Easy Consignment Is Simple Way to Purchase and Get Your Products
For a business to be successful, the one thing it needs initially above anything else is a solid business plan. It is impossible to get any investor funding or a bank loan without a business plan. Even if you pay for the business yourself, a business plan will help you plan things out and know the direction you want to move in. Without a business plan, the success of your business and your easy consignment store is uncertain.
What Goes Into a Business Plan
There are several elements that make a business plan successful. Taking the time to put these elements in will not only give you a clear direction to move in with the business, but it will make your consignment shop more successful in the long run.
1. The first part of your business plan is what is called a Profile of Principles. This is where the work experience and background of you, the owner, is outlined. You want to show in your business plan why you are experienced and ready for running a consignment store and that is why you put this at the beginning.
2. Next, you will put in a Statement of Purpose. This is where you state what the easy consignment store will offer and what type of business you will be running. This only needs to be a few sentences long.
3. After the Statement of Purpose, you need to put in a Market Analysis. This is the point where you address the economy in your area and in the country, and assess the market viability of the consignment store. Some things to include is a location study, an analysis of traffic patterns, what market you are targeting and what your competition is like.
4. How are you going to promote the consignment store? This question is addressed in the Promotional Strategies section. You want to explain everything you will do to bring in business to the consignment store, including all advertising and marketing strategies.
5. The next section is your Operational Plan. In this section, you outline some facts about the store, how it is going to operate, what equipment you need and when it is open.
6. In the Timetables and Schedules section, you need to set a list of goals for your consignment store. These include how long it will take to remodel it before opening, when you will open and how soon after before you start turning a profit.
7. The next section, which is the Potential Pitfalls section, is vitally important. It is here that you address some of the problems that exist with your business. Many new business owners choose not to include this because they worry about driving an investor away. This is not the point of that section. The point of it is to show the pitfalls that exist and to show how you will address them. An investor or bank would rather have an owner who knows the pitfalls and combats them, than one who ignores them.
8. The next three sections deal with the finances. Since your business has not started yet, you will have to estimate how well the business is going to do. Talking to your accountant will help ensure you get accurate results for these financial statements. These statements are:
a. Monthly Estimated Fixed Expenses: How much you will be spending on payroll, utilities, advertising and rent every month.
b. Initial Capital Investment: This is how much money needs to be put up-front to pay start up costs including new signs, advertising and renovations.
c. First Year Projections: This is where you will address what you hope to make in the first year, and how you will make that profit.
A business plan does not have to be perfect, but it does have to show that you have done your research and that you know what you are getting into with a consignment store.
Resource
For a business to be successful, the one thing it needs initially above anything else is a solid business plan. It is impossible to get any investor funding or a bank loan without a business plan. Even if you pay for the business yourself, a business plan will help you plan things out and know the direction you want to move in. Without a business plan, the success of your business and your Easyconsignment.com LLCconsignment store is uncertain.
What Goes Into a Business Plan
There are several elements that make a business plan successful. Taking the time to put these elements in will not only give you a clear direction to move in with the business, but it will make your consignment shop more successful in the long run.
1. The first part of your business plan is what is called a Profile of Principles. This is where the work experience and background of you, the owner, is outlined. You want to show in your business plan why you are experienced and ready for running a consignment store and that is why you put this at the beginning.
2. Next, you will put in a Statement of Purpose. This is where you state what the easy consignment store will offer and what type of business you will be running. This only needs to be a few sentences long.
3. After the Statement of Purpose, you need to put in a Market Analysis. This is the point where you address the economy in your area and in the country, and assess the market viability of the consignment store. Some things to include is a location study, an analysis of traffic patterns, what market you are targeting and what your competition is like.
4. How are you going to promote the consignment store? This question is addressed in the Promotional Strategies section. You want to explain everything you will do to bring in business to the consignment store, including all advertising and marketing strategies.
5. The next section is your Operational Plan. In this section, you outline some facts about the store, how it is going to operate, what equipment you need and when it is open.
6. In the Timetables and Schedules section, you need to set a list of goals for your consignment store. These include how long it will take to remodel it before opening, when you will open and how soon after before you start turning a profit.
7. The next section, which is the Potential Pitfalls section, is vitally important. It is here that you address some of the problems that exist with your business. Many new business owners choose not to include this because they worry about driving an investor away. This is not the point of that section. The point of it is to show the pitfalls that exist and to show how you will address them. An investor or bank would rather have an owner who knows the pitfalls and combats them, than one who ignores them.
8. The next three sections deal with the finances. Since your business has not started yet, you will have to estimate how well the business is going to do. Talking to your accountant will help ensure you get accurate results for these financial statements. These statements are:
a. Monthly Estimated Fixed Expenses: How much you will be spending on payroll, utilities, advertising and rent every month.
b. Initial Capital Investment: This is how much money needs to be put up-front to pay start up costs including new signs, advertising and renovations.
c. First Year Projections: This is where you will address what you hope to make in the first year, and how you will make that profit.
A business plan does not have to be perfect, but it does have to show that you have done your research and that you know what you are getting into with a consignment store.
Resource
For a business to be successful, the one thing it needs initially above anything else is a solid business plan. It is impossible to get any investor funding or a bank loan without a business plan. Even if you pay for the business yourself, a business plan will help you plan things out and know the direction you want to move in. Without a business plan, the success of your business and your Easyconsignment.com LLCconsignment store is uncertain.
