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Writing a Business Plan
While it may be tempting to put off, creating a business plan is an essential part of starting your own business. Plans and proposals should be put in a clear format making it easy for potential investors to understand. Because every company has a different goal and product or service to offer, there are business plan templates readily available to help you get on the right track. Many of these templates can be adapted for any company. In general, a business plan writing guide will recommend that the following sections be incorporated into your plan.
The executive summary is the first section that business plans open with, but is often the last section to actually be written as it’s the most difficult to write. The executive summary is a summary of the overall plan that highlights the key points and gives the reader an idea of what lies ahead in the document. It should include areas such as the business opportunity, target market, marketing and sales strategy, competition, the summary of the financial plan, staff members and a summary of how the plan will be implemented. This section needs to be extremely clear, concise and engaging as you don’t want the reader to push your hard work aside.
The company description follows the executive summary and should cover all the details about the company itself. For example, if you are writing a business plan for an internet café, you would want to include the name of the company, where the café would be located, who the main team members involved are and why, how large the company is, who the target market for the internet cafe is, what type of business structure the café is, such as LLC, sole proprietorship, partnership, or corporation, what the internet café business mission and vision statements are, and what the business’s short-term objectives are.
Services and Products
This is the exciting part of the plan where you get to explain what new and improved services or products you are offering. On top of describing the product or service itself, include in the plan what is currently in the market in this area, what problems there are in this area and how your product is the solution. For example, in a business plan for a food truck, perhaps there are numerous other food trucks in the area, but they are all fast –food style and unhealthy so, you want to introduce fast food that serves only organic and fresh ingredients every day. This is where you can also list your price points and future products or services you anticipate.
The market analysis section will take time to write and research as a lot of effort and research need to go into it. Here is where you have the opportunity to describe what trends are showing up, what the growth rate in this sector looks like, what the current size of this industry is and who your target audience is. A cleaning business plan, for example, may include how this sector has been growing by 10% every year due to an increase in large businesses being built in the city.
Organization and Management
Marketing and sales are the part of the business plan where you explain how you will attract and retain clients. How are you reaching your target customers and what incentives do you offer that will keep them coming back? For a dry cleaner business plan, perhaps if they refer customers, they will get 10% off their next visit. In addition, you may want to explain what needs to be done in order for the business to be profitable. This is a great way of showing that you are conscious about what clear steps need to be taken to make a business successful.
Financial Projections & Appendix
The financial business plan section can be a tricky one to write as it is based on projections. Usually what is included is the short-term projection, which is a year broken down by month and should include start-up permits, equipment, and licenses that are required. This is followed by a three-year projection broken down by year and many often write a five-year projection, but this does not need to be included in the business plan.
The appendix is the last section and contains all the supporting documents and/or required material. This often includes resumes of those involved in the company, letters of reference, product pictures and credit histories. Keep in mind that your business plan is always in development and should be adjusted regularly as your business grows and changes.
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How to Choose a Phone Plan for Your Business
Every company needs an effective phone plan for their business. It’s important for all your employees to be able to communicate with each other. You also need to ensure that you can take phone calls from clients when they need to reach you. There are many office, VoIP and cell plans available, and your choice depends on what’s best for you. Here’s how to choose the best phone plan for your business.
The Types of Business Plan
If you’re looking for the perfect business phone plan, you need to think about which will benefit your organization most. There are loads to choose from and each have their advantages and disadvantages. It’s essential for businesses to have the best communications systems, because without this you’ll lose potential customers. Many people choose systems based on their convenience, but also look at how effective they are, the costs and if the system is up to date.
With so many options, businesses rarely know where to start. However, your primary goals will enable you to find the best phone plan for your business. Do you have a large team and need a strong internal communications system? Is saving money your primary goal? Here are some business phone plans, and their benefits.
Voice Over Internet Protocol (VoIP)
VoIP is taking over the business world, and many companies are ditching their landline service for the internet-based phone solutions. While making international calls on landlines is expensive, VoIP enables you to call anywhere in the world for no extra cost. Phone calls take place over the internet, and you can reach your employees wherever they are.
There are many VoIP solutions, including basic packages, options for mid-sized businesses and high-end solutions. It’s important to think about which solution is best for your business and avoid any hidden costs associated with high-end solutions. VoIP is great for companies and there is a range of technological benefits you won’t find with other providers. Search online to find the best VoIP providers.
Private Branch Exchange (PBX)
PBX uses hardware to route all calls through the office to and from a central connection. It connects all employees and enables easy transfers. PBX has many benefits, including its cost-effective solutions. Employees can make internal calls without the needs of connecting to an external network. This means that businesses can save money on phone calls, which is especially useful for small companies.
There are automatic capabilities, meaning PBX systems can automatically route calls. Basically, PBX offers an all-in-one solution, but it isn’t as technologically convenient as VoIP solutions. It depends on your needs, but remember PBX systems are best if you use over 12 phone lines. Smaller businesses might find that installing and maintaining a PBX system is too expensive.
Small businesses have one thing on their mind; money. They need to find cost-effective solutions to grow their business, but not bankrupt them. Most small companies use manual key-systems to route phone calls. As you add more lines, you’ll find a manual system less convenient and harder to manage.
Key systems are great when businesses are starting out, but if your business is growing then it’s best to choose between a PBX or VoIP solution. There are many positives to manual key systems, and providers are combining technology with the systems to make them better for small business owners to maximize their internal and external communications.
Is the price right? That’s what you should be considering. Many phone providers will offer comprehensive packages for both office and cell use. Combining these will save you money in the long-term and enable you to streamline your communication procedure. The more technology you want, the higher the price. You should weigh up the benefits of cost and convenience when making your decision.
Speak to providers and ask them what bundles they offer. You’ll want to supply your employees with cell phones if they travel out of the office regularly. Choosing a phone system doesn’t have to be complicated if you know what you’re looking for and consider your price limits.
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Business Plan for an Art and Souvenir Shop
Research paper (postgraduate), 2009, 14 pages, grade: 1,7, veronika minkova (author), table of contents.
1.0 Executive Summary 1.1 Objectives 1.2 Mission 1.3 Keys to success
2.0. Company summary 2.1. Company description 2.2 Start-up summary 2.3 Location and location analysis 2.4. Opening hours
3.0 Management 3.1. Company ownership: Veronika Minkova 3.2 Employees: 3.2.1. Two shop attendants 3.2.2. Artists (Mosaics and Paintings) 3.2.4. Producers of Souvenirs
4. 0 Products 4.1 Souvenirs 4.2 Paintings and mosaics
5. Marketing Analysis 5.1 Market Segmentation 5.2 Competition analyses 5.3 Competitive comparison 5.4 SWOT analysis 5.5 Marketing strategy 5.6. Price strategy
6.0 Financing 6.1. Basic assumptions 6.2 Revenue Calculations
1.0 Executive Summary
Art shop “Avocadi” is an art and souvenir shop, situated in Hungarian town of Szentendre. Hungary is in 17th place ranking of World’s Top tourism destinations The place is carefully selected as it is only 20 kilometers from Budapest on the bank of the River Danube. The ancient houses, churches and traditions of its various ethnic groups so carefully preserved in this atmospheric small town have made it a popular destination for excursions. Located in the heart of Szentendre, art shop “Avocadi” will attract both tourists and locals. Because in all travel agencies’ programs visit to Szentendre is included (either by bus or boat), a large amount of tourists visiting Budapest spend a few couples of hours in Szentendre. Due to its internationally famed artists' colony as well as its numerous museums and galleries it is both a city of the living arts and a true tourist favorites.
