new age store business plan

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New Age Store Business Plan and SWOT Analysis

New Age Store Business Plan, Marketing Plan, How To Guide, and Funding Directory

The New Age Store Business Plan and Business Development toolkit features 18 different documents that you can use for capital raising or general business planning purposes. Our product line also features comprehensive information regarding to how to start a New Age Store business. All business planning packages come with easy-to-use instructions so that you can reduce the time needed to create a professional business plan and presentation.

Your Business Planning Package will be immediately emailed to you after you make your purchase.

Product Specifications (please see images below):

• Bank/Investor Ready!
• Complete Industry Research
• 3 Year Excel Financial Model
• Business Plan (26 to 30 pages)
• Loan Amortization and ROI Tools
• Three SWOT Analysis Templates
• Easy to Use Instructions
• All Documents Delivered in Word, Excel, and PDF Format
• Meets SBA Requirements

In most towns and cities, there usually only a handful of new age stores that operate as a retailer to retailer of candles, oils,  incense, and other items that are normally associated with these types of businesses. The start up cost associated seated with a new age store is relatively low. Usually, these businesses have a startup cost around $50,000 to $100,000 depending on how much inventory is going to be held. New age stores that have their operations in major metropolitan areas typically have a higher startup cost associated given the higher rental expense.

These businesses also are generally able to remain profitable and cash flow positive in most economic climates especially among new age stores that maintain a significant online presence. It is almost imperative that most new age stores to maintain e-commerce functionality while concurrently maintaining profiles unpopular third-party sales platforms like Amazon, eBay, Etsy, and related platforms. By maintaining both the retail location as well as a substantial online presence – most new age stores are able to generate a number of revenue streams among a number of different retailing partners. These businesses typically enjoy margins of about 70% to 80% on the products that they sell. One of the ways that many new age stores differentiate themselves from other competitors in the market is that they will typically carry handmade goods from a number of local artisans.

Given that this is a retail base business, many banks and financial institutions are willing to extend a business loan, line of credit, or small business administration loan to a newer that is looking to start this type of business. Of course, a new age store business plan is going to be required and is standard in most business planning document a three-year profit and loss statement, cash analysis, breakeven analysis, balance sheet, and business ratios page should be developed. As it relates to industry research, there are approximately 90,000 new age stores and operation that generate about $2 billion your revenue. In each of the past five years, the industry has employed 100,000 people.

One of the key things to discuss within the business plan is the local demographics of people that live within the target market. This includes taking a look at median income, median family income, population size, population density, and the number people it comes to the area as a tourist. New age stores typically do well in cities and towns where there is a significant amount towards population given that people buy souvenirs and other small trinkets from these locations when traveling. As it relates the competition, there is usually only a handful of these locations in any given major area – and as such – the competitive analysis portion of the business plan can be kept somewhat small.

A new age store SWOT analysis is typically developed as well. As relates the strengths, new age stores typically operate with a great deal of economic stability provided that they maintain a significant online sales presence. These businesses enjoy strong gross margins and moderate barriers to entry.

For weaknesses, none of the products that are sold by a new age store are typically considered to be necessities. Although some people view candles, incense, and related products as very important to their day-to-day lives – they are still not necessities for basic living. As such, an economic recession can have a negative impact on the revenues of the business.

For opportunities, these businesses can readily expand by developing additional locations that allows them to reach a greater number of people. As always, a substantial online sales presence will also allow the new age door to generate revenues from outside of its retail location. Almost all these businesses have a presence on Amazon, eBay, and related third-party sales platforms in addition to maintaining a standalone e-commerce driven website.

For threats, there’s really nothing is going to impact the weight of these companies conduct their operations moving forward. People are always going to want to purchase tarot cards, candles, incense, scents, and oils – and really nothing to change about this industry.

A new age store marketing plan should also be developed. Given that most of these businesses do enjoy very little competition, appropriate signage should be produced and showcased throughout the retail location. As has been discussed here, a substantial online presence that features e-commerce functionality is a necessity for these businesses that many people seek to purchase specific goods online. In fact, many new age stores often have online revenues that will ever exceed those of the income that is generated from in-store sales. A web development firm can be hired to develop an appropriate e-commerce website that seamlessly integrates with popular social media platforms including FaceBook, Twitter, Instagram, and Google+. The cost associated with developing this type of online platform typically ranges anywhere from $2,000 to $10,000 depending on how much graphic design work is going to be employed by the web development firm.

Many new age stores will also join local chambers of commerce and support local charities in order to boost the visibility of the retail location. In some cases, some entrepreneurs will also distribute mailers and flyers that features discounts and coupons for goods that are in the store. One of the other common ways that a new age store can boost its visibility is by hosting ongoing events that cater to people that are into new age products such as poetry events, comedy events, live music, and other gatherings that focus on people that enjoy these types of products and lifestyle. These events can be showcased on popular social media platforms which will allow the business to have even a greater deal of visibility given that third-party artists will promote their presence at the location in conjunction with that of the business.

New age stores will continue to be popular moving forward. They cater to a very specific subgroup of people that have an interest in this type of lifestyle, and these people continually demand new products regarding their interest. A substantial online presence almost always ensures that these businesses can remain profitable and cash were positive in any economic climate. There’s really nothing about this industry that is going to change the next 20 years, and they will always be owned and operated as smaller base businesses rather than large corporate chains. In fact, many people seek out these businesses given the fact that they are owned by small business owners rather than by an individual or large organization that maintains a number of locations.

How to Open a New Age Store

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Have you been interested in starting your own new age store and wants to enjoy the prosperity that it could bring to your life?

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Allow us to be part of your dream while we teach you on how to open a new age store and on how to manage this interesting and worthwhile business.

Why Do Many Likes to Open a New Age Store?

It’s been not quite a long time since the popularity of the New Age philosophy from the sensational hit of the best-selling book and DVD of “The Secret”, many have been inspired to achieve a more prosperous and revitalizing life because of the spiritual aspiration it provided to the believer. The real life concepts of the New Age viewpoints have opened the minds of the modern entrepreneurs on the road to another business idea of not just selling goods but also to be a contributor to the spiritual awareness of the community as well. And besides, the public interest for the New Age trend is continuously increasing nowadays so there is a big chance of success on this very meaningful business.

Another term for “New Age” business is “Metaphysical” business, so don’t be confused between the two names. Starting your own New Age business has the same way just like the other businesses. Let us guide you on how to open and manage your own New Age Store.

Helpful Concepts in Starting Your Own New Age Store

There’s no need for a special skill or finish a course to start your own New Age store. If you have the passion for new ideas of serving your clients, and willing to accept changes that it might bring to your lifestyle then you are definitely qualified for the New Age business. Furthermore, the concept of New Age philosophy is extremely broad so you need to focus on a certain interest which you think you will excel most. If you’re fond of collecting books and you are musically inclined then you can open up a book shop along with CD’s and DVD’s. A gift shop is also a good choice wherein you can sell a wide range of gift items like angel figurines, interesting posters, greeting cards for all occasions with amazing designs, decorative and healing crystals, Feng Shui items like lucky coins and wind chimes, herbs and essential oils, decorative and religious candles , jewelries and lucky charms, clothing and fabrics, household items and divination tools, and a lot more interesting products with connection to spiritual awareness. The most interesting part of owning a New Age store is that you can extend the services not only by selling goods but also you can offer teaching sessions or to host special events.

On the other hand, alongside in starting a New Age store is an ample amount of funding for the start-up cost for your inventory and acquiring the business licenses as well as an appropriate place for your shop. And the most important thing to do before running your business is to create a strong business plan. With proper planning, success is within reach.

15 Comments

• Vervia Wainie   said on October 11, 2011 I would like to open a New Age shop in the DeSoto, TX area and I am looking for market research information as it pertains to New Age shops in the Dallas/Ft. Worth area. I can be contacted at the email above or at [email protected].
• Michele Bell   said on May 2, 2012 I am interested in opening a New Age shop in the Athens, GA area.
• Dercik Cardenas   said on November 21, 2012 I would like to open a New Age shop with a focus on crystals and books in the Spokane, WA area. I need to know where to buy crystals/books at wholesale. Any help is appreciated. Namaste!
• Lola Stapleton   said on May 8, 2014 I would like to have a mobile new age store. Help
• Bekezela Mugova   said on August 22, 2014 Planning to open a new age shop in the UK. Please help where can i order all the products mentioned above. your help will be highly appreciated.
• michel farrow   said on October 21, 2014 I would like to start a new age store in fort wayne Indiana any help would be much appreciated. Thank you and blessed be
• Sarah   said on October 28, 2014 Hi. Looking to open a metaphysical store in Burlington, NJ. Thanks for your ideas. Sarah
• Jessica   said on March 1, 2015 I would like to open a new age store in Cumberland County, NJ
• Kandy   said on December 8, 2015 Would really like advice or a mentor on opening a New Age shop in South Auckland NZ.

Jestin James Startup Biz Hub - Senior Advisor (Staff)

• Kandy   said on December 9, 2015 @james. First ThankYou for replying. To be very honest my cousin and I have no idea where to start or what is required. So I would say we need help in the planning. How to find a supplier we could source products from? We are aiming to own our own shop in the South Auckland area. Any advice would be greatly appreciated.
• Kandy   said on December 10, 2015 @james, wow getting excited just reading that. Would you have an idea of how much were looking at needing. And yes I will make sure to contact you if we end up finding a supplier.
• Diana   said on April 23, 2016 I want to open a new age store in Boynton Beach FL
• Mikey   said on June 16, 2017 Hi, I know this is a long shot but my partner is opening a new age gift shop and we are awaiting the local council for the list of licenses and insurances that he will need. Do any of you know any of this information please? Thank you so Much
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How To Start A New Age / Metaphysical Store – $259

Price: Only $259

(One-Time Fee)

“Harmony” template – Click image above to see Demo.

More templates available: New Age template , Goddess template , or the Wiccan template .

• Preloaded with 4,000+ products , including jewelry, crystals & gemstones, Tibetan singing bowls, incense, herbs, tarot decks, new age books, music CDs, DVDs, reiki items, buddha & hindu items, psychic boards, candles, chakra products, meditation & yoga supplies, etc. Unbelievable amount of product, and everything comes from a single dropshipper and can be shipped directly to your customer (using your business name and address on the shipping label). This means you don’t have to keep any inventory, or box or pack anything (no trips to the post office). The dropshipper does all of the hard work for you. All you need to do is open an account with them ( a Sales Tax ID Number is required ) and then we will import the entire product database of 4,000 items on your behalf, and install the store for you. We will even create a header / logo graphic like the one in the store sample (see Demo above), or you can upload your own header.

• Password-Protected Admin. Login to your own Admin to easily edit your “About Us” page, “Shipping” page, etc. You can also easily change the front page image by choosing a new image from the metaphysical / holistic images available to you right in your Admin. Just scroll through the many images until you see the one that you like. You can do the same to change the image on the “About Us” page. Or you can upload your own image if you want.

• Sale Banners. Easily add a sale banner to your store for any holiday, special occasion, or just to have a sale. Your store comes preloaded with dozens of banners to choose from. The banner will appear at the top and bottom of your store on every page. This is a great way to tell your visitors that you are having a sale.

• Inventory Management is done by using the CSV file provided by the dropshipper (some editing required; instructions are provided or we can do it for you for $10 per month – we update the CSV file once per week, so you get four updates each month). This allows you to keep up-to-date on the stock status of all 4,000+ items. After using the CSV file, all 4,000+ items will be updated. You will then have the latest info on what is currently in stock and how many of each item is available. If an item goes out of stock, your store will no longer allow that item to be sold. And if any previously out of stock items become available again, then those items will once again be available for sale in your store. Removing discontinued items is also included in our $10 subscription service, as well as adding new products in bulk (new products are available monthly).
• Everything you need for your own online New Age store. Your store comes with shopping cart, search engine, and can process credit card orders using Square or PayPal’s Express Checkout payment module (your customers don’t need a PayPal account to order; they can order with or without a PayPal account; all they need is their credit card). Besides PayPal and Square, Authorize.net is also available. You can also add new products, or delete any products or entire categories that you may not want, or create new categories or move items into different categories. You can edit or change whatever you want to make the store more to your liking.
• Services. This store is also great if you have services you want to sell, such as Tarot Card Readings, Psychic Services, etc. Just add your service to the store and turn off the shipping module for that individual item and your customers will not be charged a shipping fee. You have this ability with any item in your store — you can turn on or off the shipping charge for any item.

For us to install a store for you, you will need to get a web host and pick out a domain name. If you don’t yet have a web host, we recommend Hostinger because of their fast servers. Many web hosts place too many web sites on their servers and this can slow down a site at peak hours. A fast server is also important for the admin side of things, such as updating the inventory count of the thousands of products in your store (a slow server can have time-out issues). With Hostinger’s Premium Web Hosting you get 100 Gigabytes of SSD Storage Space, Unlimited Bandwidth, Free SSL Certificate, and a Free domain of your choice. This inexpensive plan is all you need for a store installation and you’ll have room to grow. To see their latest promotional offers, Click Here .

STORE FEATURES:

• Add, edit, delete products as you wish. Your store comes preloaded with 4,000+ New Age items, all from one dropshipper. Using a dropshipper means there is NO need to stock any inventory at your place; the dropshipper keeps all of the products in their warehouse and does all the packing and shipping for you.
• Wholesale — you get true wholesale discounts on all products from the dropshipper: 50-55% off most items (incense, candles, etc.), 40% off on books, music, tarot decks and DVDs, and then they ship directly to your customer (without any of their information anywhere on the order, and using your business name and address on the shipping label). Note: a Sales Tax ID Number or Resale Certificate is required.
• Choose from the Harmony template , New Age template , Goddess template , or the Wiccan template .
• Add your own custom-designed header to the template for a unique look (just email us your header and we’ll upload it for you). Or you may use the header as shown in the demo (we’ll add your store name to it for you).
• Accept credit card orders through PayPal or Square. Your customers don’t need a PayPal account to order (all they need is a credit card). Other payment modules are available such as Authorize.net.
• Shopping cart — Your web shop makes shopping easy, calculating quantities and totaling amounts. It can add your state’s sales tax (if applicable) and add a shipping charge.
• Social Media — Easily add your social media links that will appear in the footer of your store: Facebook, Twitter, Pinterest, Instagram, Youtube, TikTok, etc. You can also add other links, such as to your blog or other site.
• Search Engine — Your entire web store is searchable, making it easy and convenient for your customers to find exactly what they are looking for.
• Featured Products — You can select the products that you want to be showcased on the front page of your store. It’s up to you which products get featured, and you can always change it whenever you feel like it.
• Newsletter — When your customers order from you they can also subscribe to your newsletter. Just login to your administration area, write your newsletter, and send it to all of your subscribers. This is a great way to get those repeat customers. Your newsletter can tell your customers about any special discounts you may be offering, new items, etc.
• Bestsellers List — Your store keeps track of everything you sell. Your bestselling items are automatically placed in a special “Bestsellers” box that your visitors can refer to each time they visit.
• Reviews — Your customers can write reviews on the products you offer. This is an excellent way to promote sales, similar to Amazon.com’s site. A review will not display until you approve it (this keeps your site clean from spammers). You can also disable this if you prefer not to have reviews.
• Specials — Any of the items in your store can be discounted and prominently displayed in a special promotion box seen throughout your store’s pages. Or place all items on sale and promote it by adding a Sales Banner to the top and bottom of your site. Just another great way to drum up sales.
• Discount Coupons — It works like this: during Checkout a customer can type a coupon code that you previously gave them (or that you advertised) and a customer will receive a discount off their total (such as 10%). You set the percentage of the discount, the End and Start dates, and the store will generate a unique coupon code that you can give out to your customers. This is a great way to encourage repeat customers.
• “About Us” page — Here you can tell your customers a little about who you are. You can edit this page through the Admin area of your store, and also easily change the image (there are many New Age / Metaphysical images available for you to choose from).
• “Shipping” page, “Privacy Notice” page, “Conditions of Use” page, and many other pages, all can be edited easily directly from your Admin.
• “Contact Us” page — Here your customers can email you if they have any questions about a particular product or service. You can also put your Store Name and address details here, as well as any thing else you may want to write.
• Your store is tax-deductable as a business expense! You can also deduct what you spend on web hosting.
• Price: Only $259 (one-time fee) to install the store, import 4,000+ products into the database, upload the product images, add your store name, email address, etc. There is also a Help page and Forum available, and you can always email us if you have any questions.
• 100 Gigabytes of SSD Storage Space
• Unlimited Bandwidth
• Free Domain
• Free SSL Certificate

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A Trade Magazine for New Age Retailers

Five Ways the New Age Industry Has Changed

A s we approach this adaptive post-pandemic era, our customers’ wants and needs have changed. Retailers are juggling the rapid changes of 2020 while catching up on the natural evolution of the New Age market over the past three decades. New Age is the Now Age and Grandma’s radical views are the norm for today’s emerging adults. Talking to long-time retailers these are five of the more profound changes our market is experiencing in the long and short term:

Accessibility

 Evolution >> Finding an easily accessible new age or spiritual supply store was like finding your long-lost tribe. Regional availability of books and supplies were spotty, inspiring travel for real information and acceptance. Books, local musician CDs and crystals were bought local and hoarded. Today, social media makes online classes, information, and community events a Google search away. Spiritual seekers are quickly finding answers to their own questions through e-books, streaming music through services and buying crystal sets online, pulling business from the local stores.

Adaptation << Disconnected us from group events and interacting with our community. We crave community and connection again and are returning to the local store for the experience it brings us.

  Evolution >> Classes were advertised in the local store bulletin board and in the regional body-mind-spirit publications if you were lucky enough to have one in your area. Word of mouth and in-store events where how community was created. Now, we have conventions, online apps, and social media creating community that can span the country, eliminating the reliance on the local store as the community hub.

