Sell the hottest trends and fashions with your own retail clothing store or fashion boutique.
You can also use a retail action plan for other major undertakings, such as expanding your operations, developing a new product line or adding another distribution channel. Include specific actions to take and estimate the costs involved with each action.
A written plan helps management periodically review the plan against the company's actual actions to make sure the business is still following the original plan.
Market Research Start by identifying the core focus of your business and the products you sell. Discuss the potential market, your company's current market share and how you expect to improve it in the future.
Analyze your competitors and identify potential threats to their market share. List the features that distinguish your company from the competition and the actions you can take to maximize these advantages.
Location List the possible locations for your retail store if it has not already been determined. Compare demographics, rent and neighboring tenants when deciding when location will be best for the company. Include costs for building permits, engineers, architects and construction.
Assess the health of the other businesses in the area. If they are failing, you must decide whether the trend is going to reverse in the future and what can you do to offset the poor conditions.
Your company may be able to rely on targeted advertising, better quality or a skilled sales force. Hiring Analyze the pool of available workers in the area where you plan to operate your retail stores. Make sure the population can support your staffing needs.
Estimate your labor costs, including payroll taxes, insurance and other employee benefits. Contact temporary agencies to inquire about their fees if you expect to need seasonal employees.
Funding Spend part of your action plan discussing your planned method of funding the business, such as selling stock to investors, applying for small-business loans or using your own personal credit line. If you have not yet locked in your funding, you may need to use the action plan as part of a loan application.
Offering a formal document shows the bank you have a concrete plan for the business. Sourcing and Distribution Inventory and shipping costs can make or break a retail business.
List everything you will need to purchase, including store equipment, fixtures and supplies.
Talk to other companies in similar businesses to find out which vendors they use if you are not familiar with the area. Estimate your expected production and the amount of raw materials that will be required. Indicate whether this level of production will qualify you for volume discounts from suppliers.
Discuss your planned distribution methods if you will be selling products outside of your retail store, such as through a website or direct mail campaign.
Planning a Retail Store About the Author Denise Sullivan has been writing professionally for more than five years after a long career in business. She has been published on Yahoo! Voices and other publications. Her areas of expertise are business, law, gaming, home renovations, gardening, sports and exercise.The straight floor plan is an excellent store layout for most any type of retail store.
It makes use of the walls and fixtures to create small spaces within the retail store. The straight floor plan is one of the most economical store designs. Planning before opening a retail business increases your chances of success.
You can also use a retail action plan for other major undertakings, such as expanding your operations, developing a new.
A Sample Baby Clothing Retail Store Business Plan Template.
Business Overview ; Businesses in this industry specializes in clothing retailers that sell a wide range of infant and children’s wear, such as dresses, jackets, jumpsuits, sleepwear and more.
About the Author. Regina Anaejionu has a background in retail and office management. She currently owns an event planning and marketing business, and works regularly with nonprofits, artists and.
Aug 05, · Reader Approved How to Start a Clothing Retail Store Business. Opening a clothing retail store is a serious business. This is one industry that can help you earn a steady income every month with ample scope for advancement%().
Retail is a high volume industry conducted largely by small businesses. Total retail sales in the U.S.
in were nearly $4 trillion but more than 95 percent of retailers are one store.