The restrictions imposed during the coronavirus pandemic resulted in many people learning new skills or returning to hobbies that had previously fallen by the wayside. In some cases, it has led to a complete career change.

If you’ve decided to take the plunge and set up a retail business, this article includes some top tips to help you with every step from writing a business plan to organising your marketing strategy and financials.

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Creating a business plan

Writing a business plan outlines what your business does and the goals you want to achieve. It helps to set out a strategy and define your objectives. There are several elements to a solid business plan:

  • Executive summary – This should include a high-level overview and an introduction to your business. Highlight the key points you want to address, ultimately providing a summary of your business idea.
  • Business analysis – You will need to do a thorough analysis of the condition of the market, identifying your competitors and how your company will sit within the industry.
  • Marketing strategy – One of your main goals will be to attract customers, so you’ll need a strategy to do so. Put together a strong marketing plan and discuss which channels will be most effective for you to use e.g. social media and print publication.
  • Products and services – What will your niche be? What are the products you’ll stock? What services will you provide? Provide detail on your stock providers and any future growth plans you have, such as the expansion of your warehouse or using a bigger supplier.
  • Management – How will you go about recruitment and staffing? Do you need an HR department? Outline your staff benefits, employment policies and recruitment procedures in this section.
  • Financials – You’ll need to include a detailed breakdown of your financials to secure future investments. Include profit and loss statements, sales and cashflow forecasts, any capital requirements and a breakeven analysis.
  • Appendix – A concluding section for any additional documents and data representation that helps the reader tie up any loose ends about your business.

Market research

Ensure you have done the relevant market research and fine-tune your products and services so they meet the desires of consumers. If you can do this at a competitive price, it’ll help you stand out from the crowd.

Prepare for the worst

Have an emergency plan in place for when something might go wrong. Make sure you have the right insurance for your shop. You don’t want to get caught out in unforeseen circumstances, so it’s important to have safeguards in place.