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Page 52 MAY 2017 | RETAILERS FORUM MAGAZINE

forumworkshop

FORUM WORKSHOP

continued...

Until you reach that point when your sales revenues carry

the business, you'll need working

capital - or seed money. You'll need sufficient

money to cover the cost of start-up and to get

you to the point when the business begins to

pay for itself. The budget your accountant prepares

for your business plan should detail that

amount, as well as the point at which you can

expect positive cash flow - when sales revenues

meet or exceed expenses. The numbers

need to be so thorough that you can use them

as a tool for convincing others to invest in your

business, and for measuring performance

against expectations.

If you think this has been difficult so far, just

wait. The primary financial challenge to the

start-up retailer is one of funding. With your

plan in writing, you must now secure the financial support

that will allow you to cover your

store expenses this first year.

THE BUSINESS PLAN

To sum up, regardless of what form you

choose, there are certain items that should

be included in your business plan.

Consider the following as a guide

for what you should include:

The Business Plan

Store Name & Description:

Describe the company behind

your store, including business

form, partners, etc.

Mission Statement

The Market: An explanation of the product category

and trends that support this store concept, including

suppliers & current availability

of products in your area. Include the results of

any test marketing you've conducted.

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