Adaptation << Canceled all in-person gatherings forcing us to recreate community virtually. Smaller support groups have bonded, and live-streamed rituals have brought strangers together from around the world.

  Evolution >> The mainstream market made fun of anything remotely new age and new age stores were scared of anything pagan or witch-oriented. Now, there is a fascination with ancestors, aboriginal spirituality and witchy spells, with each a growing trend.

Adaptation << Self-care is paramount as we navigate the pandemic. Mainstream influencers are turning to new age and folk magic practices to keep calm and find their center in a time of collective trauma. Sales are booming for the new age and spiritual market.

Evolution >> Three decades ago, we were scrambling for authentic wisdom and respected teachers to guide us on this awakening age. In today’s Google society all it takes is one well-phrased search and three articles and we can feel like the expert in almost any subject.

Adaptation << Confinement sent us collectively online more. This is leading to many influencers suddenly becoming the authority based on the number of followers instead of the deeper study. Conspiracy theories can spread like wildfire through social media channels, and damaging communities by polarizing their members.

Evolution >> Seekers were hungry for more information and desperate for anything that represented them and their belief. This opened the market to publishing superstars as well as inauthentic imports to meet the aesthetic trend. Today, we have consumers who are educated in ethical sourcing and can quickly research any claim made by an author and the reputation of any brand.

Adaptation << 2020 highlighted the unsung leaders of the community through social media and made the published authors more available for one-on-one interaction through virtual meetings. The internet became the connection to the outside world causing beliefs to be polarized and the followers fanatic it their support. Influencer statements were easily taken as truth without research and at the same time, researching claims before repeating became the call to authenticity.

I am fascinated to see what the next 24 months bring to this industry and to see what will be forever changed and what will return as the norm.

Author: Jacki Smith

Jacki Smith is the co-owner of Coventry Creations. Her passion for personal empowerment and small business has been the driving force in her success and her journey of lifelong learning. Jacki is a regular contributor to the magazine and loves sharing her experience, successes and cautionary tales.

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10 Best New Age Business Ideas Creating the company of your dreams often begins with connecting with the things that matter most to you.

By Adam Toren

Opinions expressed by Entrepreneur contributors are their own.

This story has been updated by the staff of Entrepreneur.com.

You don't have to bang your head into a wall hoping that a good idea will come out. There are many ideas for people of all levels of experience and interest that have proven track records of success.

One category that has had sustained interest since it became popularized in the 1970s is that of New Age products and services. The term New Age encompasses alternative approaches to traditional Western culture, spirituality, mysticism, holism, and environmentalism. If you feel a connection to that philosophy and purpose, here are 10 New Age business ideas to learn about.

Related: 20 Business Ideas You Can Start With Less Than $10,000

New Age business idea: Healthy fast food

Don't be mistaken -- fast food is thriving today just as much as it ever has. But today people seek out healthy alternatives to the greasy meals that make up much of fast food fare. Taco trucks, burger joints and ice cream stands just aren't doing it anymore. Restaurants who offer acai bowls, quinoa-kale salads and whole-grain wraps are in.

One great little niche is the healthy fast food truck. Take Green Pirate and Nectar , for example. Both trucks offer fresh juices and smoothies to a different location every day. Native Bowl and Hola Arepa mix up creative bowls and salads full of fresh, local ingredients. If mobile fast food isn't really your thing, don't worry -- restaurants like Green Tomato and Zoe's Kitchen do just as well.

Related Book: Start Your Own Food Truck Business

New Age business idea: Yoga studio

Yoga's popularity is growing as more and more people look to lifestyle changes to solve ongoing weight and pain problems in their lives. The 2016 Yoga in America Study , c onducted by Yoga Journal and Yoga Alliance, revealed that 36 million Americans engage in the practice, a big increase from 20.4 million in 2012.

There are many ways to get involved in the business of yoga: becoming an instructor, selling apparel and accessories, and opening your own studio. There are several yoga franchises to explore as well, like Bikram and YogaFit Studios . Explore other great health and wellness opportunities by checking out Entrepreneur's Franchise 500 list .

New Age business idea: Tiny houses

Sometimes a 10,000 square foot mansion doesn ' t constitute a dream home. Plenty of college students and graduates seek tiny houses on wheels instead. Why? They let you travel the country without paying for pricey hotel rooms. Even with full amenities, they cost far less than a normal-size home -- Tumbleweed 's tiny houses start at about $10,000. They're cuter and more practical than RV's, and they're (almost) fully customizable. Some even have tiny porches to match.

No, tiny houses aren't just a fad you see on HGTV; they also make up an entire movement and an awesome business idea. Though a couple of companies already offer them, those companies don't take advantage of the full range of possibilities. Very few tiny houses are stylishly decorated, and even fewer are optimized for pets. Maintenance companies tend to ignore the tiny house demographic, too -- that's another business idea, right there.

Related: Tiny Business Is Serious Business

New Age business idea: Wellness app

The health and wellness space is exploding in all directions, and a savvy coder (or someone with a great idea and can build a team) can do find great success with an innovative app that helps people de-stress. On a recent episode of Entrepreneur's podcast How Success Happens , founder Yunha Kim discussed the process of creating her meditation app Simple Habit . Since launching the stress relief and wellness platform in 2016, the company has gained more than 2.7 million users and received the 2018 Google Play Award for Best well-being app. In November 2018, Kim raised $10 million in Series A funding.

New Age business idea: Ethical business consulting

Ethical entrepreneurship and management is a huge focus of concern for this generation. It's not just about protecting employees and vendors from discrimination based on race, gender, sexuality and religion -- business owners and managers also worry about ethical product acquisition, social responsibility and environmental awareness.

Whether they're first-time business owners or seasoned managers newer to ethical business, there are hundreds of potential clients waiting for an ethical business consultant to help them out. Maybe they're going through a massive hiring period, and they'd like an ethics consultant to help protect job candidates from discrimination . Perhaps the company is working on making their products fully biodegradable for a "greener" demographic. There are countless areas you could work in, and the best part is, you can easily pick a specialty you find most interesting and engaging.

Related: 9 Business Ideas for People Looking to Cash in on the Marijuana Boom

New Age business idea: Virtual reality (and its accessories)

Virtual reality (VR) is an impressive facet of modern technology. With a pair of goggles and the right computer hardware, you can immerse yourself in a variety of fascinating worlds using VR.

If you aren't the most computer savvy person you know, never fear -- you don't have to be a programming genius to create a VR-centered business. In fact, most VR-related business ideas have nothing to do with the technology itself. Rather, you can start your own VR industry update website, where you write about new tech, games, software and more. You can sell creative cardboard headsets (like Google Cardboard , but cooler). If you are good at the programming side of things, you can create your own games and software . . . or you can use this incredible tech to help the environment. Stanford University professor Jeremy Bailenson, who runs the Virtual Human Interaction Lab (VHIL), had his team build a VR game that explains ocean acidification and encourages players to take active steps to help the problem in real life.

New Age business idea: Website rentals

Many people call themselves web developer, but not many rent websites.

Creating websites from scratch for specific companies is an antiquated way of generating revenue from Web clients. Instead, Web devs are creating several websites at a time for a certain niche, then renting customizable versions of each site to local businesses. The businesses pay monthly for a website the developer maintains. It's a great way to make passive income and expand your existing Web dev business -- as long as you know what you're doing.

New Age business idea: High quality or raw pet food

Pet owners are becoming increasingly careful about what they're feeding their furry friends. It's common knowledge nowadays that cheap food can sicken or even kill your pets , grains are sometimes detrimental to a pet's health and raw pet food, when possible, is preferred over the dry stuff at the convenience store . If you have pets of your own, you may have heard some of these concerns before.

This is an outstanding opportunity for the modern entrepreneur. As long as pet owners are buying high-quality food for their furry friends, you have room to create a brand-new business. You may start offering raw food for pets with specific allergies. You may think about making deliveries -- and take your doggie customer for a walk while you're there! The possibilities to expand are numerous.

Related Book: Start Your Own Specialty Food Business by The Staff of Entrepreneur Media, Inc. and Cheryl Kimball

New Age business idea: Edtech

Have kids or younger siblings? If so, you may know that more and more classrooms are utilizing Chromebooks and tablets. With the rise of this new privilege comes the rise of edtech , or educational technology. This can include "blackboard"-style student portals, educational games, online discussion platforms, assignment submission forms and much, much more. In fact, we've taken a stab at the edtech industry ourselves with the Kidpreneurs Academy , which is a series of fun and interactive videos on young entrepreneurship and a complement to a book we wrote that teaches kids seven through 12 the same concepts.

Related: How This 13-Year-Old Entrepreneur Built a Multi-Million Dollar Healthy Candy Company

It may seem like every type of edtech imaginable has already come to fruition, but realistically, a lot of today's edtech is glitchy or impractical. Few online classroom resources do everything a teacher or student needs them to do; those that are actually complete are also inexplicably expensive. As an entrepreneur, it's up to you to create (or sell) a solution that meets more than just one requirement at a time.

New Age business idea: Subscription boxes

You see them all the time on Facebook, Instagram and Pinterest: subscription boxes. Now, you can receive a monthly box of just about anything: international snacks , high-end makeup , stickers and even craft beer . There's a subscription box for almost every hobby and personality... but not quite all. A subscription box business may just be the fun side biz (or full-time gig) you've been waiting for. Think about items like candles, oils and other consumable items that are prominent in the New Age lifestyle.

An even easier and less cost-intensive way to get into the subscription box biz? Try "unboxing" them. One particular family of three, UnboxingRocks , has built a highly-engaged audience on YouTube by opening their favorite subscription boxes on camera, then reviewing the contents with viewers. If building and shipping subscription boxes isn't quite your thing, then perhaps sharing boxes online is.

With these 10 New Age business ideas, it's more possible than ever to create the modern company you've been dreaming of. How will you place your own creative spin on these ideas?

Serial entrepreneur, mentor, advisor and co-founder of YoungEntrepreneur.com

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

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New Age Store Owner Certificate Course Online

Starting june 24, 2024, register now to guarantee your spot.

In this part-time online New Age Store Owner Certificate Course Online you will learn important principles and practical step-by-step techniques for opening and managing a New Age shop.

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Course Fee:

Course starts:, course length:, become a new age store owner.

You will learn how to start a New Age retail business, how to obtain and display various New Age products, how to promote your store profitably and successfully, plus how to offer workshops and other services through your store.

What Happens in the New Age Store Owner Certificate Course Online

The New Age Store Owner Certificate Course is an online learning program with suggested readings from the textbook ( IAP Career College Guide to Become a New Age Store Owner ). This course is self directed, which means you may study and complete assignments at times that are most convenient for you from the comfort of your own home.

This part-time New Age Store Owner Certificate Course Online has a recommended completion date of 6 weeks from the start of the program, however, you may choose to complete the course in as little as 4 weeks or as long as 12 weeks, depending on your schedule.

The New Age Store Owner Certificate Course Online has been created to allow you to complete it without any teaching assistance. However, if you have questions or need assistance, you can receive help from a Faculty Member throughout the 6 weeks of the course.

Your Faculty Member is a valuable resource person and mentor who can provide you with personal teaching assistance to help you succeed in the course and advice to help you succeed in your new business.

Course Topics

The New Age Store Owner Certificate Course Online has been developed to meet high academic standards, ensuring that as a graduate you can display with pride the New Age Store Owner Certificate you will earn from the International Association of Professions Career College. Topics covered in the New Age Store Owner Certificate Course Online include the following:

How to Start a New Age Store Business

• Developing Your Knowledge of Metaphysical and New Age Topics
• Choosing Your Niche
• Your Business Plan
• Start-Up Budgeting and Funding
• Choosing a Name and Location
• Signage, Logo, Décor and Interior and Exterior Design
• Sourcing Inventory, Equipment, and Supplies
• Licenses and Insurance

Managing Your New Age Store

• Organizing and Displaying Merchandise
• Pricing and Payments
• Systems for Daily Management
• Hiring Great Employees
• Security and Theft Prevention

Marketing Your New Age Store

• Advertising, Promotions and Free Publicity
• Trends in New Age Merchandise
• Effective Customer Relations
• Developing Your Website
• Attracting Customers and Making Money with New Age Workshops
• Additional Products and Services to Offer

What Is Included in the New Age Store Owner Certificate Course Online

This all-inclusive New Age Store Owner Certificate Course package includes:

• Registration for the New Age Store Owner Certificate Course Online
• Access to a Faculty Member to provide you with up to 3 hours of business mentoring during the course
• (Optional) 2024 membership in the IAPO International Association of Professional New Age Store Owners for only $ 2.99 per month
• Downloadable New Age Store Owner Certificate personalized with your name and the seal of the International Association of Professions Career College which you may print
• (Optional) Opportunity to order official certificates printed on fine linen paper and embossed with the gold seal of the college
• Textbook: IAP Career College Guide to Become a New Age Store Owner (e-book edition)

Register for the New Age Store Owner Certificate Course

You can have all this for an incredible price. It can cost hundreds, or even thousands, of dollars to take other programs. (We found courses based on old editions of our guides with registration fees of up to $999 and more.) We are able to offer you online courses at a significantly lower cost to you because of our expertise from over 20 years of producing the leading online guides for non-traditional careers.

Our online certificate courses have previously been offered for a registration fee of $297 U.S. and include a textbook and professional membership – a total value of almost $377.

SUMMER SPECIAL: This all-inclusive registration package for the New Age Store Owner Certificate Course is priced as only $ 97.00 for the June 24, 2024 course.

Register today for the New Age Store Owner Certificate Course. Enrollment is limited and registration is on a first come first served basis, so we recommend that you register early for the New Age Store Owner Certificate Course online to avoid disappointment.

If the course is full, please email [email protected] to be notified when a new course date is scheduled.

To ensure your complete satisfaction all certificate courses are backed by our full 100% money back guarantee.

About a Career as a New Age Store Owner

Imagine people looking to you for guidance in an inspiring retail environment that you have created — you have manifested your dream of opening a New Age store and are attracting grateful customers and greater prosperity into your life.

When you open a New Age store (also known as a metaphysical store) you will serve a growing community. Recently there has been a significant increase in public interest in New Age philosophy. As the success of the best-selling book and DVD ‘The Secret’ has shown, people are hungry for information and inspiration to help them achieve what they want in life. The desire for greater awareness led millions of people to participate in online classes on A New Earth, led by Oprah Winfrey and author Eckhart Tolle.

In your store you will sell the products you choose, making your own choices and expressing your own creative spirit. You might specialize by opening a New Age bookshop or gift shop. Or you might offer a wide variety of New Age products that allow customers to find that special gift for a loved one, or to experience good health, happiness, and harmony themselves.

You might sell angel items, candles, cards, CDs, crystals, divination tools, essential oils, Feng Shui items, herbs, incense, jewelry, or smudging tools. And you can make your New Age store more profitable by teaching classes, hosting special events, and renting space to healers.

Why Get a Certificate?

How can you benefit with a certificate from the International Association of Professions Career College (IAP Career College)?

A certificate from the International Association of Professions Career College may give you:

• Respect as a professional
• A competitive advantage when marketing your services
• A sense of achievement and confidence
• A credential for your resume when applying for jobs
• Assurance to clients of your professionalism
• Evidence of your expertise
• Higher earnings (according to the U.S. Bureau of Labor Statistics in Certificates: A fast track to careers)

With the International Association of Professions Career College, you can earn a certificate online more quickly and affordably than many other educational options.

Why Choose IAP Career College?

The International Association of Professions Career College (also known as IAP Career College) aims to offer the finest in affordable online certificate programs for dream careers.

The textbooks for most of our courses were developed by our parent company, the leading online publisher of career guide books on how to get started in a dream career, with an A+ rating from the Better Business Bureau.

Our guides have been used as textbooks for more than a decade, and you can find them in the career centers and library collections of many famed colleges and universities – from the University of Texas to the Fashion Institute of Technology – as well as in numerous public libraries in cities from Vancouver to New York.

It can cost hundreds, or even thousands, of dollars to take other certificate programs. When we discovered online courses based on old editions of our career guides costing over $ 1,000.00 , we knew it was time to offer our own online certificate programs.

Now, the leader in online career guides for dream careers, along with a team of respected academics, have created online certificate programs through IAP Career College, allowing you to study and earn a certificate from the comfort of your own home.

Established online in 1999, the parent company of IAP Career College (known as FabJob) is an award-winning organization named “the #1 place to get published online” by Writer’s Digest. Our company and career guides have been featured in media ranging from ABC to Oprah’s newsletter and respected news sites ranging from CNN to the Wall Street Journal online.

We continue this tradition of excellence in online career education with the International Association of Professions Career College. Each of our career certificate programs has been developed to meet high academic standards, ensuring that as a graduate you can display with pride the certificate you will earn from the International Association of Professions Career College.

We invite you to learn more about the online certificate courses we offer you by visiting our Certificate Courses page. We are also happy to answer any of your questions to help you decide whether an online certificate course from the International Association of Professions Career College is right for you.

