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Simple receipt format for Retail Trade

failing to prepare is preparing to fail right you've probably heard that which is how you ended up on this video if you don't have a solid business plan for your retail store that is not going to set you up for Success on the flip side of it when you refine your business plan and you have a strong smart business plan for your retail store you're setting your business up to succeed now and into the long term so thanks for joining me here today that's exactly what we aim to accomplish if you're watching this video I aim to help see your business succeed in your local market the best way that we can start doing that is to form a solid business plan right from the start so this video is going to cover the basics of putting together a retail store business plan and then I want you to elaborate on it from there but by the end of this video you're going to be able to sit down and write your business plan you can come back and reference this video at any point just to get tips and things and I'll show you where to get the template for everything that's in here too so you can have the retail store business template as well business plan template so let's get started first thing that your business plan should contain is an executive summary that is the part at the very beginning that people are going to read who are just trying to get a sense of what's in the business plan right this should only be a few sentences it should be really straightforward it should cover the main points about your business sometimes it helps to do the whole business plan first and then come back and put in the executive summary so I'll leave that up to you uh in terms of the best way to approach it everybody writes a little bit differently but your retail your executive summary for your retail store business plan should start with a purpose right what's the purpose the plan the purpose of this business plan is to outline the strategy objectives and financial projections for a local retail store right that's what you're trying to do you would say there for my local retail store but you've got to define the purpose of opening the business and what the purpose of the business plan is in the beginning next step is that talk about what you're going to focus on right talk about what's going to make your store unique or make it successful in the first place that should be in your executive summary the retail store will focus on selling a range of products to customers in the local area emphasizing offering high quality products and exceptional customer service right so that's the model that this store is going to go with you may go with a different model you may want to sell um cheaper products in bulk right or in bulk inventory you want to have more of a self-service model in your retail store with less customer service but keep cheaper prices for people so you've got to really think through what's your unique angle for your business you're going to be a high-end store are you going to be a bulk quantity store are you going to be a discount store what is the the angle that you're going with with your retail store and then Define that in your your summary and then the store will be located in a busy commercial area with high foot traffic it will Target a range of customers including local residents tourists and other visitors to the area so again when you define your market and and you put this in you should put this in the summary are you going to be off the beaten path where you have cheaper prices but you have a huge Warehouse huge selection maybe you're not in a busy retail commercial area but it's because you have a huge Warehouse in this amazing selection right that could be your business model versus this one where we're saying located in a busy commercial area with high foot traffic right that doesn't necessarily have to be you you could be off a highway with um with lots of vehicle traffic right by your store too encouraging them to stop in all of those things are going to impact the way that you form your business plan so the who you're going to Target is really essential to so again are you in a touristy area and do you need to appeal to people coming from out of town that's going to inform your marketing it's going to inform the hours that you're open or are you targeting people who are local residents and that's who you want to be your customers again these things are all going to make a big difference in how your business plan comes together so your executive summary should start with that then you want to talk about your store overview next so that somebody reading this understands exactly where you're going for now this I would also call kind of your vision statement so this would be the part where if you close your eyes and you think here's what I vision for my business right here's the vision that I'm going with here's what I picture when I close my eyes and think about this local retail store that I'm going to open that is what goes into the store overview so in this case the retail store will be called local treasures and we'll specialize in selling locally made products including handmade crafts artisanal food products and unique gifts the store will be located in a 1500 square foot retail space in a business shopping area in the local downtown area the store will be open seven days a week with extended hours during Peak tourist season so again look at all the information here it doesn't need to be super long in your business plan it can be just a few sentences but now each one of us can kind of close our eyes and picture what this store is going to be like right we understand what this business plan is about because of the store overview and that's what somebody should be able to do when they read this section of it and here's what they did they answered what's the store going to be called what's it going to sell where is it going to be located when is it going to be open right so started to go through those who what where when why how and start to put that into your store overview so somebody who who can read this can really quickly pick up on what your vision is for your retail business next comes the products and services and really defining exactly what those products and services are going to be that you sell in your store and not just in a general sense not just you know we sell you know we sell farm products well what farm products you sell do you sell high-end farm products you sell products for horses chickens goats or you just specialize are you an equine store where you're going to have some horse feed but you're also going to have harnesses and Gates and things like that right defining all of this is really important and sometimes you'll even discover hey I haven't really thought through the answers to all these questions just yet what exactly am I going to sell not just the category but the specific Brands specific types of products right because that's going to form who you are so in this in this example or in this business plan template for retail store we're going to say local Treasures will offer a range of locally made products including handmade crafts such as jewelry pottery and textiles artisanal Foods including products such as jams sauces and honey and then unique gifts such as locally made candles and souvenirs right so we're really honing in