Sample Online Retail Store Business Plan

RETAILING COMPANY BUSINESS PLAN SAMPLE

Do you know how to set up a retail business online?

If you don’t, then you have a full plethora of realization before you, because indeed it is true that businesses can now go beyond the offline horizons.

E-retailing is the word; the selling of goods as well as services through the internet, one might say.

I should mention, to begin with, that online retailing is an off-offline analogy of the usual brick and Mortar retailing that is common in the business sphere. So every rule, as well as arrangements almost follow in tandem, except those that come as a consequence of the virtual nature of doing business online, where physical interaction is not required in the trading process.

So as much as you require a building for offline trading, also you require an online workshop (a weblog or website) for the online version.

The goal is to get a customer to purchase a product without the barricades of distance or chance. To make it possible for potential customers to get a commodity or service within their fingers, in a few clicks.

Below are some important considerations when setting up an online retail business model:

1) Online Retail Business Plan

It is a popular saying that “one who fails to plan, plans to fail”. Every business was birthed from an idea, adequately conceived, planned, and executed.

What type of product you are interested in, the cost of starting the online retail business, how the business would be financed, considerations regarding a warehouse, advertisement, and marketing plans, as well as business goals and strategies.

The business plan for an online retail store should be conceived and thoroughly analyzed, and if possible written and documented. If you have difficulty setting up a business plan, you could check out the LivePlan platform.

2) Structural Frame

Now, have considered many notions in building your plan, you should end up with a well-defined business structure. You should know if it is a sole proprietorship, partnership, or venture capitalist. This would help you know the taxation plan your business falls into.

3) Launching and Marketing

Once the business has been born into the online beds from the wombs of imagination, then a heavy sigh can be heaved; though what is left is the marketing of products. This is done via advertising through social media platforms like Facebook, Twitter, and whichever you want.

The launching of a business is one of the entrepreneur’s critical moments because this is when he exposes his product to the purview of the general public.

This should be done strategically, for instance, you could create a forum for a community of users of your product to promote your product, or you could make up a mailing list of potential clients and send them emails using software like MailChimp.

4) Website structure and Aesthetics

Deeply sensitive is the face of the blog that it could be a source of customer turn-offs as much as it could be a point of attraction for your customers. It should have the necessary features in its finest quality. The domain name and site location is also an important consideration.

5) Your Products

You must structure your business to suit your product. Products could, in this sense, be physical or digital (wherein in such cases you could jointly use Shopify and Fetch add-on). You should also get bar codes for your product.

6) Inventory

You should set up an inventory for your business online, one that is easily accessible for customers. In this regard, you should consider setting up a physical warehouse, whose address or P.O. Box should be public enough for customers to see.

This would go a long way in building customer trust and reliability. But if you do not intend to, or perhaps do not have the means to, you could reach business terms with warehousing firms to do storage at a more cost-efficient rate.

Note that your pictures should be pictorially displayed online in a dynamic and eye-catching way.

7) Set-up an efficient Shopping

The simplicity of the website would do much for your online retail business, and one such benefit is the ease of navigation through your inventory.

Most customers are too impatient to search through an entire blog for available products, so it pays the retailer more to loosen the shopping knot by adopting approaches like creating the possibility for customers to add items to the shopping cart as well as check out with ease. Make the process of ordering goods simple, so it could be done with a few clicks.

8) Planned Sustenance

Haven built a software retail business online, it doesn’t end there; you must have a well-baked plan on how to manage and grow your online retail business opportunities, much like any other business. How you intend to update your inventory, customer service, and site maintenance.

You must also consider promotional techniques to ensure that you keep customers constantly dangling back towards your end.

Maintenance is crucial to the continued survival and growth of an online retail business startup and it must not be overlooked as most amateur entrepreneurs do.

RETAILING COMPANY BUSINESS PLAN EXAMPLE

Here is a sample business plan for starting an offline or online retail business.

Most entrepreneurs find writing a business plan all by themselves very difficult.

But with the help of a good BUSINESS PLAN SAMPLE, you could find the process very easy and even exciting; which is why I have prepared this retail BUSINESS PLAN SAMPLE for you to help you easily write a good business plan for your retail company.

BUSINESS NAME:  Everyman’s Taste Retail Company.

