sample of retail business plan

Retail Business Plan Template

Written by Dave Lavinsky

Retail Business Plan

You’ve come to the right place to create your retail business plan.

We have helped over 10,000 entrepreneurs and business owners create business plans and many have used them to start or grow their retail companies.

Retail Business Plan Template & Sample

Below is a retail business plan template to help you create each section of your retail store business plan.

Executive Summary

Business overview.

Artisan Home & Decor is a startup retail shop located in Pasadena, California. The company is founded by Joyce Hernandez, a retailer who has worked as a store manager of a local home decor store for nearly a decade. Joyce has recently graduated from California University with a Bachelor’s degree in Business Management. Now that she has gained real-world experience managing a store and the education on how to run a retail business, she is inspired to start her own company, Artisan Home & Decor. Joyce is confident that her ability to effectively manage employees, customer relationships, and retail operations will help her establish a profitable retail store. Joyce plans on recruiting a team of highly qualified sales associates, accountants, and buyers to help manage the day to day complexities of retail – marketing, sales, budgeting, sourcing, and purchasing.

Artisan Home & Decor will provide uniquely curated home decor products created by local artisans. The home decor shop will be the ultimate choice for customers in Pasadena who value one-of-a-kind pieces for their homes. Artisan Home & Decor will provide its customers with a refreshingly personalized shopping experience they can’t get anywhere else. The shop’s sales associates will be able to help customers find the perfect pieces to suit their individual preferences and styles.

Product Offering

The following are the products that Artisan Home & Decor will provide:

• Lamps & Lighting
• Throw Blankets
• Photo Frames
• Cookware Sets
• Kitchen Gadgets
• Kitchen and Bathroom Fixtures
• Waste Baskets
• Soap Dispensers

Customer Focus

Artisan Home & Decor will target home decor shoppers looking for a personalized experience and unique pieces in Pasadena. The company will target boomer, millennial, and gen z  consumers looking for unique decor for their homes, apartments, or condos. They will also target businesses looking for special pieces to furnish their corporate offices, waiting rooms, and lobbies. No matter the client, Artisan Home & Decor will deliver the best communication, service, and high quality products.

Management Team

Artisan Home & Decor will be owned and operated by Joyce Hernandez, a retailer who has worked as a store manager of a local home decor store for nearly a decade. Joyce has recently graduated from California University with a Bachelor’s degree in Business Management. Now that she has gained real-world experience managing retail stores and the education on how to run a retail business, she is inspired to start her own company, Artisan Home & Decor.

Joyce Hernandez has recruited her former assistant manager, Melissa Jacobs to come on board to help her manage Artisan Home & Decor. While Joyce will oversee the employees, day-to-day operations, and client relationships, Melissa will be the Inventory Manager. She will be in charge of sourcing, purchasing, and pricing all inventory. Melissa will work directly with suppliers to stock the retail shop with unique artisan pieces.

Melissa is a graduate of the University of California with a Bachelor’s degree in Interior Design. She has been working at a local retail home decor company for over a decade as an assistant manager. Melissa has an eye for design and keen organizational skills that will allow her to effectively manage Artisan Home & Decor’s one-of-a-kind inventory. Her communication skills will enable her to establish and maintain working relationships with artisans and suppliers.

Success Factors

Artisan Home & Decor will be able to achieve success by offering the following competitive advantages:

• Friendly, knowledgeable, and highly qualified team of sales associates and interior design experts that are able to provide a personalized customer experience and help each client find the right home decor pieces to suit their preferences.
• Artisan Home & Decor will bring fresh inventory into their retail store on a regular basis so there will always be something new for customers to check out. In addition to in-store sales, the company will sell pieces online through its website.
• Artisan Home & Decor offers one-of-kind pieces created by local artisans to suit a wide variety of home decor styles and tastes. By purchasing from the shop, customers are supporting these local artisans and getting fresh decor that no one else will have.

Financial Highlights

Artisan Home & Decor is seeking $210,000 in debt financing to launch its retail business. The funding will be dedicated towards securing and building out the retail space and purchasing the initial inventory. Funds will also be dedicated towards three months of overhead costs to include payroll of the staff, rent, and marketing costs for print ads, website and SEO marketing initiatives, and association memberships. The breakout of the funding is below:

• Retail space build-out: $25,000
• Retail store shelving, displays, equipment, supplies, and materials: $40,000
• Three months of overhead expenses (payroll, rent, utilities): $120,000
• Marketing costs: $15,000
• Working capital: $10,000

The following graph below outlines the pro forma financial projections for Artisan Home & Decor.

Company Overview

Who is artisan home & decor.

Artisan Home & Decor is a newly established retail company in Pasadena, California. The new home decor shop will be the ultimate choice for people looking for uniquely curated one-of-a-kind furniture and other home products crafted by local artisans. Artisan Home & Decor will provide its customers with a refreshingly personalized shopping experience they can’t get anywhere else. The shop’s sales associates and experienced interior designers will be able to help customers find the right pieces to suit their preferences and styles.

Artisan Home & Decor will be able to provide a personalized shopping experience for serving customers in-store and online. The team of professionals and sales associates are highly qualified and experienced in interior design, home decor, and the customer experience. Artisan Home & Decor removes all headaches and issues of the home decor shopper and ensures all issues are taken care off expeditiously while delivering the best customer service.

Artisan Home & Decor History

Artisan Home & Decor is owned and operated by Joyce Hernandez, a retailer who has worked as a store manager of a local home decor store for nearly a decade. Joyce has recently graduated from California University with a Bachelor’s degree in Business Management. Now that she has gained real-world experience managing retail stores and the education on how to run a retail business, she is ready to start her own company. Joyce is confident that her ability to effectively manage employees, customer relationships, and retail operations will help her establish a profitable retail store. Joyce has begun recruiting a team of highly qualified sales associates, accountants, and buyers to help manage the day to day complexities of retail – marketing, sales, budgeting, sourcing, and purchasing.

Since incorporation, Artisan Home & Decor has achieved the following milestones:

• Registered Artisan Home & Decor, LLC to transact business in the state of California.
• Has a contract in place to lease the retail space.
• Reached out to numerous local artisans to advise them on the upcoming retail shop in order to start getting supplier contracts.
• Began recruiting a staff of sales associates, interior designers, an accountant/bookkeeper, marketing director, and assistant manager to work at Artisan Home & Decor.

Artisan Home & Decor Services

Industry analysis.

The retail industry in the United States is valued at over $4T currently and is forecasted to reach $4.9T by the end of 2022. This is up from $3.8T in 2019. After a decade of retail decline between 2010 and 2020, the market is rebounding at a surprising rate. There were twice as many store openings as closings in 2021 alone. The number of brick-and-mortar retail establishments is increasing even as ecommerce shopping has grown by 70% in the last three years.

The role of retail stores is evolving and industry operators are discovering in-store experiences are still vital from the customer perspective. Successful brick-and-mortar industry operators are incorporating ecommerce into their business models. Trends include providing ship-from-store and buy online, pickup in store options to give customers more flexibility in the way they can shop. Key success factors include the level of customer satisfaction, product selection, prices, and convenience.

Customer Analysis

Demographic profile of target market.

The precise demographics for Pasadena, California are:

Customer Segmentation

Artisan Home & Decor will primarily target the following customer profiles:

• Millennial customers looking for one-of-a-kind home decor
• Boomer customers looking for one-of-a-kind home decor
• Gen z customers looking for one-of-a-kind home decor
• Businesses looking for unique decor for their offices, waiting rooms, or lobbies

Competitive Analysis

Direct and indirect competitors.

Artisan Home & Decor will face competition from other retailers with similar business profiles. A description of each competitor company is below.

Pasadena Home Decor

Pasadena Home Decor provides high-end home decor for the conscientious consumer. Located in Pasadena, California, the home decor retailer is able to provide a tailored shopping experience for its customers. The store’s list of products includes tables, chairs, wall hangings, rugs, vases, photo frames, candles, office decor, and paintings by local artists. Pasadena Home Decor sells online and in-store to give customers flexibility.

Pasadena Home Decor’s promise is to deliver high quality pieces that will stand out. Customers who purchase furniture and home decor from Pasadena Home Decor will be delighted with the customer service, cleanliness of the store, and personalized design services the company offers.

Home Shoppe

Home Shoppe is a California-based home decor retail store that provides outstanding pieces for discerning clientele. Home Shoppe stocks unique furniture and other decor items that are 100% hand-crafted. The owners of Home Shoppe are experienced craftsmen themselves, so they know how quality furniture and home decor pieces should be made. Clients can depend on their selection of products for durability, style, and eco-friendly materials. Choose Home Shoppe for your next home decor project and let the sales team take the stress out of the redecorating process by helping you select the best products for your home.

Redecorating For You

Redecorating For You is a trusted Pasadena retail company that provides superior home decor products for shoppers in Pasadena and the surrounding areas. The shop offers an extensive inventory of home decor items in a variety of styles so there is something for every taste. Redecorating For You is able to provide premium pieces that fill every space with elegance and style. The shop also eases the stress of redecorating by providing in-store pickup and delivery options for busy customers.

Competitive Advantage

Artisan Home & Decor will be able to offer the following advantages over their competition:

• Artisan Home & Decor will bring fresh inventory into the store on a regular basis so there will always be something new for customers to check out. In addition to in-store sales, the company will sell pieces online through its website.
• Artisan Home & Decor offers one-of-kind pieces created by local artisans to suit a wide variety of home decor styles and tastes.

Marketing Plan

Brand & value proposition.

Artisan Home & Decor will offer the unique value proposition to its clientele:

• Artisan Home & Decor will make redecorating easy for customers by providing in-store shopping, pickup, delivery, online shopping, ship-from-store, and buy online-pickup in store options.
• By purchasing from the shop, customers are supporting local artisans and getting fresh decor that no one else will have.

Promotions Strategy

The promotions strategy for Artisan Home & Decor is as follows:

Social Media Marketing

The company will use various social media platforms such as TikTok, Instagram, Facebook, LinkedIn, YouTube, and Snapchat to promote the shop, feature artisans, and show off new pieces. The marketing director will oversee the social media marketing activities to grow the customer base.

Professional Associations and Networking

Artisan Home & Decor will become a member of professional associations such as the National Retail Federation, California Retailers Association, and the Home Furnishings Association. The company will focus its networking efforts on expanding its network of clients, designers, and artisans.

Print Advertising

Artisan Home & Decor will invest in professionally designed print ads to display in programs or flyers at industry networking events, in home decor publications, and direct mailers.

Website/SEO Marketing

Artisan Home & Decor’s marketing director will be responsible for creating and maintaining the company website. The website will be well organized, informative, and list all of the products currently available for purchase online.

The marketing director will also manage Artisan Home & Decor’s website presence with SEO marketing tactics so that any time someone types in the Google or Bing search engine “Pasadena home decor retailer” or “home decor store near me”, Artisan Home & Decor will be listed at the top of the search results.

The pricing of Artisan Home & Decor will be premium and on par with competitors so customers feel they receive value when purchasing the one-of-a-kind products.

Operations Plan

The following will be the operations plan for Artisan Home & Decor.

Operation Functions:

• Joyce Hernandez will be the Owner and Manager of the store. She will oversee all staff and manage day-to-day operations. Joyce has spent the past year recruiting the following staff:
• Melissa Jacobs – Inventory Manager who will be responsible for sourcing, purchasing, pricing, and maintaining the inventory.
• Robert Brown – Staff Accountant/bookkeeper who will provide all store accounting, tax payments, and monthly financial reporting.
• Bill Johnson – Marketing Director who will provide all marketing and sales activities for Artisan Home & Decor including maintaining the website, social media, print advertising, and promotions.
• Julia Smith – Lead Sales Associate & Designer who will manage all sales associates and provide design services for customers.

Milestones:

Artisan Home & Decor will have the following milestones complete in the next six months.

9/1/2022 – Finalize contract to lease the retail space.

9/15/2022 – Finalize personnel and staff employment contracts for the management team.

10/1/2022 – Finalize contracts for suppliers.

10/15/2022 – Begin networking at industry events and implement the marketing plan.

10/22/2022 – Begin moving into the Artisan Home & Decor shop.

11/1/2022 – Artisan Home & Decor opens for business.

Artisan Home & Decor will be owned and operated by Joyce Hernandez, a retailer who has worked as a store manager of a local home decor store for nearly a decade. Joyce has recently graduated from California University with a Bachelor’s degree in Business Management. Now that she has gained real-world experience managing a store and the education on how to run a retail business, she is inspired to start her own company, Artisan Home & Decor.

Melissa is a graduate of the University of California with a Bachelor’s degree in Interior Design. She has been working at a local retail home decor company for over a decade as an assistant manager. Melissa has an eye for design and keen organizational skills that will allow her to effectively manage Artisan Home & Decor’s one-of-a-kind inventory. Her communication skills will enable her to establish and maintain working relationships with suppliers.

Financial Plan

Key revenue & costs.

The revenue drivers for Artisan Home & Decor are the retail fees they will charge to the customers in exchange for their products. The shop will charge a healthy margin to make sure artisans are paid well for their products while ensuring a solid profit for the business.

The cost drivers will be the overhead costs required in order to staff a retail store. The expenses will be the payroll cost, rent, utilities, store supplies, and marketing materials.

Funding Requirements and Use of Funds

• Store shelving, displays, equipment, supplies, and materials: $40,000

Key Assumptions

The following outlines the key assumptions required in order to achieve the revenue and cost numbers in the financials and in order to pay off the startup business loan.

• Average number of items sold per month: 300
• Average sales per month: $90,000
• Retail space lease per year: $100,000

Financial Projections

Income statement.

Balance Sheet

Cash Flow Statement

Retail Business Plan Template FAQs

What is a retail business plan.

A retail business plan is a plan to start and/or grow your retail business. Among other things, it outlines your business concept, identifies your target market, presents your marketing plan and details your financial projections.

You can  easily complete your retail business plan using our Retail Business Plan Template here .

What are the Main Types of Retail Businesses?

There are a number of different kinds of retail businesses, some examples include: Specialty Store, Off-Priced/Used Goods Store, Department Store, Convenience Store, Drug Store/Pharmacy, Discount Store, Hypermarket, and E-commerce.

How Do You Get Funding for Your Retail Business Plan?

Retail businesses are often funded through small business loans. Personal savings, credit card financing and angel investors are also popular forms of funding.

A solid retail business plan with comprehensive financial statements will help show investors your are well-prepared to start your own business.  A retail business plan template will help you quickly and easily get started.

What are the Steps To Start a Retail Business?

Starting a retail business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.

1. Develop A Retail Business Plan - The first step in starting a business is to create a detailed retail store business plan that outlines all aspects of the venture. This should include supporting market research, your potential market size and target customers, the services or products you will offer, marketing strategy, your competitive advantages and detailed financial projections.

2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your retail business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your retail business is in compliance with local laws.

3. Register Your Retail Business - Once you have chosen a legal structure, the next step is to register your retail business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws. 

4. Identify Financing Options - It’s likely that you’ll need some capital to start your retail business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms. 

5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations. 

6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events. 

7. Acquire Necessary Retail Equipment & Supplies - In order to start your retail business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation. 

8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your retail business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising.

