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For example, a retail bakery could forecast how many customers will visit during the morning hours versus the afternoon hours, which products they purchase -- doughnuts and rolls in the morning and cakes and cookies in the afternoon -- and the average dollar purchase.Make sure you include all categories of expenses, no matter how small, in your forecast.Creating a business plan helps a small business owner become more customer focused in all aspects of his business.
Before you open your doors, you will want to write up a business plan to help you define your objectives, set goals and see potential problems. Assemble an industry analysis and do a market analysis.
You can then correct any problems before they occur. Research the competition and evaluate their products.
Describe your target customers so vividly that the reader of your plan can see them as individuals.
Avoid demographic generalizations such as you intend to market to 21 to 35 year olds.
Building a business is not something that simply happens over night; behind the scenes, there’s always a considerable amount of planning required in advance.
A business plan acts as a guide for this process as it gathers, organises and summarises all the key information about the business concept and future projects.Smaller items such as postage or cleaning supplies can add up to a significant dollar amount over the course of the year. You have decided to become an entrepreneur and start your own retail business.Consider the advantages and disadvantages you have over other retailers. This is a miniature version of your business plan and where you describe the business and create your mission statement.Include market potential, management team and prepare an exit strategy.Clarify what makes the concept of your store stand out.For example, a pet store could offer exotic tropical fish that are hard to find.Discuss why each strategy will have a positive effect on revenue generation.Use your unique selling proposition as the basis for the marketing message you will deliver to target customers.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.