In today’s highly competitive environment, it is becoming increasingly more difficult to differentiate between one souvenir shop to another. It looks like all the souvenir shops in the tourist places are selling similar goods and are looking alike. Art shop “Avocadi” unlike a typical souvenir shop, will provide a unique combination of souvenirs and art works and will introduce mosaic works as a new product. Our products are divided in 3 categories: 1) souvenirs, 2) mosaics and paintings and 3) bags and purses. Souvenirs are 86% of our production because our main target group are tourists. We offer a variety of hand made souvenirs: plates, cups, T-shirts, key holders, toys, greeting cards.
Souvenirs will be high-quality hand made products in authentic and in the same time artistic style. The diversity of art products and the materials they are made of will attract a lot of customers at fair prices.
The second category of our production is mosaics and paintings. Although the „art and souvenir market” in the town is in great competition we will bring out something new to the market. Art shop Avocadi will be innovative as appearing with mosaic pictures both as reproductions of masterpieces and original ones. The new material: mosaics distinguish from traditional ceramic pieces of art, in which the region is very familiar with. We expect that art lovers in the region will be fascinated of our works. Mosaics are reproductions of famous masterpieces of Henry Matisse, Van Gogh, Picasso as well as many contemporary Hungarian and foreign artists. The shop will offer originals as well. We will have contracts with two artists: Dimitar Ivanov will be responsible for paintings and Emil Minkov for mosaics. Mosaics will represent 9% of total production and paintings 4% respectively. Our shop name also stands for extravagancy, art and style.
The third product category is “bags and purses”. It represents 1% of total production.
The manager of the store will be Veronika Minkova, who will be supported by her family. Her father will be one of the artists, who make mosaics. The start up expenses will be financed as investing family savings and taking a bank loan. Start up expense will be needed to finance the legal issues, necessary for start up, development of company logo, purchase of store equipment as well as materials and goods for production.
Mainly the business is highly correlated to tourism in Hungary, because 85% of our production is souvenirs. Therefore we evaluate our business risks in connection with the number of tourist visits yearly. A decrease of profits may occur for a number of reasons: raising prices, unfavorable natural conditions or tourist preferences. Another risk we may face is the competition.
Prices are calculated in Hungarian forint throughout the business plan.
Set up a unique shop in the centre of the artistic town Szentendre.
Attract tourists as well as local customers and increase sales of mosaics and paintings
Develop and offer new unique souvenir products
Expand product family by adding pottery products, vases, etc.
Establish “Avocadi” as a place regarded as a “worth-to-visit” by the tourist companies.
Avocadi will strive to be a unique shop in the local market. We want our clients to have a complete experience when visiting Avocadi. Not only will they receive an unique souvenir or art work, they will also be provided with an artistic atmosphere, enjoy the design of the shop, the presence of the mosaic art works on the walls, the ceiling and the floor. The outlook of the shop will be unique that will set us apart from the competition.
Our main focus will be offering quality souvenirs at a great value. We will feature a large selection of unique souvenirs, offer original paintings and mosaic works as well as bags and purses.
Customer satisfaction is paramount. Our motto will be: “Everyone deserves to possess unique things.” We want to be the shop of choice for everyone regardless nationality or age.
We will combine variety of goods, atmosphere, ambiance, and friendly staff to create a sense of “place- worth-to-visit” for both tourists and locals.
1.3 Keys to success
The keys to success in achieving our goals are:
Location - visibility, high traffic pattern, convenient access.
The creation of unique, innovative, appealing atmosphere that will differentiate us from the competition
Variety of quality products
Competitive prices, controlloing costs at all times, in all the products.
Providing exceptional service that leaves an impression.
2.0. Company summary
2.1. company description.
The company will be established as a sole proprietor (Bt is Hungarian abbreviation). Veronika Minkova is the owner. Fine arts products will be made by the artists Dimitar Ivanov – paintings and Emil Minkov - mosaics, who will have contracts with the company. The company will buy the materials for them (e.g. paints, ceramics, mosaic, etc.). The same system will apply to producers of souvenirs, who will work with their own equipment but the company will provide materials for them. The souvenirs will be designed by the same two artists.
2.2 Start-up summary
Art shop “Avocadi” start up costs will be necessary to cover all expenses for making up the beginning inventory, rent and maintain the shop. The costs will be also designated to a sewing machine and advertising. A company’s logo will be developed. Our initial start-up costs amount to HUF 11,462,000.00. Prices are calculated in Hungarian forint, the current exchange rate is 251 HUF for 1 EUR.
2.3 Location and location analysis
The modern town of Szentendre was founded by Serbian immigrants in the seventeenth century, which is why it bears more resemblance to southern European towns than Hungarian ones. The town has an old feel with cobblestone streets and outdoor cafes and various architectural styles - Baroque and Rococo - along with the beautiful Orthodox churches. Szentendre is the artist center of Hungary. There are literally hundreds of galleries and artist sketching in the sun. Since the town has also been an artists' colony for more than a century, small museums exhibiting some of their works dot the streets. This is also a great place for shop for souvenirs, although the glut of tacky shops can be a little overwhelming. There are many traditional Hungarian items which can be purchased more cheaply here than in Budapest. Due to its picturesque appearance and easy rail and river access, it has become a popular destination for tourists staying in Budapest and there are many shops and restaurants catering for these visitors.
2.4. Opening hours
Monday to Sunday 09.00: 18.00
3.1. company ownership: veronika minkova.
Skills and experience:
currently an International Business Management student in Fachhochshule “Furtwangen”, 3rd semester
has already managed an art shop
has a family, living in Szentendre
has spent two years in Szentendre
has interest in Fine arts
Responsibilities of the Manager:
Take up the whole management: contract the artists, souvenir producers and other services
Buy and deliver materials to the artists and producers
Managing the shop assistants
Sewing bags and purses in spare time
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Gift Novelty Souvenir Shop Business Plan
Start your own gift novelty souvenir shop business plan
Yeti Cards & Gifts
Executive summary executive summary is a brief introduction to your business plan. it describes your business, the problem that it solves, your target market, and financial highlights.">.
Yeti Card & Gifts (Yeti) is an established retail business that offers a wide range of cards and gifts. Yeti’s motto is “Fun, Functional, & Funky, that’s Yeti.” Yeti opened two years ago as a retail gift store specializing in Asian gifts and home decor. Yeti quickly out-grew its original space and is now located in the Wigman Hospital/Physicians & Surgeons South Building, open Monday through Saturday 10 am – 6 pm. Yeti is currently finishing tenant improvements on their second location, a space in University Heights. The grand opening is slated for July 4th.
The Market Yeti has been successful in doing something that no other retail card/gift store has been able to do, successfully appeal to two distinct target market segments. Yeti’s first target segment is university students. This segment is identified by their younger age and higher disposable income relative to their household income. For many students, the years at university is the first time they are living away from home and away from their parent’s often watchful and restrictive eyes. This means that students like to use their disposable income to its full potential, sometimes (unfortunately for them) beyond their financial means. There are over 38,833 potential customers in this market segment.
The second distinct segment that Yeti has been successful in appealing to is the university faculty and staff, Wigman Hospital staff, and the greater Cleveland Heights/University Heights community. This segment is an older, more mature market relative. They are looking for a safe and friendly atmosphere that provides a sense of nostalgia mixed with youthful excitement. This segment has over 191,590 potential customers.
Competitive Edge Yeti’s competitive edge is their ability to effectively serve both market segments at the same time, a feat that no other gift/card shop has been able to do. Yeti has accomplished this by leveraging two competitive advantages. The first element is a wide product selection that appeals to both target markets. Yeti’s other motto, “Risque not Raunchy” captures this idea well. While some of the products come close to pushing the limits of good taste, nothing is offensive or outrageously obscene. This creates an atmosphere that has an edge, but one in which anyone would feel comfortable. This wide product span helps allow Yeti to serve two distinct sets of customers. A wide product selection is not inherently enough on its own to serve two customer segments however. The second element of their competitive edge is the high level of customer service that supports the broad product selection. The store provides outstanding service to customers who feel like they are truly welcome and enjoy the entire shopping experience. All of the Yeti employees are trained to create a helpful, gracious, welcoming experience for all customers. The sales staff recognize that it is their job to provide the customer with whatever type of assistance they may need. The customer will leave the store feeling that Yeti exists to cater to their individual needs.