Where Can I Get a Retail Business Plan PDF?

You can download our free retail business plan template PDF here . This is a sample retail business plan template you can use in PDF format.

Other Helpful Business Plan Templates

Ecommerce Business Plan Template Clothing Store Business Plan Template Beauty Supply Store Business Plan Template T-Shirt Business Plan Template

Retail Dogma

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RETAIL EDUCATION & TRAINING SOLUTIONS

Retail Business Plan

A retail business plan is a document that gives you and your potential investors a roadmap on how your new retail business intends to get started and deliver its business goals over its initial few years (usually 5 years).

It is usually broken down into sections about the company, the industry it operates in, the competition it will face and a plan that covers marketing, financials and operations over the first few years in business.

Also check out this one-page Business Model Canvas for a retail business .

Retail Business Plan Template

You can download this free retail business plan template from the link below. You will be able to edit the word file and export it into PDF format afterwards.

In the coming sections, we will explain the different components that go into the retail business plan, which you can then apply to your own plan when completing the template.

Check out more free downloads .

Executive Summary

We recommend writing the executive summary at the end of the process, after you have filled out all the other sections in the retail business plan template.

In the executive summary you will cover the following points briefly:

• Types of products sold at the store
• Customers served by the store
• Company mission & vision
• Market share to be captured

You will also mention the total amount you will need to start this business, backed by the financial plan you prepared as part of this business plan.

The total amount that you want to borrow or have invested in your business will be the sum of pre-opening costs (initial inventory, equipment, rent,..) and the maximum negative cash flow as per your cash flow plan.

If you are writing this retail business plan for a financial institution to get a loan, mention how you expect to repay the loan, and you should have already included the loan installments in your financial plan.

If you are writing this plan for investors, mention how much equity they will receive in return for this investment and the expected return on investment, and expected cash distributions (dividends) based on your financial plan.

For example

An investment of 100,000$ in the business will result in the investor receiving 20% equity. We plan to distribute 50% of the profits every year, and based on our financial projections this will be a xx,xxx$ in the first year, xx,xxx$ in the second year, and xx,xxx$ in the third year,..etc.

Company Overview

Here you will write about your business and give a brief overview about the type of store you will be starting.

You can cover the following points:

• Store category (e.g. beauty store, toy store)
• Store location and brief description of the area
• Product categories carried
• Company legal structure

Industry Overview

Write an overview about the industry (retail/ecommerce) as a whole and the most recent trends specific to this industry.

Cover areas such as:

• Total retail sales
• Contribution of your retail category to the total sales (size of the market)
• Online vs. Brick & Mortar trends
• Recent industry trends and shifts in terms of products you are selling

You can find the most recent insights about retail in our Retail Statistics page.

Read Also: What is Retail ?

Target Market

Write about your target customers that you know will be interested in your products. Mention demographic and psychographic details in this section. This will help afterwards in drafting your marketing plan.

You can cover the following details:

• Age bracket
• Income level
• Educational level
• The specific needs that your products will fill for them

FOUNDATIONS OF MARKETING

• Learn the fundamentals of marketing
• See how they apply to buying, merchandising & pricing
• Real-life case studies and examples

Competition

List the current competition in the market that are serving your target customers. Mention your top 3 competitors in your area.

You can also include indirect competition, such as online stores or marketplace sellers, if you think this might affect your business.

Cover information about:

• No. of stores
• Size of stores
• Product categories they sell
• Pricing level
• Sales per day estimates
• Strengths & Weaknesses

You can also create a summary table like the one below

Competitive Advantage

What will make customers leave the competition and come to you? Use the weaknesses areas that you mentioned about the competition in the previous section, and mention how you will improve on them.

This could be by:

• Superior quality
• Better prices
• Convenience
• More variety
• Better shopping experience

Marketing Plan

Describe your marketing strategy for your store and which channels you are going to use.

Cover the following areas:

• Brand Positioning
• Branding Strategy (Persona, tone, language,..)
• Product Strategy (Key products and product features that will attract your customers)
• Pricing Strategy
• Promotional Strategy
• Marketing Channels

Operations Plan

Write how you will operate your store and include details about your manpower plan.

This will include the management that you will hire for the store, visual merchandisers, sales staff and cashiers.

Cover the following:

• Management structure (store manager, supervisor,..)
• Staff plan (3 sales associates, 2 cashiers, etc.)
• Brief role descriptions
• Compensation structure

Read Also: Retail Scheduling

RETAIL OPERATIONS MANAGEMENT

• Managing Store Operations
• Areas of Responsibility
• Assessing & Managing Performance

Financial plan

List estimates for the capital you will need to start and financial projections for the following years.

Capital Needed

Start with how much capital you will need to start the business

This will include:

• Initial rent
• Initial product order (Inventory)
• Initial staff salary
• Store fixtures
• Store equipment

Read Also: How Much Capital You Will Need For a New Retail Store?

Financial Projections

Include a 5-year financial projection for the business based on your forecasted sales and costs.

• Monthly income statement (P&L) for the first year
• Yearly income statement for the following 4 years
• Monthly cash flow projection for the first year

Learn how to create a sales budget for a new store, and 3 years financial projections in our Retail Budgeting Course

RETAIL BUDGETING & PLANNING

• The step by step retail budgeting process
• Set monthly targets adjusted to seasonality
• Templates download & practice exercise

Break Even Point

Include a snapshot of the 5-year P&L plan here and mention the SPD (sales per day) you need to breakeven, based on your P&L numbers.

We have created a sample table with retail data in the business plan template, and you can fill it with your own numbers.

Key Assumptions

Mention the assumptions you used for creating your financial projections.

For example , you assumed that sales per day for the first year will be 1000$ and then will grow by 20% in the second year, 15% in the third year and 10% in the fourth year, etc.

Retail Business Plan Tips

Sales projections.

We recommend being very realistic about your initial sales per day projections, as your entire financial plan will be directly affected by it.

When you then forecast your growth for the coming years, you should also be realistic about how much you will grow year-on-year.

From our experience, retail stores typically see higher growth after the first year and then this starts to level off from the third year onwards.

Having said that, there might be other growth drivers that can affect your business and accelerate your growth in the following years. This could be for example that your new store is in an area that is still under development and will be fully developed by the third year.

What we want to say is, do your due diligence thoroughly and based on that set realistic expectations.

Inventory Projections

The biggest asset you will hold and the biggest part of the investment/loan you will need to start your retail business will go for inventory.

So it is important to calculate your inventory needs correctly.

This will be based on your sales forecasts and the inventory turnover rate you expect or the forward stock cover you intend to maintain.

For example, if your inventory turnover target is 2, this means you maintain a 6 months cover. If your inventory turnover is 3, you maintain 4 months stock cover,..and so on.

We recommend checking out the benchmarks we have listed for different retail categories for inventory turnover and reading our complete Open to Buy guide to get started with calculating exactly how much inventory you will need.

Good luck in your new venture!

THE PROFESSIONAL RETAIL ACADEMY (PRA) ™

Courses, templates, frameworks & more..

More resources.

Thank you for reading this article on Retail Business Plan. We recommend the below free resources as well:

• Retail Management
• Starting a Retail Business
• Buying a Retail Business

Join the academy and get all access to all our resources, which will help you manage your retail business more efficiently.

MORE RESOURCES

CONNECT THE DOTS

Learn how to manage a retail business end-to-end.

We’ve put together a curriculum, specifically designed for retail owners or retail professionals who want to advance into senior management roles.

Learn how to connect the dots of the business and take the basic knowledge to the next level of application . 

How to Write a Business Plan For a Retail Store: Complete Guide

• August 3, 2022
• Small Businesses

Whether you’re looking to raise funding from private investors or to get a loan from a bank (like a SBA loan) for your retail store, you will need to prepare a solid business plan.

In this article we go through, step-by-step, all the different sections you need in your retail store business plan. Use this template to create a complete, clear and solid business plan that get you funded.

1. Executive Summary

The executive summary of a business plan gives a sneak peek of the information about your business plan to lenders and/or investors.

If the information you provide here is not concise, informative, and scannable, potential lenders and investors will lose interest.

Though the executive summary is the first and the most important section, it should normally be the last section you write because it will have the summary of different sections included in the entire plan.

Why do you need a business plan for a retail store?

The purpose of a business plan is to secure funding through one of the following channels:

• Obtain bank financing or secure a loan from other lenders (such as a SBA loan )
• Obtain private investments from investment funds, angel investors, etc.
• Obtain a public or a private grant

How to write your retail store business plan’s executive summary?

For any retail business, the following information must go into the executive summary:

• Business overview : include your business name and model (independent retail store or franchise model), the products you intend to sell (and whether you want to expand with additional product offerings), the legal structure of your business, etc.
• Market analysis : how many retail stores operate in your area and what do they sell? The estimated number of visitors your customers receive per week, target audience demography (the products you sell must fulfill their needs), purchasing power, etc. must also be included
• People : organizational setup and the management hierarchy along with retail store experience of the key people in the management
• Financial plan : how much profit and revenue do you expect in the next 5 years? When will you reach the break-even point and start making profits? It is ideal to include a chart depicting your key financials such as revenue, gross profits, and net profit
• Financial ask : what loan/investment/grant are you seeking? How much do you need? How long will this last?

2. Business Overview

The business overview is essentially the company description. The second section of your business plan, it should cover the following for a retail store:

• The products you will sell in your store
• The price range of the products
• The company structure
• Target audience information

Let’s look at different subsections that you must include:

Give a brief explanation of why you want to open a retail store. It must display two things:

• Your passion & interest for this type of business
• Feasibility of the business

There may be other retail stores in your area, but they don’t fulfill certain needs of the potential customers. Your business may fill in that gap. 

For example, there may not be any retail store in your area addressing the needs of cyclists. Even if there are competing retail stores, are they offering everything like electric bikes, mountain bikes, touring bikes, BMX, folding bikes, etc.? Do they offer spare parts and customizations?

b) Business Model

This is where you will explain the following:

• Is your retail store independent?
• Are you buying an existing retail store?
• Are you settling for a franchise store of an established bike brand?

c) Products

Your retail store can sell various products. Lenders or investors must get a clear idea of the products you intend to sell. If you want to focus on one or two specific products, you must clarify that, too.

For instance, if you are opening a retail bicycle or bike store , do you intend to sell only assembled bikes or do you intend to sell spare parts, too? What about toolkits? Do you have plans to sell supporting products for cyclists such as helmets, pants, shorts, gloves, eyewear, etc.?

If you have plans to specialize in something (for example, mountain bikes with shock absorption, gears, disc brakes, etc.), mention that.

d) Pricing Strategy

It is important that you add a pricing list here. You don’t need to go into extreme details. Just an average range will be more than enough. 

For instance, mountain bikes can cost anywhere between $400 and $800 . Depending on the components used, the average price can increase or decrease.

A pricing chart for all major products you are offering can help the investors or lenders to tie your pricing strategy with your financial projections.

e) Target Audience

Knowing your customers is very important. That will give you an edge over your competitors. For example, if you are opening a retail bicycle store, you must know whether your potential customers will be enthusiasts, hobbyists, or professionals.

Another important aspect is to understand the type of cyclists you will focus on. The products you sell will depend on that.

Knowing your customers well help in two things:

• You can better retain your customers
• Lenders or investors will be more confident about your business strategy

f) Legal Structure

Finally, your business overview section should specify what type of business structure you opt for. Is this a corporation or a partnership (LLC)? Who are the investors? How much equity percentage do they own? Is there a Board of Directors? If so, whom? Do they have experience in the industry?

3. Market Analysis

The market analysis is the next most important aspect of your retail store business plan. You must demonstrate to the potential investors that you know your market. Investors must be confident that the retail store you are trying to open (or you are already operating) makes sense.

For example, if you want to open a retail store specializing in mountain bikes, it’d be better if you’re located in states like Utah, Arizona, Arkansas, Colorado, North Carolina, Michigan, etc., because these states have ideal mountain bike destinations. Similarly, Texas isn’t really popular for mountain biking.

Again, you will never want to sell high-end bikes in a middle class neighborhood because they will most likely not be able to afford those items.

a) Retail Market Trends

You must also focus on the market size and growth opportunities . For example, if the location of your retail store doesn’t have enough cyclists, your bicycle business will probably not make enough profits. Again, if there are way too many competitors, the growth opportunities may be stifled.

Find market data for your city / area

It is always a good idea to get city-level data to get a clearer picture of the market size in addition to any national-level data you are providing.

Getting city level data might not be an easy task. In fact, you may have to get out and collect the necessary data. You may have to do some math. For example, if there were 30 bicycle retailers in your city in 2019 and the number grew to 33 in 2020, the annual growth rate will be 10%. 

You may want to investigate the factors leading to such growth. For instance, median income may have increased, there may be an influx of population, growing environmental consciousness, increased health awareness, etc., can be some of the factors.

However, you may actually notice a drop. In such a case, you must investigate the reasons. There can be varied factors like drop in income (and hence, sales that led to closure of businesses), decrease in population (may be younger popular moved out of the location), etc.

If there is a drop, you must explain the rationale behind opening a business, the industry of which is showing a gradual decline. It may also happen that the market may rebound back after a temporary decline.

b) Competition

Your competitor analysis is very important. Here are a few questions that you must answer:

• How many retail stores are there?
• How many of those stores are your direct and indirect competitors?
• What type of products do your competitors sell?
• What is the price your competitors are charging for the same or similar product?
• How many employees do your competitors have on an average?
• How many customers do they receive per month?

Some of the answers will end in approximation of data. That’s totally fine. For example, you may not be able to get the exact number of customers your competitors receive.

Draw a strong conclusion for your competitive analysis

Your competitive analysis must bring out the reasons why you are trying to open a retail store. For example (related to the retail bicycle store example):

• There are no specialised mountain bike retailers in the area despite a high percentage of mountain bikers
• Existing bike retailers offer only bikes and spares. No retailer offers clothing and protective gear

c) Customers

You already spoke about the target audience in the Business Overview section. Here, you must provide hard data that establishes the existence of your potential customers in the area.

This section must answer the following questions (with reference to the bike store example):

• What is the age group of the cyclists in your area?
• What percentage of the cyclists are women vs. males?
• What type of bikes are they mostly interested in?
• Do the customers also look for related accessories?
• Do they prefer online shopping or offline shopping?
• What is the average household income per month (and also their average disposable income)?

Much of this hard data will come from your competitor analysis. Also, the data must support your decision to open a retail store. For example, if people have a tendency to buy online, you may be better off opening an online retail store instead of a physical store.

4. Sales & Marketing Strategy

The 4th section of your retail store business plan is where you outline your customer acquisition strategy. Try to answer the following questions:

• What is your USP ?
• What marketing channels will you use (online or offline)?
• Do the marketing channels aptly grab the attention of your target audience? For instance, young adults will most likely not pay attention to TV ads. Instead, use social media
• How do you intend to track the success of your marketing strategy ?
• What is your CAC or customer acquisition cost?
• What is your marketing budget?
• What introductory promos and offers do you intend to provide for attracting new customers?

Let’s expand a bit on a few questions below:

a) Marketing channels

A few marketing channels retail stores typically use are:

• Email marketing
• SMS marketing
• Social media
• Pay-per-click campaigns (e.g. Google Ads, Amazon Ads)
• Partnerships (e.g. with companies to offer employees coupons, discounts, etc.)

b) What is your unique selling proposition?

