A tailor shop business plan needs to take into consideration the market need for tailoring services in your immediate area and the price points that the market can support for the services you deliver. How many other tailors are there in the greater area? If a consumer were willing to drive 15 minutes, how many different alterations places could they find, and which of these are the best recognized? Your plan needs to talk about these competitive comparables in detail as well as provide information about how you intend to steal market share from them going forward. What incentives or special selling propositions can you exercise to get new customers in the door? This is vital. The plan should also cover:
• What tailoring services will you offer?
• What is the average price point for alterations, by category?
• Will you specialize in any specific type of alteration?
• What is your personal background in tailoring?
• How many employees will you need for the business, if any besides yourself?
If your tailor shop is not a start-up, you should still include a use of funds table showing how you plan to spend the new capital you get. You might also consider showing a past performance table, which is populated with up to three years of profit and loss data as well as balance sheets for each year. The full financial model, as required by a bank (Small Business Administration standards), should show revenue forecasts, break-even point, profit and loss, cash flow, balance sheet, and a monthly look at your first year post-funding. The business plan's marketing and management sections should show that you have the team in place and the ideas ready to unroll a strong tailoring business. Need help? MasterPlans is the company for you—we specialize in bank-ready plans, and we have completed thousands of them since 2002. Call us at (877) 453-2011.
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