Free toy store business plan template

Once retail operations commence, Mr. This will allow the Toy Store to generate revenues from outside of its retail location. This has become a popular trend among smaller retailers in an effort to boost revenues , and Mr. Doe intends to full capitalize on the power of selling via the Internet. The Company will generate modest streams of secondary revenues through the sale of gift wrapping services.

This section of the analysis will detail the economic climate, the toy retailing industry, the customer profile, and the competition that the business will face as it progresses through its business operations. Currently, the economic market condition in the United States is in recession. This slowdown in the economy has also greatly impacted real estate sales, which has halted to historical lows.

Many economists expect that this recession will continue until mid, at which point the economy will begin a prolonged recovery period. This is a mature industry, and the expected future growth rate of the business will equal that of the general economy.

As stated in the previous chapter, one of the most common trends within the industry is to develop online platforms that allow smaller retailers, like the Toy Store, to develop a platform from which they can make sales on a nationwide basis. In this section of the analysis, you should describe the type of customer you are seeking to acquire. In this section, you can also put demographic information about your target market including population size, income demographics, level of education, etc.

This is one of the sections of the business plan that you must write completely on your own. The key to writing a strong competitive analysis is that you do your research on the local competition. Find out who your competitors are by searching online directories and searching in your local Yellow Pages.

The Toy Store intends to maintain an extensive marketing campaign that will ensure maximum visibility for the business in its targeted market. Below is an overview of the marketing strategies and objectives of the Toy Store. Doe intends on using a number of marketing strategies that will allow the Toy Store to easily target individuals and families with children within the target market.

These strategies include traditional print advertisements and ads placed on search engines on the Internet. Below is a description of how the business intends to market its services to the general public. The Toy Store will also use an internet based strategy. This is very important as many people seeking local retailers, such as toy stores, now the Internet to conduct their preliminary searches.

She has successfully managed several toy and hobby stores both in Cherry Creek and San Diego prior to opening her own toy and hobby store. She has a Degree in Business Administration and she will run the business alongside her immediate family members. We are in the toy and hobby stores industry to make profits and give our customers value for their money.

We do not intend to run a toy and hobby store business like the usual mom and pop business around the street corner; our intention of starting our store is to build a standard toy and hobby store that will be a one-stop shop which is why we will ensure that we put the right structures in place that will support the kind of growth that we have in mind while setting up the business.

We will ensure that we only hire people that are qualified, honest, customer centric and are ready to work to help us build a prosperous business that will benefit all the stakeholders.

As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of five years or more especially when we start selling our franchise or running chains of toy and hobby stores. In view of that, we have decided to hire qualified and competent hands to occupy the following positions;.

Our intention of starting just one outlet of our toy and hobby store in First Avenue, Cherry Creek — Denver is to test run the business for a period of 2 to 4 years to know if we will invest more money, expand the business and then open other stores around Denver.

We are quite aware that there are several toy and hobby stores all over Cherry Creek — Denver and even in the same location where we intend locating ours, which is why we are following the due process of establishing a business. We know that if a proper SWOT analysis is conducted for our business, we will be able to position our business to maximize our strength, leverage on the opportunities that will be available to us, mitigate our risks and be equipped to confront our threats.

The fact that we are going to be operating our toy store in one of the fastest growing residential estates with the right demographic composition in Cherry Creek — Denver provides us with unlimited opportunities to sell our items to a large number of people. We have been able to conduct thorough feasibility studies and market survey and we know what our potential customers will be looking for when they visit our toy and hobby store.

We are quite aware that just like any other business, one of the major threats that we are likely going to face is economic downturn. It is a fact that economic downturn affects purchasing power. Another threat that may likely confront us is the arrival of a new toy and hobby store in same location where ours is located or even the arrival of a mall where toys and related goods are retailed. If you are close observer of the toys and hobby industry, you will agree that during the last five years, the intensely competitive environment has driven many small players to exit the industry.

Due to their size, large companies are able to offer competitively priced goods and the number of children under the age of nine is projected to grow. Although these trends are forecast to continue over the next 5 years, some toy and hobby stores will benefit from increasing demand for new technologies such as video games.

Beyond every reasonable doubt, the store that can successfully flow with the trend and keep up with consumer and technology trends will definitely fare well in the coming years. Another notable trend in the industry is that it is now a common phenomenon for toys and hobby stores to leverage on technology to effectively predict consumer demand patterns and to strategically position their store to meet their needs; in essence, the use of technology helps retailers to maximize supply chain efficiencies.

When it comes to selling items that are found in toy and hobby stores, there is indeed a wide range of available customers. One thing is certain; we will ensure that we only retail quality and affordable items in our toy and hobby store.

In view of that, we have positioned our store to service schools and residents of Cherry Creek — Denver and every other location where our toy and hobby goods store will be located all over the United States of America and Canada. We have conducted our market research and we have ideas of what our target market would be expecting from us. Our competitive advantage. The competitive advantage that will help us standout from our competitors is not restricted to having an exclusive sales contract, stocking seasonal products and access to highly skilled workforce.

Our toy and hobby goods store is located in a corner piece property on a busy road directly opposite one of the largest residential estates and office district in Cherry Creek — Denver and few meters away from a busy school district. One thing is certain; we will ensure that we have a wide range of quality and affordable items toys and related goods available in our store at all times. It will be difficult for customers to visit our store and not see the items that they are looking for.

Our highly experienced and qualified management, customer service culture, online store, various payment options and highly secured facility with enough packing space will also serve as a competitive advantage for us. Lastly, all our employees will be well taken care of, and their welfare package will be among the best within our category in the industry.

It will enable them to be more than willing to build the business with us and help deliver our set goals and achieve all our business aims and objectives.

It is important to state that our sales forecast is based on the data gathered during our feasibility studies, market survey and also some of the assumptions readily available on the field.

One thing is common with toy and hobby stores, the larger a toy and hobby store, the larger the number of customers that will patronize them. Although we may not be as large as Hobby Lobby Stores Inc. Below are the sales projections that we were able to come up with for the first three years of operation;.

What are your goals…etc? Having a clear explanation will help you create a in-depth business plan that you can actually use to start the Toy Store business and to apply for needed funding to cover your startup costs.

The Toy Store industry can have great results. Planning and projecting the financial figures to approximate what you will make each year is crucial to building a strong business plan. You can do your best to estimate the figures and growth potential. If you need assistance in projecting, you can always contact UK Startups funding experts for the help. As a Toy Store business, having a clear explanation of the market and industry that you are in will help you plan for the figure and will ensure you can take the business to the next level.

Explain your location of business, share specifics about your customers, showcase your competition and explain the advantages you have over your competition. This means explaining your marketing plan, your sales strategy and clearly outlining a growth plan for the next few years. Be sure to break this down step by step to show how you intend on making sure your Toy Store business can grow each year.

Keep in mind that often business plans are focused on key people. Be sure to discuss yourself, your role and any other key figures in the business as well.