In other words, how do you differentiate yourself vs. competitors? This is very important as you might need to win customers from competitors.

A few examples of USPs are (with reference to retail bike store example):

• Price : you may have cheaper prices than competitors
• Specialization : you may be specializing in some specific product
• Additional products : you sell additional accessories and safety gear that your competitors don’t
• Freebies : you may offer freebies like helmets or tail lights

Your USP will definitely depend on the products you are selling.

5. Management & Organizational Structure

You must address two things here:

• The management team and their experience / track record
• The organizational structure: what are the different teams and who reports to whom?

a) Management

Your store’s management will vary depending on the business type and size. For instance, if you are opening a franchise store, you may have to give a lot more details compared to an independent store.

You may have co-founders and/or senior managers. You must explain their roles, too. Apart from that, you must also explain their industry experience and why they are suitable for those positions.

b) Organizational structure

Note that even if you have not already hired senior managers and other team members, you must include the details. 

You must define their roles and the hierarchy of reporting. This will demonstrate to the potential lenders and investors the solid management plan you have in place to operate your business efficiently and successfully.

Create and attach an organizational chart for a visual understanding of your store’s staff and their reporting lines.

6. Financial Plan

The financial plan is perhaps, with the executive summary, the most important section of any retail store business plan.

Indeed, a solid financial plan tells lenders that your business is viable and can repay the loan you need from them. If you’re looking to raise equity from private investors, a solid financial plan will prove them your retail store is an attractive investment.

There should be 3 sections to your financial plan section:

• Your historical financials (only if you already operate the business and have financial accounts to show)
• The startup costs of your project (if you plan to open a new retail store, renovate your store, etc.)
• The 5-year financial projections

Historical Financials (if any)

In the scenario where you already have some historical financials (a few quarters or a few years), include them. A summary of your financial statements in the form of charts e.g. revenue, gross profit and net profit is enough, save the rest for the appendix.

If you don’t have any, don’t worry, most new businesses don’t have any historical financials and that’s ok. If so, jump to Startup Costs instead.

Startup Costs

Before we expand on 5-year financial projections in the following section, it’s always best practice to start with listing the startup costs of your project. For a retail store, startup costs are all the expenses you incur before you open the space to your customers. These expenses typically are:

• The lease deposit for the space you rent
• The design and renovation of the existing facilities
• The equipment and furniture

The total startup costs depend on a number of factors, such as the size of your store, the quality of the building (whether there is a lot or remodeling to do or not), the quality of the furniture, etc.

Financial Projections

In addition to startup costs, you will now need to build a solid financial model over 5 years.

Your financial projections should be built using a spreadsheet (e.g. Excel or Google Sheets) and presented in the form of tables and charts in your business plan.

As usual, keep it concise here and save details (for example detailed financial statements, financial metrics, key assumptions used for the projections) for the appendix instead.

Your financial projections should answer at least the following questions:

• How much revenue do you expect to generate over the next 5 years?
• When do you expect to break even?
• How much cash will you burn until you get there?
• What’s the impact of a change in pricing (say 5%) on your margins?
• What is your average customer acquisition cost?

You should include here your 3 financial statements (income statement, balance sheet and cash flow statement). This means you must forecast:

• The number of customers over time ;
• Your expected revenue ;
• Operating costs to run the business ;
• Any other cash flow items (e.g. capex, debt repayment, etc.).

When projecting your revenue, make sure to sensitize pricing and the number of customers, sales as a small change in these assumptions will have a big impact on your revenues.

7. Use of Funds

This is the last section of your retail store business plan. Now that we have explained what your retail store sells and to whom, the industry, management and your marketing strategy, this section must answer the following questions:

• How much funding do you need?
• What financial instrument(s) do you need: is this equity or debt, or even a free-money public grant?
• How long will this funding last?
• Where else does the money come from? If you apply for a SBA loan for example, where does the other part of the investment come from (your own capital, private investors?)

If you raise debt:

• What percentage of the total funding the loan represents?
• What is the corresponding Debt Service Coverage Ratio ?

If you raise equity

• What percentage ownership are you selling as part of this funding round?
• What is the corresponding valuation of your business?

Use of Funds

Any business plan should include a clear use of funds section. This is where you explain how the money will be spent.

Will you spend most of the loan / investment in paying your employees’ salaries and the inventory? Or will it cover mostly the cost for the lease deposit and the renovation of the building?

Those are very important questions you should be able to answer in the blink of an eye. Don’t worry, this should come straight from your financial projections. If you’ve built solid projections like in our retail store financial model template , you won’t have any issues answering these questions.

For the use of funds, we recommend using a pie chart like the one we have in our financial model template where we outline the main expenses categories as shown below.

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How to Write An Attention-Grabbing Retail Business Plan

• by Luke O'Neill

minute read

Now, you might be thinking: ‘why do I need a business plan? I’ve got it all mapped out in my head. I might even have successful businesses already!’

But business plans are so much more than another action item on your ever-growing to-do list.  They communicate your positioning, planning and potential for success to the world.

Whether you’re writing your first business plan or your tenth, we’ve put together a guide to getting it done that will help:

• The purpose of a retail business plan
• How a retail business plan differs from other business plans
• Before you get started
• What to include in your plan
• Mistakes to avoid
• How to set your plan apart

Inventory management made easy

Use our easy-to-follow inventory management to streamline your processes and eliminate errors.

What are retail business plans for? 

Retail business plans are planning and forecasting documents. They explain your business model, who your customers are and how you plan to take your store or online shop from an idea to a profitable reality. 

Why are retail business plans different?

Because retail businesses are different. 

Whether you’re selling from a brick-and-mortar store or through an online shop, you have to consider a combination of factors that many other businesses don’t. Think inventory, store supplies, sourcing and supply chains. And, even more complex activities like order fulfillment, deliveries and customer returns. 

You don’t need to write a tome that covers all of these areas, but they will inform how you put your business plan on paper. 

What are the different sections of a retail business plan? 

Crafting an attention-grabbing retail business plan hinges on detailing its most crucial sections with precision. 

Each section plays a vital role in presenting a comprehensive and convincing plan for your retail business.

Here are three pivotal areas to focus on:

• Executive summary: your elevator pitch. The executive summary distills your business concept, market positioning and unique selling proposition into a compelling narrative that hooks the reader immediately. 
• Market analysis: this section should detail the size and growth potential of your target market, customer demographics, and purchasing habits. It also covers competitor analysis, showing awareness of your competition and how your business will stand out. 
• Financial Plan: lay out your financial projections and funding requirements clearly. This includes startup costs, projected income statements, cash flow forecasts, and a break-even analysis.

Before you write your retail business plan

But let’s pump the brakes for a second. It might be tempting to dive right in and start writing your business plan as soon as possible. But consider these suggestions before you do.

Research your market first

“Without a market, a retail firm cannot exist,” said Susan Smith, marketing manager at Velden Engineering . “One of the first things readers will look for when reading your business plan is evidence of a healthy market, an unmet need in the market and how your company is positioned to meet that need. Completing thorough market research before developing your business plan should be a top priority,” she said.

To grasp customer demographics and preferences, retailers should engage in thorough market research:

• Analyze existing data on target market segments to understand age, gender, income levels and lifestyle choices.
• Conduct surveys and focus groups to gather insights directly from potential customers about their needs, preferences, and shopping behaviors.
• Leverage social media analytics to reveal wider trends and consumer sentiments.

Combining quantitative data with qualitative feedback allows retailers to tailor their offerings and marketing strategies effectively, ensuring their business plan is aligned with customer expectations and market demand.

Understand your competitors

This will give you valuable insight into your own products and services.

“Most industries are becoming oversaturated at this point, so investors want to know what sets you apart. What makes you unique. Do as much research into your competitors as you do into your own business ,” said Gabriel Dungan, CEO and founder of mattress topper company, ViscoSoft.

To research your competitors:

• Shop with them. Browse their online storefront, visit one of their locations, make a purchase and make note of their services.
• Gather their press releases, investor relations and earning statements.
• Chart their growth patterns and research the cities and neighborhoods they operate in.
• Record their USP, product offering and any loyalty programs.

Choose the right location

When selecting a potential location, consider factors such as target market proximity, foot traffic, competition density and the compatibility of the local demographic with your product offering. A prime location can boost foot traffic, offering more opportunities to attract and retain customers.

The impact of location extends beyond mere physical presence; it’s about positioning your business in a spot that maximizes its exposure to the right audience, enhancing the likelihood of higher sales volumes.

Do research to help you articulate the rationale behind your location:

• Gather market research data, foot traffic statistics and competitive analysis.
• Cross reference how your chosen location aligns with your target market’s profile and shopping habits.

Have a growth strategy

Identify a clear growth strategy to strengthen your business plan, suggests Michelle Ebbin, Owner of Australian clothing brand JettProof .  “Most companies focus on market penetration where they sell current products to an already existing market,” said Ebbin. “While that’s a feasible route, you might also want to explore product development by introducing new, innovative products to existing customers.”

“There’s also market development where you try to find new markets for your existing products and diversification for introducing new products to new markets,” she said. Ebbin believes determining a clear growth strategy can increase retailers’ chances of convincing potential investors, who essentially want to know how you will grow your business once it’s up and running.

TIP: Accountants and financial advisors can help you prepare your retail business plan.

Retailers should consider expansion or diversifying product lines and services when their current operations consistently exceed performance expectations, signaling market demand and operational capacity for growth. Analyze sales data, customer feedback, and market trends to identify opportunities. Additionally, if there’s a noticeable shift in consumer behavior or emerging trends align with your business’s strengths, it might be time to diversify. In your business plan, clearly outline the strategic rationale for expansion or diversification, supported by data and market analysis, to demonstrate how these moves will drive future growth and address evolving market needs.

What to include in your retail business plan

When it comes to the specifics, include these details.  

Give a business overview in your executive summary 

For your executive summary, give a high-level description of your retail business. If you had less than two minutes to explain why your business will succeed, what would you say?

You can mention your company’s structure, legal name, location and the products or services you’ll sell, but don’t go in depth—these will all have their own dedicated sections. Describe whether you will be selling in-store, online or across various channels.

Keep this section simple. Use easy-to-understand language. It shouldn’t be more than a page, and it should get people excited right away.

Explain your business goals

In this section, you should talk about what you plan to achieve. Why are you starting this business, and where do you want it to go? Realistically, what will you be able to make happen?

This doesn’t need to be lengthy or complex. And the goal doesn’t need to be huge, either. For example:

“Our goal is to become the go-to provider of HD gaming and streaming cameras for teenagers in San Francisco within 18-24 months.”  

You could also cover any goals you have about locations, product ranges or online stores. 

Showcase your industry experience

This section is more about you, the owner. It’s where you showcase your personal and professional drive to take the business forward. Keep it brief, but say why you’re the right person to take this retail business from an idea to a reality. 

• Your specialty, such as brick-and-mortar, ecommerce or both. Direct-to-consumer (DTC) is also an option.
• Any senior roles in well-known national or regional retail businesses
• Sales or lead generation goals you’ve driven before
• Successful growth initiatives, like new store openings.

Set out your marketing strategy 

Here’s where you talk about your store’s image and branding strategy. Cover of some of the fundamentals of retail marketing, including your plans for the 4Ps of retail marketing. 

Here’s a quick reminder about what they are:  

• Product: What you’ll sell and your Unique Selling Proposition (USP). 
• Pricing: How much your products will cost and why you’ve chosen these price points. 
• Place: Where you’re going to sell your products (online, in-store or omnichannel).
• Promotion: How you’re going to promote both your store and the products you will sell.  

Consider briefly outlining your strategy for leveraging social media for marketing and customer engagement. Describe how platforms like Instagram, Facebook and Twitter will serve as tools for brand promotion, product launches, and direct customer interaction. 

This section doesn’t need to be overlong or complex. If you want to dive into the details—or provide a complete marketing plan —you can do this in an appendix at the end of the plan. 

Financial strategy and forecast

Nine times out of 10, this is what people reading your business plan will most want to see.

“At the end of the day, your company will be judged on its capacity to generate a profit,” said Will Cannon, CEO of Signaturely , an e-signature software company. “Investors will want to see some data related to your startup demands and revenue estimates, no matter how succinct and appealing your retail business plan is,” he said. 

Think about including your:

• Estimated capital requirements
• Profit and revenue model
• Estimated sales volume
• A break-even point calculation
• Balance sheet projections
• Cash flow projections.

Above all, ground these figures in reason.

Detail the management structure

Explain your management setup. Who are the founders? What will their job be? Will you have a CFO, a CPO, a head buyer, a head of marketing? A vice president? Define your titles and jobs. 

This will make things move much more easily throughout the early settling-in time. Everyone will understand where they stand and you will know how you plan to manage people on a daily basis. This strategy should include information such as the number of team members you’ll hire, their roles and how those roles fit into the wider plan. 

Outline your plan for technology and retail operations

In this part of your business plan, detail how you’ll harness retail technology to streamline operations, enhance customer experience and expand your market reach. List your options for POS systems, why you’re considering them, their opportunities for growth and their annual cost.  

Emphasize integrating ecommerce into your business model and exactly how—will you operate your own site, sell on Amazon or both? Discuss the specifics of your online storefront, including website design—will you pay for a custom-coded site?—payment processing systems and cybersecurity measures to protect customer information.

Talk about inventory sourcing and supplier management

Outline your criteria for selecting suppliers, including their sustainability practices, delivery timelines and ability to scale with your business. If you have any quotes from or connections with suppliers already, include those details here. 

Discuss your strategies for efficient inventory sourcing, such as leveraging technology for inventory management, adopting a just-in-time inventory system to reduce holding costs and diversifying your supplier base to mitigate risks. Explain how you plan to negotiate favorable terms and build a collaborative rapport with suppliers to secure better prices, quality improvements and exclusive products.

Include your approach to handling supply chain disruptions and ensuring product availability to meet customer demand without overstocking. 

Make a plan for compliance and legal considerations

This part of your retail business plan should detail any local zoning laws, health and safety standards and specific retail sector regulations you need to make a plan for. 

Mention the need for protecting your business with the right insurance policies. Outline the types of insurance you’ll secure, such as:

• Liability insurance
• Property insurance
• Workers’ compensation

Mention your sustainability and ethical practices

Describe initiatives you’ll invest in, such as using eco-friendly materials, reducing waste through efficient packaging and implementing energy-saving practices within operations, and briefly mention their importance to your potential customers. 

Also discuss the importance of ethical inventory sourcing, ensuring that products are obtained from suppliers who uphold high standards for labor practices and environmental responsibility.

Finish by detailing plans to monitor and adapt to market trends

Future-proof your retail business plan by laying the foundation for scaling and adapting. Outline your strategies for continuous market research, including customer feedback mechanisms, social media monitoring and industry reports, to identify emerging trends and shifts in consumer preferences.

Discuss how your business plan is designed to be flexible, allowing you to swiftly adapt to changing market conditions. This might include diversifying product lines, embracing new technologies or refining marketing strategies to meet evolving consumer demands. 

Avoid these common mistakes

A good business plan is as much about what you leave out as what you put in. 

