Both the National Retail Federation (NRF) and the Retail Industry Leaders Association (RILA) are resources that offer market research, sales forecasts, supplier guides, recruitment and training tools plus information about regulatory and tax laws.
Sandy Kennedy, president of RILA says, because "our members are some of the most successful in the industry they are able to provide access to benchmark info that can help shape a plan." Several retailers like The Gap and Home Depot are RILA members and were originally single-store businesses.
Coming up with a way to advertise your retail business will bring exposure and foot traffic into the store.
The first step is to determine who your target audience is.
This can make a difference between getting approved for a loan versus being asked to provide collateral.
Smith added, "There was a time when a bank would look to see how much your company would be worth in five years." Valuing a business is not as reliable as it used to be so a retailer's total revenue is very important.
From luxury pet spas and coffee shops to electro-meat delis where you can get pastrami on rye with a techno record to go, there's a retail business to suit any entrepreneurs tastes.
Whether your brick and mortar sells out-of-the ordinary items or more traditional goods like furniture and apparel, your business plan should outline certain criteria that will illustrate how you plan to reach your financial goals.
Making sure the store always has what a customer asks for will reduce walkouts and the number of customers that don't return.
The first step is to select a manufacturer or wholesaler that sells directly to retailers.