Having been open now for almost two years, Yeti Cards & Gifts has proven that they have been successful in meeting the needs of two distinct customer segments. The Yeti concept is being led by the husband and wife team of Dan and Ishada Gordon, both of whom bring a wealth of experience and skills to the company. Yeti is currently preparing for the grand opening of their second location and its overall growth looks quite promising. Sales forecasts indicate revenue of $169,000 for Year 3 and $180,000 for Year 4 with net profit of 5.96% and 7.59% respectively.
Yeti Cards & Gifts’ goal is to provide new and exciting products in an environment that is fun and friendly for customer and staff alike. Customer service is our #1 priority.
“Fun, Functional & Funky, that’s Yeti.”
1.2 Keys to Success
The keys to success are:
- Advertising and promoting in areas that our target customer base will learn about our store.
- Continuously reviewing our inventory and sales and adjusting our inventory levels accordingly.
Yeti has two objectives for the organization. The objectives are lofty, yet achievable. By developing and tracking progress toward the goals, the organization will push everyone to perform their best.
- Open a second store in the University Heights community, increasing visibility and sales potential.
- Open a third store in Year 4.
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Business plan for gift and souvenir shop
Clay Cat's House is a business model for retail stores. I am building a retail store specializing in souvenirs, gifts and home decor items, furniture designed from clay. Opened on the criteria of building a retail brand of quality clay products, prestige and customer trust. With that goal, I will build a detailed and careful business plan to achieve business results and efficiency in business operations.
Publishing India Group
In todays' retailing industry, two factors play the most important role, naming store-image and customer satisfaction. Overwhelming vast majority of changes in consumption patterns, lifestyle and economic as a whole, make retailers to consider these two factors and their correlation to obtain more profit and market share. This study tries to find an association between store image attributes and customer satisfaction towards retail stores. In this regards, 7-Eleven Stores of Malaysia have been selected to examine this relationship and to determine which store image attributes have the most significant effect on customer satisfaction as well. In order to do that study follows the same model as Prokopis K. Theodoridis&Kalliopi C. Chatzipanagioto(2009) which means examining the influence of six variables of store image that have been driven by Lindquistic(1974) on customer satisfaction. In this work, data is collected from various resources. The primary data collection was based on a paper questionnaire and our target customers, consisting of 100 Malaysian respondents, who had at least once shopping experience with one of the branches of 7-Eleven in Malaysia. To analyze the data, SPSS and multiple regressions were used. The result of this study could be used by both designers and retail store managers to make a better decision about their store image and this could finally lead them to increase their customer satisfaction.
Journal of Public Administration and Governance
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Souvenir Shop Business Plan [Sample Template]
By: Author Tony Martins Ajaero
Home » Business Plans » Wholesale & Retail
Are you about starting a souvenir store? If YES, here is a complete sample souvenir shop business plan template & feasibility report you can use FREE.
If you have a knack for retailing products, then you should consider starting your own souvenir shop business. It has been proven that a souvenir shop is one business that can easily survive in any part of the world as long as it is situated in a place where tourists visit on a regular basis.
No doubt, starting a business is not as easy as it sounds. It requires deliberate planning, capital and business skills. Depending on the vision you have for your souvenir shop business, you can start it on a small scale (mom and pop level) or on a larger scale.
The good thing about establishing a standard souvenir shop is that if you are successful in building your brand, you can easily sell your franchise to investors and that will translate to more money for you. Below is a sample souvenir shop business plan template that can help you to successfully write your own with little or no trouble.
A Sample Souvenir Shop Business Plan Template
1. industry overview.
A souvenir shop is a store that mainly sell souvenirs, memorabilia, and other items relating to a particular topic or theme. The items sold often include coffee mugs, stuffed animals, t-shirts, postcards, handmade collections and other souvenirs.
Souvenir shops are normally found in areas visited by many tourists. Hotels and motels in Canada and the united states often feature a souvenir shop near their entrance.
Venues such as zoos, aquariums, national parks, theme parks, and museums have their own souvenir shops as well; in some cases, these shops sell items of higher value than souvenir and souvenir shops not associated with a venue, as well as trinkets.
These stores are sometimes a source of financial support for educational institutions. If you are close observer of happenings in this industry, you will notice that the Souvenir Shops and Card Stores industry has displayed signs of contraction as external competition has caused the number of operators to fall over the past five years.
On the other hand, industry revenue has continued to rise as consumers have increased their discretionary spending on nonessential items that are predominant in this industry.
Please note that the continued growth of per capita disposable income has also enabled consumers to travel more and purchase items from souvenir shops. Going forward especially as it relates to projecting for the five years, the industry is anticipated to benefit from rising disposable income levels and tourist activity.
Statistics has it that in the United States alone, the Souvenir Shops and Card Stores industry generate over $19 billion annually from more than 61,279 souvenir shop outlets scattered all around the country. The industry is responsible for the direct employment of over 188,120 people.
Experts project the Souvenir shops and Card Stores industry to grow at a 0.2 percent annual rate between 2013 and 2018. Party City Holdings Inc., American Greetings Corporation and The Walt Disney Company are the establishments in this industry that own lion market shares in the industry.
A recent report published by IBISWorld shows that the Souvenir Shops and Card Stores industry is in the mature stage of its life cycle.
he report further revealed that over the 10 years to 2023, industry value added, which measures the industry’s contribution to the overall domestic economy, is estimated to increase at an annualized rate of 1.0 percent, whereas US GDP is projected to expand an annualized 2.2 percent during the same period.
This industry is growing at a slightly slower rate than the economy as a whole, but its growth generally mirrors that of the US at large, which is characteristic of a mature industry. Industry revenue is expected to grow relatively consistently over this period however, intensifying competition from alternative retailers will likely mitigate any faster growth.
The market for the souvenir shop business is also no longer limited to a single customer or to women, especially as women once made up the largest segment of the industry’s market, as both customers as well as recipients. The market has now expanded to include the corporate client.
The Souvenir Shops and Card Stores industry has minimal barriers to entry, with low startup capital and no specific licensing requirements.
The majority of souvenir shops operate as a one – outlet business and the capital cost of establishing souvenir shop outlets are not substantial relative to many other retail industries, such as department stores with chains of outlets all over the country.
On the other hand, the high level of competition and market saturation in a declining industry can prove challenging to aspiring entrepreneurs who want to start their own souvenir shop – business. Most players in the industry are small – to medium – size establishments that cater to the local community.
If you are considering opening a souvenir shop business in the United States, you should ensure that you carry out a thorough market survey and feasibility studies so that you can get the ideal location to launch your souvenir shop business.
The truth is that if you get some key factors wrong before starting your own souvenir shop business, then you are likely going to struggle to generate sales.
2. Executive Summary
Tim Lara™ Souvenir Shop, LLC is a registered souvenir shop business that will be located close to Times Square which happens to be the most visited public tourist site in the whole of the United States of America. We have been able to lease a shop facility along a major road in Midtown Manhattan section of New York City at the junction of Broadway and Seventh Avenue.
Tim Lara™ Souvenir Shop, LLC will be involved in retailing a wide range of coffee mugs, stuffed animals, t-shirts, caps, gift wrap, novelty merchandise, postcards, handmade collections and other souvenirs and seasonal and holiday decorations.
We will also be involved in helping our clients wrap and deliver their souvenir as instructed. We are aware that there are several souvenir shops all around Manhattan – New York, which is why we spent time and resources to conduct thorough feasibility studies and market survey so as to offer much more than our competitors will be offering.
We have delivery service options for our customers, and our outlet is well secured with the various payment options. Our customer care will be second to none in the whole of Manhattan – New York. We know that our customers are the reason why we are in business which is why we will go the extra mile to get them satisfied when they visit our souvenir shop.
