Retail store is a competitive business as competition is fierce, even more so now that many businesses are investing more in e-commerce and digital marketing.
Total retail sales in the United States were projected to amount to 6.03 trillion U.S. dollars in 2022, up from around 5.4 trillion U.S. dollars in 2018, according to the National Retail Federation.
Retail businesses come in many forms such as grocery stores, restaurants, and bookstores. There are around 4 million retail businesses in the United States alone.
The domestic retail market in the United States is very competitive, with many companies recording strong retail sales. Walmart, a retail chain giving low prices and a wide selection of products, is the front runner in the United States. Amazon, The Kroger Co., Costco, and Target are a selection of other notable U.S. retailers.
To have any realistic hope of getting noticed in such a packed industry, your business needs a solid plan for success.
Regardless if you’ve been operating for a long time already, by writing up a business plan for your retail store, you can get the overview of what you want to achieve with your business, and guidelines for how you’ll achieve your goals.
A retail business plan is a solid foundation for the success of your business, whether you seek funding or not. It helps you see clearly what your business looks like and how it’s positioned in your target market.
If you need to get funding, your retail business plan will work as proof that you and your business are good for investment.
Studies show that having a business plan doubles your chances of securing a loan, and 64% of companies that have a plan go on to grow their business.
Here are a few great reasons why you need a business plan for your new retail store:
Test out how feasible your business idea is
By thinking ahead and taking the time to plan, you can save yourself a lot of money and time in the long run. Many ideas are discarded during the planning phase, which frees you up to focus on better ideas.
Boost the chances of success
When you write a business plan, you’ll need to pay close attention to financial planning, operational goals, and marketing strategy.
Putting your head into this helps you develop foresight to deal with potential issues down the road. This covers the way for a smooth launch, ensuring your start-up doesn’t crash right out of the gate.
Enhance your management of the business
Due to the dynamic nature of businesses, your company is likely to evolve and grow over time, which can prove challenging if you have no guide to adhere to.
A well-maintained business plan can keep you on track to your goals and help in the decision-making process about which directions to take the company.
Attract investors and new business partners
The bank isn’t the only option for getting financial backing. Angel investors or venture capitalists are great sources that could help you get your business off the ground, but they will definitely want to see some solid projections and strategy for the company’s future.
Having a detailed retail business plan will help people know how serious you are. Not only could it help you get more financial aid, but it will prove to be a useful roadmap as your business progresses.
Retail Store Business Plan Template Outline
The structure of a basic business plan outline can vary, but the best business plans typically include the following elements:
- Executive Summary
- Company Profile Summary
- Market Research Summary
- Marketing Summary
- Finance Summary
- Company Profile
- Business Overview
- Company History
- Legal StructureVision & Mission
- Market Research
- Industry Profile & Market Size
- Local Market
- Target Market
- Competitor Analysis
- Keys to Success
- Customer Survey Summary
- SWOT Analysis
- Sales & Marketing
- Products and Services
- Pricing Strategy
- Marketing Strategy
- Primary Marketing Activities
- Positioning Statement
- The Sales Process
- Strategic Alliances
- Legal Issues
- Insurance Issues
- Human Resources (Or Team)
- Risk Assessment
- Financial Plan
- Startup Funding & Capital
- Start-Up Costs
- Sales Forecast
- Cash Flow
- Projected Profit & Loss
It takes a considerable amount of time and resources to create an in-depth business plan that considers all the key aspects discussed in this template. You can checkout out retail store business plan examples created by industry experts to kick start your planning.