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• How Much Does a New Age Store Owner Make? As a new age store owner, your income is determined by a number of factors, including: your experience, location, business model and how much revenue your new age store generates. According to data from PayScale, the average income for a small business owner in the United States is $73,000 - however this can range up to $182,000 or more.
• What Does a New Age Store Owner Do? As the owner of a new age store, you sell the products you choose, making your own choices and expressing your own creative spirit. You might specialize by opening a New Age bookshop or gift shop. Or you might offer a wide variety of New Age products that allow customers to find that special gift for a loved one, or to experience good health, happiness, and harmony themselves. You might sell angel items, candles, cards, CDs, crystals, divination tools, essential oils, Feng Shui items, herbs, incense, jewelry, or smudging tools. And you can make your New Age store more profitable by teaching classes, hosting special events, and renting space to healers.
• How Do I Open My Own New Age Store? Earning a certificate as a new age store owner will equip you with the principles and techniques for starting and running your own new age store and becoming a professional new age store owner. A certificate also provides evidence of your expertise, assurance of your professionalism, an important credential for your resume, a competitive advantage when marketing your services and higher earnings (according to the U.S. Bureau of Labor Statistics).
• What is the New Age Store Owner Certificate Course? In IAP Career College’s part-time online New Age Store Owner Certificate Course you will learn important principles and practical step-by-step techniques for getting started in a career as a professional new age store owner. This online course has a recommended completion date of 6 weeks, however it may be completed in as little as 4 weeks or as long as 12 weeks. The course has been created to allow you to complete it without any teaching assistance, however as a student you have access to Faculty Members to provide you with personal teaching assistance and career advice.
• What is IAP Career College? The International Association of Professions Career College (IAP Career College) is a leading online career college offering affordable online certificate courses and professional certifications for non-traditional and "dream" careers. When you take a part-time online certificate course with IAP Career College, you can schedule your learning around your life - you can work at your own pace, at the best times for you and from the comfort of your own home. IAP Career College and affiliated company FabJob Inc (the leading online publisher of guide books on how to get started in a dream career) have served over half a million career changers on six continents since 1999.

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Clothing Boutique Business Plan Template [Updated for 2024]

• by Emily Polner

minute read

A business plan is a document that outlines its intended purpose and goals and helps serve as a reference to keep you on track after you open your doors. If you plan to raise capital, you can send your boutique business plan to friends, family and other potential investors so they have a clearer idea of what they’re investing in. 

In this article, we outline what to include in your clothing store business plan, as well as a blank business plan template for you to use however you see fit. You can be as detailed as you like when writing your plan. 

Here’s what you need to know and include to get started: 

How to start a clothing store business in 2023

Executive summary, business description and mission statement.

• Product services and pricing

Competitor and market analysis 

Clothing marketing strategies, business structure, clothing boutique startup costs and funding , growth forecast, clothing store boutique business plan template, the ultimate clothing boutique guide.

From managing always-evolving inventory to making personal connections during sales, your clothing store needs tools that help you do it all.

How much does it cost to open a clothing store? 

The cost of opening a clothing store varies depending on the size and location of your store. Leasing a retail space costs more in certain geographic areas than others. The average initial cost of opening a store can be anywhere from $48,000 USD to $150,000 USD, and this figure doesn’t include an upfront payment of first month’s rent or utilities. 

Having an accurate idea of your initial cost—and, as such, how much funding you need—is one of the key benefits of a thorough boutique business plan.

How to start a clothing store business in 2022

The costs and logistics involved in starting a clothing store business in 2023 are different than they were even 10 years ago. 

You need a rock-solid niche for your business, so you can make a splash in a crowded market. You need a brand identity that stands out, too. Those pieces aren’t new, though creativity is more important than ever—you want your new boutique clothing store to stand out online, after all. 

It’s the online aspect that really matters in 2023. Instead of picking between a brick-and-mortar or ecommerce store, your boutique business plan should take both into account. In an era of high-tech stores (even Amazon is getting in on the industry with its Amazon Style ), customers have come to expect more from retailers. 

Keep in mind the technology you need to start a clothing store today: that includes a POS system with an eCom platform and integrated payments, inventory management software that syncs your online and offline stock in real time and loyalty programs to reward them for shopping. These costs, and the time required to manage multiple sales channels, should be built into your business plan.

How to write a clothing boutique business plan

A business plan can be as long or as short as you’d like, but it needs to be clear to others, not just members of your organization. Other parties will read your plan in order to determine whether or not to invest, so each part needs to be understandable. 

Here is an example of a business plan for a boutique clothing store that gets funders on board (and what you should be putting in each section). 

The executive summary should be a summary of your entire business plan. It typically appears at the beginning of a business plan, but you should write this last so you can draw from the rest of the sections for a more accurate blurb. 

Think of this as the elevator pitch for your boutique business plan. If this summary was all someone read, they’d come away with an idea of what you want to open and why; detailed enough that they get the big picture, but not so detailed that they get lost on the page.

An executive summary should be at most 10% of the entire document. For example, if your clothing store’s business plan is 15 pages long, the summary should be a page and a half at most; if your plan is five pages long, try for a half-page executive summary. 

Example executive summary template

Business name: Corner Store

Founders and executive team: 

• John Retail, President
• Jane Ecom, CFO
• Ranjeet Sales, VP of Human Resources
• Kamala Brick, VP of Merchandising
• Frank Mortar, VP of Marketing

Products and services: 

Target demographic: Corner Store targets college students and young professionals ages 18 – 34. Our demographic is ambitious, on the go, health-conscious and environmentally aware.

Marketing strategies: 

Future plans and goals:

• 5 locations by next financial year
• 15% of sales through ecommerce
• Launch on third party delivery by second quarter

The next section should be a description of what your clothing business is and does. For example, are you a children’s clothing boutique? Are you selling in store, online or both? What kinds of styles are you going to cater to? For instance, do you sell basics like plain tee shirts or pieces with a more bohemian aesthetic?

This is also where you should define your mission and company values. Your mission should answer the questions: why are you starting your business and what will your new store bring to the table? Your company values are the characteristics your business aligns itself with and uses to make informed decisions. What values are most important to you and which qualities will you make a priority? 

This is your opportunity to really sell potential funders on why your clothing store will succeed. What’s more compelling: describing yourself as a new apparel retailer, or as a new clothing boutique with a focus on personal styling for young professionals that carries local designers in a high-foot-traffic area in your city’s financial district? 

Example company description template

Mission statement:

Corner Store combines athleisure and food and beverage retail into one convenient extended-hours offering. In addition to bespoke lines of healthy energy drinks, Corner Store offers comfortable workout clothing made from recycled fabrics.

Corner Store is open longer than competing athleisure stores, and is more focused on health than competing 24-hour convenience stores.

Core values:

• Ease of access
• Productivity
• Affordable healthy options

The structure of your business will have a big impact on how it’s taxed and managed. Define your plans for incorporating as well as your org chart: 

• How is your business defined, legally ? Is it an LLC, an S-Corporation, a partnership or unincorporated? 
• Who is running the clothing business? List the founders and what each person brings to the table in terms of skills and capital.
• What kinds of roles will you be hiring for? Who reports to whom? Create a preliminary organizational chart that includes the current hierarchy of your business and which roles will need to be filled. 

Example business structure template

Legal structure: 

Business leaders:

• John Retail, President – 35 years of experience in retail
• Jane Ecom, CFO – 10 years of experience heading financial operations 
• Ranjeet Sales, VP of Human Resources – 23 years of experience with HR, including founding a successful HR agency
• Kamala Brick, VP of Merchandising – launched 3 successful product lines targeting college students 
• Frank Mortar, VP of Marketing – co-founder of Digital Agency, leading marketing agency in the office supply retail space

Hiring plans: 

Products, services and pricing

With your executive summary and business description having introduced potential funders to your vision, your boutique business plan should next move into the concrete details. Your products and services section should outline: 

• What kinds of items you’ll be selling
• Any services you’ll be offering (i.e. tailoring or clothing rentals) 
• The main benefits and features of what you’re selling
• How much each item will cost you vs. what you’ll be selling it for 
• How each item will be created or sourced: which suppliers are you getting your inventory from, if any? Do you have existing relationships with suppliers or will you have to create them? 

If you plan to offer more or different products later down the line, outline that in this section as well.

Example products, services and pricing template

Description of each product and service: 

• Corner Store energy drinks: low sugar energy drinks with upscale flavors to appeal to a health-conscious consumer. Packaging made entirely from recycled materials, featuring inspirational quotes for productivity. Three flavors available in 330ml cans at launch (grapefruit tarragon, yerba mate, coconut lime) with two more launching in the third quarter (coffee, watermelon rose).
• Corner Store performance underwear: breathable, gender-neutral stretch tops and bottoms made for movement, to go under clothes for exercise or fashion. Made from recycled and end of line materials. Five colorways releasing at launch, with new updated styles every season.

How you plan to price each item:

Supply chain details: 

It’s important to look at what your competitors are doing to get a sense of which needs are being met and where the biggest gaps in the market lie. Make sure you explain how you’re positioning yourself and why you offer something different or better than what already exists. Include the following information: 

• Competitor analysis: who are your competitors? What seems to be working for them and what doesn’t? How long have your competitors been in business? Are they growing? Make sure you categorize your competition into direct and indirect competitors in your boutique business plan. Direct competitors will be anyone who is targeting your exact niche, while indirect competitors will be big chain retailers and department stores who offer an alternative experience to what you’re building.  
• Industry trends: talk about the current trends and future predictions for your industry. Is it popular or growing? How have these trends impacted your niche? Can you expect these trends to keep growing—and what proof do you have that the popularity of your chosen focus isn’t just a passing fad?
• SWOT analysis: a SWOT (strengths, weaknesses, opportunities and threats) analysis details exactly what it sounds like it does. Think about what your biggest strengths and opportunities are, as a business. On the flip side, is there anything that may be a potential threat to your success? 
• Target customer: what kind of person you’re aiming to target. Who is going to shop at your store? Where do they live, how old are they and what are their main pain points? What are they looking to get out of a clothing store, and how will you serve their needs? Do you have any data about your particular target’s spending power and shopping habits?

Example competitor and market analysis template

Competitor analysis:

• KiKiLime: 10 years in business, 7 locations across California and Texas, $60.8m in sales in 2022. Direct competitor Strong sales on launch, but recent supply chain scandal has impacted growth Opportunity to capture disillusioned customers who want truly sustainable options

Industry trends:

Market size:

SWOT analysis:

Target customer: 

• 18 – 34
• Lives or works in or near city centers
• Busy lives, looking for a store that’s open before and after work
• Health conscious, but price conscious 
• Focus on sustainability

As a new business, you’ll need to promote yourself to bring customers in the door. Use this section of your boutique business plan to explain to investors and your team how you intend to do that.

• Which marketing channels do you plan to use? Are you going to use email marketing, social media marketing , SEO blogging, PR or influencer marketing ? 
• Do you plan to run paid advertisements or only market your business organically, or both? If you plan to pay for advertising, you’ll need to include this budget in your costs section. 
• How will you measure the success of your marketing efforts? Which metrics will you examine to determine whether or not you met, exceeded or fell short of your goals? 
• What sort of loyalty program will you use to ensure customers keep returning? How will you split your budget for marketing to new customers and reaching out to returning customers? 

Example marketing strategies template

Which marketing channels you’ll be using:

• Social media: focus on Pinterest ( average age 25-34 ), Instagram (average age 18-24), TikTok (average age 18-24)
• Email marketing nurture flows: tied to loyalty program and in-store sales
• Influencer partnerships: launch partnership with Gia Influ, wellness influencer with 300,000 followers
• Content marketing: four online activations a month

Plans for paid vs. organic marketing: 

Loyalty program outline: 

Marketing goals:

There are many upfront purchases to be made as well as recurring expenses that come with starting a clothing store. This is where you’ll list what you need to buy and the funding you’ll need in order to make sure you get everything you need. Here are some examples of costs you might include: 

One-time costs

• Lease, security deposit and other fees associated with signing a retail lease
• Furniture and façade costs 
• Initial inventory
• Technology hardware, such as computers, tablets, phones, credit card readers
• Website design costs (if you’re not using an eCom platform with a built-in site builder)
• Grand opening costs for the store’s launch day

Recurring expenses  

• Rent and utilities
• Employee wages
• Marketing and advertising
• Retail commerce platform subscription 
• eCom platform subscription and web hosting costs
• Domain name registration
• Accounting services 

In addition to listing expected expenses and funding needs, also add a projected profit and loss statement, cash flow and balance sheet, if you’re able to. This will help paint a more complete financial picture.  

Example startup costs and funding template

What you need to buy: 

How much funding you need: 

Profit and loss statement: 

Need a profit and loss template? Download one free here.

Balance sheet: 

Growth forecast 

In this section, list how much inventory you’ll have on to start and your initial assets. Plan how much cash you’ll have on hand for your grand opening. 

Here is where you can predict how quickly you will grow and in what ways you intend to expand. How much revenue do you intend to generate after one year in operation? Do you plan to offer more products in the future? Are you envisioning outgrowing your first retail space? Do you intend to open more locations? Describe these plans to the best of your ability. 

Example growth forecast template

Assets: 

Cash on hand: 

Revenue (projected or actual): projected revenue $4m per location in first year, expanding to $10m per location by year five

Other growth plans or predictions: 

• 10 stores across the US by year five
• Enter the Canadian market by year seven

Now that you know what goes into a business plan, you’re ready to make one. Fill in this free template to set your future clothing store up for success. 

Executive summary 

Business name:

Founders and executive team:

Products and services:

Target demographic:

Marketing strategies:

Company description

What does your business do?

What gap does it fill in the market?

Legal structure:

Organizational chart: 

Supply chain details:

Competitor and market analysis

Industry trends: 

Marketing strategies

Startup costs and funding.

Revenue (projected or actual):

Create your clothing business the way you envision it

A clothing store business plan can help you solidify your thoughts and ideas so that you can start your business the way you intend to. Taking time to ask yourself important questions like how and why you’re starting will serve you well in the long run. 

Clothing retailers use Lightspeed’s commerce platform to take sales, manage inventory, create a website and so much more. If you’d like to learn about how Lightspeed can help you accomplish your business goals, watch a demo .

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Emily is a Content Specialist at Lightspeed, where she brings her passion, knowledge, and expertise to give you helpful tips on how to take your retail business to the next level. When she’s not behind the keyboard, Emily can be found thrifting, getting iced lattes at local cafes or endlessly scrolling through TikTok.

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How to Write a Business Plan For a Retail Store: Complete Guide

• August 3, 2022
• Small Businesses

Whether you’re looking to raise funding from private investors or to get a loan from a bank (like a SBA loan) for your retail store, you will need to prepare a solid business plan.

In this article we go through, step-by-step, all the different sections you need in your retail store business plan. Use this template to create a complete, clear and solid business plan that get you funded.

1. Executive Summary

The executive summary of a business plan gives a sneak peek of the information about your business plan to lenders and/or investors.

If the information you provide here is not concise, informative, and scannable, potential lenders and investors will lose interest.

Though the executive summary is the first and the most important section, it should normally be the last section you write because it will have the summary of different sections included in the entire plan.

Why do you need a business plan for a retail store?

The purpose of a business plan is to secure funding through one of the following channels:

• Obtain bank financing or secure a loan from other lenders (such as a SBA loan )
• Obtain private investments from investment funds, angel investors, etc.
• Obtain a public or a private grant

How to write your retail store business plan’s executive summary?

For any retail business, the following information must go into the executive summary:

• Business overview : include your business name and model (independent retail store or franchise model), the products you intend to sell (and whether you want to expand with additional product offerings), the legal structure of your business, etc.
• Market analysis : how many retail stores operate in your area and what do they sell? The estimated number of visitors your customers receive per week, target audience demography (the products you sell must fulfill their needs), purchasing power, etc. must also be included
• People : organizational setup and the management hierarchy along with retail store experience of the key people in the management
• Financial plan : how much profit and revenue do you expect in the next 5 years? When will you reach the break-even point and start making profits? It is ideal to include a chart depicting your key financials such as revenue, gross profits, and net profit
• Financial ask : what loan/investment/grant are you seeking? How much do you need? How long will this last?

2. Business Overview

The business overview is essentially the company description. The second section of your business plan, it should cover the following for a retail store:

• The products you will sell in your store
• The price range of the products
• The company structure
• Target audience information

Let’s look at different subsections that you must include:

Give a brief explanation of why you want to open a retail store. It must display two things:

• Your passion & interest for this type of business
• Feasibility of the business

There may be other retail stores in your area, but they don’t fulfill certain needs of the potential customers. Your business may fill in that gap. 

For example, there may not be any retail store in your area addressing the needs of cyclists. Even if there are competing retail stores, are they offering everything like electric bikes, mountain bikes, touring bikes, BMX, folding bikes, etc.? Do they offer spare parts and customizations?

b) Business Model

This is where you will explain the following:

• Is your retail store independent?
• Are you buying an existing retail store?
• Are you settling for a franchise store of an established bike brand?

c) Products

Your retail store can sell various products. Lenders or investors must get a clear idea of the products you intend to sell. If you want to focus on one or two specific products, you must clarify that, too.

For instance, if you are opening a retail bicycle or bike store , do you intend to sell only assembled bikes or do you intend to sell spare parts, too? What about toolkits? Do you have plans to sell supporting products for cyclists such as helmets, pants, shorts, gloves, eyewear, etc.?

If you have plans to specialize in something (for example, mountain bikes with shock absorption, gears, disc brakes, etc.), mention that.

d) Pricing Strategy

It is important that you add a pricing list here. You don’t need to go into extreme details. Just an average range will be more than enough. 

For instance, mountain bikes can cost anywhere between $400 and $800 . Depending on the components used, the average price can increase or decrease.

A pricing chart for all major products you are offering can help the investors or lenders to tie your pricing strategy with your financial projections.

e) Target Audience

Knowing your customers is very important. That will give you an edge over your competitors. For example, if you are opening a retail bicycle store, you must know whether your potential customers will be enthusiasts, hobbyists, or professionals.

Another important aspect is to understand the type of cyclists you will focus on. The products you sell will depend on that.

Knowing your customers well help in two things:

• You can better retain your customers
• Lenders or investors will be more confident about your business strategy

f) Legal Structure

Finally, your business overview section should specify what type of business structure you opt for. Is this a corporation or a partnership (LLC)? Who are the investors? How much equity percentage do they own? Is there a Board of Directors? If so, whom? Do they have experience in the industry?