Tim Lara™ Souvenir Shop, LLC will at all times demonstrate her commitment to sustainability, both individually and as a business enterprise, by actively participating in our communities and integrating sustainable business practices wherever possible.
We will ensure that we hold ourselves accountable to the highest standards by meeting our client’s needs precisely and completely.
Our plan is to position Tim Lara™ Souvenir Shop, LLC to become the leading brand in the industry in the whole of New York, and also to be amongst the top 5 souvenir shops in whole of the United States of America within the first 15 years of opening our first souvenir shop.
This might look too tall a dream but we are optimistic that this will surely come to pass because we have done our research and feasibility studies and we are enthusiastic and confident that Manhattan – New York is the right place to launch our souvenir shop business before spreading to other parts of the United States especially tourist destinations.
Tim Lara™ Souvenir Shop, LLC is a family business that is owned by Mrs. Lara Tim and her immediate family members. She has the required experience, qualifications and skills that will help grow the business from startup to profitability within the shortest time frame possible.
3. Our Products and Services
Our intention of starting Tim Lara™ Souvenir Shop, LLC is to make profits from the souvenir shops and cards stores industry and we will do all that is permitted by the law in the US to achieve our aim and ambition. Here are some of our products;
- Coffee mugs
- Stuffed animals
- T-shirts and caps
- Novelty merchandise
- Handmade collections
- Seasonal and holiday decorations
- Greeting cards
- Customized gifts baskets
- Sale of franchise and consultancy services (after 10 years of launching the business)
4. Our Mission and Vision Statement
- Our vision is to be listed as the top 5 leading souvenir shops in the United States of America before our 15 th anniversary.
- Our mission is to build a souvenir shop business that will meet the needs of all our customers in the regions / cities where we have our outlets and to sell franchise all across the United States of America.
Our Business Structure
As part of our plan to build a standard souvenir shop in Manhattan – New York, we have perfected plans to get it right from the beginning which is why we are going the extra mile to ensure that we have competent and hardworking employees to occupy all the available positions in our organization.
The type of souvenir shop we intend building and the business goals we want to achieve is what informed the amount we are ready to pay for the best hands available in the industry as long as they are willing and ready to work with us. Below is the business structure that we will build Tim Lara™ Souvenir Shop, LLC;
- Chief Executive Officer
Human Resources and Admin Manager
- Sales and Marketing Officer
- Accountants / Cashiers
- Drivers / Deliverers
- Customer Service Executives
5. Job Roles and Responsibilities
Chief Executive Officer – CEO (Owner):
- Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results and developing incentives.
- Creating, communicating, and implementing the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
- Responsible for fixing prices and signing business deals
- Responsible for providing direction for the business
- Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
- Responsible for signing checks and documents on behalf of the company
- Evaluates the success of the organization
- Responsible for overseeing the smooth running of the souvenir shop
- Part of the team that determines the quantity, types and brands of souvenir items to be retailed in our store
- Maps out strategies that will lead to efficiency amongst workers in the shop
- Responsible for training, evaluation and assessment of the entire workforce
- Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
- Ensures that the shop meets the expected safety and health standard at all times.
- Responsible for overseeing the smooth running of HR and administrative tasks for the organization
- Defines job positions for recruitment and managing interviewing process
- Carries out staff induction of new team members
- Responsible for training, evaluation and assessment of employees
- Oversees the smooth running of the daily office and shop activities.
- Manage vendor relations, market visits, and the ongoing education and development of the organizations’ buying teams
- Help to ensure consistent quality of souvenirs and cards on our rack
- Responsible for the purchase of souvenirs and cards for the organization
- Responsible for planning sales, monitoring inventory, selecting the merchandise, and writing and pricing orders to vendors
- Ensures that the organization operates within stipulated budget.
Sales and Marketing Manager
- Manages external research and coordinates all the internal sources of information to retain the organizations’ best customers and attract new ones
- Models demographic information and analyze the volumes of transactional data generated by customer purchases
- Identifies, prioritizes, and reaches out to new partners, and business opportunities et al
- Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
- Documents all customer contact and information
- Represents the company in strategic meetings
- Helps to increase sales and growth for the company
- Responsible for preparing financial reports, budgets, and financial statements for the organization
- Provides managements with financial analyses, development budgets, and accounting reports
- Responsible for financial forecasting and risks analysis.
- Performs cash management, general ledger accounting, and financial reporting
- Responsible for developing and managing financial systems and policies
- Responsible for administering payrolls
- Ensures compliance with taxation legislation
- Handles all financial transactions for the organization
- Serves as internal auditor for the organization
Distribution Van Drivers:
- Delivers customer’s orders promptly
- Runs errand for the organization
- Handles any other duty as assigned by the sales and marketing executive and plant manager
Client Service Executive
- Responsible for taking orders from clients when they call or email the organization
- Ensures that all contacts with customers (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
- Through interaction with customers on the phone, uses every opportunity to build client’s interest in the company’s products and services
- Manages administrative duties assigned by the shop manager in an effective and timely manner
- Consistently stays abreast of any new information on Tim Lara™ Souvenir Shop, LLC products, promotional campaigns etc. to ensure accurate and helpful information is supplied to customers when they make enquiries
- Responsible for cleaning the entire shop facility at all times
- Ensures that toiletries and supplies don’t run out of stock
- Handles any other duty as assigned by the plant manager.
6. SWOT Analysis
Due to our drive for excellence when it comes to running a world – class souvenir shop business, we were able to engage some of the finest business consultants in Manhattan – New York to look through our business concept and together we were able to examine the prospect of the business and access ourselves to be sure we have what it takes to run a standard souvenir shop that can compete favorably with other leading brands in the industry.
In view of that, we were able to take stock of our strengths, our weakness, our opportunities and also the threats that we are likely going to be exposed to if we launch our souvenir shop business in Manhattan – New York. Here is a of what we got from the critically conducted SWOT Analysis for Tim Lara™ Souvenir Shop, LLC;
We have the finance, facility and competent workforce that has positioned us to compete in the industry in a highly competitive location like Manhattan.
Another factor that counts to our advantage is the background of our Chief Executive Officer; she has a robust experience in the industry and also a pretty good academic qualification to match the experience acquired which has placed her amongst the top flight professionals in the United States of America.
We are not ignoring the fact that we have business partnership with handcraft artists who will ensure that we have regular supply of handcraft souvenirs.
The fact that we are setting up a souvenir shop in a city with other leading souvenir and card retail outlets might likely pose a challenge for us in breaking into the already saturated market in Manhattan – New York. In essence our chosen location might be our weakness.
But nevertheless, we have plans to launch out with a big bang. We know with that; we will be able to create a positive impression and we have a proper handle when it comes to building on already gathered momentum.
The opportunities available to us are unlimited. More Americans and foreign tourists are expected to travel to Times Square – Manhattan, New York, lifting industry demand. Americans and foreigners have begun to travel more, boosting demand for industry products.
So also, there are also loads of people who would want to buy our franchise and start their souvenir shop business; our platform will be ideal for them to fulfill that goal.
The threat that is likely going to confront us is the fact that we are competing with already established souvenir businesses in Manhattan – New York and also there are other entrepreneurs who are likely going to launch similar business within our location.
Competition from discount retailers will intensify as supercenter and discount store chains expand. Of course, they will compete with us in winning over the available market. Another threat that we are likely going to face is unfavorable government policies and of course economic downturn. Usually economic downturn affects purchasing / spending powers.
7. MARKET ANALYSIS
- Market Trends
The Souvenir shops & Card Stores industry has risen slowly over the last five years while combating lackluster consumer spending and changing preference patterns. The introduction of technology and subsequently online retail store has indeed helped in reshaping the industry.