• Executive Summary
• Our Products and Services
• Vision Statement
• Mission Statement
• Business Structure
• Market Analysis
• Sales and Marketing Strategy
• Financial Plan
• Sales Forecast
• Conclusion

EXECUTIVE SUMMARY   

Everyman’s Taste Retail Company is a registered and licensed retail company that will be located in Brooklyn, New York, United States, and which will be focused on offering its customers quality retail products such as groceries, baby products, clothes, beauty products, etc.

Everyman’s Taste Retail Company will be owned by Steve Roberts, a former manager at one of the most reputable retail companies in Las Vegas, United States. He will be the CEO and owner of the retail company, bringing in his wealth of experience.

From our detailed study, we have been able to come up with a total startup capital required to start up our retail company in Brooklyn, New York. This startup capital amounts to $600,000, which will be sourced from the owner, as well as from the owner’s bank.

OUR PRODUCTS AND SERVICES

Everyman’s Taste Retail Company is a business in the retailing industry which will be focused on offering a wide range of durable and non-durable goods, and providing its services to customers not only in Brooklyn, New York, United States but in all of the major cities in the United States.

Our stores will be retailing the following:

• Groceries
• Sports equipment
• Clothes
• Beauty products
• Children’s toys
• Jewelry
• Home Furnishing
• Baby Products
• Home Appliances, etc.

VISION STATEMENT

Our vision in the retailing industry is to be renowned as the number one consumer choice in the United States for all retail products. We want to establish a retail company that will not only be renowned in Brooklyn, New York but all of the major cities in the United States.

MISSION STATEMENT

Everyman’s Taste Retail Company’s mission is to become a retailing company that will be committed to making available a broad range of durable and non-durable quality goods from leading manufacturers in the world to our customers in all the major cities in the United States such as Brooklyn, Ohio, etc.

BUSINESS STRUCTURE

Everyman’s Taste Retail Company will be a standard retail company, unlike any other in Brooklyn, New York. We will become a reputable retail company that will be able to stand the face of competition in the United States.

Owing to this, we will make sure to recruit only capable employees, committed, honest, and who share our vision and goal of building a standard and reputable retail company.

The following are the positions to be occupied in our business organization, in no particular order:

• Chief Executive Officer (CEO)
• Merchandise Manager
• Store Manager
• Accountants / Cashiers
• Information Technologist
• Sales and Marketing Executive
• Cleaners

MARKET ANALYSIS
Market Trend

Although the retailing industry has always existed, it is nonetheless still growing; especially with the advancement in modern technology and online store retailing which has restructured the industry. Nowadays, one would likely find retail companies who are making use of technology in enhancing sales, maximizing profits, and minimizing costs.

Target Market

Our target market comprises each person on earth. This is because retail products are needed by every person on earth for survival. However, we have defined our target market to include the following:

• Households
• Business people
• Corporate Executives
• Pregnant Mothers
• Couples
• Students
• Sports People
• Tourists
• Children

SALES AND MARKETING STRATEGY

The following is how we intend to take a hold of the market in the United States:

• The first thing we will do after startup is to promote our retail company by introducing it to residences, and business organizations, with the aid of our introductory letters.
• We will be swift in bidding for contracts.
• We will not hesitate to promote our retail company in newspapers, magazines, radio and TV stations, etc.
• We will not forget to also use the internet and its tools to our advantage. We will promote our retail company on social media sites such as Facebook, Twitter, etc.
• We will make sure to enforce direct marketing.

Before we arrived at the above sales and marketing strategies, we carried out a detailed market survey and feasibility study to enable us to see how we will be able to penetrate and take a hold of the market. Also, we contacted sales and marketing experts who were instrumental in helping us come up with the above strategies.

FINANCIAL PLAN
Source of Startup Cost (Budget)

We will require a total of $600,000 to be able to launch Everyman’s Taste Retail Company in Brooklyn, New York, United States. This total startup capital will be obtained from the owner’s contribution from his investments and savings, and also from the bank.

Up until now, the owner has been able to gather a total of $400,000 towards the startup capital, while the remainder is to be borrowed from the owner’s bank.

SALES FORECAST

First Fiscal Year                    $250,000
Second Fiscal Year                $500,000
Third Fiscal Year                   $750,000

Above is the sales forecast for Everyman’s Taste Retail Company. This sales forecast is for the first three fiscal years of the business after its launch.

