Business Plan For A Retail Store – Is the cornerstone of any successful company, regardless of size or industry. This step-by-step guide provides information on writing a business plan for organizations at any stage, complete with free templates and expert advice.
Included on this page, you will find a step-by-step guide to writing a business plan and a chart to identify what type of business plan you should write. Plus, find information on how a business plan can help a business grow and expert tips for writing one.
Business Plan For A Retail Store
Is a document that communicates a company’s goals and ambitions, along with the timeline, finances and methods needed to achieve them. In addition, it may include a mission statement and details about the specific products or services offered.
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A business plan can mark different time periods, depending on the stage of your company and its goals. That said, a typical business plan includes the following benchmarks:
Startups, entrepreneurs, and small businesses all create business plans to use as a guide as their new company moves forward. Larger organizations can also create (and update) a business plan to keep high-level goals, finances, and timelines in check.
Although you certainly need to have a formalized outline of the goals and finances of your business, a business plan can also help you determine the viability of a company, its profitability (including when it will first make a profit), and how much money you need from investors. Conversely, a business plan also has functional value: not only does listing goals help keep you accountable to a timeline, it can also attract investors in and of itself and therefore act as an effective strategy for growth.
For more information, visit our complete guide to writing a strategic plan or download free strategic plan templates. This page focuses on for-profit business plans, but you can read our article on nonprofit business plan templates.
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The specific information in your business plan will vary depending on the needs and goals of your venture, but a typical plan includes the following ordered elements:
If your plan is particularly long or complicated, consider adding a table of contents or an appendix for reference. For a detailed description of each step listed above, read “How to write a business plan step by step” below.
Broadly speaking, your audience includes anyone with an interest in your organization. They may include potential and existing investors, as well as customers, internal team members, suppliers and vendors.
The stage of your business and intended audience will dictate the level of detail your plan needs. Companies require a thorough business plan – up to 100 pages. Small businesses or startups should have a precise plan that focuses on finances and strategy.
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To identify what type of business plan you need to create, ask, “What do we want the plan to do?” Identify function first, and form will follow.
There is no order to a business plan, with the exception of the executive summary, which should always come first. Beyond that, just make sure you organize the plan in a way that makes sense and flows naturally.
A traditional business plan follows the standard structure – because these plans encourage detail, they tend to require more work in advance and can run dozens of pages. A Lean business plan is less common and focuses on critical points to summarize each section. These plans take much less work and usually run one page in length.
In general, you should use a traditional model for a legacy company, a large company or any business that does not adhere to Lean (or another Agile method). Use Lean if you expect the company to pivot quickly or if you already use a Lean strategy with other business operations. Additionally, a lean business plan may suffice if the document is for internal use only. Stick to a traditional version for investors, as they are more sensitive to sudden changes or a high degree of built-in flexibility in the plan.
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Writing a strong business plan requires research and attention to detail for each section. Below you will find a 10-step guide to researching and defining each element in the plan.
The executive summary will always be the first section of your business plan. The aim is to answer the following questions:
See our roundup of executive summary examples and templates for samples. Read our executive summary guide to learn more about writing one.
The purpose of this section is to define the scope, scope and intent of your venture. To do this, answer the following questions as clearly and precisely as possible:
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In this section, provide evidence that you have researched and understood the current marketplace, and that your product or service meets a niche in the market. To do that, answer these questions:
In many cases, a business plan does not propose a brand-new (or even market-disrupting) venture, but a more competitive version – be it in terms of features, pricing, integrations, etc. – like what is currently available. In this section, answer the following questions to show that your product or service is more than competitors:
In this section, write an overview of the team members and other key personnel who are integral to success. List roles and responsibilities, and if possible, note the hierarchy or team structure.
In this section, clearly define your product or service, as well as all the effort and resources that go into production. The strength of your product largely defines the success of your business, so it is imperative that you take the time to test and refine the product before launching into marketing, sales or financial details.
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In this section, define the marketing strategy for your product or service. This does not need to be as detailed as a complete marketing plan, but it should answer basic questions such as the following:
Write an overview of the sales strategy, including the priorities of each cycle, steps to achieve those goals, and metrics for success. For the purposes of a business plan, this section does not need to be a complete, in-depth sales plan, but can simply outline the high-level goals and strategy of your sales efforts.
This section is one of the most critical parts of your business plan, especially when you’re sharing it with investors. You don’t have to provide a complete financial plan, but you should be able to answer the following questions:
In addition to fundraising analysis, investors like to see well-thought-out financial projections for the future. As discussed earlier, depending on the scope and stage of your business, this can be anywhere from one to five years.
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Although these projections are not exact – and need to be somewhat flexible – you should be able to measure the following:
This basic business plan template has space for all the traditional elements: an executive summary, product or service details, target audience, marketing and sales strategies, etc. Sales forecasts, financial statements, and more.
For templates tailored to more specific needs, visit this business plan template roundup or download a fill-in-the-blank business plan template to make things easy.
If you are looking for a particular template by file type, visit our pages dedicated exclusively to Microsoft Excel, Microsoft Word and Adobe PDF business plan templates.
How To Write The Perfect Business Plan In 9 Steps (2023)
, which communicates high-level information for quick overview (like a stakeholder presentation), a simple business plan can exceed one page.
Below are the steps to create a generic simple business plan, which are reflected in the template below.
Use this simple business plan template to outline every aspect of your organization, including information about funding and opportunities to seek further funding. This template is fully customizable to fit the needs of any business, whether it’s a startup or a large company.
Read our article on free simple business plan templates or free 30-60-90 day business plan templates to find more custom options. You can also explore our collection of one page business templates.
Sample Retail Business Plan
Is a more agile approach to a traditional version. The plan focuses more on activities, processes and relationships (and maintains flexibility in all aspects), rather than on concrete deliverables and timelines.
While there is some overlap between a traditional and a lean business plan, you can write a lean plan by following the steps below:
Startup leaders can use this Lean business plan template to convey the most critical information from a traditional plan. You’ll find all the sections listed above, including locations for industry and product overviews, cost structure and revenue sources, and key metrics, and a timeline. The template is fully customizable, so you can change it to fit the goals of your lean startups.
, includes many of the same aspects of a traditional business plan, as well as additional financial documents, such as a credit history, a loan application and a loan payment plan.
Fill In The Blank Business Plans
In addition, you may be asked to include personal and business financial statements, a form of collateral and equity investment information.
Apart from including all the key details in your business plan, you have several options to enhance the document for the highest chance of winning financing and other resources. Follow these tips from experts:.
Apart from these more practical tips is the language you use
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