It is now a common phenomenon for retail outlets and souvenir shops to leverage on technology to effectively predict consumer demand patterns and to strategically position their shops to meet their needs; in essence, the use of technology helps retailers to maximize supply chain efficiencies.
The market for the souvenir shop business is also no longer limited to a single customer or to women, especially as women once made up the largest segment of the industry’s market. The market has now expanded to include the corporate client.
As a matter of fact, external factors such as Domestic trips by US residents and Per capita disposable income in the Souvenir shops & Card Stores industry impact the overall performance in this industry.
8. Our Target Market
When it comes to souvenir sales and delivery business, there is indeed a wide range of available customers. In essence, our target market can’t be restricted to just a group of people, but all those who reside in the location where we intend opening our souvenir shops. These are the groups of people we intend marketing our souvenir items and cards to;
- Corporate Organizations
- Corporate Executives
- Business People
- Military Men and Women
- Sports Men and Women
- Everyone who visits or resides in our target locations.
Our competitive advantage
Our goal of starting Tim Lara™ Souvenir Shop, LLC, is to build a business that can grow within the first 15 years of establishing the business to be listed amongst the top 5 souvenir shops in the United States of America and also to sell our franchise.
With that in mind, we have been able to come up with competitive strategies that will help us compete favorably in the industry.
Another competitive advantage is that we have a wide range of souvenirs, handmade crafts and cards that can meet the needs of our customers. We have a competent workforce that has positioned us to meet the demand of products even if the demand tripled overnight or if we have a massive order to meet.
Another factor that counts to our advantage is the background of our Chief Executive Office; she has a robust experience in the industry and also a pretty good academic qualification to match the experience acquired. We are not ignoring the fact that offering consultancy services and running a franchise is definitely going to count as a positive for us.
One thing is certain, we will ensure that we open our outlets in various cities in the United States of America and also sell our franchise. With that our brand will be well communicated and accepted nationally.
Lastly, we can boast of having attractive product presentation and effective quality control. We are not taking for granted that our excellent customer service culture, highly competitive prices, reliable and easy to use payment option and the visibility of our outlets will serve as a competitive advantage for us.
9. SALES AND MARKETING STRATEGY
- Sources of Income
Tim Lara™ Souvenir Shop, LLC is established with the aim of maximizing profits in the Souvenir shops & Card Stores industry in the United States of America and we are going to ensure that we do all it takes to sell a wide range of souvenirs to a wide range of customers. Tim Lara™ Souvenir Shop, LLC will generate income by retailing the following;
10. Sales Forecast
We are well positioned to take on the available market in Manhattan – New York and we are quite optimistic that we will meet our set target of generating enough income/profits from our first month of operation and grow the business and clientele beyond Manhattan – New York to other cities in the United States.
We have been able to examine the Souvenir shops & Card Stores industry, we have analyzed our chances in the industry and we were able to come up with the following sales forecast. The sales projections are based on information gathered on the field and some assumptions that are peculiar to startups in and around Manhattan – New York.
Below is the sales projection for Tim Lara™ Souvenir Shop, LLC, it is based on the location of our business and our competitive advantage;
- First Fiscal Year: $250,000
- Second Fiscal Year: $550,000
- Third Fiscal Year: $800,000
N.B : This projection was done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and there won’t be any major competitor retailing exactly same products and services as we do within same location. Please note that the above projection might be lower and at the same time it might be higher.
- Marketing Strategy and Sales Strategy
Before choosing a location to launch Tim Lara™ Souvenir Shop, LLC and also the types of souvenirs and cards to retail, we conducted a thorough market survey and feasibility studies in order for us to penetrate the available market in the cities where we intend positioning our business.
We have detailed information and data that we were able to utilize to structure our business to attract the number of customers we want to attract per time and also for our products to favorable compete with other leading souvenir shops in Manhattan – New York and the whole of the United States of America.
We hired experts who have good understanding of the Souvenir shops & Card Stores industry to help us develop marketing strategies that will help us achieve our business goal of winning a larger percentage of the available market Manhattan – New York and throughout the United States of America where we intend selling our franchise.
In summary, Tim Lara™ Souvenir Shop, LLC will adopt the following sales and marketing approach to sell our products;
- Introduce our souvenir shop – brand by sending introductory letters to residents, corporate organizations and other stakeholders both in Manhattan – New York and in other cities in the United States of America
- Open our souvenir shop business with a party so as to capture the attention of residents who are our first targets
- Engage in roadshows in targeted communities from time to time to sell our products
- Advertise our products in community-based newspapers, local TV and radio stations
- List our business and products on yellow pages’ ads (local directories)
- Leverage on the internet to promote our souvenir shop brand
- Engage in direct marketing and sales
- Encourage the use of Word of mouth marketing (referrals)
11. Publicity and Advertising Strategy
Despite the fact that our souvenir shop is a standard one with a wide range of products that can favorably compete with other leading brands in the United States, we will still go ahead to intensify publicity for all our products and brand.
Tim Lara™ Souvenir Shop, LLC has a long-term plan of opening outlets in various locations all around the United States of America and also to sell our franchise which is why we will purposefully build our brand to be well accepted in Manhattan – New York before venturing out to other cities in the United States of America. Here are the platforms we intend leveraging on to promote and advertise Tim Lara™ Souvenir Shop, LLC;
- Place adverts on both print (community-based newspapers and travel and tours magazines) and electronic media platforms
- Sponsor relevant community programs
- Leverage on the internet and social media platforms like Instagram, Facebook, twitter, et al to promote our brand
- Install our Billboards in strategic locations all around major locations in Manhattan
- Engage in roadshows from time to time in targeted communities
- Distribute our fliers and handbills in target areas with huge cache of tourists
- Position our Flexi Banners at strategic positions in the location where we intend getting customers to start patronizing our souvenirs.
- Ensure that all our staff members wear our customized clothes, and all our official cars and distribution vans are customized and well branded.
12. Our Pricing Strategy
Generally, the prices for souvenirs, gift items and cards and similar products are relatively affordable hence there is no need to employ any detailed strategies when it comes to pricing.
In view of that, our prices will conform to what is obtainable in the industry but will ensure that within the first 6 to 12 months, our souvenir and cards are sold a little bit below the average price. We have put in place business strategies that will help us run on low profit margin for a period of 6 months; it is a way of encouraging people to buy into our brand.
- Payment Options
The payment policy adopted by Tim Lara™ Souvenir Shop, LLC is all inclusive because we are quite aware that different customers prefer different payment options as it suits them but at the same time, we will ensure that we abide by the financial rules and regulation of the United States of America.
Here are the payment options that Tim Lara™ Souvenir Shop, LLC will make available to her clients;
- Payment with cash
- Payment via credit cards / Point of Sale Machines (POS Machines)
- Payment via online bank transfer
- Payment via check
- Payment via mobile money transfer
In view of the above, we have chosen banking platforms that will enable our clients make payment for our souvenirs and cards without any stress on their part. Our bank account numbers will be made available on our website and promotional materials.
13. Startup Expenditure (Budget)
When it comes to starting a standard souvenir shop business, one is expected to spend the bulk of the startup capital on renting a store facility. Aside from that, you are not expected to spend much except for purchasing distribution vans, purchasing commodities, paying of your employees and utility bills.
These are the key areas where we will spend our startup capital;
- The Total Fee for Registering the Business in Manhattan – New York – $750.
- Legal expenses for obtaining licenses and permits as well as accounting services (software, P.O.S machines and other software) – $1,300.
- Marketing promotion expenses for the grand opening of Tim Lara™ Souvenir Shop, LLC in the amount of $3,500 and as well as flyer printing (2,000 flyers at $0.04 per copy) for the total amount of – $3,580.
- The cost for hiring Business Consultant – $2,500.
- Insurance (general liability, workers’ compensation and property casualty) coverage at a total premium – $2,400.
- The cost for payment of rent for 12 months at $1.76 per square feet in the total amount of $55,200.
