Here are some of the essential elements that should be included in a retail business plan.
The Executive Summary is the first, and an important, part of a retail store business plan.
Now discuss each major competitor in detail -- their strengths and weaknesses, the target customers they cater to and the marketing strategies they use.
Describe the actions you will take to acquire new retail customers -- your marketing strategies.
For instance, adding a marketing strategy to your plan is an opportunity to highlight how you plan to cut through your market, while a “Company Summary” offers the chance to define the legal aspects of your business.
As such, it is important for prospective companies to understand what is expected in a retail business plan, in order for it to be successful.Smaller items such as postage or cleaning supplies can add up to a significant dollar amount over the course of the year.Writing a shop business plan is one of the first steps prospective retailers should take before beginning to trade.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.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.Forecast your staffing requirements by day of week and time of day. Describe how you intend to train your employees so they will consistently deliver superior customer service -- a key success factor for any retail business.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.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.