Dollar Store Business Plan
Once your (potential) location is found, the next step is to create a business plan. Dollar Stores are most successful in busy, well anchored shopping centers. These places carefully select which stores they want. They usually require a detailed business plan as a means to determine how successful your store can be. Business plans are also a required addendum to all business loan applications.
Your stores location is the most important step in the process. Business plans are also helpful for the potential store owner to determine how profitable a store will be in each location.
The Business plan consists of a text summary of why you chose this business, why you chose this location, why your business will be successful, how close is your nearest competition, etc. It also includes a personal resume listing experience and accomplishments of all people involved in the business.
The plan starts with the missions statement of the new business, describing the company, it’s goals, the owners, the start up summary, a description of the company and it’s products. A market analysis summary show’s the larger market, the targeted market, distribution patterns and marketing programs. The competition is illustrated showing both the direct and indirect competitors. Other topics covered include, value proposition, the operations plan, the organization plan, a description of the management team, the personnel plan, management issues, legal factors and other areas of vulnerability.
In addition to the text, the business plan includes various projections of how your business should fare the first year and the first 5 years. This section includes financial plans, financial assumptions, breakeven analysis, projected profit and loss, projected cash flow, and critical risks. Your sales and overhead expenses are carefully estimated to prepare this.
Once the location is found, the client makes an appointment with our accounting department for a three to five hours conference call, in order to gather all necessary information for the business plan. The finished projections, text and templates can be prepared in four business days.
Approximate time in processing the customized site analysis, demographics reports, projections estimates and business plan, may take 5 to 7 business days.