- Other start-up expenses including stationery ($500) and phone and utility deposits ($2,500).
- Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $50,000
- The cost for Start-up inventory (a wide range of souvenirs, gift wrap, novelty merchandise, souvenirs, greeting cards, party supplies and seasonal and holiday decorations et al) – $80,000
- The cost for store equipment (cash register, security, ventilation, signage) – $13,750
- The cost of purchase of distribution vans – $20,000
- The cost for the purchase of furniture and gadgets (Computers, Printers, Telephone, TVs, Sound System, tables and chairs et al) – $4,000.
- The cost of launching a Website – $600
- The cost for our opening party – $10,000
- Miscellaneous – $5,000
We would need an estimate of $250,000 to successfully set up our souvenir shop business in Manhattan – New York.
Generating Funds/Startup Capital for Tim Lara™ Souvenir Shop, LLC
Tim Lara™ Souvenir Shop, LLC is a family business that is owned and financed by Mrs. Tim Lara and her immediate family members. They do not intend to welcome any external business partners which is why he has decided to restrict the sourcing of the startup capital to 3 major sources.
These are the areas we intend generating our startup capital;
- Generate part of the startup capital from personal savings and sell of stocks
- Source for soft loans from family members and friends
- Apply for loan from my Bank
N.B: We have been able to generate about $100,000 (Personal savings $80,000 and soft loan from family members $20,000) and we are at the final stages of obtaining a loan facility of $150,000 from our bank. All the papers and documents have been signed and submitted, the loan has been approved and any moment from now our account will be credited with the amount.
14. Sustainability and Expansion Strategy
The future of a business lies in the number of loyal customers that they have, the capacity and competence of their employees, their investment strategy and the business structure. If all of these factors are missing from a business then it won’t be too long before the business close shop.
One of our major goals of starting Tim Lara™ Souvenir Shop, LLC is to build a business that will survive off its own cash flow without the need for injecting finance from external sources once the business is officially running.
We know that one of the ways of gaining approval and winning customers over is to retail our wide range of coffee mugs, stuffed animals, t-shirts, caps, gift wrap, novelty merchandise, postcards, handmade collections and other souvenirs and seasonal and holiday decorations, a little bit cheaper than what is obtainable in the market and we are prepared to survive on lower profit margin for a while.
Tim Lara™ Souvenir Shop, LLC will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and retraining of our workforce is at the top burner.
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 three years or more. We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.
- Business Name Availability Check : Completed
- Business Registration: Completed
- Opening of Corporate Bank Accounts: Completed
- Securing Point of Sales (POS) Machines: Completed
- Opening Mobile Money Accounts: Completed
- Opening Online Payment Platforms: Completed
- Application and Obtaining Tax Payer’s ID: In Progress
- Application for business license and permit: Completed
- Purchase of Insurance for the Business: Completed
- Leasing of store facility and re – construction of the store facility: In Progress
- Conducting Feasibility Studies: Completed
- Generating capital from family members: Completed
- Applications for Loan from the bank: In Progress
- Writing of Business Plan: Completed
- Drafting of Employee’s Handbook: Completed
- Drafting of Contract Documents and other relevant Legal Documents: In Progress
- Design of The Company’s Logo: Completed
- Printing of Packaging, Marketing/Promotional Materials: In Progress
- Recruitment of employees: In Progress
- Purchase of the needed furniture, racks, shelves, computers, electronic appliances, office appliances and CCTV: In progress
- Creating Official Website for the Company: In Progress
- Creating Awareness for the business both online and around the community: In Progress
- Health and Safety and Fire Safety Arrangement (License): Secured
- Opening party planning: In Progress
- Establishing business relationship with vendors – wholesale suppliers / merchants: In Progress
- Purchase of delivery vans: Completed
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Gift Shop Business Plan
If you are planning to start a new gift shop, the first thing you will need is a business plan.
Before you start writing your business plan for your new gift shop business, spend as much time as you can reading through some examples of retail and online store business plans .
Reading sample business plans will give you a good idea of what you’re aiming for, and also it will show you the different sections that different entrepreneurs include and the language they use to write about themselves and their business plans.
We have created this sample gift shop business plan for you to get a good idea about what a perfect business plan should look like and what details you will need to include in your stunning business plan.
Gift Shop Business Plan Outline
This is the standard business plan outline which will cover all important sections that you should include in your business plan.
- Vision Statement
- Mission Statement
- Keys to Success
- The Business
- 3 Year profit forecast
- The Purpose of starting a business
- Company Ownership
- Startup cost
- Funding Required
- Printing Products
- Customized Apparel
- Home Accessories
- Personal Care Accents
- Pet Products
- Specialty Gifts
- Plastic Gift Cards
- Customization Services
- V.I.P. Customer Appreciation
- Corporate Gift Program
- Market Trends
- Target Market
- Marketing Share
- Young & Adults
- Senior Citizens
- Children & Teens
- Market Analysis
- Product Pricing
- Key Competitive Strategies
- Key Competitive Weaknesses
- Pricing Strategy
- Promotion Strategy
- Marketing Channels
- Sales Yearly
- Sales Forecast
- Detailed Sales Forecast
- Personnel plan
- Average Salary of Employees
- Important Assumptions
- Brake-even Analysis
- Profit Yearly
- Gross Margin Yearly
- Projected Cash Flow
- Projected Balance Sheet
- Business Ratios
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After getting started with upmetrics , you can copy this sample business plan into your business plan and modify the required information and download your gift shop business plan pdf and doc file . It’s the fastest and easiest way to start writing your business plan.
Download a sample gift shop business plan
Need help writing your business plan from scratch? Here you go; download our gift shop business plan pdf to start.
It’s a modern business plan template specifically designed for your gift shop business. Use the example business plan as a guide for writing your own.
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About the Author
Upmetrics is the #1 business planning software that helps entrepreneurs and business owners create investment-ready business plans using AI. We regularly share business planning insights on our blog. Check out the Upmetrics blog for such interesting reads. Read more
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Gift Shop Business Plan Template
Written by Dave Lavinsky
Gift Shop Business Plan
Over the past 20+ years, we have helped over 1,000 entrepreneurs and business owners create business plans to start and grow their gift shops. On this page, we will first give you some background information with regards to the importance of business planning. We will then go through a gift shop business plan template step-by-step so you can create your plan today.
Download our Ultimate Business Plan Template here >
What Is a Business Plan?
A business plan provides a snapshot of your gift shop as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategy for reaching them. It also includes market research to support your plans.
Why You Need a Business Plan
If you’re looking to start a gift shop, or grow your existing gift shop, you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your gift shop in order to improve your chances of success. Your gift shop business plan is a living document that should be updated annually as your company grows and changes.
Sources of Funding for Gift Shops
With regards to funding, the main sources of funding for a gift shop are personal savings, credit cards, bank loans and angel investors. With regards to bank loans, banks will want to review your business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to confirm that your financials are reasonable, but they will also want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business. Personal savings and bank loans are the most common funding paths for gift shops.
How To Write a Business Plan For a Gift Shop
If you want to start a gift shop or expand your current one, you need a business plan. Below are links to each section of your gift shop business plan template:
Your executive summary provides an introduction to your business plan, but it is normally the last section you write because it provides a summary of each key section of your plan.
The goal of your Executive Summary is to quickly engage the reader. Explain to them the type of gift shop you are operating and the status. For example, are you a startup, do you have a gift shop that you would like to grow, or are you operating gift shops in multiple markets?
Next, provide an overview of each of the subsequent sections of your plan. For example, give a brief overview of the gift shop industry. Discuss the type of gift shop you are operating. Detail your direct competitors. Give an overview of your target customers. Provide a snapshot of your marketing plan. Identify the key members of your team. And offer an overview of your financial plan.
In your company analysis, you will detail the type of gift shop you are operating.
