Need to come up with a business and create a plan for it with a USP (unique selling point)
Any business is acceptable as long as it is in retail and located in London UK
Further guidelines are attached please follow them exactly as they are.
For any sources please be sure they are available online
Formative assignment – Presentation of PowerPoint draft of your individual retail business plan- week 5- maximum 10 mins.
Summative- Individual Retail Business Plan – worth 50% – week 7 (between 2,000 and 2,500 words)
(Submission deadline report – Sunday of week 7, before 23.5 via turnitin (blackboard) report with word count)
You will develop a business plan for a retail business of your choice. Justify your investment and expected profit generation.
You are required to submit a business report (of up to 2,500 words not including appendices or executive summary) to be submitted via turnitin (blackboard) on Sunday of week 7 before 23.59. You may include whatever appendices you think fit, you can also include calculations as to the Net Present Value of your proposal assuming a 4 year planning cycle.
Purpose and sector of business
Type of business and brand- Give your business an identity, name, logo and corporate colour.
How will your store distinguish itself from others like it? What will be its USP?
Branding often plays a major role in why a customer chooses one store over another. Will customers associate your store with particular brands of items? Will you create your own private-label brand of items?
Plan your business – De?ne what kind of business you want to open and what is going to make you special, what kind of merchandise you want to carry, and what type of customers you want to attract. It does not have to be a completely unique idea.
Business plan outline
Table of contents
1. Executive Summary
An Executive Summary is critical to the success of the business plan. The Executive Summary offers synopsis of the business plan, and highlights the key points raised within. This business plan part is where you need to capture the reader’s attention so that he/she will be compelled to read on.
2. Business Analysis
When writing the business analysis, be sure to include the following (5Ws and How):
• Where the business will be located
• When the company started
• What products or services are sold
• How the business will operate
• Who will operate the business
• Legal structure of business
• Mission statement/vision
• Overview of industry
3. Marketing strategy
When writing the marketing strategy, be sure to include the following:
Marketing mix (product, price, place (location), promotion, people, physical evidence, process. It also includes the market segmentation, competitive analysis and all other selling strategies):
• Target segments (Define the people who are you customers, What groups of consumers will buy from you
When writing the products and services section, be sure to include the following:
• The uniqueness of the product or service
• The method in which the items are sold
• Benefits to the customer
• Why customers will purchase it from your business
• Supplier details, noting any exclusive dealerships
• Pricing policy or strategy
• How does your products differ from the competition, USP- How is your business different from the competition? What is your competitive edge?
• Competitor analysis- where and what businesses are competing against yours?
• Product/service (what products and services are offered, how and where (distribution) and future plans for product lines/services
4. Management Plan
What to Include:
• The organizational structure of the business
• Number of employees
• Who will supervise the staff?
• Your role in the operations
• Future staffing needs
• Job descriptions for each role
• Total personnel costs
• What benefits will be offered to employees
5. Financial Plan
When writing the financial plan, you should include the following:
• Break-even Analysis
• Profit and Loss Statements
• Cash Flow projects
• Balance Sheet
• Industry ratios
• AIDress all possible risks
6. Business feasibility/ risk management
8. A short conclusion
9. References/ bibliography
The retail Business Plan reports will be assessed on the following criteria:
Content (60% of report marks)
A clear picture of the business idea based on valid research, strong analysis and good use of theoretical constructs over the areas relevant to the business idea
Communication (40% of report marks)
A succinct report with an appropriate structure, use of appendices and relevant support data. Written in a business-like style that communicates directly and clearly the written and diagrammatic content
Summary of the key areas that your business plan has to cover:
• Presentation- This is what your store looks like, inside and out. Don’t fall into the trap of
just letting this aspect of your store “happen.”What feeling will your store’s atmosphere
convey? How will you display your product?
• Procedures- This is how your store is run. Over the years, innovative procedures have
produced revolutionary concepts (drive-through windows, superstores, electronic data interchange, eCommerce, and more) that have changed the face of retail. How will you do the everyday things you do? What goals will you work toward in this area? How can that be a USP for you?
• Financial- how will you get ?nancing? It takes some time for even the best run and best organized company (with the best possible products in stock) to show a pro?t. Conduct research about your customers, your competitors, and your opening expenses, as well as projections for first-year sales.
Pro?tability- This is how much money you make from selling your product. Don’t leave this to an accountant—it could put you out of business. How soon do you plan to make a pro?t, and will you be drawing a salary? What system will you use to remain informed about your pro?tability?
• Marketing (e.g. market share, awareness levels, etc..
• A value proposition for customers
• Source(s) of revenue
• Identification of costs
• Target market segment(s)
• Differential advantage(s)
• Marketing Mix, including:
Product/service- This is what your store sells. What kind of product will your store carry? Are there any special lines of this product or services that you’d like to carry in the future?
Pricing- This is how much you sell your product for. Will yours be a discount store, a high-end, premium-priced specialty store (à la Tiffany’s), or something in between? There are many different pricing policies, depending on your target customer.
Promotion- This is how your store advertises and markets itself to the public. How are you going to tell the world you exist? Will your promotions focus on price (i.e., sales), holiday themes, particular product lines—or all of these? How frequent will they be?
• People-This is the staff. Your success depends on the team you put together. How many people will you need? Who will you hire, and what will their roles be? Who will train your staff? What suppliers will you work with, etc?
Justification for why you expect it to be successful and profitable. How do you intend to grow your business? How will You concentrate on advertising, building your brand, buying the right merchandise, and attracting the right personnel?
Identification of main risks involved and how you intend to reduce their impact. To maintain your success, you must stay a?oat and you must keep on top of its ?nances.