Business Plan For A Retail Store

Business Plan For A Retail Store-44
The retail industry employs over 3 million people (data collected March 08).This amount equates to 11% of the total UK workforce (UK Retail Futures 2011: Sector Summary, Datamonitor).

The executive summary as the title says summarises the overall plan for your retail business.

It includes the following elements Source: PWC economic report Up to date market research is important in your plan.

The retail section generates the retail sector generates almost 8% of the Gross Domestic Product (GDP) of the UK.

UK retail sales were approximately £265 billion in 2007, which is larger than the combined economies of Denmark and Portugal (UK Retail Futures 2011: Sector Summary, Datamonitor).

The retail industry and the jobs within it are susceptible to economic and consumer trends.

From this research you create opportunities and threats.Anyone investing in your business is investing in the team as well as the ideas.You'll need to prepare details financial plans for the next 12 months and yearly thereafter.The electricals sector is currently the best performer, with a predicted growth of 24% (UK Retail Futures 2011: Sector Summary, Datamonitor), while the home sector retailers face a tough period as falling house prices make people more cautious about moving home.Consumer debt, rising interest rates, inflation, house prices and job security all affect how much people shop, and the current economic climate indicates that consumer spending will slow down.This business plan format for a retail business relies on time-tested planning techniques, and all UK banks approve the template used in this section.It has many examples for retail research taken from opening available data sources as well as ideas you can use for your own business plan to secure bank finance.Of course the biggest threat to any retail business currently is the recession.This area is where you concentrate on your own retail business and develop your strengths and weaknesses., As it is a pop-up then it’s business plan should be simple, quick and must locate to the head point of a reader(Investor if you are willing to raise a fund).Never mind, Seeing success in the retail pop-up industry requires creativity, motivation, hard work, and a solid plan of action.

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