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Areas to consider when creating a Business Plan for a retail shop

January 10, 2019 by · Leave a Comment 

Creating a business plan is an important step to making a business successful, mainly because a business plan will summarize the steps that the business will take to grow and reach its goals. If you are looking at opening a retail stop, it is best to draw up a clear business plan to ensure you stay competitive. Here are a few areas to consider.

Main investments – It is important to ensure that you have a list of tangible and intangible goods that will be required to run and open your store. This means that you will need to know details about the size of the shop, its location, employees and their needs and many others. Your main tangible investments will include investments in inventory, equipment and furnishings. You will need to do some research to find wholesale suppliers in your industry.

Intangible investments, on the other hand, will include start-up costs, bureaucratic expenses, registration trademarks etc. It can be a good idea to get assistance from a consultant for these stages.

Marketing – You will need to set aside a budget for online and offline marketing. There are a few things that you may be able to do yourself, such as getting yourself listed in online directories. However, you will need some marketing budget to run ads online and offline. Talk to some marketing companies to get an idea of the budget that you may need.

Shop promotions – Shop promotions are a great way to get your shop and products noticed. Include weekly and monthly promotions in your plan with a budget that will cover the event. To get ideas on how to organize a promotion, look for inspiration online and visit your competitors.

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