3. Market Analysis

The market analysis is the next most important aspect of your retail store business plan. You must demonstrate to the potential investors that you know your market. Investors must be confident that the retail store you are trying to open (or you are already operating) makes sense.

For example, if you want to open a retail store specializing in mountain bikes, it’d be better if you’re located in states like Utah, Arizona, Arkansas, Colorado, North Carolina, Michigan, etc., because these states have ideal mountain bike destinations. Similarly, Texas isn’t really popular for mountain biking.

Again, you will never want to sell high-end bikes in a middle class neighborhood because they will most likely not be able to afford those items.

a) Retail Market Trends

You must also focus on the market size and growth opportunities . For example, if the location of your retail store doesn’t have enough cyclists, your bicycle business will probably not make enough profits. Again, if there are way too many competitors, the growth opportunities may be stifled.

Find market data for your city / area

It is always a good idea to get city-level data to get a clearer picture of the market size in addition to any national-level data you are providing.

Getting city level data might not be an easy task. In fact, you may have to get out and collect the necessary data. You may have to do some math. For example, if there were 30 bicycle retailers in your city in 2019 and the number grew to 33 in 2020, the annual growth rate will be 10%. 

You may want to investigate the factors leading to such growth. For instance, median income may have increased, there may be an influx of population, growing environmental consciousness, increased health awareness, etc., can be some of the factors.

However, you may actually notice a drop. In such a case, you must investigate the reasons. There can be varied factors like drop in income (and hence, sales that led to closure of businesses), decrease in population (may be younger popular moved out of the location), etc.

If there is a drop, you must explain the rationale behind opening a business, the industry of which is showing a gradual decline. It may also happen that the market may rebound back after a temporary decline.

b) Competition

Your competitor analysis is very important. Here are a few questions that you must answer:

• How many retail stores are there?
• How many of those stores are your direct and indirect competitors?
• What type of products do your competitors sell?
• What is the price your competitors are charging for the same or similar product?
• How many employees do your competitors have on an average?
• How many customers do they receive per month?

Some of the answers will end in approximation of data. That’s totally fine. For example, you may not be able to get the exact number of customers your competitors receive.

Draw a strong conclusion for your competitive analysis

Your competitive analysis must bring out the reasons why you are trying to open a retail store. For example (related to the retail bicycle store example):

• There are no specialised mountain bike retailers in the area despite a high percentage of mountain bikers
• Existing bike retailers offer only bikes and spares. No retailer offers clothing and protective gear

c) Customers

You already spoke about the target audience in the Business Overview section. Here, you must provide hard data that establishes the existence of your potential customers in the area.

This section must answer the following questions (with reference to the bike store example):

• What is the age group of the cyclists in your area?
• What percentage of the cyclists are women vs. males?
• What type of bikes are they mostly interested in?
• Do the customers also look for related accessories?
• Do they prefer online shopping or offline shopping?
• What is the average household income per month (and also their average disposable income)?

Much of this hard data will come from your competitor analysis. Also, the data must support your decision to open a retail store. For example, if people have a tendency to buy online, you may be better off opening an online retail store instead of a physical store.

4. Sales & Marketing Strategy

The 4th section of your retail store business plan is where you outline your customer acquisition strategy. Try to answer the following questions:

• What is your USP ?
• What marketing channels will you use (online or offline)?
• Do the marketing channels aptly grab the attention of your target audience? For instance, young adults will most likely not pay attention to TV ads. Instead, use social media
• How do you intend to track the success of your marketing strategy ?
• What is your CAC or customer acquisition cost?
• What is your marketing budget?
• What introductory promos and offers do you intend to provide for attracting new customers?

Let’s expand a bit on a few questions below:

a) Marketing channels

A few marketing channels retail stores typically use are:

• Email marketing
• SMS marketing
• Social media
• Pay-per-click campaigns (e.g. Google Ads, Amazon Ads)
• Partnerships (e.g. with companies to offer employees coupons, discounts, etc.)

b) What is your unique selling proposition?

In other words, how do you differentiate yourself vs. competitors? This is very important as you might need to win customers from competitors.

A few examples of USPs are (with reference to retail bike store example):

• Price : you may have cheaper prices than competitors
• Specialization : you may be specializing in some specific product
• Additional products : you sell additional accessories and safety gear that your competitors don’t
• Freebies : you may offer freebies like helmets or tail lights

Your USP will definitely depend on the products you are selling.

5. Management & Organizational Structure

You must address two things here:

• The management team and their experience / track record
• The organizational structure: what are the different teams and who reports to whom?

a) Management

Your store’s management will vary depending on the business type and size. For instance, if you are opening a franchise store, you may have to give a lot more details compared to an independent store.

You may have co-founders and/or senior managers. You must explain their roles, too. Apart from that, you must also explain their industry experience and why they are suitable for those positions.

b) Organizational structure

Note that even if you have not already hired senior managers and other team members, you must include the details. 

You must define their roles and the hierarchy of reporting. This will demonstrate to the potential lenders and investors the solid management plan you have in place to operate your business efficiently and successfully.

Create and attach an organizational chart for a visual understanding of your store’s staff and their reporting lines.

6. Financial Plan

The financial plan is perhaps, with the executive summary, the most important section of any retail store business plan.

Indeed, a solid financial plan tells lenders that your business is viable and can repay the loan you need from them. If you’re looking to raise equity from private investors, a solid financial plan will prove them your retail store is an attractive investment.

There should be 3 sections to your financial plan section:

• Your historical financials (only if you already operate the business and have financial accounts to show)
• The startup costs of your project (if you plan to open a new retail store, renovate your store, etc.)
• The 5-year financial projections

Historical Financials (if any)

In the scenario where you already have some historical financials (a few quarters or a few years), include them. A summary of your financial statements in the form of charts e.g. revenue, gross profit and net profit is enough, save the rest for the appendix.

If you don’t have any, don’t worry, most new businesses don’t have any historical financials and that’s ok. If so, jump to Startup Costs instead.

Startup Costs

Before we expand on 5-year financial projections in the following section, it’s always best practice to start with listing the startup costs of your project. For a retail store, startup costs are all the expenses you incur before you open the space to your customers. These expenses typically are:

• The lease deposit for the space you rent
• The design and renovation of the existing facilities
• The equipment and furniture

The total startup costs depend on a number of factors, such as the size of your store, the quality of the building (whether there is a lot or remodeling to do or not), the quality of the furniture, etc.

Financial Projections

In addition to startup costs, you will now need to build a solid financial model over 5 years.

Your financial projections should be built using a spreadsheet (e.g. Excel or Google Sheets) and presented in the form of tables and charts in your business plan.

As usual, keep it concise here and save details (for example detailed financial statements, financial metrics, key assumptions used for the projections) for the appendix instead.

Your financial projections should answer at least the following questions:

• How much revenue do you expect to generate over the next 5 years?
• When do you expect to break even?
• How much cash will you burn until you get there?
• What’s the impact of a change in pricing (say 5%) on your margins?
• What is your average customer acquisition cost?

You should include here your 3 financial statements (income statement, balance sheet and cash flow statement). This means you must forecast:

• The number of customers over time ;
• Your expected revenue ;
• Operating costs to run the business ;
• Any other cash flow items (e.g. capex, debt repayment, etc.).

When projecting your revenue, make sure to sensitize pricing and the number of customers, sales as a small change in these assumptions will have a big impact on your revenues.

7. Use of Funds

This is the last section of your retail store business plan. Now that we have explained what your retail store sells and to whom, the industry, management and your marketing strategy, this section must answer the following questions:

• How much funding do you need?
• What financial instrument(s) do you need: is this equity or debt, or even a free-money public grant?
• How long will this funding last?
• Where else does the money come from? If you apply for a SBA loan for example, where does the other part of the investment come from (your own capital, private investors?)

If you raise debt:

• What percentage of the total funding the loan represents?
• What is the corresponding Debt Service Coverage Ratio ?

If you raise equity

• What percentage ownership are you selling as part of this funding round?
• What is the corresponding valuation of your business?

Use of Funds

Any business plan should include a clear use of funds section. This is where you explain how the money will be spent.

Will you spend most of the loan / investment in paying your employees’ salaries and the inventory? Or will it cover mostly the cost for the lease deposit and the renovation of the building?

Those are very important questions you should be able to answer in the blink of an eye. Don’t worry, this should come straight from your financial projections. If you’ve built solid projections like in our retail store financial model template , you won’t have any issues answering these questions.

For the use of funds, we recommend using a pie chart like the one we have in our financial model template where we outline the main expenses categories as shown below.

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Privacy overview.

Retail Business Plan Template

Written by Dave Lavinsky

Over the past 20+ years, we have helped over 10,000 entrepreneurs and business owners create business plans to start and grow their retail and online stores. 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 retail business plan template step-by-step so you can create your plan today.

Download our Ultimate Retail Business Plan Template here >

What is a Retail Business Plan?

A business plan provides a snapshot of your retail business 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 thorough market research to support your retail business plans.  

Why You Need a Business Plan for a Retail Store

If you’re looking to start a retail business or grow your existing retail business you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your retail business in order to improve your chances of success. Your retail business plan is a living document that should be updated annually as your company grows and changes.  

Sources of Funding for Retail Stores

With regards to funding, the main sources of funding for a retail store business are 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 want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business.

The second most common form of funding for a retail business is angel investors. Angel investors are wealthy individuals who will write you a check. They will either take equity in return for their funding, or, like a bank, they will give you a loan.  

Finish Your Business Plan Today!

How to write a business plan for a retail store.

A strong retail business plan should include 10 sections as follows:

Executive Summary

• Company Overview

Industry Analysis

Customer analysis, competitive analysis, marketing plan, operations plan, management team, financial plan.

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 retail store you are operating and the status; for example, are you a startup, do you have a retail business that you would like to grow, or are you operating a chain of retail stores.

Next, provide an overview of each of the subsequent sections of your plan. For example, give a brief overview of the retail industry. Discuss the type of retail store you are operating. Detail your direct competitors. Give an overview of your target market. Provide a snapshot of your retail marketing plan. Identify the key members of your team. And offer an overview of your financial plan.

Company Analysis

In your company analysis, you will detail the type of retail business you are operating.

For example, you might operate one of the following types:

• Specialty Store – a store with a tight focus (e.g., hip apparel for women)
• Off-Priced/Used Goods Store – sells massively discounted or used products
• Department Store – often located at a mall and offer tons of products (e.g., Macy’s)
• Supermarket – focuses primarily on food items
• Convenience Store – offers just the most popular items a supermarket offers in a much smaller location
• Drug Store/Pharmacy – primarily offer medicines and medical products
• Discount Store – offer large inventories at low prices (e.g., Walmart)
• Hypermarket – offer many food and non-food items often in large quantities at a discount (e.g., Costco)
• E-commerce – offers products for sale online (e.g., Amazon)

In addition to explaining the type of retail business you 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 sales goals you’ve reached, new store openings, 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 retail industry.

While this may seem unnecessary, it serves multiple purposes.

First, researching the 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. For example, if there was a trend towards local retail businesses with online counterparts, it would be helpful to ensure your plan calls for a significant online presence.

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:

• How big is the retail business (in dollars)?
• Is the market declining or increasing?
• Who are the key competitors in your local 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 retail business. You can extrapolate such a figure by assessing the size of your niche’s market in the entire country and then applying that figure to your local population.

The customer analysis section of your retail store business plan must detail the customers you serve and/or expect to serve.

The following are examples of customer segments: college students, sports enthusiasts, soccer moms, techies, teens, baby boomers, etc.

As you can imagine, the customer segment(s) you choose will have a great impact on the type of retail business you operate. Clearly baby boomers would want a different atmosphere, pricing and product options, and would respond to different marketing strategies than teens.

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. Because most retail businesses primarily serve customers living in their same city or town, such demographic information is easy to find on government websites.

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 brick-and-mortar retail businesses. They are most likely local businesses who sell similar items to you.

Indirect competitors are other options that customers have to purchase from you that aren’t direct competitors. You most likely will have online competitors; companies that sell the same or similar items to you, but which operate online.

For each direct 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 products do they offer?
• 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. Look at review websites to gain this information.

The final part of your competitive analysis section is to document your areas of competitive advantage. For example:

• Will you provide superior products or services?
• Will you provide products that your competitors don’t?
• Will you make it easier or faster for customers to acquire your products?
• 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 retail business, your marketing plan should include the following:

Product : Here, you should reiterate the type of retail business that you documented in your Company Analysis. Then, detail the specific products you will be offering.

Price : Document the prices you will offer and how they compare to your competitors. In this sub-section, you are presenting the items you offer and their prices.

Place : Place refers to the location of your retail business. Document your location and mention how the location will impact your success. For example, is your retail business located next to a heavily populated office building, or gym, etc. Discuss how your location might provide a steady stream of customers. Also, if you operate or plan to operate kiosks, detail the locations where the kiosks will be placed.

Promotions : In this sub-section, you will document how you will drive customers to your location(s). The following are some promotional methods you might consider:

• Making your brick-and-mortar storefront extra appealing to attract customers
• Social media marketing
• Search engine optimization
• Advertising in local papers and magazines
• Reaching out to local bloggers and websites
• Partnerships with local organizations
• Local radio advertising
• Banner ads at local venues

While the earlier sections of your business plan explained your goals, your operations plan describes how you will meet them. Your retail operations plan should have two distinct sections as follows.

Everyday short-term processes include all of the tasks involved in running your retail business such as serving customers, inventory management, keeping the store clean, etc.

Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to serve your 5,000th customer, or when you hope to reach $X in sales. It could also be when you expect to hire your Xth employee or launch a new store location.

In this section of your retail store business plan, explain the management structure as this demonstrates your store’s ability to succeed as a business. 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 the retail business. 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 retail businesses and/or successfully running retail and small businesses.

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 serve 100 customers per day or 200? And will sales grow by 2% or 10% per year? As you can imagine, poor financial planning 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 : While balance sheets include much information, to simplify them to the key items you need to know about, balance sheets show your assets and liabilities. For instance, if you spend $100,000 on building out your retail business, that 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 $100.000, 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 projections 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. For example, you may need to purchase inventories now that you can’t sell (and get paid for) for several months. During those months, you could run out of money.

In developing your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a successful retail business:

• Location build-out including design fees, construction, etc.
• Cost of fixtures
• Cost of initial inventory
• 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 store design blueprint or location lease.

Download Our Retail Business Plan PDF

You can download our retail business plan PDF to help you create your own business plan.  

Retail Business Plan Summary

Putting together a business plan for your retail store will improve your company’s chances of success. The process of developing your plan will help you better understand your target market, your competition, and your customers. You will also gain a marketing plan to better attract and serve customers, an operations plan to focus your efforts, and financial projections that give you goals to strive for and keep your company focused.

Growthink’s Ultimate Retail Business Plan Template allows you to quickly and easily complete your retail store business plan.  

Additional Resources For Starting a Retail Store

• How To Start a Retail Business
• Brick and Mortar Business: From Idea to Grand Opening
• 6 Retail Store Layouts That Drive Sales

OR, Let Us Develop Your Plan For You

Since 1999, Growthink has developed business plans for thousands of companies who have gone on to achieve tremendous success.

Click here to see how a Growthink business planning consultant can create your business plan for you.

Other Helpful Business Plan Articles & Templates

Baby Clothing Store Business Plan [Sample Template]

By: Author Tony Martins Ajaero

Home » Business ideas » Fashion Industry » Boutique (Clothing Store)

Are you about starting a baby boutique? If YES, here is a complete sample baby clothing retail store business plan template & feasibility report you can use for FREE .

Okay, so we have considered all the requirements for starting a baby clothing retail store. We also took it further by analyzing and drafting a sample baby clothing retail store marketing plan template backed up by actionable guerrilla marketing ideas for baby clothing retail stores. So let’s proceed to the business planning section.

We all understand without doubt that the general market for baby products might seem relatively recession-proof. After all, the business keeps bringing new customers no matter what’s happening with the economy in the country. When planning to start up a business just like this, it is advisable that you examine every part of the venture before you even open up your doors.

It simply means that you need to write an expressive business plan. A business plan is also important in terms of getting finances for a business and serves as a guide when changes need to be made or when preparing for future growth and expansion of the business. Below is a sample business plan for your use;

A Sample Baby Clothing Retail Store Business Plan Template

1. industry overview.

Businesses in this industry specializes in clothing retailers that sell a wide range of infant and children’s wear, such as dresses, jackets, jumpsuits, sleepwear and more. Supplementary services include basic alterations like hemming, taking in or letting out seams and lengthening or shortening sleeves.

It is believed that the baby’s and children’s Clothing Stores industry is made up of businesses that specialize in retailing apparel for children under the age of 17. We believe that over the years, a rise in the number of births had a positive impact on industry revenue.

But a reduction in the number of adolescents alters some of the gains made from the rising number of infants and toddlers in the industry. While rising consumer confidence index and strong gains in per capita income had a positive impact on demand for industry products, reducing prices are expected to reduce revenue in the overall industry.

This gigantic industry spends about 11.8% of revenue on labour costs. We also believe that this is very customer service oriented. We believe that retailers need to sustain high levels of customer service to aid customers with their purchasing decisions.

We believe that a large portion of labour in this industry is employed on a part-time or casual basis, and employment fluctuates throughout the year.

Also, in addition to customer relations, employees perform restocking, maintenance and inventory. Capital expenditure comes in the form of cash registers, computers and software and physical apparatuses such as shelves and displays.

2. Executive Summary

Our world has changed due to modernization. The advent of cable television, syndicated radio programs, and the Internet has created a world where a clothing statement in Milano will be on the streets of Gotham in few days.

We believe that the speed of telecommunication system has increased young customers’ expectations and demands for products that represent their own cultural statement. This actually means that this field will keep booming as youths and parents are eager to make their kids look good.

