Is street traffic fairly heavy all day? How close is the building to bus lines and other transportation? Are there adequate parking spaces convenient to your store? Are the sidewalks in good repair (you may have to repair them)? Is the street lighting good? Is your store on the sunny side of the street?
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Is the area in which you plan to locate supported by a strong economic base? For example, are nearby industries working full time? Did english any industries go out of business in the past several months? Are new industries scheduled to open in the next several months? When you find a store building that seems to be what you need, answer the following questions: Is the neighborhood starting to get run down? Is the neighborhood new and on the way up? (The local Chamber of Commerce may have census data for your area. Census Tracts on Population, published by the bureau of Census, may be useful. Other sources on such marketing statistics are trade associations and directories). Are there any super highways or through-ways planned for the neighborhood?
How many look as though they are barely getting by? How many similar stores went out of business in this area last year? How many new stores opened up in the last year? What price line does competition carry? Which store or stores in the area will be your biggest revelation competitors? Again, write down the reasons for your opinions. Also write out an analysis of the area's economic base and give the reason for your opinion.
In the general area right next to the downtown business area? In a residential section of the town? On the highway outside of town? In a suburban shopping center? On a worksheet, write where you plan to locate and give your reasons why you chose that particular location. Now consider these questions that will help you narrow down a place in your location area. What is the competition in the area you have picked? How many of the stores look prosperous?
Successful marketing starts with the owner-manager. You have to know the merchandise you sell and the wishes and wants of your customers you can appeal. The objective is to move the stock off the shelves and display racks at the right price and bring in sales dollars. The text and suggested working papers that follow are designed to help you work out a marketing plan for your store. Determining the sales Potential store, in retail business, your sales potential depends on location. Like a tree, a store has to draw its nourishment from the area around. The following questions should help you work through the problem of selecting a profitable location. In what part of the city or town will you locate? In the downtown business section?
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Jet was trying to be too many things and couldn't decide which venture to put money into and how much return to expect. What slim resources he had were fragmented. Before he could make a profit on his sales and a return on his investment,. Jet had to decide what business he really was in and concentrate. After much study, he realized that he should stick to the marina format, buying, selling, and servicing boats. Decide what business you tablet are in and write it down - define your business.
To help you decide, think of answers to questions like: What do you buy? What do you sell? Which of your lines of goods yields the greatest profit? What do people ask you for? What is it that you are trying to do better or more of or differently from your competitors? Write it down in detail. Retail Business Marketing, when you have decided what business you are in, you are ready to consider another important part of your business plan.
"If there is one thing i know you say to yourself, "it is what business I'm." Hold on and think. Some owner-managers have gone broke and others have wasted their savings because they did not define their businesses in detail. Actually they were confused about what business they were. Look at an example. Jet maintained a dock and sold and rented boats.
He thought he was in the marina business. But when he got into trouble and asked for outside help, he learned that he was not necessarily in the marina business. He was in several businesses. He was in the restaurant business with a dockside cafe, serving meals to boating parties. He was in the real estate business, buying and selling lots. He was in boat repair business, buying parts and hiring a mechanic as demand rose.
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A retail plan shows your banker the condition and direction of your business so that your business can pdf be more favorably considered for a loan because of the banker's insight into your situation. A plan can tell your sales personnel, suppliers, and others about your operations and goals. A plan can help you develop as a manager. It can give you practice in thinking and figuring out problems about competitive conditions, promotional opportunities and situations that are good or bad for your business. Such practice over a period of time can help increase an owner-manager's ability to make judgments. A second plan tells you what to do and how to do it to achieve the goals you have set for your business. What Business Am i in? In making your business plan, the first question to consider is: What business am I really in? At first reading, this question may seem silly.
"His passion for entrepreneurship is contagious says Seth Mason, who owned a spanish-language newspaper with distribution throughout the southeast prior to enrolling in Terry's mba program. "He has rekindled the entrepreneurial spirit within." "One of the coolest towel things about being an entrepreneur says Hanks, "is that you're writing down what your life will look like in one year, five years, and seven years from now.". The success of your retail store business depends largely upon the decisions you make. A business plan allocates resources and measures the results of your actions, helping you set realistic goals and make logical decisions. You may be thinking, "Why should I spend my time drawing up a business plan? What's in it for me?" If you've never worked out a plan, you are right in wanting to hear about the possible benefits before you do the work. Remember first that the lack of planning leaves you poorly equipped to anticipate future decisions and actions you must make or take to run your business successfully. A business plan gives you a path to follow. A plan with goals and action steps allows you to guide your business through turbulent often unforeseen economic conditions.
to see says Charles Spencer, a former student of Hanks at gsu and a recent winner of the new Venture competition at Wharton's 34th annual Whitney. Inc, which specializes in manufacturing cutting-edge dj/Producer hardware and software for the music industry, earned 10,000 as the prize-winning business plan — a plan Hanks helped him create. "He tells you, 'if you go through these steps, you are going to have something others want to fund.' he brings successful entrepreneurs to class and you get to see living testimonials.". Hanks' battle plan at Terry is to team up with OpenSpan coo, rob bearden in a joint project with the college's management and mis departments to create the terry technology Startup Competition. Open to all uga students, the competition will give contestants the opportunity to learn about developing a technology business idea and converting their idea into a business plan. Student teams will be judged by a panel of entrepreneurs and venture capitalists at the terry Executive center in Atlanta. The best idea and top business plan will win 5, respectively.
He started a cd store that he sold, followed in rapid-fire succession by ventures in e-commerce, export, and a publishing firm devoted to entrepreneurship revelation in the southeast, all which he still owns today. Now, with a career that has come full circle and landed him back at uga, hanks is well-equipped to succeed long-time management professor Charles Hofer as Terry's new business plan guru and mentor to mba students. "we are going to be national champions of the business plan competition and I'm focused on winning for several r starters, it helps students monetize all the hard work they do in class says Hanks of the 100,000 grand prize awarded to the annual winner. "Two, it's recognition for being the best at entrepreneurship and I want the University of georgia and Terry to retain that recognition. Terry already has a strong track record and I want to elevate it with the help of my network of entrepreneurs. It will also give students a head start on launching their businesses.". A self-described nerd about entrepreneurship, hanks' circuitous route from business owner to b-school instructor didn't begin until he was well into a successful corporate career. Working in risk management for Coca cola Enterprises, syntex Corp., and Alcon Laboratories impressed others, but he found it personally unfulfilling.
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