This sales forecast is a calculated estimate based on several data available in the industry. It should be noted that this sales forecast has not given attention to any risk factor.

CONCLUSION

This retail BUSINESS PLAN SAMPLE bears the business name, ‘Everyman’s Taste Retail Company’. The company will be a retailing company that will be located in Brooklyn, New York, United States.

The company will be committed to offering a wide range of both durable and non-durable products to customers in the United States. To start the company, a total of $600,000 is what will be required.

SMALL RETAIL BUSINESS PLAN SAMPLE

A retail business is a business that anyone can get involved in. This is because you do not need any special skill to own a retail business in the United States and other parts of the world. A retail business might be considered an easy task to pull. That does not mean it does not require a high level of hard work as well as understanding.

An in-depth understanding of how the retail business works and an understanding of the niche that you intend to service are needed.

Well, you might not need a particular skill to start a retail business. However, you will need a business plan. Contained in this article is a retail business plan sample. This will be of great importance to anyone that is looking to start a retail business.

Sample Retailing Business Plans:

• Warehouse business plan
• Grocery store business plan
• Thrift store business plan
• Consignment store business plan
• Vending machine business plan
• Grocery delivery business plan
• Convenience store business plan

That said, below is a retail business plan sample.

Business Name:  KK Retail Business

• Executive Summary
• Our Products and Services
• Vision Statement
• Mission Statement
• Business Structure
• Market Analysis
• Sales and Marketing Strategy
• Financial Plan
• Competitive Advantage
• Conclusion

Executive Summary

KK retail business will be owned by Toby and Sarah Cobbs. This business will be not just be run by only family members for the first year of existence, it will also employ only family members.

However, after the first year of running, the business must have expanded to absorb more people. KK retail store will be located in the central business district of Atlanta and will occupy the ground floor of the tallest building in that environment. The facility that will be made use of by this retail store has a bathroom and a parking space for over 50 cars.

Some of the items that will be sold in this retail store include papers, sticker notes, pens, books, and other stationery.

This retail store will be financed both from personal savings, cash from friends, and bank loans

Although KK is a new retail store, we are looking to grow rapidly and expand in the nearest future.

Our Products and Services

The basic aim of going into business is to make a profit. KK’s aim of starting a retail store does not differ from this in any way. However, beyond making gains, we also want to make quality goods and commodities available to those in our environment.

As a retail store, we are not just interested in winning our locality. We are also very much interested in winning over our state.

Some of the goods that we will make available to the public include;

• Stationery (books, pens, jotters, diaries, etc.)
• Edibles (chocolates, candies, cookies)
• Kitchen utensils.

Vision Statement

Our vision in the retail store business is to establish a retail store that will be rated as one of the best in our environment and also in the state at large

Mission Statement

Our mission at KK retail store is to make available to our customers all the basics for running a home as well as living a comfortable life. We are committed to this and we will leave no stone unturned to make sure our potential customers get the best possible service from us.

Business Structure

The retail business is one that does require much skill. This makes it a very easy one to go into.

As a result of this, there is high competition in this business. Being fully aware of this, we are already putting structures in place to help us stand out from the crowd.

Some of the structures we are putting up include excellent customer care, ample parking space, and a reduced price for our regular clients.

Market Analysis
Market Trend

It is a norm for most individuals to patronize retail stores. This has been the trend for a very long time and has not changed much. This trend creates a huge market for individuals in the retail business. Also, the fact that most things that are sold in retail stores are the basic needs of individuals further makes this business very viable

Target Market

The market for retail stores is very broad. As a result of this, providing quality services for every single individual might not be very feasible. As a result of this, we have come up with a group of people that we intend to render our services to. They include;

• Students
• Stay at home moms
• Pregnant women
• Teachers

Sales and Marketing Strategy

We are a new business and are relatively unknown. We are very aware of this and have come up with strategies to help us get popular among our potential clients. Some of our sales strategies are written below.

• We will offer a discount on our first set of customers
• We will make sure we have a strong internet presence
• We will drop our handbills in public places such as banks and schools.

Financial Plan
Source of Startup Capital

A retail business is not one that requires so much capital. 50,000 is needed to start this business. We have been able to come up with 40% of the needed amount. The other amount will be sourced from the bank.