This accurate business plan for Pocoyo Inc. offers young customers the youth-oriented products and clothing that are popular in large urban areas but not available locally. We plan to build a business that will accurately offer our customers distinctive products that will attract them and keep the looking good.

Our target customers at Pocoyo Incorporated will be kids within the age of03-18, who listens to alternative music, participates in youth sports like skateboarding and snowboarding, and looks toward alternative clothing trends in large urban areas for inspiration.

We will provide the distinctive clothing, shoes and products that are just ahead of the fashion curve for them. This Business will be established in Evansville. Evansville is a city in and the county seat of Vanderburgh County, Indiana, united states. This Scituate meets that standard we want to build around our business.

3. Our Products and Services

We at Pocoyo Inc. Specialize in the selling of baby and youth oriented apparel, furniture, and accessories to the general public. We at Pocoyo Inc plan to make available a large line of baby and youth clothes and footwear from a number of brand name suppliers.

We at Pocoyo Inc will also carry a full line of products from varying baby furniture manufactures. These products include changing tables, cribs, and special beds for young children.

In addition to maintain a traditional retail store, we will also launch an e-commerce based website once retail operations have commenced. This we believe will allow us at Pocoyo Inc. to rapidly turnover our inventory on a month to month basis. We will also offer young customers the following youth-oriented products and clothing:

• Dresses and skirts

4. Our Mission and Vision Statement

• Our mission at Pocoyo Inc. is to offer distinctive baby and youth-oriented fashion and products to our target customers.
• Our vision at Pocoyo Incorporated is to provide customers with an expansive inventory of clothing , furniture, and accessories for all of their infant, baby’s and children’s needs.

Our Business Structure

Kieran Johnson, the founder of Pocoyo Incorporated will manage the daily operations of the business. Kieran Johnson has seven years of experience in the retail clothing industry and everything about it. After graduation with a B.A. in Sociology from the University of Washington, Kieran started as a sales associate with Angelo Litrico clothing, one of the greatest clothing lines in the world.

In just four years, Kieran was promoted to a regional sales manager for the southern United States. She has been praised as an excellent manager who is particularly good with the youngest staff members.

Kieran is also a member of the popular alternative band, Infantile Syndrome. We at Pocoyo Incorporated believe that the combination of these two professional experiences makes Kieran Johnson uniquely qualified to understand the demands of our target customers and how to reach them. Below are the structures we hope to start Pocoyo Inc.

• Chief Executive Officer (Owner)

Store Manager

Merchandize Manager

Sales and Marketing Manager

Information Technologist

• Accountants / Cashiers

5. Job Roles and Responsibilities

Chief Executive Officer – CEO

• In charge of 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.
• In charge of fixing prices and signing business deals
• In charge of recruitment
• In charge of payment of salaries
• In charge of signing checks and documents on behalf of the company
• Evaluates the success of the organization
• In charge of managing the daily activities in the ship
• Ensures that the store facility is in tip top shape and conducive enough to welcome customers
• Interfaces with third – party providers (vendors)
• Controls the sales floor inventory
• Ensures that goods and products are properly arranged
• Supervises the entire sales staff and workforce
• Any other duty as assigned by the CEO
• Takes care of vendor relations, market visits, and the ongoing education and development of the organizations’ buying teams
• Helps to ensure consistent quality of goods and products on our rack
• In charge of the purchase of goods and products for the organizations
• In charge of planning sales, monitoring inventory, selecting the merchandise, and writing and pricing orders to vendors
• Ensures that the organization operates within stipulated budget.
• Takes care of external research and coordinate all the internal sources of information to retain the organizations’ best customers and attract new ones
• Models demographic information and analyse the volumes of transactional data generated by customer purchases
• Takes care of the organization website
• Handles ecommerce aspect of the business
• In charge of installing and maintenance of computer software and hardware for the organization
• Manage logistics and supply chain software, Web servers, e-commerce software and POS (point of sale) systems
• Takes care of the organization’s CCTV
• Handles any other technological and IT related duties.

Accountant / Cashier

• Receives payments on behalf of the organization
• Issues receipt to customers
• Prepares financial report at the end of every working week
• Handles all financial transaction on behalf of the company
• Interfaces with our bankers
• In charge of payment of tax, levies and utility bills
• Any other duty as assigned by the CEO / store manager
• In charge of cleaning the store facility at all times
• Ensures that toiletries and supplies don’t run out of stock
• Cleans both the interior and exterior of the store facility
• Any other duty as assigned by the restaurant manager

6. SWOT Analysis

The business plan of Pocoyo Incorporated will tell us what to do and how to manage our business and all other activities. This is the reason why we were very careful to conduct a SWOT Analysis. We at Pocoyo Incorporated are very much aware of the large quantity of retail stores in Evansville even in the same location as us.

It is the reason why we are leaving no stone unturned to make sure that we establish a business that will take over the Industry.

We at Pocoyo Incorporated also know that if a proper SWOT analysis is conducted for our business, we will be able to position our business to maximize our strength, leverage on the opportunities that will be available to us, mitigate our risks and be well equipped to confront our threats.

The SWOT Analysis for our business was conducted by Leather Business Consult. This firm is known to be the leading figure in business improvement and consulting. They did their job judiciously and they also worked with the available workforce we have at Pocoyo Inc, before coming up with the SWOT Analysis that is summarized below;

• Our founder and managers have extensive clothing product development and marketing experience from previous work
• Our owner and managers have a good understanding of and a good network in the market
• Non-existent ‘brand’ of new children’s clothing retail shop
• Untested end-to-end process from product development to delivery of products to customers

Opportunities

• High quality children’s clothing becoming increasingly expensive with brand as key factor driving up the prices
• Increased mortality rate
• Current credit crunch experienced by the financial markets coupled with the increasing oil prices have impacted on discretionary consumer spending
• Time it will take us to gather the exact workforce that we need

7. MARKET ANALYSIS

• Market Trend

It is important to note that the world children’s clothing market is expected to exceed $201 billion by 2016, representing 19% market expansion since 2009. The Americas have a regional stake of over 38% in the global market.

Just in the G8 countries alone, the children’s clothing market is expected to exceed $120 billion in 2016, representing almost 2% yearly growth over a five-year period. It has been noted that the US leads the G8 with a 45% market share.

Also, the US children’s clothing market generates sales of more than $48 billion a year. The US market is expected to reach almost $67 billion in 2017. We believe that the children and infant clothing industry is made up of the design, manufacture and retail of children’s clothes, which are made in a large range of materials including cotton, wool, and linen and may others.

We at Pocoyo have also noted that clothing styles and types change from one country to the next, depending on culture and temperature. We also understand the fact that clothing protects children from various potentially harmful threats such as the elements.

But Western clothing styles keeps being seen in increasing numbers of other countries outside of the West. It is without doubt that the children clothing represents the most rapidly growing sector in the clothing market, accounting for almost 11% of EU spending on clothing.

Increase birth rates and greater spending on clothing per child are driving demand in the industry. The industry is constantly becoming increasingly competitive, and retailers other than those involved strictly in children’s wear are dedicating more and more space to promotional activities for children’s wear. It is also a known fact that retailers are also offering their branded products at stores carrying multiple brands.

8. Our Target Market

Just like we have stated, the children clothes and products is a billion dollar niche in the clothing industry. It has been estimated that over the past ten years, there has been a notable change in population dynamics in the U.S.

It is important to note that the non-metropolitan population has been increasing at the almost the same rate as the urban population. Evansville’s current population is over 117,000 residents. The city is 250 miles from the closest urban centre.

Without doubt Evansville’s young people don’t live near a large urban centre that offers the diversity in clothing products that the youth culture demands. We believe that this have created a small market niche for businesses to sell clothing and products.

We have also noted our target market and the best way to reach them. Listed below are the market group we hope to attract:

• Kids within the age of 03-18
• Skateboarders
• Alternateen
• College students
• High school students

Our competitive advantage

Our competitive advantage at Pocoyo Incorporated is to offer product lines will make a pronounced statement but won’t leave us broke.

We understand that the major brands are costly and not distinctive enough to satisfy the ever changing taste of our target customers. We at Pocoyo Incorporated offer products that are just ahead of the curve and very easy to buy so that our customers will come back to the store often to check out what’s new and patronise our business.

We understand that the products for our targeted market are seen as part of a lifestyle statement. We’re so focused on serving the Evansville youth while earning substantial income.

We also want to represent their style and life choices. We also believe that we will create a loyal customer base that will see us take over the industry. We also believe that we have the required experience and workforce to take over the said industry.

9. SALES AND MARKETING STRATEGY

• Sources of Income

Our major source of revenue is the sale of clothing and footwear for children between 3-18 years old. We plan to carry an expansive inventory of products from many brand name merchandisers. We all know that major branded label apparel manufacturers such as Nike, Reebok, Polo, J. Crew, and Anne Geddes have all launched lines specifically geared for children and kids.

Another source of revenue for us at Pocoyo Incorporated is the sale of furniture for kids. Much like apparel inventories, we at Pocoyo Incorporated will stock a large selection of cribs, changing tables, dressers, and beds for children between new-borns, toddlers and teenagers.

Also in addition to furniture, apparel, and footwear, we will also carry a line of diaper bags, strollers, and other items normally associated with managing the needs of young infants and toddlers. Other products we will be selling that will cover the need of growing kids between 3 to 10 yet as include;

• skirts and dresses
• trousers and jogging pants
• underwear, socks and tights
• accessories
• baby clothing
• unisex clothes
• school wear

10. Sales Forecast

It is very important to note that the lack of information on the market size of our target segment in our business location, it would be difficult to provide a figure for the market share. But our plan at Pocoyo Incorporated is to be able to capture 0.5% of the market by year 3 of the segment in the target area of Evansville. Listed below is an accurate sales forecast for Pocoyo Inc.

• First Year-: $900,000
• Second Year-: $1,600,000
• Third Year-: $2,500, 000
• Marketing Strategy and Sales strategy

We believe that as a firm, we will establish our own line of products, and we will need to apply for intellectual properties, patents, trademarks, design registration, and copyrights to make sure that you’re able to keep these intangibles as part of our business and leverage these at a later time when the brand of the firm has grown and there is demand for its products already.

Our major supplier will be the tailors providing the fabrics and also other suppliers providing key materials and equipment for the firm to complete the creation of the children’s clothes.

• We will follow up our marketing consultant and always bring options to the table
• We plan to Introduce the new range of high quality affordable clothing to the market
• We want to Utilise current network of owners and introduce the product to the market
• We will Position our product as high quality but at affordable prices
• We will define efficient operations for the business from concept of children’s clothing to delivery of services
• We will establish image of good corporate citizen providing excellent customer service as a retail shop
• Work closely with the local government
• Hire only people passionate in improving the industry
• Hire people with a passion for the local area community to ensure delivery of good customer services in retail store
• Liaise with local government to build ways to expose the retail store

11. Publicity and Advertising Strategy

• Build up the brand and the new children’s clothing product range to the target market
• Place adverts on national TV stations, Radio Stations and Newspapers / Magazines
• Run our own special TV program
• Sponsor relevant community programs
• Leverage the internet and social media platforms like; Instagram, Facebook , Badoo, YouTube, Twitter et al
• Install our Bill Boards on strategic locations
• Engage in road show from time to time
• Distribute our fliers and handbills to targeted areas from time to time
• Send out introductory letters to households in and around our location
• Work locally to promote products including in local newspapers
• Encourage word-of-mouth build-up of the brand and products through the initial customers
• Utilise website to increase exposure to the target market
• Link with local entities such as the sports club to build image and brand, which is consistent with the overall objective of the new firm.

12. Our Pricing Strategy

We very much understand how important pricing can be for us at Pocoyo Inc.  We also know that the success we hope to achieve in terms of pricing rests on our bargaining power. Which is why our merchandise Manager will have to come together with the Chief Executive Officer to ascertain the price of our goods, and also the price of the inventories we purchase.

We also plan to inculcate all our expenses in our pricing in other maximize profits that will helps manage our business successfully. We hope to inculcate the following into the business price wise;

• Introduce the children’s clothing at above the low-priced products to reflect the high quality value of the products
• Provide pricing range that high quality clothing seekers will find affordable and attractive
• Potentially, price the products at lower than planned margins in order to encourage the purchase of the products as it increases exposure in the market
• Provide discounts to large buyers (i.e. several items)

Payment Options

Pocoyo Inc.  Is a business that is very much aware that the payment options we provide will serves as a factor that brings our business closer to the heart of the people, and we are very much prepared to make use of that extensively. Pocoyo Inc. will be bringing payment options that are unique and will make the payment for the service we offer very easy for our customers.

We also hope to provide these services by partnering with a renowned bank in the country. Our bank account numbers will be made available on our website and promotional materials so that it will be easier for clients to make payments when necessary.

• Payment by via bank transfer
• Payment by POS
• Payment via online bank transfer
• Payment via check
• Payment via bank draft
• Payment via mobile money
• Payment with cash

13. Startup Expenditure (Budget)

We at Pocoyo Incorporated understand that it isn’t an easy task to start a retail business and can be dictated by a lot of facts. Factors like the location of the business, business niche, the size of the business, and of course the state of the economy.

We at Pocoyo Incorporated believe will be the forerunner of the industry, which is why we are very careful to note all important facts. We hope to spend our start up capital in the following way;

• Office equipment and furniture – $18,000
• Cost for store equipment (cash register, security, ventilation, signage) – $19,000
• The cost for Start-up inventory – $800,000
• Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $49,000
• Other start-up expenses including stationery ( $500 ) and phone and utility deposits – ( $2,500 ).
• Cost for Shop remodelling – $5,000.
• Cost for payment of rent for a shop for 12 month at $1.76 per square feet in the total amount of – $52,800.
• Insurance (general liability, workers’ compensation and property casualty) coverage at a total premium – $30,000
• Cost for hiring Business consultant – $2,500
• Marketing promotion and grand opening expenses – $94,000
• Legal expenses for obtaining licenses and permits as well as the accounting services totalling – $1,300.
• The Total Fee for Registering the Business in the United States of America – $750.
• 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
• Additional Expenditure (Business cards, Signage et al): $5,000

From our Analysis above, we need $1,084,450 to start Pocoyo Inc.  We are very much prepared to organise and manage our business to maximize profits and become the lead figure in the industry.

• Generating Funding / Start up

Pocoyo Inc. is a standard kids clothing retail shop that will be located in the heart of Evansville. This business was founded and will be managed by Kieran Johnson, an experienced individual in the field. The business will be financed by Kieran Johnson and his immediate family members. Which is why the generating of start up capital has been restricted to just Kieran Johnson.

We at Pocoyo Incorporated will utilise the start-up capital in building the business and will not tap any additional sources of funds in the first year of the business. Our start up capital just like we stated above will be sourced from the owner, there has not been any security guaranteed to other capital providers, since these have not been tapped.

We at Pocoyo Incorporated plan to utilise internal cash generated to provide for the funding requirements of the business. Our key performance metric to be used as the business is grown is the sales growth over the first few years.

14. Sustainability and Expansion Strategy

Our major aim is to establish a high quality children’s clothing offering targeting the market in the United States. Our advantage at Pocoyo will be the offering (high quality children’s clothing at affordable prices since brand premium is minimised) and customer service (personal touch given in the retail store unlike versus competitors).

Our focus in the first year is in building the brand of Pocoyo and increase exposure among the target market. We also hope to ensure efficient operations from concept to product development to creation of the children’s clothes. We also hope to provide Customised customer service providing opinions when asked for and allowing for customisation of clothes to ensure fit of clothes with children.

We at Pocoyo sees the key breakdown of the our product line in terms of product and age We have made sure to inculcate the needs of our customers and employees into our long term plan. Our core objectives at Pocoyo are to develop product and brand awareness of our business among the target market identified for the products.

We also want to create a strong demand from the ‘niche’ market through targeted marketing initiatives and word-of-mouth build-up, and achieve profitability within two years. Our plan is to also capture enough share of the market to be recognised as a competitor among the competitors in the high quality children’s clothing sector.

Checklist/Milestone

• Business Name Availability Check: Completed
• Business Incorporation: Completed
• Opening of Corporate Bank Accounts various banks in the United States: Completed
• Opening Online Payment Platforms: Completed
• Application and Obtaining Tax Payer’s ID: In Progress
• Application for business license and permit: Completed
• Purchase of All form of Insurance for the Business: Completed
• Conducting feasibility studies: Completed
• Leasing, renovating and equipping our facility: Completed
• Generating part of the start – up capital from the founder: Completed
• Applications for Loan from our Bankers: In Progress
• Writing of Business Plan: Completed
• Drafting of Employee’s Handbook: Completed
• Drafting of Contract Documents: In Progress
• Design of The Company’s Logo: Completed
• Graphic Designs and Printing of Packaging Marketing / Promotional Materials: Completed
• Recruitment of employees: In Progress
• Purchase of the Needed software applications, furniture, office equipment, electronic appliances and facility facelift: In progress
• Creating Official Website for the Company: In Progress
• Creating Awareness for the business (Business PR): In Progress
• Health and Safety and Fire Safety Arrangement: In Progress
• Establishing business relationship with banks, financial lending institutions, vendors and key players in the industry: In Progress

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Here is a free business plan sample for a fruit and vegetable store.

Have you ever envisioned owning a bustling fruit and vegetable market that serves as a cornerstone of health in your community? Wondering where to start?

Look no further, as we're about to guide you through a comprehensive business plan tailored for a fruit and vegetable market.

Creating a solid business plan is crucial for any aspiring entrepreneur. It serves as a roadmap, outlining your vision, objectives, and the strategies you'll employ to turn your fresh produce venture into a thriving business.

