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RetailProjectIntroduction6.2.18.pptxRetail Business Plan Assignment
In lieu of a final exam you will work on creating a New Retail Business Concept
You have the option to work on your own or with a partner
Expectations are slightly higher for teams
Learning Objectives:
Apply class learnings
Experiential/Hands On Learning Opportunity
See what’s involved in starting and running a retail business
Brainstorming/Ideation
Concept Evaluation
Strategic Planning
Marketing Planning
Organizational Planning
Financial Planning
Entrepreneurial Skills… think like an entrepreneur
Create a New Retail Business
Brainstorm a new retail business concept
Be creative – Your business should be DISTINCTIVE and have a UNIQUE COMPETITIVE ADVANTAGE
Choose any type of retail concept:
Brick & Mortar store
Online business
Omni-channel
Choose any RETAIL industry
Apparel, Electronics, Restaurants, Travel, Financial Services, etc.
Feel free to pick an industry you’re personally familiar with
Work on your own or as a team (up to 2 people)
Depending on your learning/work preference, you can choose to do the assignment individually or as a team. While schedules can be difficult to coordinate during an online summer class, Google Hangouts and Skype are great tools to use if working as a team
Grading Criteria
How Unique/Distinctive is your retail idea
Does it solve a significant problem
Does it address an unmet consumer need
Does it have a Unique Value Proposition or Competitive Differentiation
Is there enough demand to support your business
What’s the opportunity to roll out the concept nationally or even globally
Thoroughness of your analysis of the Market/Opportunity (Strategic Assessment)
Who is your target customer
Who is the competition
What is your Reason to Win?
How well do you incorporate retail learnings & principles from class
Write a Business Plan for starting and launching your business
Think of this as the architectural blueprint for your business
A Rubric will be given outlining the essential elements to include in your plan
Ultimately you’ll be graded based on how likely someone would be to invest in your retail concept/business after reading your plan
Executive Summary
Company name/address/contact info
Type of business – 1 sentence
Mission Statement – “Your Why”
Company /Business Idea
Problem/Gap addressing
Solution
Target Customer
Key personnel & qualifications
Competition
Start-up schedule
Funding needed to launch and support the business until it’s cash flow positive
Components of your Business Plan
Introduction
General Company Info
Description of the Business
Business History… Company Story
Future Plan … 3 years out
Marketing
Marketing objectives /goals
Measurable
Timeline
Product/Service
Target Market
4P’s
Competition
Positioning Map(s)
Management
Goals/Objectives
Key Personnel
Staffing needs and Hiring Criteria
Organization - Org chart
Operations Management
Quality Control
Inventory Control
Supply Chain
Human Resource Management
Policies
Legal - IP, Contracts, Legal Structure,
Financing & Accounting
Turn-key costs – estimated costs you need to start-up and run the business until cash flow positive
Capital Investments
Equipment, Store Construction, Web Development costs
Funding Sources
Loans, Angel Investors, Private Equity Funds
Cash flow projection – years 1-3
Income Statements – years 1-3
Breakeven Analysis
Appendices
Charts, graphs, diagrams, store layouts
Working papers
Resumes
Third party information sources used
Other
Helpful References
In addition to the assignment rubric, use the following publications or any other publicly available third party information source -- library, internet, trade publications, etc.
Vend Retail Start-up Guide (to be provided)
How to start your own retail business
All third party sources must be cited in your report/business plan
Next Steps
If you wish to work with a partner, recruit a classmate to work with (use the Google doc class profile, and if both agree, notify me by 6/7 of your decision to partner
Brainstorm various retail concepts
Evaluate the different concepts (in priority order)
Which is the team most passionate about?
Which idea addresses a compelling problem or market need
Does the concept offer a Unique Value Proposition or Competitive Advantage
Is the concept scalable nationally or globally
Communicate your concept (no later than 6/11) to me for approval
Begin researching and drafting your Business Plan
Final Plan is due June 22nd
