Business Planning

What is a business plan? Why do you need one?

The business plan is truly the foundation of your company and helps convey your mission to others. It can serve a variety of functions. For example, a business plan is helpful (and often requested) in negotiating with banks (SBA loans), landlords, vendors and investors. Additionally, a plan is important as an internal document which can be used to recruit quality employees and get your team all "on the same page" in regards to goals and tactics.

Do you know how to begin your business plan?

Retail Concepts does not recommend using a template to write your plan. Although we follow some standard guidelines, each plan we create is totally custom to the client we are working with. Your business plan is meant to portray your passion for your store as well as the competitive advantages and core competencies that will make you a successful retailer in your category. If you are interested in working with us to develop your plan, please contact us.

However, if you choose to write your plan yourself, there are many online templates to help you begin to develop your plan:

• Marketing Power - American Marketing Association

Before you start, have you asked yourself these questions to get yourself thinking creatively?

Specifically, what am I against as a small business?

What is my competitive advantage and how can I 

    capitalize on it?

Have I read "Competing Against the Big Boxes"

    for some ideas?

Have you covered all these areas in your plan?

Typical retail plans include but are not limited to exploring the following topics:

Concept definition

Viability studies

Market research

Location analysis

Target customer profile

Competitive analysis

Merchandising

Technology analysis

Web site development

Store image and design recommendations

General marketing strategy

Cash flow and financial projections

Remember, if you answered no to any of these questions, Retail Concepts can help to shed some light on your business plan needs.