To jumpstart your planning process with ease and precision, feel free to utilize our fruit and vegetable market business plan template. Our team of experts is also on standby to provide a free review and fine-tuning of your plan.

How to draft a great business plan for your fruit and vegetable store?

A good business plan for a fruit and vegetable market must cater to the unique aspects of this type of retail business.

Initially, it's crucial to provide a comprehensive overview of the market landscape. This includes up-to-date statistics and an exploration of emerging trends within the industry, similar to what we've incorporated in our fruit and vegetable market business plan template .

Your business plan should articulate your vision clearly. Define your target demographic (such as local residents, restaurants, or health-conscious consumers) and establish your market's distinctive features (like offering organic produce, exotic fruits, or locally-sourced vegetables).

Market analysis is the next critical component. This requires a thorough examination of local competitors, market dynamics, and consumer buying patterns.

For a fruit and vegetable market, it's imperative to detail the range of products you intend to sell. Describe your selection of fruits, vegetables, herbs, and any additional items you plan to offer, and discuss how these choices align with the preferences and needs of your customer base.

The operational plan is equally important. It should outline the location of your market, the layout of the retail space, your supply chain for fresh produce, and inventory management practices.

Given the nature of a fruit and vegetable market, it is vital to highlight the freshness and quality of your produce, your relationships with growers and suppliers, and adherence to health and safety standards.

Then, delve into your marketing and sales strategies. How do you plan to attract and keep customers coming back? Consider your approach to promotions, customer loyalty programs, and potential value-added services (like home delivery or a juice bar).

Incorporating digital strategies, such as an online ordering system or a robust social media presence, is also crucial in the modern marketplace.

The financial section is another cornerstone of your business plan. It should encompass the initial investment, projected sales, operating expenses, and the point at which you expect to break even.

With a fruit and vegetable market, managing waste and understanding the shelf life of products are critical, so precise planning and knowledge of your financials are essential. For assistance, consider using our financial forecast for a fruit and vegetable market .

Compared to other business plans, a fruit and vegetable market plan must pay closer attention to the perishability of inventory, the importance of a robust supply chain, and the potential for seasonal fluctuations.

A well-crafted business plan not only helps you to define your strategies and vision but also plays a pivotal role in attracting investors or securing loans.

Lenders and investors are keen on a solid market analysis, realistic financial projections, and a comprehensive understanding of the day-to-day operations of a fruit and vegetable market.

By presenting a thorough and substantiated plan, you showcase your dedication and readiness for the success of your venture.

To achieve these goals while saving time, you are welcome to fill out our fruit and vegetable market business plan template .

A free example of business plan for a fruit and vegetable store

Here, we will provide a concise and illustrative example of a business plan for a specific project.

This example aims to provide an overview of the essential components of a business plan. It is important to note that this version is only a summary. As it stands, this business plan is not sufficiently developed to support a profitability strategy or convince a bank to provide financing.

To be effective, the business plan should be significantly more detailed, including up-to-date market data, more persuasive arguments, a thorough market study, a three-year action plan, as well as detailed financial tables such as a projected income statement, projected balance sheet, cash flow budget, and break-even analysis.

All these elements have been thoroughly included by our experts in the business plan template they have designed for a fruit and vegetable market .

Here, we will follow the same structure as in our business plan template.

Market Opportunity

Market data and figures.

The fruit and vegetable market is an essential and robust component of the global food industry.

Recent estimates value the global fruit and vegetable trade at over 1 trillion dollars, with expectations for continued growth as consumers seek healthier eating options. In the United States, the fruit and vegetable industry contributes significantly to the economy, with thousands of markets and stores providing a wide range of produce to meet consumer demand.

These statistics underscore the critical role that fruit and vegetable markets play in not only providing nutritious food options but also in supporting local agriculture and economies.

Current trends in the fruit and vegetable industry indicate a shift towards organic and locally sourced produce, as consumers become more health-conscious and environmentally aware.

There is an increasing demand for organic fruits and vegetables, driven by the perception of better quality and concerns about pesticides and other chemicals. The local food movement is also gaining momentum, with consumers showing a preference for produce that is grown locally to support community farmers and reduce carbon emissions associated with transportation.

Technological advancements are influencing the industry as well, with innovations in vertical farming and hydroponics allowing for more sustainable and space-efficient growing methods.

Online grocery shopping and delivery services are expanding, making it easier for consumers to access fresh produce directly from their homes.

Additionally, the push for transparency in food sourcing continues to grow, with consumers wanting to know more about where their food comes from and how it is grown.

These trends are shaping the future of the fruit and vegetable market, as businesses strive to meet the evolving preferences and values of modern consumers.

Success Factors

Several key factors contribute to the success of a fruit and vegetable market.

Quality and freshness of produce are paramount. Markets that offer a wide variety of fresh, high-quality fruits and vegetables are more likely to build and maintain a dedicated customer base.

Diversity in product offerings, including exotic or hard-to-find produce, can differentiate a market from its competitors.

Location is also vital, as markets that are easily accessible to consumers will naturally attract more foot traffic.

Customer service is another important aspect, with knowledgeable and friendly staff enhancing the shopping experience and encouraging repeat visits.

Effective cost management and the ability to adapt to changing consumer trends, such as the demand for organic and locally grown produce, are crucial for the long-term viability of a fruit and vegetable market.

The Project

Project presentation.

Our fruit and vegetable market project is designed to cater to the increasing consumer demand for fresh, organic, and locally-sourced produce. Situated in a community-focused neighborhood, our market will offer a diverse selection of fruits and vegetables, emphasizing seasonal and organic options. We will partner with local farmers and suppliers to ensure that our customers have access to the freshest produce available, supporting sustainable agricultural practices and reducing our carbon footprint.

We aim to provide not just produce, but a holistic healthy eating experience by offering a range of complementary products such as herbs, spices, and artisanal condiments. Our market will be a hub for health-conscious consumers and those interested in cooking with the finest ingredients.

Our fruit and vegetable market is set to become a cornerstone in the community, promoting healthier lifestyles and fostering connections between local producers and consumers.

Value Proposition

The value proposition of our fruit and vegetable market lies in our commitment to providing the community with the highest quality fresh produce. We understand the importance of nutrition and the role that fruits and vegetables play in maintaining a healthy diet.

Our market will offer a unique shopping experience where customers can enjoy a wide variety of produce, learn about the benefits of incorporating more fruits and vegetables into their diets, and discover new and exotic varieties. We are dedicated to creating a welcoming environment where everyone can find something to enrich their meals and support their well-being.

By focusing on local and organic sourcing, we also contribute to the sustainability of our food systems and the prosperity of local farmers, aligning our business with the values of environmental stewardship and community support.

Project Owner

The project owner is an individual with a profound passion for healthy living and community engagement. With a background in agricultural studies and experience in the food retail industry, they are well-equipped to establish a market that prioritizes quality and freshness.

They bring a wealth of knowledge about the seasonality and sourcing of produce, and are committed to creating a marketplace that reflects the diversity and richness of nature's offerings. Their dedication to health, nutrition, and sustainability drives them to build a market that not only sells fruits and vegetables but also educates and inspires the community to embrace a healthier, more sustainable lifestyle.

Their vision is to create a space where the joy of fresh, wholesome food is accessible to all, and where the market serves as a vibrant gathering place for people to connect with their food and each other.

The Market Study

Market segments.

The market segments for this fruit and vegetable market are diverse and cater to a wide range of consumers.

Firstly, there are health-conscious individuals who prioritize fresh, organic produce in their diets for wellness and nutritional benefits.

Secondly, the market serves customers who are looking for locally-sourced and seasonal produce to support community farmers and reduce their carbon footprint.

Additionally, the market attracts individuals with specific dietary needs, such as vegans, vegetarians, and those with food sensitivities who require a variety of fresh produce options.

Culinary professionals, including chefs and caterers, represent another segment, seeking high-quality ingredients to enhance their dishes.

SWOT Analysis

A SWOT analysis of the fruit and vegetable market project highlights several key factors.

Strengths include a strong focus on fresh, high-quality produce, relationships with local farmers, and a commitment to sustainability and eco-friendly practices.

Weaknesses might involve the perishable nature of inventory, the need for constant supply chain management, and potential seasonal fluctuations in product availability.

Opportunities exist in expanding the market's reach through online sales and delivery services, as well as in educating consumers about the benefits of eating fresh and local produce.

Threats could include competition from larger grocery chains with more buying power, adverse weather affecting crop yields, and potential economic downturns reducing consumer spending on premium produce.

Competitor Analysis

Competitor analysis in the fruit and vegetable market sector indicates a varied landscape.

Direct competitors include other local markets, organic food stores, and large supermarkets with extensive produce sections.

These competitors vie for customers who value convenience, variety, and price.

Potential competitive advantages for our market include superior product freshness, strong community ties, exceptional customer service, and a focus on sustainable and ethical sourcing.

Understanding the strengths and weaknesses of these competitors is crucial for carving out a niche and ensuring customer loyalty.

Competitive Advantages

Our fruit and vegetable market's dedication to offering the freshest and highest quality produce sets us apart from the competition.

We provide a wide array of fruits and vegetables, including rare and exotic items, to cater to the diverse tastes and needs of our customers.

Our commitment to sustainability, through supporting local farmers and minimizing waste, resonates with environmentally conscious consumers.

We also emphasize transparency and education about the source and benefits of our produce, fostering a trusting relationship with our clientele.

You can also read our articles about: - how to open a fruit and vegetable store: a complete guide - the customer segments of a fruit and vegetable store - the competition study for a fruit and vegetable store

The Strategy

Development plan.

Our three-year development plan for the fresh fruit and vegetable market is designed to promote healthy living within the community.

In the first year, our goal is to establish a strong local presence by sourcing a wide variety of high-quality, seasonal produce and building relationships with local farmers and suppliers.

The second year will focus on expanding our reach by setting up additional market locations and possibly introducing mobile market services to access a broader customer base.

In the third year, we plan to diversify our offerings by including organic and exotic fruits and vegetables, as well as implementing educational programs on nutrition and sustainable agriculture.

Throughout this period, we will be committed to sustainability, community engagement, and providing exceptional service to ensure we become a staple in our customers' healthy lifestyles.

Business Model Canvas

The Business Model Canvas for our fruit and vegetable market targets health-conscious consumers and those looking for fresh, local produce.

Our value proposition is centered on offering the freshest, high-quality fruits and vegetables, with a focus on local and organic options, and providing exceptional customer service.

We will sell our products through our physical market locations and consider an online ordering system for customer convenience, utilizing our key resources such as our relationships with local farmers and our knowledgeable staff.

Key activities include sourcing and curating produce, maintaining quality control, and engaging with the community.

Our revenue streams will be generated from the sales of produce, while our costs will be associated with procurement, operations, and marketing efforts.

Access a complete and editable real Business Model Canvas in our business plan template .

Marketing Strategy

Our marketing strategy is centered on community engagement and education.

We aim to highlight the health benefits of fresh produce and the environmental advantages of buying locally. Our approach includes community events, cooking demonstrations, and partnerships with local health and wellness organizations.

We will also leverage social media to showcase our daily offerings, share tips on healthy eating, and feature stories from our partner farmers.

Additionally, we plan to offer loyalty programs and seasonal promotions to encourage repeat business and attract new customers.

Risk Policy

The risk policy for our fruit and vegetable market focuses on mitigating risks associated with perishable goods, supply chain management, and market fluctuations.

We will implement strict quality control measures and develop a robust inventory management system to minimize waste and ensure product freshness.

Building strong relationships with a diverse group of suppliers will help us manage supply risks and price volatility.

We will also maintain a conservative financial strategy to manage operational costs effectively and ensure business sustainability.

Insurance coverage will be in place to protect against unforeseen events that could impact our business operations.

Why Our Project is Viable

We believe in the viability of a fruit and vegetable market that prioritizes freshness, quality, and community health.

With a growing trend towards healthy eating and local sourcing, our market is well-positioned to meet consumer demand.

We are committed to creating a shopping experience that supports local agriculture and provides educational value to our customers.

Adaptable to market trends and customer feedback, we are excited about the potential of our fruit and vegetable market to become a cornerstone of healthy living in our community.

You can also read our articles about: - the Business Model Canvas of a fruit and vegetable store - the marketing strategy for a fruit and vegetable store

The Financial Plan

Of course, the text presented below is far from sufficient to serve as a solid and credible financial analysis for a bank or potential investor. They expect specific numbers, financial statements, and charts demonstrating the profitability of your project.

All these elements are available in our business plan template for a fruit and vegetable market and our financial plan for a fruit and vegetable market .

Initial expenses for our fruit and vegetable market include costs for securing a retail space in a high-traffic area, purchasing refrigeration units and display equipment to maintain and showcase fresh produce, obtaining necessary permits and licenses, investing in a robust inventory management system, and launching marketing initiatives to attract customers to our location.

Our revenue assumptions are based on an in-depth analysis of the local market demand for fresh, high-quality fruits and vegetables, taking into account the increasing trend towards healthy eating and organic produce.

We expect sales to grow steadily as we establish our market's reputation for offering a wide variety of fresh and locally sourced produce.

The projected income statement outlines expected revenues from the sale of fruits and vegetables, cost of goods sold (including procurement, transportation, and storage), and operating expenses (rent, marketing, salaries, utilities, etc.).

This results in a forecasted net profit that is essential for assessing the long-term viability of our fruit and vegetable market.

The projected balance sheet will reflect assets such as refrigeration and display equipment, inventory of fresh produce, and liabilities including any loans and operational expenses.

It will provide a snapshot of the financial condition of our market at the end of each fiscal period.

Our projected cash flow statement will detail all cash inflows from sales and outflows for expenses, helping us to predict our financial needs and ensure we have sufficient funds to operate smoothly.

The projected financing plan will outline the sources of funding we intend to tap into to cover our initial setup costs and any additional financing needs.

The working capital requirement for our market will be carefully managed to maintain adequate liquidity for day-to-day operations, such as purchasing fresh stock, managing inventory, and covering staff wages.

The break-even analysis will determine the volume of sales we need to achieve to cover all our costs and begin generating a profit, marking the point at which our market becomes financially sustainable.

Key performance indicators we will monitor include the turnover rate of our inventory, the gross margin on produce sales, the current ratio to evaluate our ability to meet short-term obligations, and the return on investment to gauge the profitability of the capital invested in our market.

These metrics will be instrumental in assessing the financial performance and overall success of our fruit and vegetable market.

If you want to know more about the financial analysis of this type of activity, please read our article about the financial plan for a fruit and vegetable store .

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Retail marketing: 7 strategies to grow your retail store

By Shannon Mulligan

Opening a retail store is no small feat. From finding a location to sourcing products to hiring employees, you’re putting in a lot of legwork even before the doors open. But what happens if no customers are waiting when you open those doors?

That’s where retail marketing comes in. Retail marketing gets people excited about your business and in the front door. 

But what is retail marketing? How do you create a retail marketing strategy? And why is retail marketing so important for your business? We cover these topics and oh-so-much more in this ultimate guide to retail marketing.

What is retail marketing?

Retail marketing is a business’s strategies and techniques to promote its products and services to potential customers . Marketing drives sales and increases revenue by promoting products and services to customers in a way that turns potential customers into repeat customers. 

Marketing strategies for retail stores involve a range of activities to increase foot traffic, drum up interest in the store’s products, and make more sales. Some marketing tactics that make up retail marketing include:

• Store layout
• Checkout processes
• Customer service
• Pricing strategies
• Advertising
• Sales and promotions
• Loyalty programs

The overall goal of these strategies and retail marketing is to design an in-store and online shopping experience that stands out from the competition and leaves a lasting impression on customers. 

The benefits of a retail marketing strategy.

If you have a retail business or are starting one , creating a marketing strategy should be high on your to-do list. But whether you’re diving in head-first or have yet to dip your toe in, you might get caught up in some potential marketing pitfalls.

Maybe you’re worried about the cost of a retail marketing strategy, or that you’re at risk of over-promoting your business. Maybe you think some of the strategies you’ve read about might not work for your business.

These risks are always there, but if you don’t take action, your business will miss out on all the benefits of a well-executed retail marketing strategy. Don’t pass up any chance to:

• Increase brand reach and visibility . With a retail marketing strategy, your business can reach a larger audience and build a recognizable brand through online advertising, in-store displays, branded promotions, and word of mouth. 
• Build customer loyalty. Investing in strategies that build customer relationships, like personalized marketing or loyalty programs, creates loyal customers who become your brand champions. 
• Gain a competitive advantage . Look for marketing strategies that help you stand out from your competitors. Assess what your peers are doing to market their businesses and think outside the box on how your retail marketing strategy can add value to—or revolutionize—their methods.
• Increase sales . Retail marketing is key to attracting new customers and encouraging existing customers to make recurring purchases from your business. In Business 101 terms: when you have more customers and more sales, you’ll increase revenue.   

The different types of retail marketing.

Retail marketing is a whole wide world, but these tactics and strategies can be sorted into three main categories. Widen your focus: t o build a robust marketing strategy, you’ll need to combine marketing techniques from each different category.

Let’s explore the types of retail marketing and how you can use them in your business.

In-store retail marketing

In-store retail marketing is key if you have a physical store. A store-based marketing plan can help you attract more customers and increase the average amount spent per visit just by how you promote your products in-store.

Here are some in-store strategies that can help you market your business:

• In-store promotions
• Sample products
• Local partnerships
• In-store displays

As an example, take advantage of seasonal events to build in-store displays. Back-to-school, Mother’s Day, or harvest displays can be beautiful ways to showcase your products—and generate a lot of buzz.

Many stores will display products that are relevant to each other in the same section so customers can quickly find the products they’re looking for. This also encourages customers to browse your selection and learn all about the products your store offers.

Traditional marketing (We’re talking advertising!)

