What every retail business plan needs to include
Creating and maintaining a business plan can prove vital to the success of your retail venture. This could be a few ideas on a napkin if it is just for you, but if you intend on applying for investment, or to get other people to buy in to your retail dream, it could pay off to create a more detailed plan. So, what should you include?
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Get off to a good start
An executive summary is arguably the most important part of the potential success of your plan. This will include the key aspects of your business and really grab the attention of the reader.
Market analysis
This part will give an overview of the concept of your new retail venture, and vital details like the name, structure, where it will be based and what services or products you will be selling. Keep this quite factual – it needs to be easy to read by anyone.
How you plan to market your business
The marketing strategy will map out your plans on getting your brand out there to bring in those customers. You will highlight some important concepts such as your logo, branding and digital signage. You can also include ideas on pricing and social media content. If you choose to use technologically impressive tools like digital signage from Mood Media to add an impressive edge to your customer engagement, don’t forget to include solid research to back this up.
Services or products provided
Whilst you will have already mentioned this in previous sections, this is the time to go into detail about what you are going to offer your customers. This will also include vital supply chain information such as where you will get your products from, or which raw materials you will use if you plan on manufacturing your own products, as well as suppliers and potential plans to increase the offering.
Management structure
You will need to be clear on how you will effectively manage the people in your business, including roles, key skills and details of salary and benefits.
Finances
Here you will discuss the vital details of how you will finance the retail business, and potential profitability. You will also make the case for investment, so ensure all data is correct and properly researched.
