ensure that we have a wide range of products available in our store at all times. It will be difficult for customers to visit our store and not see the product that they are looking for. Our excellent customer service culture, online store, various payment options and highly secured facility will serve as a competitive advantage for us.
In essence, our source of income will be the retailing of a wide range of durable goods and non — durable goods at affordable prices. Sales Forecast It is important to state that our sales forecast is based on the data gathered during our feasibility studies, market survey and also some of the assumptions readily available on the field.
One thing is common with retailing business, the larger a retail store the larger the numbers of customers that will patronize them. Although we may not be as large as Wal-Mart, but we will ensure that within our capacity we make available a wide range of goods from different manufacturing brands in our retail outlet.
Below are the sales projections that we were able to come up with for the first three years of operations; First Year-: Please note that the above projection might be lower and at the same time it might be higher.
We have a detailed information and data that we were able to utilize to structure our business to attract the numbers of customers we want to attract per time. We hired experts who have good understanding of the retail industry to help us develop marketing strategies that will help us achieve our business goal of winning a larger percentage of the available market in Columbus, Ohio.
In order to continue to be in business and grow, we must continue to sell the products that are available in our store which is why we will go all out to empower or sales and marketing team to deliver.
We are going to explore all available means to promote our retail store. As a matter of fact, our publicity and advertising strategy is not solely for winning customers over but to effectively communicate our brand. Pricing Pricing is one of the key factors that give leverage to retail stores, it is normal for consumers to go to places retail outlets where they can goods at cheaper price which is why big player in the retail industry like Wal-Mart will attract loads of consumers.
Products in their store are tagged with the cheapest price you can get anywhere in the United States. Payment Options Our payment policy is all inclusive because we are quite aware that different people prefer different payment options as it suits them. Here are the payment options that will be available in every of our outlets; Payment by cash Payment via Point of Sale POS Machine Payment via online bank transfer online payment portal Payment via Mobile money In view of the above, we have chosen banking platforms that will help us achieve our payment plans without any itches.
Legal expenses for obtaining licenses and permits as well as the accounting services software, P. The cost of Launching a Website: Please note that this amount includes the salaries of all the staff for the first month of operation. They do not intend to welcome any external business partner which is why he has decided to restrict the sourcing of the start — up capital to 3 major sources.
These are the areas we intend generating our start — up capital; Generate part of the start — up capital from personal savings Source for soft loans from family members and friends Apply for loan from my Bank N.
All the papers and document have been signed and submitted, the loan has been approved and any moment from now our account will be credited with the amount. Retail Store Business Plan — Sustainability and Expansion Strategy The future of a business lies in the numbers of loyal customers that they have the capacity and competence of the employees, their investment strategy and the business structure.
As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of three years or more.
We will make sure that the right foundation, structures and processes are put in place to ensure that staff welfare is well taken of. Completed Opening of Corporate Bank Accounts: Completed Opening Mobile Money Accounts: Completed Opening Online Payment Platforms: In Progress Application for business license and permit: Completed Purchase of Insurance for the Business: Completed Leasing of facility and remodeling the shop: In Progress Conducting Feasibility Studies: Completed Generating capital from family members: Completed Applications for Loan from the bank: In Progress Writing of Business Plan: In Progress Recruitment of employees: In progress Creating Official Website for the Company: In Progress Creating Awareness for the business both online and around the community: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.
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.
The marketing strategy section of the business plan describes who the customers are and how you will get word to them about the goods and services you offer. If the consumers don’t know about your business, you can’t stay in business very long. 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.
How to Write a Business Plan for a Retail Business: Advertising Strategy Now that you've got supplies, it's time to create demand and move that inventory off the shelves.
Here are 8 proven retail strategies and best practices that smart retailers are using to grow their sales and attract more customers.
8 Proven Strategies For Retail Success. By Bob Phibbs. I had been hired in my business consultant role by a guy looking to open a new store.