Store owners can promote their businesses using a wide variety of traditional marketing methods. Traditional marketing refers to marketing that takes place outside the physical shop but is not digital. (We’ll get into digital marketing in a second.)

We may be living in the digital age, but don’t pass traditional marketing over just because it’s not as flashy. It can be a powerful tool that reaches people in tangible ways.

Here are some traditional marketing strategies to consider: 

• Community bulletin boards
• Direct mail campaigns
• Press releases
• Word of mouth

We consume way more traditional marketing daily than we realize. When you’re driving and see a billboard, see an ad on TV or in a magazine, or get a mailer from a local business, you’re being advertised to!

These are all excellent examples of encountering traditional marketing in the wild that leave a long-term impression on your target market. Particularly savvy traditional marketers might even make hands-on marketing part of their business appeal. Remind customers of the joy of  offline shopping with your brick-and-mortar sensibilities! 

Digital retail marketing

In the digital age, digital marketing needs to form part of your strategy. The world is online, and for your business to succeed and grow, your business also needs to be online.

Here are some digital retail marketing strategies to consider: 

• Social media marketing
• SMS marketing
• Email newsletters
• Social media ads
• Online directory listings 

Much like the other types of retail marketing, there are tons of different digital marketing strategies. Don’t get overwhelmed with all the choices—you don’t have to do everything! Instead, focus on what works best for your business now.

If your online store receives significant organic traffic—that is, traffic from search engines—focus on building and improving your SEO. If you have an engaged social media community, focus on nurturing and growing your following.

When it’s time to expand your retail digital marketing strategy, consider whether you want to double down on what works now or go for a trial-and-error approach. Sometimes you don’t know what works until you try it!

Mix your retail marketing cocktail: the 6 Ps.

The 6 Ps is a common model for building marketing strategies that help you connect with your target audience. If you’ve heard of the 4 Ps, the 6 Ps expands on the concept to account for changes in the marketing industry over time. 

Think of the 6 Ps as a tool to help you set and reach your marketing objectives.  The 6 Ps are:

• Product : What you’re selling.
• Price : How much you’re charging for products.
• Place : Where you’ll sell your products.
• Promotion : How people find out about your product.
• People : The ideal customer for your product.
• Presentation : What your product looks like.

The right retail marketing mix will address each of the 6 Ps. Let’s explore each element and how they all work together.

1. Product  

A product is any product or service that you offer in-store or online. Each product should be something that your ideal customer needs or desires. There are three categories of products:

• Core : Products that you keep in stock and ready to sell.
• Line extensions : Products that are different variations of your core products.
• Related products : Products that support or enhance your core product.

For example, if you sell dolls, the line extensions might be different doll variations (hair length, skin color, etc). The doll clothes and accessories you sell would be related products. 

The price is the amount of money you’re selling your products for. This is an important aspect of your marketing strategy because it determines your business’s profitability. 

Pricing is influenced by factors like overhead expenses, production costs, competitor pricing, target audience, desired profit margin, and labor costs. 

Among other things, your pricing strategy dictates the sales and promotions you can offer. This is important because discounts can be essential parts of many retail marketing strategies. 

Place refers to the location of your store. Your place can be anything from a store in a mall, a stand-alone building, or an online shop.

When thinking about “place,” you need to understand your location in relation to your target customer and your distribution channels. Your customers should be able to locate and access your store easily. You’ll also want as seamless a distribution process as possible. 

When it comes to place, think about logistical concerns as well as marketing strategies:

• Access to public transportation
• Clear signage
• Competitor locations
• Website/store readability
• Ease of payment method

4. Promotion 

Promotion is how you will reach your customers. Here, you can mix and match the three types of retail marketing to create a marketing strategy that works for your business. Combining efforts can multiply your conversion potential and give you a competitive advantage over your peers.

You (hopefully!) identified your ideal customer when you constructed your business plan. Your customers are the people most central to your business: Who are you selling to? How will you reach them?

But customers are only some of the people that form the core of your business. Your retail business team makes all the difference to your business’ success. 

H ire team members who are personable, easy to talk to, and have great customer service skills. If you train your team members in line with company values when you onboard them, they’re sure to become a key factor in what brings customers back to your business.

6. Presentation

Presentation is the first impression your business makes on people who come across your store. Is your store clean with clear signage? Do you have beautiful packaging and design throughout your store? Are displays eye-catching and inviting? What’s the wrapping experience like once someone purchases a product?

These factors can impact your customers’ purchase decisions and affect how your products, store, and overall brand are perceived. Presentation also matters to online stores: Is your website clean and readable? Can people easily navigate product selection? Is the payment method clear and easy to navigate?

Put retail store marketing strategies into force.

Now that you know the basics of retail marketing, it’s time to implement some new strategies. 

We’ve pulled together seven examples of marketing strategies for retail stores so you can grow your retail business and make the most of your marketing efforts.

1. Amp up your curb appeal.

One of the best ways to get new customers into your store is to grab their attention as soon as they walk past. The appearance of your physical store is what makes up your curb appeal. Customers who see your signage and window displays get an idea of what they can expect inside. Here are some ways you can amplify your curb appeal:

• Design an eye-catching window display.
• Feature your most popular products front and center.
• Put up storefront signage.
• Use a well-designed a-frame sign to direct customers to your store.
• Keep walkways clean and clear during all seasons.

2. Invest in local SEO 

When you have a brick-and-mortar storefront, think of yourself as a local business that benefits from local in-store and online traffic. Creating a local SEO strategy can help bring more organic traffic to your website and more people to your store.

When you optimize for location-based keywords, you can get more customers into your store quickly. A whopping 88% of consumers who used their smartphones to search for a local business ended up calling or visiting the store within 24 hours. That’s huge!

3. Connect with local partners and influencers 

There are so many opportunities for cross-promoting with local influencers and businesses in your area. Whether you plan a pop-up shop for another business in your store or hold a meet-and-greet event for a local influencer, cross-promoting with other businesses that match your target audience gives you a chance to bring a whole new customer base to your store.

Look for brands and influencers you can build long-term relationships with who have the same values as your brand. 

4. Create a loyalty program

Loyalty programs are a great way to foster relationships with your customers and turn them into loyal, repeat customers. Every loyalty program will differ based on your unique business, but consider finding ways to personalize it. Pull customer data and offer individuals a discount on their favorite brand or product or run a birthday promotion where customers get a special discount during their birthday month.

Whatever loyalty program you decide to use, make sure your team members promote it at checkout to sign up as many customers as possible.

5. Make a splash on social media 

Growing a social media community is a great way to improve your brand identity, advertise your products, and gain a following of customers who love your store. Social media is also a great place to work out partnerships and influencer relationships. When you align your brand with like-minded brands, your followers better understand your brand. 

Use comments and direct messages to connect with your customers and continue building strong relationships. When built on trust and honesty, these customer relationships can translate into more sales, followers, and engagement.

6. Develop an in-store merchandising strategy 

One of the best ways to turn window shoppers into customers is to blow them away with your amazing products. So, once you’ve stocked your shelves with all the must-have products, it’s time to think through how you’re displaying those products. 

In-store visual merchandising includes everything from shelf displays and changing rooms to signage and cash displays. When setting up your displays and your store in general, think about displaying your products in a way that draws attention and gets customers excited about making a purchase.

7. Explore local ad options

If you’re ready to enter the world of paid advertising, consider investing in local advertising. As a brick-and-mortar store, location-targeted ads will enhance your discoverability, bringing more traffic into your store. They also give you a much better chance of targeting the right audience and driving in-person sales. 

While there’s a lot to consider when it comes to retail marketing, there  are tools that can help you run your business more smoothly. Getting an all-in-one partner like Homebase can help you manage things like staffing and scheduling for those first few haphazard weeks while also allowing for easy team communication to call out great moments and milestones to boost morale. Explore Homebase for free today!

Get your team in sync with our easy-to-use, all-in-one employee app.

Retail marketing FAQs

What are the 6 ps of marketing.

The 6 Ps of marketing set the foundation for a strong marketing strategy. The 6 Ps are product, price, place, promotion, people, and presentation. When you effectively incorporate the 6 Ps into your retail marketing strategy, you set your business up for success.

What’s the difference between retail sales and marketing?

The difference between retail sales and marketing is that marketing targets individuals who may be interested in the products you sell in your retail store. Retail sales happen in-store when a team member actively tries to sell a product or service to a customer.

How is marketing for retail different from ecommerce marketing?

Marketing for retail is different from marketing for an ecommerce business because you have a physical store that you can use in your marketing activities. With an ecommerce store, your marketing is limited to digital and traditional marketing efforts.

Here are some of the marketing strategies you can use in-store that you wouldn’t be able to use for an ecommerce business:

Remember:  This is not legal advice. If you have questions about your particular situation, please consult a lawyer, CPA, or other appropriate professional advisor or agency.

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Obama's envoy plans Moscow mission to revive the ‘reset’

U.S. National Security Advisor Tom Donilon is expected to come to Moscow in January 2013. Source: AP

U.S. President Barack Obama’s second administration will make its first tentative attempt to breathe new life into relations with Russia in late January, when U.S. National Security Advisor Tom Donilon is due to travel to Moscow to meet with President Vladimir Putin.

The purpose of the mission, days after Obama’s Jan. 20 re-inauguration, is to lay out Washington's vision of U.S.-Russia relations during Obama's second term and to convince the Kremlin that the "reset" is not dead and buried.

What stands behind anti-Americanism in Russia?

US-Russia relations enter a new Ice Age

Lavrov: The “reset” can’t last forever

Russia and the US lack trust

Donilon’s meeting with Putin is also expected to include Russian Security Council Secretary, Nikolai Patrushev, and U.S. Ambassador to Russia Michael McFaul.

A U.S. diplomatic source for  Kommersant  reported that Obama was proceeding from the fact that laying the "reset" to rest would be unwise and that, in spite of their differences, the two sides should try to find as much common ground as possible to reverse the current deterioration in U.S.-Russian relations.

The source said that the White House does not include the post-Soviet space in its list of foreign policy priorities, as its main focus is on Asia ("containing China"), the Middle East and Europe.

That last point is of crucial significance for the Kremlin, which does not hide its concern that the U.S. could try to muscle Russia out of its former Soviet republics, which it considers to be its sphere of special interest. Moscow's irritation was made clear by its reaction to Secretary of State Hillary Clinton's statement in December promising to actively oppose "the re-Sovietization of Eastern Europe and Central Asia."

In response, Putin’s press secretary Dmitry Peskov accused Clinton of incompetence. Meanwhile, in his address to the Federal Assembly in December, Vladimir Putin warned that Russia would not allow outside forces to impinge on its national interests.

As indicated in the new draft "Foreign Policy Concept of the Russian Federation," Moscow's priority abroad is the post-Soviet space. In this connection, the U.S. diplomatic source said that Clinton's statement reflected "her personal opinion and not the official position of the U.S. administration."

If Moscow responds positively to Donilon's mission, it will be a key step in preparing the way for Obama’s planned visit to Russia. The Kremlin is thought likely to prefer Obama to visit Moscow in the first half of the year, so as to keep the agenda separate from September's G20 Summit in St. Petersburg.

Discussing Obama’s Russia visit with Foreign Minister Sergei Lavrov in November, Clinton emphasized that it "must be full of serious content" and lead to some real agreements. Samuel Charap, a senior researcher at the International Institute for Strategic Studies in Washington, said that "if Obama goes to Russia before the G20, it will only be due to a breakthrough in weapons control and non-proliferation.

"I would not say that the talks on missile defense have stalled for good. If the parties reach a compromise, it is possible that the leaders could sit down at the negotiating table to discuss further reductions in nuclear warheads," Charap said. "The two sides are also now working on a document that could ultimately replace the expiring Nunn-Lugar agreement. This 'nuclear basket' is Obama's personal priority in relations with Moscow."

Russian experts are more skeptical about the possibility of a breakthrough on nuclear weapons.

Given the differences over missile defense, Yury Rogulev, director of the Franklin D. Roosevelt Foundation for American Studies at Moscow State University, said that any agreements reached would only relate to Afghanistan and the economy.

"When it comes to a major event such as the withdrawal of troops, Russia's participation is vital," Rogulev said. "Russia's assistance in the reconstruction of Afghanistan will also be needed long after 2014. Obama has a key interest in strengthening cooperation in this field."

Economic cooperation could take precedence over political deals, Rogulev said, as "it is sought not only by Moscow, but by American business, which the U.S. president cannot fail to take into account."

First publsihed in Russian in Kommersant daily. 

All rights reserved by Rossiyskaya Gazeta.

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Watch CBS News

Never-before-seen photos and details about the man accused of murdering four Idaho college students

By Peter Van Sant

January 7, 2023 / 11:02 PM EST / CBS News

Under a dark Idaho sky, investigators flew Bryan Kohberger to the college town of Moscow. Police delivered him to the Latah County Jail. On Jan. 5, in an orange jumpsuit, his face vacant, the 28-year-old made what will likely be his first of many appearances in this court.  

He stands charged with the murder of four students from the University of Idaho: Kaylee Goncalves, Madison "Maddie" Mogen, Ethan Chapin and Xana Kernodle. Investigators say he stabbed them to death in the home the women shared. 

JUDGE: The maximum penalty for this offense, if you plead guilty or be found guilty is up to  death and imprisonment for life. Do you understand?  

BRYAN KOHBERGER: Yes.  

Kohberger has not yet entered a plea.

In an affidavit , investigators laid out their understanding of the grim details about the night of the killings:  They say the killer left his DNA on a "leather knife sheath" found on a bed next to Maddie Mogen. And, most hauntingly, they say a surviving roommate thought she heard crying and "saw a figure clad in black clothing and a mask."    

The man walked past, as she stood in "frozen shock."  She locked herself in her room.  

The investigation is fast-moving. Authorities have not disclosed a motive or if he had a connection to the students, but we are learning more about just who Bryan Kohberger is.   

WHO IS ACCUSED KILLER BRYAN KOHBERGER?

Just 15 days before his arrest, Bryan Kohberger and his father were driving home from Washington State University for winter break to the family's home in Pennsylvania.

OFFICER (body cam video): Hello MICHAEL KOHBERGER: How you doing? OFFICER: How ya'll doin today?

The journey interrupted by two traffic stops, almost 10 minutes apart, in Indiana for tailgating.

MICHAEL KOHBERGER (to officer): We're gonna be going to Pennsylvania, a couple more miles. OFFICER: Oh, OK. MICHAEL KOHBERGER: …to the Pocono Mountains. We're a little, we're slightly punchy. We've been driving for hours. 

Police body cam video shows Kohberger and his father talking calmly with an officer about the trip.

OFFICER: Hours? And days? BRYAN KOHBERGER: Hours. MICHAEL KOHBERGER: Hours. Well, we've been driving for almost a day. OFFICER: Do me a favor and don't follow too close, OK?  

Then they are released with a warning.

Kohberger had been at the university since August, studying to get his Ph.D. in criminology. He was also a teaching assistant in the Department of Criminal Justice. He lived in an apartment complex on campus and had an office there.

According to the newly released affidavit, Kohberger had applied for an internship with the Pullman Police Department in the fall. He wrote in his application essay that "he had interest in assisting rural law enforcement agencies with how to better collect and analyze technological data."

Benjamin Roberts took four classes with Kohberger.

Benjamin Roberts : He seemed very comfortable around other people. He was very quick to offer his opinion and thoughts. And he was always participating fairly eagerly in classroom discussions.

He says Kohberger appeared highly intelligent.

Peter Van Sant : Does anything else come to mind that Bryan said to you in the past that today you think might be of interest?

Benjamin Roberts : There was a comment that he made, and it was kind of a flippant guy talk thing. At one point, he just idly mentioned, you know, "I can go down to a bar or a club and pretty much have any lady I want."

Kohberger arrived at the university after earning his bachelor's in psychology and master's degree in criminal justice at DeSales University in Center Valley, Pennsylvania.  

While at DeSales, authorities say Bryan Kohberger posted this survey, approved by the university, on the website Reddit asking ex-cons about the crimes they committed. One question he asked: "Before making your move, how did you approach the victim or target?

James Gagliano : This could be a piece of circumstantial evidence.

James Gagliano is a retired FBI Supervisory Special Agent and CBS News consultant.

James Gagliano: The fact that the suspect was interested in pursuing a Ph.D. in criminal justice and was especially interested in … the mental state that people who had committed murders in the past … yes, it could be interesting to note. But I know a lot of researchers that study those things, too, that would never commit a quadruple homicide.

And if Kohberger was involved in these murders, genetic genealogist CeCe Moore questions why he would be so careless as to allegedly leave his DNA at the crime scene. 

CeCe Moore : People are talking about how smart he supposedly is. And I just can't see how that could be true, because any student of forensic science or criminology would have to know that it's virtually impossible not to leave your DNA behind at a very violent, intimate crime scene like this.

CeCe Moore : You know, Ted Bundy thought he was smart. But he wasn't that smart, as it turns out.

After the murders, Roberts says Kohberger appeared disheveled, tired and chattier than usual.

But nothing could prepare Roberts for what he learned o f Kohberger's arrest.

Benjamin Roberts : Looking back over the last four months, I feel like there should have been signs that I should have seen. And I didn't ... I was blindsided.

Jason LaBar : This is out of character for Bryan, these allegations.

Monroe County public defender Jason LaBar represented Kohberger before he was extradited to Idaho.

Jason LaBar : The family would want the general public to know that Bryan is a caring son and brother —that's he's responsible, that he is devoted to them.

In a statement the family said, "we care deeply for the for the four families who have lost their precious children" ... and that they "seek the truth and promote his presumption of innocence rather than judge unknown facts and make erroneous assumptions."

Jason LaBar : He is innocent until proven otherwise.