Too much detail

You’re not here to write a novel. You’re here to get busy people on board with your business plan.

“Potential partners and investors will not waste time pouring over hundreds of pages of rambling nonsense,” said Nick Edwards, Director at Snow Finders , a ski holiday company in the UK.

Long blocks of text should be avoided. Use visuals and graphics to substitute prose, with any exceptionally heavy content being attached as appendices if necessary.

Poor financial planning 

Some landlords take a percentage of sales as part of the rent. And it’s common for rent to increase annually. Your retail business plan should account for growing expenses, taxes and wider market influences to prove you’ve got a handle on your financial planning.

Spelling and grammar

Remember the basics. Grammar and spelling errors show you haven’t put diligence into the planning process. And that can undermine how partners and potential investors view the plan.  

Once you’ve written your business plan, have a professional editor look it over to catch any errors and make sure you’re as clear as possible.

How to strengthen your business plan 

As you’ll have noticed by now, you need to keep a few different audiences in mind while writing your business plan. In most cases, there are three:

• Potential investors: People or businesses who want to back your business with capital, in return for future profits or part-ownership.
• Potential business partners: Suppliers, brands and business partners who may want to supply goods or services to your business, or even help you run the whole show. 
• Banks, lenders and insurers: Financial institutions that you may need for credit cards, overdrafts, loans or revolving credit facilities. 

“Be wary about exaggerating your numbers or laying out too difficult or impossible things,” said Stacey Kane, Business Development Lead at Easy Merchant . “You want the investor who finds flaws in your plan to be the exception, not the norm. With this perspective, you can strengthen your view of what can be done with research and transparent results. Finding ways to show how valuable your idea is will also help make them more likely to invest,” she said.  

Finishing your retail business plan 

Done well, business plans are much more than a helpful written guide to your business strategy. They’re a resource to attract future business partners, and even a foundation for securing outside funding. Don’t put writing your retail business plan on the backburner for too long—it could be one of the first stepping stones to your very own thriving retail business. 

Ready to write your retail business plan? Talk to a Lightspeed product expert to discover how the right POS technology can help you show investors and partners that you mean business. 

Frequently asked questions about business plans

How do i write a retail business plan.

Begin with a clear executive summary, followed by market analysis to understand your audience.

Detail your business description, including products and services. Include sections on organization and management, marketing and sales strategies, funding requests (if applicable), financial projections and an appendix for additional documents. 

Each section should be concise, backed by research, and reflect your vision for the business.

How do I start a successful retail business?

• Identify a market need and develop a business model that addresses that need uniquely. 
• Conduct thorough market research.
• Choose a strategic location.
• Curate a compelling product mix.
• Write a business plan detailing all this, plus financial planning, and get funding.

How do you structure a retail business?

Organize your operations into key areas: procurement, sales, marketing, inventory management, customer service and finance. Define clear roles and responsibilities for your team to ensure smooth operations and a positive customer experience.

What does a retail business plan look like?

A retail business plan includes an executive summary, market analysis, business description, organization and management structure, details of product or service offerings, marketing and sales strategy, financial projections and an appendix. It’s a structured document that outlines your business goals and your financial expectations.

How do you start a business plan from scratch?

Start by defining your business idea and objectives. Conduct market research to understand your competition and target audience. Outline your business structure, products or services, marketing and sales strategies and financial plans including projections. Write an executive summary last, which summarizes the key points of your plan. Use a clear, concise and realistic approach throughout the document.

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Luke O’Neill writes for growing businesses in fintech, legal SaaS, and education. He owns Genuine Communications , which helps CMOs, founders, and marketing teams to build brands and attract customers.

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Retail Business Plan Template [Updated 2024]

Retail Business Plan Template

If you want to start a Retail business or expand your current Retail company, you need a business plan.

You can download our Retail business plan template (including a full, customizable financial model) to your computer here.

The following retail store business plan template gives you the key elements to include in a winning plan for your own retail business. It can be used to create a business plan for a clothing store, an electronics store, a shoe store, or any other type of retail business.

In addition to this template, conducting market research for your customer base will help you identify potential market trends and customer segments to better understand the viability of your retail company and your potential competitive advantage.

Sample Retail Business Plan

Below are links to the key sections of a successful retail business plan:

I. Executive Summary II. Company Overview III. Industry Analysis IV. Customer Analysis V. Competitive Analysis VI. Marketing Plan VII. Operations Plan VIII. Management Team IX. Financial Plan

Download our Retail business plan template (including a full, customizable financial model) to your computer here.

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Retail Business Plan Outline

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Stacey has more than 18 years of editorial, PR and social media experience and has worked across print and online for national newspapers, magazines, PR and marketing agencies.

Ecommerce may be booming but opening and running successful shops and retail companies of the bricks-and-mortar variety is still a life goal for many.

If you’re planning to make that dream a reality, writing a thorough business plan should be at the top of your to-do list — here’s why.

What is a business plan?

Your business plan is essentially your company’s strategic blueprint. It explains what your business idea is and sets out your goals and how you will achieve them, while considering the environment you’ll operate in.

Typically, it’s the first proper step of getting your retail business off the ground and can be used to get investors, grants, loans or other funding for your company before you open your shop doors.

Something that can also help your planning is a Business Model Canvas . It is a handy tool to help you build out your business plan.

Your one stop shop for starting a business

Thinking about starting a business or already putting your ideas into action? We’ve got the resources, expertise and software to help you achieve your goals.

Do independent shops really need a business plan?

The short answer is yes. Of course it’s possible to do well with a good idea and a bit of luck but you’re more likely to succeed with a solid business plan to help guide your decision-making. Researching your plan will also help you figure out if your products or services are financially viable and in demand before you launch. Here are three things to consider as part of your business planning process:

1. Location, location, location

For shops and retail companies, whether you’re opening a community greengrocer or an exclusive boutique, one of the most important aspects of your business model is your location. Pulling a plan together will encourage you to think about the most viable location for success, as well as the cost implications.

2. Customers

When creating your business plan, you’ll need to research your potential customers. Documenting who they are, how they behave and the circumstances in which they will shop with you will aid you in determining the stock you will carry and how to effectively promote your store to customers.

3. Pricing model

A big part of any business plan is the financial figures that are included. As part of the planning process, you should be doing detailed research on potential competitors and their prices as well as all the expenses that running your business will incur. This will help you determine the prices that you will charge for the products you sell.

What are the other benefits to having a business plan?

• It looks good to potential partners, investors, lenders and funding bodies, and if you want to apply for a business loan, you’ll most likely need a business plan.
• It will help you work out what your unique selling proposition is, identify threats and challenges, and come up with solutions and coping strategies.
• It will make you set short and long-term SMART goals, such as launching a new website within three months or opening a second shop in year three of trading.
• You can use it to benchmark your performance by comparing your company’s results and achievements with the goals set out in your plan.

If you want to increase the chances of your business being successful, it’s worth having a business plan

How to write a business plan for your shop

Your business plan doesn’t have to be a boring document. Given some investors make their decision to provide funding to start-ups and existing firms based on the people as much as the business itself, your business plan should showcase your passion and personality.

However, certain bodies or individuals who can provide funding will expect you to include specific information. Putting your plan together using the following sections can help you make a strong case for securing the required finance:

• Executive summary
• Business overview
• Audience and market
• Products and services

As we’ve discussed, your business plan will be critical to you running a profitable shop, which is all the more reason to ensure that you are thorough in your approach. Here are some top tips for writing your plan:

Be realistic

It’s unlikely that you will be profitable straight away and sales may show steady growth rather than a massive spike. If your plan includes figures that seem unrealistic, you should justify them.

Accuracy is key

As your business plan will help you make decisions, it’s important the information you base those decisions on is correct. Double check everything. We have some great advice on how to get more accurate figures for your business plan .

As your plan will be used to help you manage your retail business and potentially be shared with others, it’s important to avoid waffle. You can always make use of appendices for supplementary information.

Want help with business plan for shops and retail companies?

Your accountant may be able to give you tips and ideas, or ask your bank if they have a small business adviser you could talk to. If you’re ready to start your research and writing, why not use an online template?

To help you out, we’ve created a business plan template specifically for shops and retail companies with physical stores. It’s free to download and takes you through the process step by step with detailed guidance notes.

Don’t forget that your plan should evolve with your business, so you should revisit and update it regularly. Good luck!

Want to create a business plan for your shop or retail company but not sure how to do it? Download our free and easy-to-use business plan template and you can get started.

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Home » Sample Business Plans » Wholesale & Retail

How to Write a Retail Store Business Plan [Sample Template]

Are you about starting a retail business? If YES, here’s a complete sample online retail store business plan template & feasibility report to help you get started. Okay, so we have considered all the requirements for starting a retail store. We also took it further by analyzing and drafting a sample retail store marketing plan template backed up by actionable guerrilla marketing ideas for retail stores. So let’s proceed to the business planning section.

Why Start a Retail Store?

There are times when one might not be disposed to buy stuff in bulk. This might be due to financial constraint or other contingencies. This is one of the reasons why retail outlets are scattered all over the world. They know the importance of reaching all and sundry, and that is why they want to provide services that can reach all classes of people.

Those who are already in the trade know the huge profit levels which they attain always. If you have decided to start a retail business, then good news is that you are in a profitable trade, as nearly all the type of goods that are being dealt in is such that is important to all

A Sample Retail Store Business Plan Template

1. industry overview.

When we talk about retailing, we talk about a business that deals in loads of consumer goods; which can be categorized into three major areas. These categories are: general merchandise, apparel, and furniture. In other words, retailers are engaged in the selling of finished goods; they get the goods from the manufacturers and they sell to the end users (consumers).

Retail goods can also be categorized into durable goods and non – durable goods. Durable goods are goods such electronics, computers and accessories, furniture, and other large appliances et al and non – durable goods are good such as food, toiletries, drinks, beauty products, jewelry, clothing and shoes et al.

The retail industry is a major sector of the economy of the united states which generates a whooping sum of well over trillion annually from more than a million retail outlets scattered all around the United States of America.

The industry is responsible for the employment of well over 15 million people which is about 12% of the workforce of the U.S. eMarketer.com published that in 2014 alone, the retailing industry on a global scale generated a revenue of well over $22 trillion; it goes to show that the industry is indeed a very large industry.

It is a fact that an estimated two-thirds of the United States’ gross domestic product (GDP) comes from retail consumption. This is why the United States of America’s economy is measured with the yardstick of how well the retailing business is fairing in the U.S. In essence, when there is an unstable economy, purchasing power drops and it impacts the retailing industry negatively which may result in the closure of some retail stores.

In recent time, the retail landscape has seen tremendous changes in the last 20 years; it has grown from the usual mom and pop outlets to a more organized and far reaching venture. The introduction of franchise and online store makes it easier for a retailer to reach out to a larger market far beyond the areas where his physical store is located.

It is interesting to note that more retail shops; especially lager retail outlets have started to include self-serve checkout lanes in their stores. It creates shorter lines that appeal to consumers; the average customer would not want to stay longer on queue.

Over and above, the retail industry is a profitable industry and it is open to any aspiring entrepreneur to come in and establish his or her business; you can chose to start on a small scale in a street corner like the average mom and pop business or you can chose to start on a large scale with several outlets in key cities.

2. Executive Summary

People’s Choice Retail Shop is a retail shop that will be located in one of the busiest streets in Columbus, Ohio. We have been able to lease a facility that is big enough to fit into the design of the retail shop that we intend launching and the facility is located in a corner piece directly opposite the largest residential estate in Columbus, Ohio.

Our retail shop will retail a wide range of durable goods and non – durable goods at affordable prices from different brands. We retail goods such as groceries, clothes, sports equipment, beauty products, jewelry, baby stuffs, children’s toys, home furnishings and home appliances et al.

We are aware that there are several large and small retail outlets all around Columbus, which is why we spent time and resources to conduct our feasibility studies and market survey, so as to offer much more than our competitors will be offering. We have sell service options for our customers, and our outlet is well secured with the various payment options.

Much more than selling the goods and products of top brands in the manufacturing industry, our customer care is second to none in the whole of Columbus, Ohio. We know that our customers are the reason why we are in business, and that is why we will go the extra mile to get them satisfied when they visit our retail shop and also to become our loyal customers and ambassadors.

People’s Choice Retail Shop will ensure that all our customers are given first class treatment whenever they visit our shop. We have a CRM software that will enable us manage a one on one relationship with our customers, no matter how large the numbers of our customers base. We will ensure that we get our customers involved in the selection of brands that will be on our racks and also when make some business decisions.

We are aware of the trend in the retail industry and we are not only going to operate a system where our customers would have to come to our shop to make purchase or whatever they want but we will also operate an online store and our customers can order goods online and they will get it delivered to their houses or any location they want us to deliver the goods to within Ohio.

People’s Choice Retail Shop is a family business that is owned by Bob Wesley and Family. Although the business is launching out with just one outlet in Columbus, Ohio, but there is a plan to open other outlets all around Ohio.

3. Our Products and Services

People’s Choice Retail Shop is in the retailing industry and we will ensure we go all the way to make available a wide range of goods and products from top manufacturing brands in the United States and other countries of the world.

We will have available in our store a wide range of durable goods and non – durable goods at affordable prices. We retail goods such as groceries, clothes, sports equipment, beauty products, jewelry, children’s toys, baby stuffs, home furnishings and home appliances et al.

4. Our Mission and Vision Statement

• Our vision is to establish a one stop retail shop in Columbus, Ohio and in other cities in Ohio.
• Our mission is to establish a retail business that will make available a wide range of goods and products from top manufacturing brands at affordable prices to the residence of Columbus, Ohio and other cities in Ohio.

Our Business Structure

People’s Choice Retail Shop do not intend to start a retail business like the usual mom and pop business around the street corner; our intention of starting a retail business is to build a standard retail outlet in Columbus, Ohio. Although our retail business might not be as big as Wal-Mart or Marcy, but will ensure that we put the right structure in place that will support the kind of growth that we have in mind while setting up the business.

We will ensure that we hire people that are qualified, honest, customer centric and are ready to work to help us build a prosperous business that will benefit all the stake holders (the owners, workforce, and customers).

As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of three years or more. In view of that, we have decided to hire qualified and competent hands to occupy the following positions;

• Chief Executive Officer (Owner)
• Store Manager

Merchandize Manager

Sales and Marketing Manager

Information Technologist

• Accountants / Cashiers

5. Job Roles and Responsibilities

Chief Executive Officer – CEO:

• Responsible for providing direction for the business
• Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
• Responsible for fixing prices and signing business deals
• Responsible for recruitment
• Responsible for payment of salaries
• Responsible for signing checks and documents on behalf of the company
• Evaluates the success of the organization

Store Manager:

• Responsible for managing the daily activities in the restaurant
• Ensures that the store facility is in tip top shape and conducive enough to welcome customers
• Interfaces with third – party providers (vendors)
• Controls the sales floor inventory
• Ensures that goods and products are properly arranged
• Supervises the entire sales staff and workforce
• Any other duty as assigned by the CEO
• Manages vendor relations, market visits, and the ongoing education and development of the organizations’ buying teams
• Helps to ensure consistent quality of goods and products on our rack
• Responsible for the purchase of goods and products for the organizations
• Responsible for planning sales, monitoring inventory, selecting the merchandise, and writing and pricing orders to vendors
• Ensures that the organization operates within stipulated budget.
• Manages external research and coordinate all the internal sources of information to retain the organizations’ best customers and attract new ones
• Models demographic information and analyze the volumes of transactional data generated by customer purchases
• Manages the organization website
• Handles ecommerce aspect of the business
• Responsible for installing and maintenance of computer software and hardware for the organization
• Manage logistics and supply chain software, Web servers, e-commerce software and POS (point of sale) systems
• Manages the organization’s CCTV
• Handles any other technological and IT related duties.