here and again you can take this even further but for the simple version really starting to hone in here on what exactly this business is going to sell and then obviously you need a marketing strategy right how are you going to grow your business if you're thinking you're going to put up a store and people are going to come uh it's not going to happen right that's not the way it works if it's not a build it and and they will come situation you got to be ready to Market your business so what are the things that you're going to do Define those very specifically and find who's going to do them how much they're going to cost how often you're going to do these things and what are your expected results so things like social media advertising to Target local residents and tourists right you're going to build a social media following who's going to do that right whose job is going to do that how often are they going to do it what's the expected result in-store promotions and events to encourage repeat visits is another big part of this so again how you know how are you going to get people coming back right are you going to run promotions are you going to have events at your store when are you going to have those who's responsible for promoting them how are you going to promote them theoretically on social media right but Define what are those things are you going to do discounts are you going to do an event every summer are you going to do holiday events what are you going to do to Market your business collaboration with other local businesses to offer joint promotions and discounts that's one that's really effective right if you go to the local pizza joint and you come into my business here local Treasures um you know at the pizza place maybe they'll have a coupon for uh 10 off at my store and at my store I'll have a coupon for a free slice of pizza um with the purchase of any drink or something like that vice versa right at the local another local business so what is your marketing strategy going to be Define that because you're going to have to put work into making it happen management and Staffing so again Define who's going to do it in many cases the owner is going to manage the store right that's going to be you you're an entrepreneur you're just getting started you're going to be overseeing all aspects of the business including sales and marketing and inventory but you've got to sleep and you've got to eat and there's going to be times when you can't be there in the store right so even if that's your plan you've got to start thinking about from the beginning because you're going to have to plan for the cost in addition my store is going to employ two part-time sales associates to provide exceptional customer service and assist with day-to-day operations right what are they going to do when are they going to work how much are you going to need to pay them how are you going to recruit and find these people all this needs to be defined ahead of time because you don't want to get blindsided by not thinking about how you're going to actually manage and staff your store as the entrepreneur as the store owner you're going to have a lot to do you've got to be ready to understand okay how am I going to plan for off times vacation sick days eating all of those types of things and then the big ones Financial projections cash flow is the number one killer of small businesses if you don't if you didn't know that support you know it's a lack of cash flow or something happens where the cash flow dries up doesn't necessarily mean the business isn't profitable so look up the difference if you're not familiar with the difference between you know profit and loss and Cat flow it means that sometimes the cash isn't coming into the business as quickly as consistently as it's going out right doesn't mean you have a bad model but the cash flow well start stops making sense so what should you do sit down and project what do you think the store is actually going to generate in Revenue right so I'm I'm just making a projection here I'm projecting my store will generate 350 000 in Revenue in its first year in operation and I'm and I'm allocating my costs and saying with that there should be a net profit of 75 000 you've got to do the math how much are things going to cost how much is your rent going to cost your inventory going to cost how much how many customers do you think you can get how many customers you think they'll spend on average that's where you need to research and see how other stores like you are doing it and what are their results and then the startup cost for the business are estimated to be a hundred thousand including inventory store fixtures and marketing expenses right so now you got to start thinking how much is it going to cost for me to start this business where am I going to get that money the store will be financed through a combination of personal savings and a small business loan okay now I've got to think about where I get that small business loan do I have the savings ready and available all those types of things so it's really important in your business plan to sit down and map out the financial aspects as well and then finally the part I like to call the unique selling proposition start thinking about the long term right because you're going to put a lot of work into this what is it and verify this with others when you come up with it what is unique what's your unique selling proposition what's going to keep you in business what's going to keep you growing what's so special about this retail store business that you're going to start I'm sure it's going to be special but what is so special about it can you really Define that so that you know here's the heart of who this who I am who this business is and who it's going to be what's going to make it successful so local Treasures will provide a unique shopping experience for customers in local area offering high quality locally made products in a welcoming and inviting environment the store's focus on exceptional customer service and Community engagement will help to build a loyal customer base and drive long-term growth and profitability right that's going to be at the heart of my business that's what I end with almost a conclusion or unique selling proposition here's who I'm going to be here's what I need to stay true to for my vision to work for this business put all that together and you're going to have a really solid starting point for a simple business plan that you can build on and that you can use to start growing your your local retail store so if you want this if you want to just copy and paste and then make edits in a way that makes sense for you it's actually I'm going to post it right there in the in the notes in the details section description section right underneath the video so you can just feel free to copy and paste it into word or Google Sheets or whatever and then just use that to make edits and create your own simple retail store business plan all right so I hope that helps you get started and then tune in for additional videos as we talked about marketing strategy and creating a marketing plan operations plan and all those types of things for your business so be sure to subscribe uh there's tons of tips on this channel to help you grow your local business be sure to subscribe like the video leave a comment below let us know how everything's going thanks for tuning in