For example, you might operate one of the following types of gift shops:
- Souvenir gift shop : this type of gift shop sells local gift items that are associated with the neighborhood attractions in the region, events along with facilities. The actual things in the gift shop include t-shirts, key holders, magnets, and caps and many others.
- Museum gift shop: this type of gift shop is located in a museum and sells museum related gifts such as books, t-shirts, gifts that explain the legacy of the museum, and can be historically focused as well.
- Airport gift shops: this type of gift shop is located near the waiting areas of airports and is intended to attract travelers who wish to take back with them a souvenir that is indicative of the city or location they traveled to.
In addition to explaining the type of gift shop you will operate, the Company Analysis section of your business plan needs to provide background on the business.
Include answers to question such as:
- When and why did you start the business?
- What milestones have you achieved to date? Milestones could include the number of customers served, number of positive reviews, reaching X amount of clients served, etc.
- Your legal structure. Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your legal structure here.
In your industry analysis, you need to provide an overview of the gift shop industry.
While this may seem unnecessary, it serves multiple purposes.
First, researching the gift shop industry educates you. It helps you understand the market in which you are operating.
Secondly, market research can improve your strategy, particularly if your research identifies market trends.
The third reason for market research is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your plan, you achieve just that.
The following questions should be answered in the industry analysis section of your gift shop business plan:
- How big is the gift shop industry (in dollars)?
- Is the market declining or increasing?
- Who are the key competitors in the market?
- Who are the key suppliers in the market?
- What trends are affecting the industry?
- What is the industry’s growth forecast over the next 5 – 10 years?
- What is the relevant market size? That is, how big is the potential market for your gift shop? You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.
The customer analysis section of your gift shop business plan must detail the customers you serve and/or expect to serve.
The following are examples of customer segments: travelers, collectors, families, and anyone looking for a gift for a friend or loved one.
As you can imagine, the customer segment(s) you choose will have a great impact on the type of gift shop you operate. Clearly, collectors would respond to different marketing promotions than travelers, for example.
Try to break out your target customers in terms of their demographic and psychographic profiles. With regards to demographics, include a discussion of the ages, genders, locations and income levels of the customers you seek to serve.
Psychographic profiles explain the wants and needs of your target customers. The more you can understand and define these needs, the better you will do in attracting and retaining your customers.
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Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.
Direct competitors are other gift shops.
Indirect competitors are other options that customers have to purchase from that aren’t direct competitors. This includes online retailers and antique shops. You need to mention such competition as well.
With regards to direct competition, you want to describe the other gift shops with which you compete. Most likely, your direct competitors will be gift shops located very close to your location.
For each such competitor, provide an overview of their businesses and document their strengths and weaknesses. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as:
- What types of customers do they serve?
- What type of gift shop are they?
- What is their pricing (premium, low, etc.)?
- What are they good at?
- What are their weaknesses?
With regards to the last two questions, think about your answers from the customers’ perspective. And don’t be afraid to ask your competitors’ customers what they like most and least about them.
The final part of your competitive analysis section is to document your areas of competitive advantage. For example:
- Will you provide gifts that are not normally found anywhere else?
- Will you provide products that your competitors don’t offer?
- Will you provide better customer service?
- Will you offer better pricing?
Think about ways you will outperform your competition and document them in this section of your plan.
Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For a gift shop business plan, your marketing plan should include the following:
Product : In the product section, you should reiterate the type of gift shop company that you documented in your Company Analysis. Then, detail the specific products you will be offering. For example, in addition to a gift shop, will you provide gift wrapping, gift sourcing, engraving, and any other services?
Price : Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections of your marketing plan, you are presenting the services you offer and their prices.
Place : Place refers to the location of your gift shop company. Document your location and mention how the location will impact your success. For example, is your gift shop located in a museum, a restaurant, an airport or local attraction, etc. Discuss how your location might be the ideal location for your customers.
Promotions : The final part of your gift shop marketing plan is the promotions section. Here you will document how you will drive customers to your location(s). The following are some promotional methods you might consider:
- Advertising in local papers and magazines
- Billboards and bus benches
- Social media marketing
- Local radio advertising
While the earlier sections of your business plan explained your goals, your operations plan describes how you will meet them. Your operations plan should have two distinct sections as follows.
Everyday short-term processes include all of the tasks involved in running your gift shop, including cleaning, updating inventory, cash register reconciling, product ordering, customer interaction, and payroll and staff scheduling.
Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to sell your Xth gift, or when you hope to reach $X in revenue. It could also be when you expect to expand your gift shop to a new city or location.
To demonstrate your gift shop’s ability to succeed, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company.
Ideally you and/or your team members have direct experience in managing gift shops. If so, highlight this experience and expertise. But also highlight any experience that you think will help your business succeed.
If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act like mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in managing a gift shop or a historian of a museum or landmark if it is a landmark/museum themed gift shop .
Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance sheet and cash flow statements.
Income Statement : an income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenues and then subtracts your costs to show whether you turned a profit or not.
In developing your income statement, you need to devise assumptions. For example, will you start with a small selection of gifts and expand to offer more gifts ? And will sales grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.
Balance Sheets : Balance sheets show your assets and liabilities. While balance sheets can include much information, try to simplify them to the key items you need to know about. For instance, if you spend $50,000 on building out your gift shop, this will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a bank writes you a check for $50,000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.
Cash Flow Statement : Your cash flow statement will help determine how much money you need to start or grow your business, and make sure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit but run out of money and go bankrupt.
In developing your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a gift shop:
- Cost of gifts and inventory
- Cost of cash register and supplies
- Payroll or salaries paid to staff
- Business insurance
- Taxes and permits
- Legal expenses
Attach your full financial projections in the appendix of your plan along with any supporting documents that make your plan more compelling. For example, you might include your gift shop location lease or list of gifts you plan to sell.
Putting together a business plan for your gift shop is a worthwhile endeavor. If you follow the template above, by the time you are done, you will truly be an expert. You will really understand the gift shop industry, your competition, and your customers. You will have developed a marketing plan and will really understand what it takes to launch and grow a successful gift shop.
Gift Shop Business Plan FAQs
What is the easiest way to complete my gift shop business plan.
Growthink's Ultimate Business Plan Template allows you to quickly and easily complete your Gift Shop Business Plan.
What is the Goal of a Business Plan's Executive Summary?
The goal of your Executive Summary is to quickly engage the reader. Explain to them the type of gift shop you are operating and the status; for example, are you a startup, do you have a gift shop that you would like to grow, or are you operating a chain of gift shops?
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Other Helpful Business Plan Articles & Templates
Souvenir Shop Business Plan Template & Guidebook
Nowadays, launching a souvenir shop business is no easy feat– there are countless things to consider and plan for, from marketing and finances to location and merchandise. But with the right plan in place, your dream of starting up a successful souvenir shop can become a reality. The #1 Souvenir Shop Business Plan Template & Guidebook is here to provide valuable insights and guidance for anyone looking for the fundamental frameworks needed for success.
Get worry-free services and support to launch your business starting at $0 plus state fees.
- How to Start a Profitable Souvenir Shop Business [11+ Steps]
How to Write a Souvenir Shop Business Plan in 7 Steps:
1. describe the purpose of your souvenir shop business..
The first step to writing your business plan is to describe the purpose of your souvenir shop business. This includes describing why you are starting this type of business, and what problems it will solve for customers. This is a quick way to get your mind thinking about the customers’ problems. It also helps you identify what makes your business different from others in its industry.
It also helps to include a vision statement so that readers can understand what type of company you want to build.
Here is an example of a purpose mission statement for a souvenir shop business:
Our mission at the Souvenir Shop is to provide our customers with unique, meaningful items that they can cherish forever and establish lifelong memories from their travels. We strive to deliver excellent service, cutting edge products, and a memorable shopping experience each and every time.
2. Products & Services Offered by Your Souvenir Shop Business.
The next step is to outline your products and services for your souvenir shop business.