Accountant / Cashier:

• Receives payments on behalf of the organization
• Issues receipt to customers
• Prepares financial report at the end of every working week
• Handles all financial transaction on behalf of the company
• Interfaces with our bankers
• Responsible for payment of tax, levies and utility bills
• Any other duty as assigned by the CEO / store manager
• Responsible for cleaning the store facility at all times
• Ensures that toiletries and supplies don’t run out of stock
• Cleans both the interior and exterior of the store facility
• Any other duty as assigned by the restaurant manager,

6. SWOT Analysis

Our intention of starting just one outlet of our retail store in Columbus, Ohio is to test run the business for a period of 2 to 5 years to know if we will invest more money, expand the business and then open other outlets all over Ohio. We are quite aware that there are several retail stores all over Columbus and even in the same location where we intend locating ours, which is why we are following the due process of establishing a business.

We know that if a proper SWOT analysis is conducted for our business, we will be able to position our business to maximize our strength, leverage on the opportunities that will be available to us, mitigate our risks and be welled equipped to confront our threats.

People’s Choice Retail Store employed the services of an expert HR and Business Analyst with bias in retailing to help us conduct a thorough SWOT analysis and to help us create a Business model that will help us achieve our business goals and objectives. This is the summary of the SWOT analysis that was conducted for People’s Choice Retail Store;

Our location, the business model we will be operating on (physical store and online store), varieties of payment options, wide range of products and our excellent customer service culture will definitely count as a strong strength for People’s Choice Retail Store.

A major weakness that may count against us is the fact that we are a new retail outlet and we don’t have the financial capacity to compete with multi – billion dollars retail outlets like Wal-Mart and co when it comes to retailing at a rock bottom prices for all their goods.

• Opportunities:

The fact that we are going to be operating our retail store in one of the busiest streets in Columbus, Ohio, provides us with unlimited opportunities to sell our goods to a large number of people. We have been able to conduct thorough feasibility studies and market survey and we know what our potential clients will be looking for when they visit our retail outlets; we are well positioned to take on the opportunities that will come our way.

Just like any other business, one of the major threats that we are likely going to face is economic downturn. It is a fact that economic downturn affects purchasing power. Another threat that may likely confront us is the arrival of a new retail outlet in same location where ours is located.

7. MARKET ANALYSIS

• Market Trends

Retailing business has been in existence for as long as humans started trading goods, but one thing is certain, the retailing industry is still evolving. The introduction of technology and subsequently online retail store has indeed helped in reshaping the industry.

It is now a common phenomenon for retail outlets to leverage on technology to effectively predict consumer demand patterns and to strategically position their shop to meet their needs; in essence, the use of technology help retailers to maximize supply chain efficiencies. No doubt data collected from customers goes a long way to help retail shops serve them better.

Another common trend in the retailing industry is the pricing system. Aside from having varieties of products in a store, one of the easiest ways for retail stores to sell the goods on their racks as fast as they can and keep re – stocking is to ensure that the prices of their goods are a bit lower than what is obtainable elsewhere. For example; it is common to see items with prices in this format; $3.99, $99 and $199 et al as against $4, $100 and $200.

Retailers also engage in massive clearance sales and discount sales to attract customers. It is a strategy that helps them welcome new customers and also reinforce the loyalty of old customers.

8. Our Target Market

Perhaps the retailing industry has the widest range of customers; everybody on planet earth has one or more things that they would need in a retail shop. It is difficult to find people around who don’t patronize retail shops.

In view of that, we have positioned our retail store to service the residence of Columbus, Ohio and every other location our retail stores will be located all over Ohio. We have conducted our market research and we have ideas of what our target market would be expecting from us. We are in business to retail a wide range of products to the following groups of people;

• Corporate Executives
• Business People
• About to wed couples
• Expectant Mothers
• Sports Men and Women

Our Competitive Advantage

People’s Choice Retail Store is launching a standard retail shop that will indeed become the preferred choice of residence of Columbus, Ohio. Our retail store is located in a corner piece property on a busy road directly opposite one of the largest residential estates in Columbus, Ohio. We have enough parking space that can accommodate well over 100 cars per time.

One thing is certain; we will ensure that we have a wide range of products available in our store at all times. It will be difficult for customers to visit our store and not see the product that they are looking for. One of our business goal is to make People’s Choice Retail Store a one stop shop. Our excellent customer service culture, online store, various payment options and highly secured facility will serve as a competitive advantage for us.

9. SALES AND MARKETING STRATEGY

• Sources of Income

People’s Choice Retail Shop is in business to retail a wide range of products to the residence of Columbus, Ohio. In essence, our source of income will be the retailing of a wide range of durable goods and non – durable goods at affordable prices. We will retail goods such as groceries, clothes, sports equipment, beauty products, jewelry, children’s toys, baby stuff, home furnishings and home appliances et al.

10. Sales Forecast

It is important to state that our sales forecast is based on the data gathered during our feasibility studies, market survey and also some of the assumptions readily available on the field. One thing is common with retailing business, the larger a retail store the larger the numbers of customers that will patronize them.

Although we may not be as large as Wal-Mart, but we will ensure that within our capacity we make available a wide range of goods from different manufacturing brands in our retail outlet. Below are the sales projections that we were able to come up with for the first three years of operations;

• First Year-: $200,000
• Second Year-: $450,000
• Third Year-: $700,000

N.B : This projection is done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and natural disasters within the period stated above. Please note that the above projection might be lower and at the same time it might be higher.

• Marketing Strategy and Sales Strategy

Before choosing a location for People’s Choice Retail Store, we conducted a thorough market survey and feasibility studies in order for us to be able to be able to penetrate the available market and become the preferred choice for residence of Columbus, Ohio. We have a detailed information and data that we were able to utilize to structure our business to attract the numbers of customers we want to attract per time.

We hired experts who have good understanding of the retail industry to help us develop marketing strategies that will help us achieve our business goal of winning a larger percentage of the available market in Columbus, Ohio. In order to continue to be in business and grow, we must continue to sell the products that are available in our store which is why we will go all out to empower or sales and marketing team to deliver.

In summary, People’s Choice Retail Store will adopt the following sales and marketing approach to win customers over;

• Introduce our business by sending introductory letters to residence, business owners and organizations
• Promptness in bidding for contracts
• Advertise our business in community based newspapers, local TV and radio stations
• List our business on yellow pages ads
• Leverage on the internet to promote our business
• Direct marketing
• Word of mouth marketing (referrals)

11. Publicity and Advertising Strategy

Despite the fact that our retail store is well located, we will still go ahead to intensify publicity for the business. We are going to explore all available means to promote our retail store. People’s Choice Retail Store has a long term plan of opening outlets in various locations all around Ohio which is why we will deliberately build our brand to be well accepted in Columbus before venturing out.

As a matter of fact, our publicity and advertising strategy is not solely for winning customers over but to effectively communicate our brand. Here are the platforms we intend leveraging on to promote and advertise People’s Choice Retail Store;

• Place adverts on both print (community based newspapers and magazines) and electronic media platforms
• Sponsor relevant community programs
• Leverage on the internet and social media platforms like; Instagram, Facebook , twitter, et al to promote our brand
• Install our Bill Boards on strategic locations all around Columbus, Ohio
• Engage in road show from time to time
• Distribute our fliers and handbills in target areas
• Position our Flexi Banners at strategic positions in the location where our retail store is located.

12. Our Pricing Strategy

Pricing is one of the key factors that give leverage to retail stores, it is normal for consumers to go to places (retail outlets) where they can goods at cheaper price which is why big player in the retail industry like Wal-Mart will attract loads of consumers. Products in their store are tagged with the cheapest price you can get anywhere in the United States.

We know we don’t have the capacity to compete with Wal-Mart or any other big retail store, but we will ensure that the prices of all the products that are available in our store are competitive with what is obtainable amongst retail stores within our level.

• Payment Options

Our payment policy is all inclusive because we are quite aware that different people prefer different payment options as it suits them. Here are the payment options that will be available in every of our outlets;

• Payment by cash
• Payment via Point of Sale (POS) Machine
• Payment via online bank transfer (online payment portal)
• Payment via Mobile money

In view of the above, we have chosen banking platforms that will help us achieve our payment plans without any itches.

13. Startup Expenditure (Budget)

This is the key areas where we will spend our start – up capital;

• The Total Fee for Registering the Business in Ohio – $750.
• Legal expenses for obtaining licenses and permits as well as the accounting services (software, P.O.S machines and other software) – $1,300.
• Marketing promotion expenses for the grand opening of People’s Choice Retail Store in the amount of $3,500 and as well as flyer printing (2,000 flyers at $0.04 per copy) for the total amount of $3,580.
• Cost for hiring Consultant – $2,500 .
• Insurance (general liability, workers’ compensation and property casualty) coverage at a total premium – $2,400.
• Cost for payment of rent for 12 month at $1.76 per square feet in the total amount of $105,600.
• Cost for Shop remodeling (construction of racks and shelves) – $20,000.
• Other start-up expenses including stationery ($500) and phone and utility deposits ($2,500).
• Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $60,000
• The cost for Start-up inventory (stocking with a wide range of products) – $100,000
• Storage hardware (bins, rack, shelves, food case) – $3,720
• Cost for serving area equipment (plates, glasses, flatware) – $3,000
• Cost for store equipment (cash register, security, ventilation, signage) – $13,750
• Cost of purchase and installation of CCTVs: $10,000
• The cost for the purchase of furniture and gadgets (Computers, Printers, Telephone, TVs, Sound System, tables and chairs et al): $4,000 .
• The cost of Launching a Website: $600
• The cost for our opening party: $7,000
• Miscellaneous: $10,000

We would need an estimate of $500,000 to successfully set up our retail store in Columbus, Ohio. Please note that this amount includes the salaries of all the staff for the first month of operation.

Generating Funding / Startup Capital for People’s Choice Retail Store

People’s Choice Retail Store is a private business that is solely owned and financed by Bob Wesley and family. They do not intend to welcome any external business partner which is why he has decided to restrict the sourcing of the start – up capital to 3 major sources. These are the areas we intend generating our start – up capital;

• Generate part of the start – up capital from personal savings
• Source for soft loans from family members and friends
• Apply for loan from my Bank

N.B: We have been able to generate about $200,000 ( Personal savings $150,000 and soft loan from family members $50,000 ) and we are at the final stages of obtaining a loan facility of $300,000 from our bank. All the papers and document have been signed and submitted, the loan has been approved and any moment from now our account will be credited with the amount.

14. Sustainability and Expansion Strategy

The future of a business lies in the numbers of loyal customers that they have the capacity and competence of the employees, their investment strategy and the business structure. If any of these factors is missing from a business (company), then it won’t be too long before the business close shop.

People’s Choice Retail Store will ensure that all the factors listed above are reinforced on a regular basis and also we will engage in continuous capacity building of our workforce. As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of three years or more.

We will make sure that the right foundation, structures and processes are put in place to ensure that staff welfare is well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and re – training of our workforce is at the top burner.

Check List / Milestone

• Business Name Availability Check:>Completed
• Business Registration: Completed
• Opening of Corporate Bank Accounts: Completed
• Securing Point of Sales (POS) Machines: Completed
• Opening Mobile Money Accounts: Completed
• Opening Online Payment Platforms: Completed
• Application and Obtaining Tax Payer’s ID: In Progress
• Application for business license and permit: Completed
• Purchase of Insurance for the Business: Completed
• Leasing of facility and remodeling the shop: In Progress
• Conducting Feasibility Studies: Completed
• Generating capital from family members: Completed
• Applications for Loan from the bank: In Progress
• writing of business plan: Completed
• Drafting of Employee’s Handbook: Completed
• Drafting of Contract Documents and other relevant Legal Documents: In Progress
• Design of The Company’s Logo: Completed
• Graphic Designs and Printing of Packaging Marketing / Promotional Materials: In Progress
• Recruitment of employees: In Progress
• Purchase of the Needed furniture, racks, shelves, computers, electronic appliances, office appliances and CCTV: In progress
• Creating Official Website for the Company: In Progress
• Creating Awareness for the business both online and around the community: In Progress
• Health and Safety and Fire Safety Arrangement (License): Secured
• Opening party / launching party planning: In Progress
• Compilation of our list of products that will be available in our store: Completed
• Establishing business relationship with vendors – suppliers of all our needed raw materials: In Progress

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Here is a free business plan sample for a retail store.

Are you eager to launch your own retail store but unsure where to start your journey?

In the content that follows, we will present to you a comprehensive sample business plan tailored for the retail industry.

As an aspiring entrepreneur, you're likely aware that a strategic business plan is a cornerstone of any successful venture, providing a clear outline of your business concept, objectives, and the tactics you'll employ to achieve them.

To streamline the creation of an effective plan, you're invited to utilize our retail business plan template. Additionally, our specialists are on hand to offer a complimentary review and refinement of your plan.

How to draft a great business plan for your retail store?

A good business plan for a retail store must be tailored to the nuances of the retail industry.

Initially, it's imperative to provide a comprehensive overview of the retail market you're entering. This includes up-to-date statistics and an analysis of emerging trends, similar to what we've outlined in our retail business plan template .

Your business plan should articulate your vision clearly. Define your target demographic (such as families, young professionals, or students), and establish your store's unique selling proposition (USP), whether it's competitive pricing, product variety, exclusive items, or customer service excellence.

Market analysis is a critical component. You need to thoroughly understand your competitors, the local market dynamics, and consumer behavior patterns.

For a retail store, it's vital to detail the range of products you will carry. Describe the categories - clothing, electronics, home goods, etc. - and explain how these selections cater to the preferences and needs of your intended customer base.

The operational plan is key. It should outline the location of your store, the layout of the shopping and inventory space, supplier relationships, and inventory management systems.

In retail, it's crucial to highlight your procurement strategies, inventory turnover rates, and loss prevention measures.

Then, delve into your marketing and sales strategies. How do you plan to attract shoppers and foster loyalty? Discuss promotional tactics, customer service policies, and potential ancillary services (like personal shopping or in-store events).

Embracing digital strategies, such as an e-commerce platform or a robust social media presence, is increasingly important in the retail sector.

The financial aspect is another cornerstone. This section should cover the initial investment, projected sales, operating expenses, and the point at which you expect to break even.

In retail, product margins can vary widely, so precise financial planning and a solid understanding of your cost structure are essential. For assistance, consider using our financial forecast for a retail store .

Compared to other business plans, a retail store's plan must pay closer attention to inventory management, customer traffic patterns, and peak shopping seasons.

A well-crafted business plan is not just a roadmap for the store owner; it's also a tool to attract investors or secure loans.

