Electronic Merchant Systems (EMS), a company based in Cleveland, Ohio, has published a blog post that explains how to write a business plan for those who are planning to become retail shop owners. This article is part of a four-part series on how to build a retail store from the ground up. This particular article is focused on writing a business plan for establishing a retail store. It is pointed out that the foundation of a successful business is the business plan.
Bill Felberg, VP of Sales at EMS, says, “There are several reasons why writing a business plan is essential. Five of the most important reasons are: use of the business plan to educate investors; motivation for employees and business partners; setting of realistic and attainable goals; establishment of a timeline; and ability to stay organized because the business plan serves as a point of reference as the business progresses. A good business plan will guide you through each stage of your business.”
A business plan has several parts. These are the executive summary, company overview, market analysis, products and services, marketing plan, logistics and operations plan, and financial plan. The executive summary offers a concise and informative description of what the business will be doing, its current status, projections for the next three to five years, and why it is expected to succeed.
The company overview offers a high level explanation of the business. This section of the business plan will describe the business structure; what will be sold; the industry and the competition; the mission, vision, and values that the business will uphold; history of the business; short and long term business goals; and the composition of the team, particularly the key employees and their salaries.
The market analysis section provides information regarding research about the market for the products or service that the business plans to sell. This will include the size of the potential market, the ideal profile of the customer, and the trends and trajectory for the particular industry. This section may also include a SWOT (strengths, weaknesses, opportunities, and threats) analysis.
In the products and services section, it is a good idea to provide an analysis of competitors or those who are selling similar products and services. And this section should also explain how the business will be able to stand out from the competing businesses. It should also include detailed descriptions of the targeted customers.
The marketing plan section will likely be the most important section of the business plan for investors. It will be focused on the ideal customer and who the business will be attracting them through price, the features of the products or services, how to get them in front of the customers, and the location where the business will be selling the products or services.
The logistics and operations section provides details about the operation of the business, particularly with regards to supply of raw materials and the monitoring of inventory.
And finally, the financial plan, which is one of the critical components of the business plan, especially for investors. This will include an income statement, the balance sheet, and the cash-flow statement.
Founded in 1988, Electronic Merchant Systems has grown into a top provider of payment processing services. They have played an important role in helping businesses with regards to their needs for payment processing and in securing various kinds of electronic payment processes, such as all credit cards, stored-value cards, EBTs, electronic check services, and major debit cards. They always provide 24/7 customer support. And at present, they have already provided help to tens of thousands of start-up, retail, and Internet business enterprises in various places in the US. Today, around 95 percent of EMS customers were able to achieve significant savings with a rate review. EMS has 11 regional sales offices in various locations in the United States. EMS has been a payments provider for over 30 years. And more than 100 cities in the US have an EMS presence.
Those who are interested in learning more about business planning for setting up a retail store can check out the Electronic Merchant Systems website at https://www.emscorporate.com/news/how-to-build-your-retail-store-from-the-ground-up, or contact them on the telephone or through email.
For more information about Electronic Merchant Systems, contact the company here:
Electronic Merchant Systems
250 W Huron Rd #400
Cleveland, OH 44113