Competitive Advantage

We have one of the largest parking lots in the entire state. This will surely help us to attract more customers. Also, our customer service is excellent and can be rivaled by just very few retail businesses.

Conclusion

This is a retail business plan sample for KK retail store. It will be run strictly by members of the Cobbs family for the first year.

If you are looking for a sample retail store BUSINESS PLAN SAMPLE, here is a business plan for starting a children’s supply, beauty supply, or clothing retail store.

SMALL RETAIL STORE BUSINESS PLAN SAMPLE

A retail store business is one of the businesses that can be set up by virtually anybody. The amazing thing about this business is that it can be set up on any level. You can decide to set it up on a very large scale or a small scale. The scale at which a retail business is set up is chiefly dependent on how much capital you have.

Although a retail store business might be one of the easiest businesses to set up, if you must make the best out of it, then you should have a business plan. This article contains a top-quality retail store business plan sample. With this sample, you can easily come up with the perfect retail store business plan that is needed to kick-start your business

Business Name:  T and T Retail Store

• Executive Summary
• Our Products and Services
• Vision Statement
• Mission Statement
• Business Structure
• Market Analysis
• Sales and Marketing Strategy
• Financial Plan
• Competitive Advantage
• Conclusion

Executive Summary

T and T’s retail store is a registered retail store that will be located in Dallas, Texas. Already, we have gotten a facility in a choice location. The comfort of our prospective customers matters a lot to us. As a result of this, we have gotten a facility that comes with a restroom as well as a parking space for up to 30 cars.

T and T retail stores will be operated by just one person until the business grows and the need arises to employ extra hands to make the business run smoothly. We have already made the necessary arrangements for the supply of the products that we will be selling. Some of the products that will be sold in this store are stationery, foodstuffs, and toiletries.

Products and Services

At T and T retail store, the well-being of our prospective customers is something that we are very particular about. As a result of this, we are not all about profit. We will ensure that all the products that are gotten at our store are of high quality and will give our prospective customers all the satisfaction that they desire.

Some of the products that we will be made available to our clients are

• Toiletries (Toilet papers, tubes of toothpaste, deodorants, bathing soaps)
• Chocolates
• Cookies
• Candies
• Kitchen equipment
• Electrical appliances.

Vision Statement

Our vision at T and T retail store is to set up a retail store business that will become a household name in our environment and will meet the basic demands of our prospective clients.

Mission Statement

At T and T retail store, our mission is to make sure that our prospective customers have access to all the products that they need to make their lives comfortable. We will go to any length to make sure that our customers get services of the highest quality from us.

Business Structure

The retail store industry is one that has nothing complex associated with it. Despite this, there is a lot of work to be done on our part if we must achieve our mission.

Now, the fact that this business is very easy to start makes the level of competition in this industry very high. This simply implies that make it to the top will not be as easy as it is in some other industry.

As a result of this, we have put some structures in place to make our mission a reality. Some of the things that we have put in place are a large parking space for over 30 cars, discount price for our regular customers, and great customer service.

Market Analysis
Market Trend

The retail store business is not in any way new. The truth remains that the retail store industry is perhaps one of the oldest industries. The fact that the retail store industry is quite old means it is not a mystery to anyone interested in setting it up. As a result of this, there is a high level of competition in this business that only seems to be getting more intense as the years go by.

Sales and Market Strategy

It is only normal for a new business to have a little drawback while trying to make it to the top. We have carried out a detailed study and have come up with some strategies to help us make it to the top in this business very easily. Our sales and marketing strategies are;

• We will have a website for our retail store. This will help create awareness about the existence of our retail store business.
• We will also sell at cheaper prices than our competition.

Target Market

The market for retail store businesses is inexhaustible. To make the best out of this business, we have selected a few people to make our products available to them. Those in our target market include

• Students
• Households
• Expectant Mothers
• Business executives

Financial Plan
Source of Startup Capital

This business will be started at $20,000. This amount will be used to get the right facility as well as the goods that are required to start this business. We have been able to raise 60% of this amount from friends, family, and our savings. The remaining amount will be sourced from the bank.

Competitive Advantage

With one of the biggest parking spaces owned by any retail store business in our possession, we are certain to attract more customers than our competition.

Conclusion

This is a retail store business plan for T and T retail stores. This business will be located in Dallas, Texas.