Lenders and investors are looking for a thorough market analysis, realistic financial projections, and a clear plan for day-to-day operations.

By presenting a comprehensive and substantiated business plan, you showcase your dedication and readiness to make your retail store a success.

To streamline the process and ensure you cover all necessary points, feel free to utilize our retail business plan template .

A free example of business plan for a retail store

Here, we will provide a concise and illustrative example of a business plan for a specific project.

This example aims to provide an overview of the essential components of a business plan. It is important to note that this version is only a summary. As it stands, this business plan is not sufficiently developed to support a profitability strategy or convince a bank to provide financing.

To be effective, the business plan should be significantly more detailed, including up-to-date market data, more persuasive arguments, a thorough market study, a three-year action plan, as well as detailed financial tables such as a projected income statement, projected balance sheet, cash flow budget, and break-even analysis.

All these elements have been thoroughly included by our experts in the business plan template they have designed for a retail .

Here, we will follow the same structure as in our business plan template.

Market Opportunity

Market data and figures.

The retail industry is a cornerstone of the global economy with significant impact and reach.

As of recent estimates, the global retail market value stands at approximately 25 trillion dollars, with projections indicating continued growth driven by e-commerce and evolving consumer behaviors.

In the United States alone, there are over 1 million retail establishments, contributing to an annual turnover of nearly 5 trillion dollars. This underscores the retail sector's vital role in the American economy and its influence on consumer lifestyles.

These figures highlight the retail industry's expansive nature and its capacity to adapt to changing market dynamics.

The retail landscape is witnessing a transformation, influenced by technological advancements and shifting consumer expectations.

E-commerce is on the rise, with more consumers opting for the convenience of online shopping. This trend has been accelerated by the global pandemic, leading to a surge in online retail sales.

Sustainability is becoming a priority, with an increasing number of consumers preferring products that are eco-friendly and ethically sourced. Retailers are responding by incorporating sustainable practices into their operations and product selections.

Personalization is another key trend, as retailers leverage data analytics to offer tailored shopping experiences and curated product recommendations to their customers.

Omnichannel strategies are being adopted to provide a seamless shopping experience across various platforms, from brick-and-mortar stores to mobile apps and online marketplaces.

Lastly, the demand for contactless transactions and digital payment options has grown, offering convenience and safety for both consumers and retailers.

These trends are shaping the future of retail, with businesses adapting to meet the evolving needs and preferences of modern consumers.

Success Factors

Several factors contribute to the success of a retail business.

Product assortment is critical; retailers must offer a diverse range of high-quality products that cater to the needs and desires of their target market.

Customer experience is paramount, with successful retailers providing exceptional service, convenient shopping solutions, and a pleasant store atmosphere.

Location remains a key factor, as a strategically placed retail store can attract significant foot traffic and visibility.

Adaptability is also essential, as retailers must be agile in responding to market trends, economic shifts, and consumer behavior changes.

Effective supply chain management ensures that products are available when and where they are needed, minimizing stockouts and overstock situations.

Lastly, embracing digital transformation and innovative technologies can help retailers stay competitive and relevant in an increasingly digital world.

By focusing on these success factors, retailers can position themselves for growth and longevity in the dynamic retail landscape.

The Project

Project presentation.

Our retail store project is designed to cater to the increasing consumer interest in eco-friendly and sustainable products. Situated in a high-traffic shopping district or near eco-conscious communities, this retail store will offer a diverse selection of environmentally responsible goods, ranging from organic clothing and reusable household items to biodegradable personal care products and zero-waste accessories, all sourced from ethical suppliers and crafted with sustainability in mind.

The emphasis will be on the quality, durability, and environmental impact of the products to provide a responsible shopping experience.

This eco-conscious retail store aims to become a go-to destination for sustainable goods, thereby contributing to the promotion of environmentally friendly lifestyles and practices.

Value Proposition

The value proposition of our eco-friendly retail store project is centered on providing a curated selection of sustainable and ethically produced goods that cater to the needs of environmentally conscious consumers.

Our dedication to offering products that minimize ecological footprints offers a meaningful shopping experience, while contributing to the preservation of our planet.

We are committed to fostering a community where individuals can find eco-friendly alternatives to conventional products and aim to educate our customers about the importance of sustainability and conscious consumerism.

Our retail store aspires to be a cornerstone of the community, offering a tangible solution to the environmental challenges we face and improving the quality of life of our customers through responsible consumption.

Project Owner

The project owner is an entrepreneur with a strong passion for environmental conservation and sustainable living.

With a background in retail management and a deep commitment to eco-friendly practices, they are determined to create a retail store that stands out for its dedication to sustainability, ethical sourcing, and community engagement.

With a vision of inspiring change and promoting green alternatives, they are resolved to provide products that support a sustainable lifestyle while contributing to the well-being of the planet.

Their commitment to environmental stewardship and their zeal for innovative retail solutions make them the driving force behind this project, aiming to empower consumers to make choices that benefit both themselves and the environment.

The Market Study

Market segments.

The market segments for this specialized gluten-free retail store are diverse and multifaceted.

Firstly, there are individuals with gluten intolerance or celiac disease who require gluten-free products as a necessity for their health and well-being.

Additionally, there is a growing demographic of health-conscious consumers who opt for gluten-free products to support their lifestyle choices.

The market also caters to those who are exploring gluten-free options out of curiosity or for the perceived health benefits, even without a medical need.

Healthcare professionals, including dietitians and general practitioners, represent another segment as they often recommend gluten-free products to patients with sensitivities or dietary restrictions.

SWOT Analysis

A SWOT analysis of the gluten-free retail store project highlights several key factors.

Strengths include a specialized focus on gluten-free products, a knowledgeable staff trained to assist customers with dietary needs, and a robust supply chain for sourcing high-quality gluten-free goods.

Weaknesses may involve the niche market limiting the customer base and the potential for higher pricing due to the specialty nature of the products.

Opportunities can be found in the increasing awareness and popularity of gluten-free diets, the potential to expand product lines, and the ability to create a community around health and wellness.

Threats include the entry of larger retailers into the gluten-free space, price competition, and the volatility of prices for gluten-free ingredients.

Competitor Analysis

Competitor analysis in the gluten-free retail sector indicates a competitive landscape.

Direct competitors include other specialty health food stores, supermarkets with dedicated gluten-free sections, and online retailers specializing in gluten-free products.

These competitors vie for the attention of a discerning customer base that values product variety, ingredient transparency, and convenience.

Potential competitive advantages for our store include a highly curated product selection, personalized customer service, community engagement, and loyalty programs.

Understanding the competitive landscape is crucial for carving out a unique position in the market and for customer acquisition and retention.

Competitive Advantages

Our gluten-free retail store's competitive edge lies in our unwavering dedication to providing a wide array of gluten-free products that meet the needs of our customers.

We offer an extensive selection of gluten-free groceries, from staples to gourmet items, ensuring that our customers do not have to compromise on choice or quality.

Our knowledgeable staff are trained to offer guidance and support to customers, whether they are new to a gluten-free diet or seasoned gluten-free shoppers.

We are committed to transparency and education, helping our customers make informed choices and fostering a sense of community among those who shop with us.

You can also read our articles about: - how to open a retail store: a complete guide - the customer segments of a retail store - the competition study for a retail store

The Strategy

Development plan.

Our three-year development plan for the specialized gluten-free retail store is designed to be progressive and responsive to market demands.

In the first year, our goal is to establish a strong foothold in the local market by offering a diverse range of high-quality gluten-free products and exceptional customer service.

During the second year, we plan to expand our reach by opening additional locations in key shopping districts and residential areas to increase accessibility for our customers.

The third year will focus on enhancing our product line with exclusive gluten-free items and collaborating with suppliers to offer unique products. We will also explore online sales channels to broaden our market reach.

Throughout this period, we will prioritize customer satisfaction, product excellence, and innovative retail experiences to solidify our brand as a leader in the gluten-free retail sector.

Business Model Canvas

The Business Model Canvas for our gluten-free retail store is centered around serving individuals with gluten sensitivities and those who prefer gluten-free products for lifestyle reasons.

Our value proposition lies in providing a wide selection of gluten-free goods, convenience, and a knowledgeable staff to assist customers in making informed choices.

We will operate through our physical retail locations and an e-commerce platform, utilizing our key resources such as our relationships with gluten-free product suppliers and our retail expertise.

Key activities include inventory management, customer service, and community engagement.

Our revenue streams will be generated from the sales of gluten-free products, while our costs will be mainly associated with inventory procurement, store operations, and marketing initiatives.

Access a comprehensive and editable real Business Model Canvas in our business plan template .

Marketing Strategy

Our marketing strategy is centered on differentiation and customer engagement.

We aim to distinguish ourselves by offering an extensive range of gluten-free products and by providing a shopping environment that educates customers about the benefits of gluten-free living. Our marketing efforts will include in-store promotions, loyalty programs, and educational workshops.

We will also establish partnerships with nutritionists and health influencers to endorse our products and store.

Additionally, we will leverage social media platforms and online marketing to increase our visibility and attract a wider customer base, while emphasizing the quality and variety of our gluten-free offerings.

Risk Policy

The risk policy for our gluten-free retail store is focused on mitigating risks associated with product sourcing, inventory management, and customer satisfaction.

We will implement strict quality control measures to ensure all products meet gluten-free standards and maintain strong relationships with reputable suppliers to guarantee product availability and quality.

Regular training for staff on gluten-free products and customer service will help maintain high standards. We will also adopt a conservative financial approach to manage costs effectively.

Comprehensive insurance coverage will be in place to protect against potential liabilities. Our commitment is to provide safe, high-quality gluten-free products while ensuring a positive shopping experience for our customers.

Why Our Project is Viable

We are committed to establishing a retail store that specializes in gluten-free products, addressing the increasing demand from health-conscious consumers and those with dietary restrictions.

With our dedication to offering a wide range of products, exceptional customer service, and a focus on education and community, we believe our business is well-positioned for success in the growing gluten-free market.

We are enthusiastic about the opportunity to enhance the lives of our customers through our offerings and are prepared to adapt to market changes to achieve our objectives. We are optimistic about the future prospects of our gluten-free retail store.

You can also read our articles about: - the Business Model Canvas of a retail store - the marketing strategy for a retail store

The Financial Plan

Of course, the text presented below is far from sufficient to serve as a solid and credible financial analysis for a bank or potential investor. They expect specific numbers, financial statements, and charts demonstrating the profitability of your project.

All these elements are available in our business plan template for a retail and our financial plan for a retail .

Initial expenses for our gluten-free retail store include costs associated with leasing a retail space in a strategic location, outfitting the store with appropriate shelving and display units for gluten-free products, purchasing initial inventory from certified gluten-free suppliers, training staff on the importance of cross-contamination prevention, as well as expenses for branding and targeted marketing campaigns to attract customers with gluten sensitivities or preferences.

Our revenue assumptions are based on a thorough market analysis of the demand for gluten-free goods, taking into account the increasing number of people adopting gluten-free lifestyles for health and dietary reasons.

We expect a steady growth in sales, beginning with conservative estimates and expanding as the reputation of our gluten-free retail store strengthens in the community.

The projected income statement outlines expected revenues from the sales of gluten-free products, cost of goods sold (including inventory procurement and handling), and operating expenses (lease, marketing, staff wages, etc.).

This leads to a forecasted net profit that is essential for assessing the long-term viability of our retail business.

The projected balance sheet will display assets unique to our retail operation, such as store fixtures, initial product inventory, and liabilities like loans and projected operational costs.

It will provide a snapshot of the financial condition of our gluten-free retail store at the end of each fiscal period.

Our projected cash flow statement will detail the cash inflows from sales and outflows for expenses, helping us to predict our financial needs. This is crucial for maintaining adequate cash reserves to handle day-to-day business transactions.

The projected financing plan will enumerate the various sources of funding we intend to tap into to cover our initial costs, including potential loans or investor capital.

The working capital requirement for our gluten-free retail store will be diligently tracked to ensure we have sufficient funds to support everyday business activities, such as restocking inventory, managing accounts receivable and payable, and meeting payroll obligations.

The break-even analysis will pinpoint the sales volume required to cover all our costs, including the initial setup expenses, and begin generating profits.

It will signal the point at which our retail operation becomes financially sustainable.

Key performance indicators we will monitor include the gross margin on our gluten-free products, the current ratio to evaluate our ability to meet short-term liabilities, and the return on investment to gauge the efficiency of the capital we have invested in our retail venture.

These metrics will assist us in gauging the financial performance and overall success of our gluten-free retail store.

If you want to know more about the financial analysis of this type of activity, please read our article about the financial plan for a retail store .

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7 Business Plan Examples to Inspire Your Own (2024)

Need support creating your business plan? Check out these business plan examples for inspiration.

Any aspiring entrepreneur researching how to start a business will likely be advised to write a business plan. But few resources provide business plan examples to really guide you through writing one of your own.

Here are some real-world and illustrative business plan examples to help you craft your business plan .

7 business plan examples: section by section

The business plan examples in this article follow this template:

• Executive summary.  An introductory overview of your business.
• Company description.  A more in-depth and detailed description of your business and why it exists.
• Market analysis.  Research-based information about the industry and your target market.
• Products and services.  What you plan to offer in exchange for money.
• Marketing plan.   The promotional strategy to introduce your business to the world and drive sales.
• Logistics and operations plan.  Everything that happens in the background to make your business function properly.
• Financial plan.  A breakdown of your numbers to show what you need to get started as well as to prove viability of profitability.
• Executive summary

Your  executive summary  is a page that gives a high-level overview of the rest of your business plan. It’s easiest to save this section for last.

In this  free business plan template , the executive summary is four paragraphs and takes a little over half a page:

• Company description

You might repurpose your company description elsewhere, like on your About page, social media profile pages, or other properties that require a boilerplate description of your small business.

Soap brand ORRIS  has a blurb on its About page that could easily be repurposed for the company description section of its business plan.

You can also go more in-depth with your company overview and include the following sections, like in the example for Paw Print Post:

• Business structure.  This section outlines how you  registered your business —as an  LLC , sole proprietorship, corporation, or other  business type . “Paw Print Post will operate as a sole proprietorship run by the owner, Jane Matthews.”
• Nature of the business.  “Paw Print Post sells unique, one-of-a-kind digitally printed cards that are customized with a pet’s unique paw prints.”
• Industry.  “Paw Print Post operates primarily in the pet industry and sells goods that could also be categorized as part of the greeting card industry.”
• Background information.  “Jane Matthews, the founder of Paw Print Post, has a long history in the pet industry and working with animals, and was recently trained as a graphic designer. She’s combining those two loves to capture a niche in the market: unique greeting cards customized with a pet’s paw prints, without needing to resort to the traditional (and messy) options of casting your pet’s prints in plaster or using pet-safe ink to have them stamp their ‘signature.’”
• Business objectives.  “Jane will have Paw Print Post ready to launch at the Big Important Pet Expo in Toronto to get the word out among industry players and consumers alike. After two years in business, Jane aims to drive $150,000 in annual revenue from the sale of Paw Print Post’s signature greeting cards and have expanded into two new product categories.”
• Team.  “Jane Matthews is the sole full-time employee of Paw Print Post but hires contractors as needed to support her workflow and fill gaps in her skill set. Notably, Paw Print Post has a standing contract for five hours a week of virtual assistant support with Virtual Assistants Pro.”

