Because if you fail to plan, your just planning to fail!
Many retail store managers go into business for themselves. Only a few have the experience to be successful in the retail business world.
If your planning to open your first retail store or your planning on expanding to two or more retail stores, you need to make a plan. Financial planning is used for banks to see if your planning for success in that retail business venture. But every thing you do should be planned out. Plans don't always work. Sometimes you need to change plans. But winging it rarely works out well. Unless you have won the lottery and can just throw money around, you need a plan. Start with an outline and add details as you do your research.
What do you need to plan for before you can open your first small business retail store? The following is an outlined list of things you need to plan before opening your first retail shop.
- What would you like to sell?
- What retail experience do you have?
- Location matters in what you sell in your store.
- What size store?
- Buy a franchise or start from scratch?
- How much money do you need to open and run my business?
- How much do you have?
- should you share the cost with a partner?
- Where do you get financing for a new retail store?
- What size?
- Who are my customers?
- Who is my competition?
- How do I layout my retail store?
- How much merchandise do I need?
- What kind of fixtures do I need?
- What is construction of my store going to cost?
- What is a POS system?
- What kind of POS system do I need?
- How much is it going to cost for a good retail POS System.
- What kind of merchandise am I selling in my small retail store?
- Where do I get merchandise to sell in my store?
- How much merchandise do I need to start?
- What are the goods going to cost?
- What price do I sell the merchandise for?
- How do I keep track of Inventory?
- Who's working in the store and doing what?
- Human Resource Manual
- Store Operation Manual
- Merchandising Manual
- Employee handbook
- Cashier training handbook and guide
- Who's doing all the paperwork, payroll, and bills?
- Where am I doing the store banking?
- Who's doing the buying and pricing of the merchandise?
- Where am I doing my banking?
- Advertising and promotions.
- Signs, both outside and inside the store.
- Website and Social Media.
- How to tie it all together.
- Go back to #1. start over and tweak the plan.