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For the business to succeed, the need must be urgent enough that target customers will be willing to visit the store and make a purchase.The target market must also be large enough to support the store and generate sufficient sales that the retail business will be profitable.Be specific about what motivates your targeted groups to purchase from you.
Now discuss each major competitor in detail -- their strengths and weaknesses, the target customers they cater to and the marketing strategies they use.
Describe the actions you will take to acquire new retail customers -- your marketing strategies.
Discuss your distribution channels -- how you will get your products in front of customers.
Choices include store retailing, mail order business, Internet retailing and vending machines.
Have you decided if online is the route for you, or maybe a physical store front?
Whether you’ve decided or not, starting to write a business plan will help you flush out those details.
You can also find the same example in the Business Plan Writer, our free online tool that guides you through the process of starting your business.
Just select “retail” as your industry when you register. Futurpreneur Canada’s Start-Up Program takes your passion and turns it into a reality.
Describe what product lines will be your major revenue sources and why these were chosen.
Explain your unique selling proposition -- what you intend to offer that is new, different and better than what the retailers you compete with are offering.