Are you writing a sports shop business plan? The main components you will need to cover in depth include the product and services description, the market analysis (what is the need for your sports shop?), and the financial model that metrically proves the viability of your retail store. You need to show in your business plan that the market can support your concept by giving as much data as possible. It's easy to say "everyone needs sports supplies," but your banker or investor will demand a greater degree of insight than this. Topics to cover:
• - What competition will you face and what competitive advantages can you wield in the target market?
• - Have you considered your personnel needs, and can you detail your hiring timeline?
• - What marketing methods will you use, and what budget do you need to set aside?
• - When will the business reach break-even, and how would a 10-15% decrease in your projected sales impact this timeline?
These are only a few of the questions that a complete sports shops business plan will need to address. Whether you will ultimately present to a bank loan officer (which requires a 3-year forecast) or a private investor (which demands a 5-year), you will need an integrated projection showing revenue potential throughout your post startup period. Need help with these components? MasterPlans has almost a decade of experience helping small business owners and first-time entrepreneurs get their businesses underway. Call 877-453-2011 to speak with a consultant today!
