No matter what type of retail store you're starting, a good business plan is mandatory. Crack new ideas from this assortment of questions from a panel of experts for creating a business plan for retail business.
1. Have you decided the area of operation?
2. What is the market segment?
3. What is the customer segment?
4. Who are your customers?
5. Analyse the demography of the people.
6. Are there any branches?
7. What are the other stores nearby?
8. What is the maximum wait time for Customers?
9. How many categories do you offer?
10. Local Customer feedbacks.
11. How should be the Social media promotions?
12. How to be visible to target audiences?
13. Whether the regular customers are online enabled?
14. What are the other Ways of promotion?
15. How to make Tie – Ups with other businesses?
16. How to Display your products?
17. What is the store plan-o-gram?
18. Name of the store.
19. Logo design.
20. Name of the Company.
21. Is your company legally registered?
22. How will be the launching of the store?
23. Mission, Vision, and values of the company.
24. How store functions? Process map
25. What will be the Marketing strategy?
26. What will be the Sales strategy?
27. What are the Platforms and their costs?
28. Do you plan for any website?
29. Which Websites platform is the best? Why?
30. What are the templates available in market?
31. What is the E- mail marketing tool required?
32. What is the mode of payment for customers?
33. What is the mode of payment for suppliers?
34. How often the cash must be deposited?
35. Any CRM Software needed?
36. Name of the CRM Software.
37. Name of the Accounting Software.
38. What will be the Typical P&L for the store? – Monthly
39. What should be the organisation structure?
40. Who are all the people required?
41. What are their job Descriptions?
42. How will be the Company Management structure?
43. How many employees are needed?
44. Whether it’ll be a Private company?
45. Subsidies if any?
46. Who are your competitors?
47. How to Benchmark them?
48. How do they function?
49. What is their turnover?
50. How do they market?
51. What is the Avg. footfall for their stores?
52. Average cost for footfall.
53. What are the Inputs given (problems faced) by the customers?
54. What are the Varieties of products you offer?
55. What is the Cost of bringing the products to the stores?
56. What is the Cost of selling?
57. How many varieties?
58. An overview about stores (with similar products).
59. What are the categories of products?
60. What is the maximum capacity that can be supplied (without ordering)?
61. Who are the suppliers?
62. Is there any employee handbook available?
63. Is there any SOP available for employees?
64. What’s the store operational time?
65. Name of the products.
66. What are the Methods of sourcing?
67. What are the related licenses?
68. Have you bought the fire license?
69. Safety measures for customers?
70. Safety measures for employees?
71. Any locker room facility for employees?
72. Any bag collection process for customers?
73. How to avoid pilferages?
74. What are the Certifications to be produced?
75. Any media related Personalities in that locality.
76. What are the lists of Compliance?
77. Any Partnerships with brands?
78. Any Trade Shows (for bringing new products)?
79. How will be the supply Channel?
80. How to avoid bargaining?
81. Is there any SOP available for accounts department?
82. How to avoid exploitations?
83. Is there any warehouse facility?
84. What are the quality checks for the products?
85. What is the shelf life of the products?
86. What will be the Return policies?
87. What’ll be the Terms & Conditions?
88. What is the Product Portfolio?
89. What is the Product description?
90. What are the Past and Current models in that locality?
91. What is your Unique selling proposition?
92. What are the product variations compared to market?
93. How the SKU naming will be?
94. What is the SKU numbering?
95. Who’s responsible for financial problems?
96. Is there any SOP available for finance department?
97. Who’s the legal advisor?
98. Is there any SOP available for legal department?
99. Any tie-up with distribution partners?
100. What is the organisation structure?
101. Any strategy for attracting customers?