Your  mission statement  may also make an appearance here.  Passionfruit  shares its mission statement on its company website, and it would also work well in its example business plan.

• Market analysis

The market analysis consists of research about supply and demand, your target demographics, industry trends, and the competitive landscape. You might run a SWOT analysis and include that in your business plan. 

Here’s an example  SWOT analysis  for an online tailored-shirt business:

You’ll also want to do a  competitive analysis  as part of the market research component of your business plan. This will tell you who you’re up against and give you ideas on how to differentiate your brand. A broad competitive analysis might include:

• Target customers
• Unique value add  or what sets their products apart
• Sales pitch
• Price points  for products
• Shipping  policy
• Products and services

This section of your business plan describes your offerings—which products and services do you sell to your customers? Here’s an example for Paw Print Post:

• Marketing plan

It’s always a good idea to develop a marketing plan  before you launch your business. Your marketing plan shows how you’ll get the word out about your business, and it’s an essential component of your business plan as well.

The Paw Print Post focuses on four Ps: price, product, promotion, and place. However, you can take a different approach with your marketing plan. Maybe you can pull from your existing  marketing strategy , or maybe you break it down by the different marketing channels. Whatever approach you take, your marketing plan should describe how you intend to promote your business and offerings to potential customers.

• Logistics and operations plan

The Paw Print Post example considered suppliers, production, facilities, equipment, shipping and fulfillment, and inventory.

Financial plan

The financial plan provides a breakdown of sales, revenue, profit, expenses, and other relevant financial metrics related to funding and profiting from your business.

Ecommerce brand  Nature’s Candy’s financial plan  breaks down predicted revenue, expenses, and net profit in graphs.

It then dives deeper into the financials to include:

• Funding needs
• Projected profit-and-loss statement
• Projected balance sheet
• Projected cash-flow statement

You can use this financial plan spreadsheet to build your own financial statements, including income statement, balance sheet, and cash-flow statement.

Types of business plans, and what to include for each

A one-page business plan is meant to be high level and easy to understand at a glance. You’ll want to include all of the sections, but make sure they’re truncated and summarized:

• Executive summary: truncated
• Market analysis: summarized
• Products and services: summarized
• Marketing plan: summarized
• Logistics and operations plan: summarized
• Financials: summarized

A startup business plan is for a new business. Typically, these plans are developed and shared to secure  outside funding . As such, there’s a bigger focus on the financials, as well as on other sections that determine viability of your business idea—market research, for example.

• Market analysis: in-depth
• Financials: in-depth

Your internal business plan is meant to keep your team on the same page and aligned toward the same goal.

A strategic, or growth, business plan is a bigger picture, more-long-term look at your business. As such, the forecasts tend to look further into the future, and growth and revenue goals may be higher. Essentially, you want to use all the sections you would in a normal business plan and build upon each.

• Market analysis: comprehensive outlook
• Products and services: for launch and expansion
• Marketing plan: comprehensive outlook
• Logistics and operations plan: comprehensive outlook
• Financials: comprehensive outlook

Feasibility

Your feasibility business plan is sort of a pre-business plan—many refer to it as simply a feasibility study. This plan essentially lays the groundwork and validates that it’s worth the effort to make a full business plan for your idea. As such, it’s mostly centered around research.

Set yourself up for success as a business owner

Building a good business plan serves as a roadmap you can use for your ecommerce business at launch and as you reach each of your business goals. Business plans create accountability for entrepreneurs and synergy among teams, regardless of your  business model .

Kickstart your ecommerce business and set yourself up for success with an intentional business planning process—and with the sample business plans above to guide your own path.

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Business plan examples FAQ

How do i write a simple business plan, what is the best format to write a business plan, what are the 4 key elements of a business plan.

• Executive summary: A concise overview of the company's mission, goals, target audience, and financial objectives.
• Business description: A description of the company's purpose, operations, products and services, target markets, and competitive landscape.
• Market analysis: An analysis of the industry, market trends, potential customers, and competitors.
• Financial plan: A detailed description of the company's financial forecasts and strategies.

What are the 3 main points of a business plan?

• Concept: Your concept should explain the purpose of your business and provide an overall summary of what you intend to accomplish.
• Contents: Your content should include details about the products and services you provide, your target market, and your competition.
• Cashflow: Your cash flow section should include information about your expected cash inflows and outflows, such as capital investments, operating costs, and revenue projections.

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Retail Business Plan

Slow and steady wins the race, they said; which is also true for the retail industry. Compared to wholesale, retail is all about selling products, not in bulk but in small quantities with a higher profit margin. However, because this industry existed for a long time, it’s going to be a challenge for anyone who desires to start venturing within the industry, without any preparation! Nonetheless, to help you weave through all the commotion we have 10+ Retail Business Plan Examples ready for your use. These high-quality templates are also accompanied by an excellent guide to help you create an amazing document. Check it down now!

10+ Retail Business Plan Examples

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What is a Retail Business Plan?

A retail business plan is a document that showcases the operational plan , communication plan , marketing plan , and financial plan of a startup retail business. This document is important to help people trust your venture and leadership more so you or your team can gain more financial support for the business.

What are America’s most profitable stores?

Whether we like it or not, there are always groups that can achieve more than the average. So here is the top five list of most profitable retail stores in America in 2019.

Number 1: Walmart

Walmart is number one in the list of the top retailers with the most revenue for the year 2019-2020. They are on this spot because of their $523.96 billion revenue that’s more than half of the $900 billion retail markets.

Number 2: Amazon

Jeff Bezos’ baby, Amazon, takes the second spot. The ECommerce giant gained as much as $280.5 billion for the year 2019 alone. Its command of its 150 million Amazon Prime users further boosts these numbers by ensuring that these men keep coming and will keep their $119 annual membership.

Number 3: Costco

The wholesale warehouse club Costo comes third with a staggering $149 billion in its pocket. They are also number one in the American Customer Satisfaction Index for this year. This achievement clearly shows the exceptional customer service they are doing.

Number 4: Walgreens Boots Alliance

Number four on the spot of the top retailers with the most revenue for the year 2019 is Walgreen Boots Alliance. They earned $136.87 billion for the year 2019-2020. They got this number amidst the COVID-19 pandemic, which shows their edge over other retail stores and companies.

Number 5: The Kroger Co.

The Kroger Co. is the largest supermarket by revenue and gained $122.28 billion in profits for the year 2019-2020. They are the second-largest retailer after Walmart who’s obviously sitting at the top.

How to Create a Retail Business Plan

Starting a business can be difficult at times, especially if you are venturing into an industry filled with business giants that you can only look up to. However, with persistence, hope, and an excellent retail business plan what could go wrong? Noting! You will be firm in your strategic movements because you already perceived your future endeavors and plans! Listed below are the steps you can take to create your retail business plan.

Step 1: Create an Executive Summary

Executive Summaries are important to any business plan. Why? Because they are that icing in the cake or the cream in your frappe. They make your business plan more agreeable and tempting. How can they do this? You might want to ask. Simple. Written in the executive summary are the summaries of all your parts. In this way, investors can already understand the whole concept while not having read the whole business plan.

Step 2: Goals and Target Market

The target market of a retail store may vary. A boutique focuses more on clothing, textile, and fashion. However, you cannot expect the same way in other retail stores and that’s why you should specify your target market. In this way, people can easily analyze if your business is viable or not.

Step 3: Include  Your Company Profile

Your business team tells more about the business. Although you should never judge other people easily, whether you like it or not the quality of your team matters. That’s why if you want to gain more financial assistance, you should make sure that you provide a fitting company profile . If you are planning to start a cosmetic retail store and the people in your management are all computer engineers, then you’ll find it hard for people to believe. That’s why you should tell people that they can trust you by providing a good company profile.

Step 4: Marketing, and Finance

This is basic. People want to learn about your business because they want to earn. That’s why you should include an excellent marketing plan in your business plan. In this way, people can think for themselves if your plan can work or not. Another thing that you should put in your document is the financial plan . In this way, people can check its contents and they can decide which strategic need they can support that will increase the success rate of your retail store.

Is the retail business profitable?

Yes. Retail business is profitable. As mentioned earlier, the total revenue of the US retail industry amidst the COVID-19 pandemic is a staggering $900 billion. Although this only showcases a page compared to the pages in the list, you can already deduce the possibility of you earning in this industry, as well.

Is a supermarket a retail store?

Technically, yes. Supermarkets are large retail stores, as you can still buy items in small quantities. Thus it acts as a retail store. After all, retail stores are those stores that provide goods or products to the end-user customers, and supermarkets do this while also acting as a wholesale store.

What are the types of retail?

The types of retailers are listed below: 1. Convenience Retailer 2. Internet/Mobile Retailer 3. Warehouse Retailers 4. Discount Retailer 5. Specialty/Outlet Retailers 6. Department Stores 7. Grocery Stores and Supermarkets

The retail industry is a never-ending booming industry. It grows when others wither and expands when it’s time to expand. That’s why it is important for you to have a business plan before venturing within. However, once you have an excellent brand even marketing fashion is not difficult; remember H&M? So, start with an outline or a template for now, and tomorrow the world.

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14+ SAMPLE Retail Business Plan in PDF | MS Word

Retail Business Plan | MS Word

14+ sample retail business plan,  a retail business plan, benefits of having a business plan, elements of a retail business plan, how to write a retail business plan, why is a business plan necessary when starting a retail business, what are acceptable retail margins, how do you boost gross profit margins.

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What is  a retail business plan, 1. provide a brief description of your business., 2. incorporate data from the target market’s and industry’s analysis, 3. justify your products, 4. attend to operational requirements, 5. establish a formal organizational framework, 6. analyze marketing, 7. develop a financial strategy, share this post on your network, you may also like these articles.

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Nature's Candy

Executive summary executive summary is a brief introduction to your business plan. it describes your business, the problem that it solves, your target market, and financial highlights.">, opportunity.

The modern world brings knowledge about the human body and the convenience of having things sent to one’s home. Why should that only be an option for people with more income? We will make sure that everyone has the option of health and convenience. 

Nature’s Candy’s mission is to provide the finest in natural supplements using the Internet to lower the consumer’s cost.  We exist to attract and maintain customers.  When we adhere to this maxim, everything else will fall into place.  Our services will exceed the expectations of our customers.  

The nutritional supplement market is a semi-mature market characterized by high-growth rates, medium barriers to entry, and a few large competitors.  Despite the competition in the market, many companies have reported annual growth levels of 30%.  The market leaders are as follows:

• GNC (General Nutritional Companies, Inc.): This company is a nationwide specialty retailer of vitamins, minerals, and sports nutrition supplements.  With over 3,000 stores, GNC generated $1.19 billion in 2000.
• Nature’s Sunshine Products, Inc.: Nature’s manufactures and markets a variety of health supplements.  This multi-level marketing company had 2000 revenues of approximately $370 million.
• Rexall Sundown, Inc.: Rexall develops, manufactures, markets and sells vitamins, nutritional supplements, and consumer health products through retailers, independent distributors, and mail order.  Rexall had 2000 revenues of approximately $370 million.
• International Vitamin Company, Inc.: IVC manufactures, packages, sells, and distributes private label vitamins and nutritional supplements to drug stores, supermarkets and health food stores.  IVC had revenues of $107 million in 2000.

The primary channels of distribution in this market are:

• Mass market retailers (Fred Meyer, Rite Aide).
• Direct Sales organizations.
• Health Food Stores (GNC).
• Mail order catalogs and the Internet.

Competition

Within the mass market retailer channel, the three main primary vitamin and supplement product categories are national brands, broad-line brands, and private label brands.  The national and broad line brands consist of 60% of the domestic market, which the private label brands account for the remaining 40% of the market.

Expectations

In the next three years Nature’s Candy intends to create an icon e-commerce brand through laser-focused marketing and will grow and eventually make a profit by the second year 

Financial Highlights by Year

Financing needed.

We will be starting with $80,000 from founders: 

Quack $45,000

Stewart $35,000

Problem & Solution

Problem worth solving, our solution, target market, market size & segments.

The market for vitamins and nutritional supplements has grown to over $6.5 billion annually. Herbal sales alone are growing by 20% per year.  This market is lead by the aging Baby Boomer who is concerned with his/her mortality.  Also, there has been a paradigm shift of perception of nutritional supplements.  Homeopathic and naturopathic products are seen as normal.  In addition, positive medical results from major studies have further legitimized these products.

4.1 Market Segmentation

A significant trend in America, and abroad, is that people are taking a more proactive interest in their health.  This is exemplified by the increase of health clubs and health club memberships.  People are looking to avoid invasive surgery and powerful pharmaceuticals. People are taking an active role in the maintenance of their health and practicing preventive medicine.  Naturopathic medicine promotes the diagnosis, treatment, and prevention of human disorders through the use of non-invasive, non-pharmaceutical products and practices.  In 1993, the United Stated government recognized this trend when it established the Office of Alternative Medicine.

Besides the general development of naturopathic medicine, the aging of the American population is a significant trend driving the use of naturopathic and homeopathic health supplements.  The Baby Boomers are now reaching middle age and mortality is becoming a focus.  This demographic segment, which is comprised of 80 million people, represents over 50% of our county’s discretionary income.  It is reasonable to believe that this wealthy market segment will continue to grow the sales of naturopathic products.

Another global trend is the emergence and popularity of e-commerce.  Brand-focused Web retailers that can provide quality products, customer service, information, and the intangible, emotional buy-in by the customer are becoming hugely successful.  E-commerce retailers have an advantage in that "Unlike traditional retailers, Web-based sellers are not slowed by the friction of store growth and local marketing"  (J.W. Gurley, Fortune, 1/11/98).  In addition, e-commerce companies do not have the excessive overhead of a traditional brick and mortar retailer.  As seen by the recent success of Amazon.com and Gap.com, consumers are comfortable buying online and will pay for convenience.  Experts predict Web sales to grow to $12 billion by 2003.

This enthusiasm about the Internet is not irrational but grounded in reality in light of the recent market crash of Internet retailers.  The recent Internet crash was based on too-easy access to capital invested into retailers and other dot-coms without reasonable business plans or revenue models.  Regardless of the recent fallout, the Internet is a very efficient marketing and distribution model that if done right, significantly decreases costs of serving the consumer. Nature’s Candy will harness these efficiencies and will grow intelligently unlike other .dot-coms that became dot-bombs.

Current Alternatives

National Brands Examples:  Centrum, One-A-Day. Generally do not provide a full line of vitamins or other supplements. The product formulas are conservative and generic in nature.

Broad-line Brands Examples:  Rexall Sundown, GNC’s Nature’s Fingerprint, Country Life. Full lines of produce under one brand. Manufactured by company. This is the market segment where most of the product development and innovation occurs. Stronger potencies and cutting edge ingredients. Highest price.

Private Label Products Examples:  NatureMed. Under retailer’s name. Smaller line of products than broad-line brands. Manufactured by a third party. More conservative potencies than broad line. Tend to be the cheapest.

Our Advantages

Nature’s Candy’s other competitive edge is superior customer service.   The mantra of the customer service department is to serve the customer in any way required.  Customers that call in with problem/issues will be amazed at the amount of personal attention they receive and how quickly issues are not only resolved, but significantly improved.  This will be a powerful asset.

