subject: Top 6 Essential Parts of a Retail Business Plan [print this page] Top 6 Essential Parts of a Retail Business Plan
What Should Go Into a Business Plan
A business plan for a retail store can either be a complex multi-page document created using a special software or it can be a page torn from a notebook. The purpose of a business plan will determine how much information should be included and what format you will use. For financing purposes, you'll have a better chance of convincing someone to fund your company if there are plenty of details provided. Do you know what goes into a business plan? Here are the essential elements of an excellent retail business plan what what you need to take note of to include.
1. Executive Summary
An Executive Summary is critical to the success of the retail business plan. The Executive Summary offers synopsis of the business plan, and highlights the key points raised within. This part of the business plan is where you need to capture the reader's attention so that he/she will be compelled to read on.
2. Business Analysis
The next section of your business plan is the Business Analysis. From the business structure, legal name, location and goods or services offered to an analysis of your customers and competition, this section will describe the nature of your retail business in detail. Using easy-to-read, common technology, keep in mind that you should never assume that those reading your business plan have the same level of technical knowledge that you do.
3. Marketing Strategy
The Marketing Strategy section of your business plan should explain how your retail business will penetrate your target market. Detail the company's desired image and branding strategy. Give an overview of the company's pricing strategies, current and potential marketing partnerships and provide documented research to back your plan in this part.
4. Products and Services
This business plan part is most important to retailers developing a business. The Products and Services section describes the goods and services offered, how they are provided, information about the vendors, and any plans for future growth of the product lines.
5. Management Plan
In the Management Plan section, the information will show that the retail business has the necessary human resources to be successful. This part of the business plan will answer questions about the key management personnel and their background, explain how the store will be staffed and detail all personnel compensation and benefits, including employment policies and procedures.
6. Financial Plan
Probably one of the more difficult parts of the entire business plan, the Financial Plan section will involve the company's revenue and profitability model. This part assesses the amount of capital the retail business needs, as well as the proposed use of these funds and the expected future earnings. It include Break-even Analysis, Sales Forecasts, Balance Sheets and Cash Flow Statements broken down monthly for the first year and then annually for the next 2-5 years.
Once you're done writing your business plan, go over through it a couple more times to make sure that you've included every important detail in your business.
