{"id":3940,"date":"2018-03-09T10:00:06","date_gmt":"2018-03-09T10:00:06","guid":{"rendered":"https:\/\/www.sage.com\/en-gb\/blog\/?p=3940"},"modified":"2026-01-29T10:40:06","modified_gmt":"2026-01-29T10:40:06","slug":"business-plan-template-shops-and-retail-companies","status":"publish","type":"post","link":"https:\/\/www.sage.com\/en-gb\/blog\/business-plan-template-shops-and-retail-companies\/","title":{"rendered":"Business plan template for shops and retail companies"},"content":{"rendered":"
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\n\t\t\t\t\t\t\tStrategy, Legal & Operations<\/a>\t\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t
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\n\t\t\t\t\t\tBusiness plan template for shops and retail companies\t\t\t\t\t<\/h1>\n\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t

\n\t\t\t\t\t\t\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n\t

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\n\t\t\t\n\t\t\t\t\"\"\t\t\t\tStacey McIntosh<\/span>\n\t\t\t<\/a>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n<\/div>\n\n\n\n

Ecommerce may be booming but opening and running successful shops and retail companies of the bricks-and-mortar variety is still a life goal for many.<\/p>\n\n\n\n

If you\u2019re planning to make that dream a reality, writing a thorough business plan should be at the top of your to-do list \u2014 here\u2019s why.<\/p>\n\n\n\n

What is a business plan? <\/strong><\/h2>\n\n\n\n

Your business plan<\/a> is essentially your company\u2019s strategic blueprint. It explains what your business idea is and sets out your goals and how you will achieve them, while considering the environment you\u2019ll operate in.<\/p>\n\n\n\n

Typically, it\u2019s the first proper step of getting your retail business off the ground and can be used to get investors, grants, loans or other funding for your company before you open your shop doors.<\/p>\n\n\n\n

Something that can also help your planning is a Business Model Canvas<\/a>. It is a handy tool to help you build out your business plan.<\/p>\n\n\n\n

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Your one stop shop for starting a business<\/h2>\n\n\t\t\t\t\t\t\t\t\t
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Thinking about starting a business or already putting your ideas into action? We\u2019ve got the resources, expertise and software to help you achieve your goals.<\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\tFind out more<\/a>\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\"Working\t\t\t<\/div>\n<\/div>\n\n\n\n

Do independent shops really need a business plan?<\/strong><\/h2>\n\n\n\n

The short answer is yes. Of course it\u2019s possible to do well with a good idea and a bit of luck but you\u2019re more likely to succeed with a solid business plan to help guide your decision-making. Researching your plan will also help you figure out if your products or services are financially viable and in demand before you launch. Here are three things to consider as part of your business planning process:<\/p>\n\n\n\n

1. Location, location, location <\/strong><\/h3>\n\n\n\n

For shops and retail companies, whether you\u2019re opening a community greengrocer or an exclusive boutique, one of the most important aspects of your business model is your location. Pulling a plan together will encourage you to think about the most viable location for success, as well as the cost implications.<\/p>\n\n\n\n

2. Customers<\/strong><\/h3>\n\n\n\n

When creating your business plan, you\u2019ll need to research your potential customers. Documenting who they are, how they behave and the circumstances in which they will shop with you will aid you in determining the stock you will carry and how to effectively promote your store to customers.<\/p>\n\n\n\n

3. Pricing model<\/strong><\/h3>\n\n\n\n

A big part of any business plan is the financial figures that are included. As part of the planning process, you should be doing detailed research on potential competitors and their prices as well as all the expenses that running your business will incur. This will help you determine the prices that you will charge for the products you sell.<\/p>\n\n\n\n

What are the other benefits to having a business plan? <\/strong><\/h2>\n\n\n\n
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  1. It looks good to potential partners, investors, lenders and funding bodies, and if you want to apply for a business loan, you\u2019ll most likely need a business plan.<\/li>\n\n\n\n
  2. It will help you work out what your unique selling proposition is, identify threats and challenges, and come up with solutions and coping strategies.<\/li>\n\n\n\n
  3. It will make you set short and long-term SMART goals, such as launching a new website within three months or opening a second shop in year three of trading.<\/li>\n\n\n\n
  4. You can use it to benchmark your performance by comparing your company\u2019s results and achievements with the goals set out in your plan.<\/li>\n<\/ol>\n\n\n\n
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    If you want to increase the chances of your business being successful, it’s worth having a business plan<\/figcaption><\/figure>\n\n\n\n

    How to write a business plan for your shop<\/strong><\/h2>\n\n\n\n

    Your business plan doesn\u2019t have to be a boring document. Given some investors make their decision to provide funding to start-ups and existing firms based on the people as much as the business itself, your business plan should showcase your passion and personality.<\/p>\n\n\n\n

    However, certain bodies or individuals who can provide funding will expect you to include specific information. Putting your plan together using the following sections can help you make a strong case for securing the required finance:<\/p>\n\n\n\n