Keys to Success

Nature’s Candy’s keys to success are:

• Web design.
• Product quality.

Marketing & Sales

Marketing plan.

Nature’s Candy  is focused on the merging/redefined Internet marketplace.  The users will be Baby Boomers, which represent approximately 50% of the discretionary income currently in the United States.  They are looking for proactive, non-invasive, and non-pharmaceutical ways to stay healthy as they age.  Nature’s Candy can bring these people cutting-edge products coupled with convenience and service.

The long range goal of Nature’s Candy is not only to dominate the naturopathic and homeopathic supplement market, but to create an icon brand.  Initially the company will:

• Engage in Web-based marketing for the next year to generate awareness of the company and product information.  Because Internet based advertising has declined in recent quarters, the prices for advertising have consequently significantly dropped making the expenditure more cost effective.
• Engage in outdoor advertising providing general awareness to the public at large and direct individuals to the company’s website.

Nature’s Candy will process 90% of it’s sales online through a secure socket layer (SSL), an secure Internet connection.  All orders will be charged to Visa, Mastercard, or American Express.

By ensuring that the website is easy to navigate as well as simple to order from, Nature’s Candy will be ensuring that people who make it to the website will end up purchasing something.  This last point is key.  Research indicates that too many sites that are not easy or intuitive lose customers who migrate through the site, often putting products in their basket, yet leave without purchasing anything.

Nature’s Candy will market and sell private label (manufactured by a company that places the retailer’s name on the packaging) naturopathic homeopathic dietary supplements to individual consumers via the Internet.  These products will include ginseng, ginkoba, and various antioxidants.  After year one additional products will be offered.

Milestones & Metrics

Milestones table.

Key Metrics

Our key Metrics are

• # of views on the website 
• # of visitors 
• # of tweets and retweets 
• # of returning customers 
• inventory turnover 
• customer favorite products 

Ownership & Structure

Nature’s Candy is a privately held Oregon corporation.  Quack Vendor will be the majority owner.  The company intends to recruit a sophisticated team of owner board members. The board members will be granted shares of stock to provide an incentive for their performance on the board.

Management Team

Quack Vendor, president and founder.  Quack worked for Arthur Andersen until qualifying for his CPA credential.  He left Arthur Andersen to become operations manager at Nautilus Footwear, a niche footwear start-up.  His duties included general office management, finance manager, and jack-of-all-trades.  Quack has gained useful insight into the supplemental industry through in-depth conversations with his father, a naturopathic physician.  He received his BS from the University of Oregon.

Stewart Wachit, technology officer.  Stew worked at Imagina for two years where he specialized in C++ and HTML/XML programming.  Stewart left Imagina to become a Web database developer at Systems Management Incorporated, specializing in ColdFusion and JSP.  He received his BS from the University of Pittsburgh.

There are important gaps as follows:

• Customer service representative/manager.
• Distribution/warehouse manager.
• Advisory board.

Personnel Table

Financial Plan investor-ready personnel plan .">

Key assumptions.

Our Key Assumptions: 

• The new trend is people are focusing on their health 
• Vitamins help prolong health 
• People need price accessible Vitamins 

Revenue by Month

Expenses by month, net profit (or loss) by year, use of funds.

Nature’s Candy will incur the following start-up costs

Legal$1,000

Stationery etc.$200

Web Development$10,000

TOTAL START-UP EXPENSES$ 11,200

Sources of Funds

We will be getting $80,000: 

Quack$45,000

Stewart$35,000

Projected Profit & Loss

Projected Balance Sheet

Projected Cash Flow Statement

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Create a Business Plan

You may have heard a lot about the business plan and its importance for a successful campaign. It’s an essential step toward the realization of your idea. With a proper business plan, you basically create a roadmap highlighting all the major steps of launching a retail business. Start writing your business plan by answering the following questions:

• What type of products will you sell?
• What target market will you work at?
• What unique attributes will your store have compared to others?
• How many workers will you need to run your business?
• What qualities your workers should have to be hired?
• Who will you receive goods and consumables from?
• How much will it cost to launch your business?

At first, it may look like a disaster because it’s your first experience. Still, when you have all these questions in front of you, it’s much easier to set priorities as you know what to start from. Move from one point to another, slowly decreasing the number of questions. You will understand what your business will start from and what to expect at the beginning.

Set a Budget for Business

A successful business is impossible without investments, as you need to spend a lot to start earning more in the future. When the teacher gives a perfect essayusa review of your work, they probably don’t know that you invested in writing, and it’s almost the same case.

When planning a business budget, start by calculating the cost of equipment, payroll, and insurance. Also, consider the price of rent, renovations, upgrades, and backup money for force-major situations. When your retail company has its first significant success, your workers may ask for a salary review, which may be a new potential point for budget planning.

Correct Business Registration

When it’s time to make it official and show your business to the world, you have to do it correctly. First and foremost, you should have a name. It should reflect the purpose of the brand and be associated with goods. For example, if you sell goods to farmers, think of a name that shows that your retail business offers products for farmers. Check through the Google search to ensure nobody is running the business with the same name. Make an additional search through the Secretary of State business to ensure no company has a similar name, so there will be no need to change the name.

Buy a domain for the website and create social media profiles. Usually, brands select three key platforms to establish their presence:

People spend most of their time surfing through these platforms, and you can take advantage of this by launching promotion campaigns and showcasing your products.

The next point is determining your legal structure and actually performing a business registration. It’s important because you determine the tax payment structure, the level of protection, the scheme of ownership, and the ability to receive funds. You can choose from dozens of business entities. If you are not sure about which type of entity will be good for you, take a consultation of a business attorney. This person will help you evaluate the pros and cons to decide which one should be registered.

Get Business Insurance, Permits, and Licenses

In some states, you may need a license to start your retail business. Also, it’s essential to get permission to do what you actually want to do. Sometimes, people are required to get multiple licenses to run their business and other documents like a resale certificate, local licenses, a certificate of occupancy, etc.

It’s not necessary to build a physical store. It’s only an option you can use depending on the demand and specifics of your store. You can go the other way and start an e-commerce store selling goods online. Shopify is a great platform to start your journey. You can customize your pages, add more product info, and make everything to ensure it works well. Later, when you get serious income, you can open a physical store and start promoting your products among local people. If they find your products necessary, you will succeed with the ability to scale your business.

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How to write a restaurant business plan + free template (2024)

By Homebase Team

Whether you’re living the dream of opening your own restaurant or reworking your existing concept, a restaurant business plan template takes a ton of stress out of writing a business plan.

With prompts for every section you’ll need, we’ve created our free restaurant business plan template to be your operational foundation (you’re welcome!). Something you can download, customize, and come back to whenever you make business decisions for your restaurant.

But first, let’s go through all the ways a written business plan helps shape your restaurant, and why it boosts your business’s chance of success.

What is a restaurant business plan?

A restaurant business plan is a written document that lays out an overview of a restaurant, its objectives, and its plans for achieving its goals.

It’s needed across all kinds and sizes of restaurants, and can be a handful of pages long or much more detailed. A well-written restaurant business plan not only helps you organize your ideas, it’s also a key part of getting investor funding .

Starting a restaurant? Here’s why you need a business plan. 

Creatively, opening a new restaurant can be incredibly exciting. But it’s also super complicated. From licenses, to equipment, to building a team, each phase needs a lot of attention to detail.

Before you jump in, it’s important to shape your plan of attack, organizing your business ideas into a clear, concise narrative that an outsider could easily understand. A business plan is an essential part of this—and here’s why.

Your business plan helps you:

Set short and long-term goals.

A restaurant business plan not only shows how your business will operate in its early stages, it also shows what steps it’ll need to follow as time goes by. Setting both your short and long-term goals at the outset makes you more likely to achieve them.

Understand your resource needs.

Going through the exercise of writing a restaurant business plan is as important as having the finished document in front of you. As you organize your thoughts, your resource needs—from the amount of capital you need to raise all the way down to the equipment you need to find—will take shape. 

Reduce potential risks.

Sadly, some 60% of restaurants fail within the first year of opening. One of the main reasons? A failure to plan. Your business plan will help you plan for most challenges at your restaurant before they come up, keeping you on the right side of that number.

Develop a marketing strategy.

As you do your market analysis and figure out who your customers are likely to be, the ways you’ll promote your business will get clearer. The more specific you are with your market research, the easier and more effective your marketing efforts will be.

Build your team.

Your business plan helps you see who you’ll need on your team and which roles you’ll need to fill first . For investors, it’s a document showcasing everyone’s collective experience, personalizing your restaurant in their eyes and packing a professional punch.

Share your vision.

Whether you’re using your business plan to secure startup funding or need additional capital after you’ve already opened, your restaurant business plan shows an investor or lender exactly why they should get behind you. 

The 9 elements of a strong restaurant business plan.

Your restaurant business plan will be unique to your vision. But all good business plans hit standard points, and whoever reads yours will expect them. As you develop and finalize your ideas, here are nine key elements you should include. 

1. Executive summary

A strong restaurant business plan begins with a strong executive summary. This is a sharp, concise overview of your restaurant and your opportunity to grab people’s attention.

Here’s where you communicate, in a nutshell, what kind of restaurant you want to run. Which demographic will you be targeting? Why is your business something the community wants or needs? Especially if you’re asking for financing, include a snapshot of your financial information and growth plan as well. 

Your executive summary should briefly lay out:

• Your mission statement. Why are you starting this restaurant now, in this location? 
• Your idea. What’s the concept of this restaurant?
• Your plan of execution. What are your key steps to making this concept work?
• Your potential costs. What are your expected expenses?
• Your anticipated ROI. How much do you expect your restaurant to make?

Many investors will make a split-second decision off of the executive summary alone—it might be all they’re going to read, so make every word count.

2. Company description

Now it’s time to let your creativity out and give your restaurant concept life. Give a more detailed description of your concept that lets your passion for what you’re creating come through. 

Flesh out all the other details of your proposed restaurant, including your restaurant’s:

• Style of cuisine and any unique selling points or differentiators that will make customers choose you
• Service style
• Restaurant name (or at least ideas)
• Size, seating style, and capacity
• Location ideas or the location you’ve scouted or secured
• Ambiance ideas including décor, lighting, and music
• Operating hours
• Other service offerings like whether you’ll offer delivery or takeout, delivery guarantees, catering, and any retail products you plan to sell
• Legal structure (e.g. sole proprietorship, LLC) 
• Existing management and their roles, including yours
• Experts or advisors you’ve brought on board

3. Market analysis

Present the research you’ve done on your target market. Make a couple of buyer personas to represent your future customers, explaining:

• Where your target customers live
• Their income levels
• Their dining-out and/or ordering-in pain points (e.g. lack of late opening hours, lack of family friendliness)
• How often they dine out or order in

Go through which other restaurants already have a customer base in your area, then explain why people will choose your restaurant over others. 

4. Sample menu

Even at the business plan stage, menu engineering is crucial. The specific menu items you’re likely to serve—the biggest thing that will set you apart—should shine through with descriptions that are short, clear, and evocative. If you have an executive chef already, this is a great area for them to add input.

Use language that will get people excited about trying your offerings. Hire a designer or use an online program to create your own mockup using the same colors, fonts, and design elements as the rest of your branding. 

5. Business structure

Dive deeper into your business structure (sole proprietorship, partnership, LLC, etc.) and organizational management. Show what your different employee positions will be (co-founders, managers, servers) to give a sense of your team’s makeup. An organizational chart can be helpful here.

Investors won’t expect you to have your entire team on board at this stage, but you should have at least a couple of people firmed up. For the roles that are already filled, including your own, summarize your collective experience and achievements. Bullet points work well, or some people choose to go into more detail with full resumes for the executive team or critical team members.

6. Restaurant design and location

Long before you sign a lease, make sure that your new offering will outshine existing ones nearby. In this section of your business plan, explain why your chosen location, or the ones you’re narrowing down, are going to be an effective space for your target market.

Consider things like:

• Neighborhood demographics
• Foot traffic
• Labor costs
• Accessibility

Hand in hand with location, your restaurant’s interior design—both in its floor plan and its ambiance—is also crucial to your business’s viability. Come up with a captivating restaurant design that communicates your theme and matches your cuisine, creating a memorable customer experience. Decide how many tables you’ll be serving, and plan out any outdoor seating.

Touch on things like:

• Team uniforms
• Flatware and glassware

7. Marketing strategy

How do you plan to market your restaurant? Your plan for grabbing customers’ attention is vital to getting diners through the door, especially at the beginning before word-of-mouth advertising has taken off.

What kind of offers will you provide? Will you have promotional events, direct mail, or a social media strategy ? Go through your planned marketing campaigns and explain how each of them will help secure your target market. 

8. Takeout and delivery options

If you’ve decided to have takeout and delivery at your restaurant—pretty important for most target markets—decide whether you’ll use your own drivers or a professional fleet like Uber Eats or DoorDash.

Show how you’ll provide the smooth digital experience your customers will expect. Decide if and how your website will come into play, bearing in mind that in 2023, 40% of consumers preferred to order directly from the restaurant website .

9. Financial projections

Your restaurant’s projected budget need to be solid, especially if you’re using your business plan to get startup funds. Without this, investors have no way of knowing if your business is a good investment or when it will become profitable.

Hire an experienced accountant with expertise in running restaurants and write down your market research, your planned costs , and your projected income. Show how investor funds will be used and whether you’ll be putting up collateral to get a loan. Give a sales forecast, usually for the first five years, and make sure to give a break-even analysis.

Get started with our free restaurant business plan template.  

As the team behind Homebase , we know how much there is to consider when you’re starting a new restaurant. We’re proud to be an all-in-one partner for thousands of restaurants large and small—helping make everything from staffing, to scheduling, to team communication easier for business owners.

And we know that your restaurant business plan is a high-stakes document. That’s why we created our free restaurant business plan template to make sure nothing gets overlooked.

Check out our free, downloadable template to get your ideas into shape, get started on your restaurant journey—and get investors excited to jump on board with you. 

Download your restaurant business plan template for free: Restaurant business plan + free template (2024)

Stop chasing down phone numbers with our built-in team communication tool. Message teammates, share updates, and swap shifts — all from the Homebase app.

Restaurant business plan template FAQs

What is the basic planning document for a successful restaurant.

The basic planning document for successful restaurants is a restaurant business plan. A restaurant business plan lays out a restaurant’s long and short-term goals and its plans for achieving those goals. Restaurant planners use it both to finetune their ideas and to secure investor funding.

How to write a restaurant business plan.

When writing a restaurant business plan, include an executive summary, a detailed restaurant description, market analysis research, a sample menu, a breakdown of your business structure, the design and location of your restaurant, your planned takeout and delivery options, your marketing strategy, and your financial projections.

What makes a business plan template for restaurants different from a standard business plan?

A restaurant business plan template differs from a standard business plan by including things like menu engineering, interior design, kitchen operations, front-of-house management, takeout and delivery offerings, and location analysis, which are unique to the food service industry.

Remember:  This is not legal advice. If you have questions about your particular situation, please consult a lawyer, CPA, or other appropriate professional advisor or agency.

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