When you think about the products and services that you offer, it's helpful to ask yourself the following questions:
- What is my business?
- What are the products and/or services that I offer?
- Why am I offering these particular products and/or services?
- How do I differentiate myself from competitors with similar offerings?
- How will I market my products and services?
You may want to do a comparison of your business plan against those of other competitors in the area, or even with online reviews. This way, you can find out what people like about them and what they don’t like, so that you can either improve upon their offerings or avoid doing so altogether.
3. Build a Creative Marketing Stratgey.
If you don't have a marketing plan for your souvenir shop business, it's time to write one. Your marketing plan should be part of your business plan and be a roadmap to your goals.
A good marketing plan for your souvenir shop business includes the following elements:
- Who is your target market?
- What do these customers have in common?
- How many of them are there?
- How can you best reach them with your message or product?
- Who are your current customers?
- Where did they come from (i.e., referrals)?
- How can their experience with your souvenir shop business help make them repeat customers, consumers, visitors, subscribers, or advocates for other people in their network or industry who might also benefit from using this service, product, or brand?
Product or service description
- How does it work, what features does it have, and what are its benefits?
- Can anyone use this product or service regardless of age or gender?
- Can anyone visually see themselves using this product or service?
- How will they feel when they do so? If so, how long will the feeling last after purchasing (or trying) the product/service for the first time?
- Which companies are competing with yours today (and why)?
- Which ones may enter into competition with yours tomorrow if they find out about it now through word-of-mouth advertising; social media networks; friends' recommendations; etc.)
- What specific advantages does each competitor offer over yours currently?
- Which marketing channel do you intend to leverage to attract new customers?
- What is your estimated marketing budget needed?
- What is the projected cost to acquire a new customer?
- How many of your customers do you instead will return?
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4. Write Your Operational Plan.
Next, you'll need to build your operational plan. This section describes the type of business you'll be running, and includes the steps involved in your operations.
In it, you should list:
- The equipment and facilities needed
- Who will be involved in the business (employees, contractors)
- Financial requirements for each step
- Milestones & KPIs
- Location of your business
- Zoning & permits required for the business
What equipment, supplies, or permits are needed to run a souvenir shop business?
In order to run a Souvenir Shop business, you will need the following equipment, supplies, and permits:
- Sales counter and display cases
- Cash register or POS system
- Inventory of souvenirs such as t-shirts, mugs, postcards, magnets, and more
- Computer with internet access for online sales
- Advertising materials such as posters and flyers
- Business license from your local government or other regulatory agency in your area
- Retail sales tax permits from applicable state or local authorities
5. Management & Organization of Your Souvenir Shop Business.
The second part of your souvenir shop business plan is to develop a management and organization section.
This section will cover all of the following:
- How many employees you need in order to run your souvenir shop business. This should include the roles they will play (for example, one person may be responsible for managing administrative duties while another might be in charge of customer service).
- The structure of your management team. The higher-ups like yourself should be able to delegate tasks through lower-level managers who are directly responsible for their given department (inventory and sales, etc.).
- How you’re going to make sure that everyone on board is doing their job well. You’ll want check-ins with employees regularly so they have time to ask questions or voice concerns if needed; this also gives you time to offer support where necessary while staying informed on how things are going within individual departments too!
6. Souvenir Shop Business Startup Expenses & Captial Needed.
This section should be broken down by month and year. If you are still in the planning stage of your business, it may be helpful to estimate how much money will be needed each month until you reach profitability.
Typically, expenses for your business can be broken into a few basic categories:
Startup costs are typically the first expenses you will incur when beginning an enterprise. These include legal fees, accounting expenses, and other costs associated with getting your business off the ground. The amount of money needed to start a souvenir shop business varies based on many different variables, but below are a few different types of startup costs for a souvenir shop business.
Running & Operating Costs
Running costs refer to ongoing expenses related directly with operating your business over time like electricity bills or salaries paid out each month. These types of expenses will vary greatly depending on multiple variables such as location, team size, utility costs, etc.
Marketing & Sales Expenses
You should include any costs associated with marketing and sales, such as advertising and promotions, website design or maintenance. Also, consider any additional expenses that may be incurred if you decide to launch a new product or service line. For example, if your souvenir shop business has an existing website that needs an upgrade in order to sell more products or services, then this should be listed here.
7. Financial Plan & Projections
A financial plan is an important part of any business plan, as it outlines how the business will generate revenue and profit, and how it will use that profit to grow and sustain itself. To devise a financial plan for your souvenir shop business, you will need to consider a number of factors, including your start-up costs, operating costs, projected revenue, and expenses.
Here are some steps you can follow to devise a financial plan for your souvenir shop business plan:
- Determine your start-up costs: This will include the cost of purchasing or leasing the space where you will operate your business, as well as the cost of buying or leasing any equipment or supplies that you need to start the business.
- Estimate your operating costs: Operating costs will include utilities, such as electricity, gas, and water, as well as labor costs for employees, if any, and the cost of purchasing any materials or supplies that you will need to run your business.
- Project your revenue: To project your revenue, you will need to consider the number of customers you expect to have and the average amount they will spend on each visit. You can use this information to estimate how much money you will make from selling your products or services.
- Estimate your expenses: In addition to your operating costs, you will need to consider other expenses, such as insurance, marketing, and maintenance. You will also need to set aside money for taxes and other fees.
- Create a budget: Once you have estimated your start-up costs, operating costs, revenue, and expenses, you can use this information to create a budget for your business. This will help you to see how much money you will need to start the business, and how much profit you can expect to make.
- Develop a plan for using your profit: Finally, you will need to decide how you will use your profit to grow and sustain your business. This might include investing in new equipment, expanding the business, or saving for a rainy day.
Frequently Asked Questions About Souvenir Shop Business Plans:
Why do you need a business plan for a souvenir shop business.
A business plan for a souvenir shop business is necessary for a number of reasons. It can help you define and focus the goals of your shop, providing you with a roadmap on how to get there. It can also be used to assess the financial viability of the business, enabling you to estimate the amount of capital required for start-up costs and ongoing operations. Additionally, it can be used as a tool to show potential investors or lenders your business model, giving them an idea of its potential profitability.
Who should you ask for help with your souvenir shop business plan?
It is recommended to consult with a professional business consultant or mentor to receive the best guidance in creating a business plan for a souvenir shop. Small business advisors from the local Chamber of Commerce or Small Business Administration (SBA) can also provide valuable advice, resources, and support. Additionally, online resources like SCORE and business.gov provide helpful templates and tools to get started.
Can you write a souvenir shop business plan yourself?
Yes, you can write a souvenir shop business plan yourself. Depending on the extent of detail you wish to include, it can take anywhere from a few days to several weeks to create the plan. The process involves researching the local market and competitors, defining your products and services, creating a financial plan with expenses and revenue projections, and outlining your marketing strategy. Additionally, you will need to decide on a location for your shop, name for the business, staffing needs, and other details. Once all of the research is completed and all information is gathered, you can then begin to write your plan.
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I'm Nick, co-founder of newfoundr.com, dedicated to helping aspiring entrepreneurs succeed. As a small business owner with over five years of experience, I have garnered valuable knowledge and insights across a diverse range of industries. My passion for entrepreneurship drives me to share my expertise with aspiring entrepreneurs, empowering them to turn their business dreams into reality.
Through meticulous research and firsthand experience, I uncover the essential steps, software, tools, and costs associated with launching and maintaining a successful business. By demystifying the complexities of entrepreneurship, I provide the guidance and support needed for others to embark on their journey with confidence.
From assessing market viability and formulating business plans to selecting the right technology and navigating the financial landscape, I am dedicated to helping fellow entrepreneurs overcome challenges and unlock their full potential. As a steadfast advocate for small business success, my mission is to pave the way for a new generation of innovative and driven entrepreneurs who are ready to make their mark on the world.