LaBar says Kohberger came from a close-knit family. He grew up in eastern Pennsylvania in the Pocono Mountains. His father was as a maintenance worker and his mom worked in the school system. Bryan has two older sisters – one who works as a family therapist, and another sister who appeared in a 2011 low budget slasher film, "Two Days Back," about a group of young students viciously murdered by a serial killer. She now works as a school counselor. 

Bree : My heart goes out to Bryan's family.

Kohberger's friend, Bree, says she met Bryan at a party when they attended Pleasant Valley High School. She asked "48 Hours" not to use her last name.

Bree : Bryan was really funny. He wasn't outgoing at all. But he also wasn't shy.

She says they bonded over their love of the outdoors.

Bree : I don't necessarily remember the conversations, but you definitely remember how someone makes you feel. … I just remember feeling OK — I was just with a friend. … Just felt natural.

Bree recalls Kohberger was an average student with only a few close friends. In a yearbook photo, Kohberger's caption said he aspired to be an Army Ranger.

Casey Artnz also knew Kohberger from high school . She posted this Tik Tok following Bryan's arrest.

CASEY ARNTZ TIK TOK: "I used to be friends with Bryan Kohberger" ... "I'm in actual shock right now."

Casey Arntz : He was an overweight kid. … So, he did get bullied a lot.

But Arntz says people saw a change in Kohberger the beginning of senior year.

Casey Arntz : He lost like 100 pounds . … He was a rail. … It was after that weight loss that a lot of people noticed a huge switch in him.

Casey Arntz : My brother has since come out to say that even though they were friends, Bryan bullied him.

Casey Arntz : He had said that he would put him in like a chokeholds and stuff like that.

Bree says Kohberger started using heroin, which ended their friendship.

Bree : You just saw him becoming more self-destructive. … He really stayed secluded.

It's unclear when exactly Kohberger went into recovery, but both Bree and Casey say years after he graduated high school it appeared as if he was getting his life together. He was going to Northampton Community College and working security for Pleasant Valley School District.

Bree : He was telling me that he wanted to get sober, that he was getting sober. … And he wanted to let me know like, "I'm gonna do better. I'm gonna be better."

Bree : I'm sorry ... (emotional)

 Casey Arntz : The last time I saw Bryan was in 2017 at one of my friend's wedding. … And I gave him a hug and I said, "You look so good. Like I'm so proud of you."

And both Bree and Casey say it appeared that Kohberger had a new focus — his studies in criminology.

Bree : He wanted to do something that impacted people in a good way.

Bree: People were not his strong suit. And think through his criminology studies, he was really trying to understand humans and to try and understand himself.

Now Bree, like many who knew him, struggles to connect the person they once knew to this unspeakable crime.

Bree : I think a lot of people who were close to him are feeling this massive amount of guilt … "Why didn't I see it? Did I miss something? … Where did it go wrong?

THE YOUNG LIVES LOST

Before it was a crime scene, it was a home to five close friends. Maybe none closer than Maddie Mogen and Kaylee Goncalves.

On TikTok, the 21-year-old seniors looked like they were enjoying their final school year.

In the early morning of November 13, the two friends headed to a food truck. But their seemingly carefree existence would come to an abrupt end just hours later. Kaylee and Maddie were stabbed to death in the upstairs part of the house. A hundred miles away in northern Idaho, Kaylee's father Steve got the news.

Peter Van Sant : Steve, give us a sense of the shock of that moment.

Steve Goncalves : You just feel like you're getting crushed by a thousand pounds of weight.

Peter Van Sant : What do you want the world to know about your daughter, Kaylee?

Steve Goncalves : I want the world to know, they — they got robbed. Somebody stole from you.

Steve Goncalves says his daughter Kaylee would have made the world a better place. A general studies major, she was the middle child of five siblings. Goncalves says Kaylee was always up for a challenge.

Steve Goncalves : She grew up around two boys that were, you know, older than her. And uh, she didn't see any reason why she couldn't be as quick and fast and as good as those two boys were.

Peter Van Sant : What did she want to do with her life?

Steve Goncalves : Like most young people, it changed. She was gonna be a teacher. … But once she found out how long it was gonna take to pay back her student loans, she — she said, "Dad, you know, this thing that you do with computers seems to work pretty well."

She reportedly had a job lined up in Austin but made it clear that one day she hoped to settle down somewhere near her dearest friend Maddie Mogen.  Maddie was a marketing major, and she and Kaylee had been inseparable since the sixth grade.

Steve Goncalves : I just felt like it was more of a sistership than it was a friendship ... And she was just one of our kids.

So, it perhaps did not come as a surprise when Steve revealed at a November memorial that Kaylee and Maddie died side-by-side.

STEVE GONCALVES (memorial service): They went to high school together. … They came here together. … And in the end, they died together. In the same room, in the same bed. It comforts us. It lets us know that they were with their best friends in the whole world.

It was a belief Maddie's stepfather, Scott Laramie, repeated to another packed memorial just days later.

SCOTT LARAMIE (memorial service): The two of 'em were a force to be reckoned with. They stuck together through everything.

Maddie had a boyfriend, Jake Schriger.

JAKE SCHRIGER (memorial service): She was the first person I talked to every morning and the last person I talked to before bed.

They had been together for more than a year. Schriger says Maddie had a talent for making people laugh.

JAKE SCHRIGER (memorial service): She was really funny. Her jokes really would come outta nowhere … And just be like, "Is that the — the cute little blonde girl that just said that?"

But Maddie and Kaylee weren't the only victims.  While two other roommates were in their rooms and unharmed during the attacks, on the second floor, the killer made his way to the room of Xana Kernodle.

JAZZMIN KERNODLE (memorial service): She was my baby sister, but she was so much wiser.

Xana's sister, Jazzmin.

JAZZMIN KERNODLE (memorial service): She would always tell me she wouldn't know what to do without me. And now I have to live this life without her.

A 20-year-old junior majoring in marketing, Xana was known for being focused on her studies. So focused, she didn't make much time for dating.

JAZZMIN KERNODLE (memorial service): Xana never had a boyfriend before, and my dad and I wondered if she was ever gonna get one (laughs).

That was until she met Ethan Chapin.

JAZZMIN KERNODLE (memorial service): The way she would talk and smile about him was something I've never seen her do before.

Ethan was a 20-year-old majoring in recreation and tourism management. Jazzmin says Xana and Ethan began dating in the spring of 2022.

JAZZMIN KERNODLE (memorial service): They had something so special and everyone around them knew.

Especially anyone who followed the pair on Instagram. For Ethan's birthday, Xana posted photos of them with the caption: "Life is so much better with you in it, love you!" It would be her last Instagram post. Just two weeks later, the young couple was found stabbed to death in Xana's bedroom.

At the University of Idaho, the pain of this tragedy is felt at the root and extends hundreds of miles away to a tulip farm in Skagit Valley, Washington. It's where Ethan worked before heading to college. His boss, Andrew Miller.

Andrew Miller : So, Ethan started – it was in the spring of — of '21. … It was the best Tulip Festival.

Miller says the annual tulip festival attracts close to half-a-million visitors, and Ethan stood out in the crowd.

Andrew Miller : Well, he's a big guy wearin' a big smile, right? I think that's the part that I – that kinda struck me right away.

Ethan – a triplet – worked there with his siblings, Maizie and Hunter, and lived in a rented house on the farm with their parents. The Chapin triplets were incredibly close says Reese Gardner.

Reese Gardner :  They were best friends. … If one did something, they all did something. … It was pretty cool to see.

Including attending the University of Idaho together.

Andrew Miller : And that was the funniest thing, it was like, of course it was a package deal. Like, all three of 'em were gonna go there.

Ariah Macagba : He was excited, I think, 'cause his siblings were going with him.

Ariah Macagba says Ethan's parents had decided to live in Idaho, too. Macagba says when she heard Ethan had been murdered, she couldn't believe it.  

Ariah Macagba : I think the first thing I did was message Ethan. I was like, "Hey, you're OK, right? Like, this isn't real." (crying) And — obviously, he didn't respond.

Reese Gardner scoured the internet for information.

Reese Gardner : And I just couldn't stop reading articles and … I just wanted to know what happened, and I wanted to know why.

But in lieu of answers, Gardner turned to tulips. He had an idea: name one after Ethan.

Reese Gardner : I thought, "There's — there's no better way … to remember someone who had such a big part, a big role in those farms."

Andrew Miller : Cause Reese called me … And it was, "Hey, can this be done, and are you interested in doing it?" And I was, "Yes, and hell yes."

But creating a new tulip is a long process, so instead, Miller suggested a mix of tulips that would be a perfect tribute to Ethan: yellow and white.

Andrew Miller : Yellow, of course, because Go Vandals. University of Idaho, right? That's significant. And then white is — is an eternal color, right? And tulips come up in the spring. It is a symbol of — of hope.

With his parents' blessing, they named the mix of tulips, "Ethan's Smile."

Andrew Miller : So, this will be a nice yellow or white tulip here in about four months.

The trio planted thousands of bulbs in the state of Washington and sent a couple thousand more to the University of Idaho.

Andrew Miller : And it really is our hope that we'll be able to continue to plant and that anybody that wants to remember him will be able to have their own Ethan's — Ethan's Smile Garden. …  It's a living legacy.

Now it is up to prosecutors to get justice for these young victims .

IN SEARCH OF ANSWERS

Forty-seven days after the murders of Kaylee Goncalves, Ethan Chapin, Madison Mogen, and Xana Kernodle, authorities apprehended the man they believed was responsible.  We now know investigators had Bryan Kohberger in their sights early on but kept it close to the vest. So, in the early days, after the Nov. 13 murders, frustration swept over Moscow, Idaho.

James Gagliano : I think in this instance people were expecting a pretty quick arrest in this case, and it takes time.

Steve Goncalves, father of 21-year-old Kaylee, was trying as best he could to deal with news no one expects.

Steve Goncalves : Most things I'm prepared for. Most things as a dad, you can— you can handle. But somethin' like that, you just can't prepare for and you can't fix it.

Steve Goncalves : And, you know, just think if you do everything right, by the book, somethin' like this couldn't happen.

Peter Van Sant : Did you have any sense who might have done something like this?

Steve Goncalves : No … I didn't think anybody in her inner circles was — was capable of interacting and — and her doing something that could even deserve something like that.

As news spread of the murders, so did shock in the college community, which had not seen a homicide since 2015.

Matt Loveless : Parents drove hundreds of miles to pick up their kids to head home and stay home for the semester.

Matt Loveless is a journalism professor at nearby Washington State University.

Matt Loveless : At this point, we don't know if they're gonna come back for — the spring semester there on campus. And that same thing happened in both our communities.

James Gagliano: And, so, when parents send their kids off to school, for something to happen like this, I think it's a parent's worst nightmare

James Gagliano : And it's a place, Moscow, Idaho, where violent crime really is not an issue.

As police started their investigation, they traced the victims' final steps. The day before the murders seemed to start ordinarily. Kaylee Goncalves posted photos with her roommates and Ethan Chapin, to her Instagram account with the caption, "One lucky girl to be surrounded by these ppl everyday." That evening, Ethan and Xana attended a party at a fraternity house on campus.  Kaylee and Madison were at a bar between 10 p.m. and 1:30 a.m. They were then seen at a local food vendor, the "Grub Truck."  It is believed they all returned home by about 2 a.m. on Nov. 13.

James Gagliano : So, in examining the timeline , police know that the crime took place sometime in the early morning hours. There were also two other University of Idaho students who were inside the house when the murders took place.

It was later that morning that a call was made to 911 from one of the surviving roommate's phones to report an unconscious person.  Police arrived at the house at 11:58 a.m.

James Gagliano : Police find the victims on the second and third floor of the house in bedrooms — a horrific and a very large-scale crime scene 'cause you're gonna be dealing with a number of different floors that need to be processed, the bedrooms where the crimes actually occurred, and then ingress and egress points. How did the — how did the alleged killer get inside the house? Through a front door? Through a window? Those are all things police will be looking at.

CHIEF JAMES FRY (to reporters): No weapon has been located at this time. There was no sign of forced entry into the residence.

On Nov. 16, three days after the murders, the Moscow Police held their first press conference.

CHIEF JAMES FRY (to reporters): We believe this was an isolated, targeted attack on our victims. We do not have a suspect at this time and that individual is still out there.

Coroner Cathy Mabbutt issued her report on Nov. 17.

Coroner Cathy Mabbutt: They were all murdered through stabbing with some kind of a, probably a larger knife…

She told police some of the four victims had defensive wounds, but none had signs of sexual assault.  Police continued to work the case, aided by the Idaho State Police and the FBI.

James Gagliano : I just believe that the Moscow Police Department probably just didn't have a lot of experience in working a homicide, especially one as heinous as this one.  

After about three weeks with no arrests, and what, to the public, appeared to be no real suspects, Steve Goncalves grew more concerned that authorities weren't doing enough and that the murders would turn into a cold case. So, he says, he started working with his own team to investigate the murders.

Steve Goncalves : So, we just thought, "This is the time. Let's get it out there, and let's not let it get cold. Let's get as many resources as— as possible."

Peter Van Sant : And did you have any sense whatsoever as to what a motive … might have been for these murders?

Steve Goncalves : Pretty girls and a handsome guy. I thought, you know, that might be somethin' to do with their, you know, stalking them in the sense of that.

Meanwhile, names of possible people of interest were trickling out — including members of the community and acquaintances of the victims. But they all seemed to be part of an unfounded rumor mill, many from online sleuths.  Goncalves even had people come to him to prove they were not involved.

Steve Goncalves : We — had certain suspects take their shirts off in our kitchen to show if they had scratches. And we tried to do everything in — in our powers to make sure that if we thought somebody was ruled out, we truly — we truly felt like, you know, we — we looked at 'em.

Law enforcement would end up receiving thousands of tips, but the investigation, by outward appearances, seemed to be stalled.  Nearly a month after the murders, on Dec. 7, police were seen packing up the victims' belongings to return to the families, who had lost so much. It was the police chief behind the wheel of the U-Haul truck. That same day, a plea was made to the public.

Police were interested in speaking with the occupant(s) of a white 2011-2013 Hyundai Elantra with an unknown license plate, spotted near the crime scene, around the time of the killings.

AMANDA ROLEY | KREM REPORTER: Today's update is the first descriptive tip that we have received in several days. Detectives now want to speak with anyone who was inside a white Hyundai Elantra that was near this home on King Road around Nov. 13th.  

Police released photos of similar makes to the vehicle they were looking for.

CHIEF JAMES FRY (to reporters): We still believe there is more information to be gathered.

James Gagliano : Pushing that out to the media. Pushing that out to people on the internet. Pushing that out so that people can look for either a potential suspect, person of interest, or a potential vehicle. That goes a long way towards running down leads.

INSIDE THE INVESTIGATION

It turns out that about two weeks before the police asked the public to be on the lookout for a white Hyundai Elantra , they had already shared that information with surrounding law enforcement. And on Nov. 29, 2022, a white Elantra was located by Washington State University Police. The car was registered to Bryan Kohberger.

CBS News learned, that in mid-December, the Hyundai Elantra was tracked for several days by the FBI, using E-ZPass monitoring, fixed wing aircraft and ground support, as it was driven by Kohberger, along with his father, from Pullman, Washington, on that cross-country trip to the family's home in Pennsylvania.

On Dec. 15, the car was stopped twice in Indiana for those driving violations, by the Indiana State Police and the Hancock Sheriff's Office.

OFFICER: So, you're coming from Washington State University? MICHAEL KOHBERGER: Yeah. BRYAN KOHBERGER: Yup OFFICER: And you're going where? MICHAEL KOHBERGER: We're gonna be going to Pennsylvania.

Both agencies said at the time of the stops, "there was no information available on a suspect for the crime in Idaho, to include identifying information or any specific information related to the license plate state or number of the white Hyundai Elantra …" 

Police did not ticket Kohberger; they gave a verbal warning and the trip continued home. And then, Kohberger's holiday came to an abrupt halt . 

CBS NEWS REPORT:  A suspect is under arrest for the quadruple murder of four Idaho college students.

On Dec. 30, 2022, police made that announcement that Bryan Kohberger was under arrest for the murders. He was arrested at his family's home in Albrightsville, Pa., at 3 a.m., with approximately 50 law enforcement officers on the scene. 

MAJ. CHRISTOPHER PARIS | PENNSYLVANIA STATE POLICE: There were multiple windows that were broken I believe to gain access, as well as multiple doors.

Authorities believe Bryan Kohberger acted alone.

Jason LaBar : Bryan was very shocked by his arrest. … Bryan did not know why they were there, but he was aware of the case in Idaho.

Monroe County public defender Jason LaBar represented Kohberger in Pennsylvania as he was awaiting extradition to Idaho.

Jason LaBar : Bryan indicated to me that he was eager to be exonerated — that he was willing to go back to Idaho.

On Jan. 3, at a hearing in Pennsylvania, Kohberger signed his waiver of extradition. And on Jan. 4, was flown to Idaho, where he is in jail, charged with the four murders.

On Jan. 5, Kohberger appeared in court in Moscow with his new public defender to hear the charges read against him. He has yet to enter a plea.

JUDGE MEGAN MARSHALL:  The maximum penalty for this offense if you were to plead guilty or be found guilty is death or imprisonment for life. Do you understand?   

BRYAN KOHBERGER: Yes.

That same day, that affidavit was released that laid out startling new details about the murder investigation. According to the affidavit, one of the surviving roommates actually saw the murderer and stood in a "frozen shock phase."  She is referred to as DM in the affidavit, and told police that earlier, she heard a female voice say, 'something to the effect of  "there's someone here." And later, a male voice say, "something to the effect of "it's ok, I'm going to help you." Later she opened her door "… after she heard crying and saw a figure clad in black clothing and a mask..." She described the figure as "5'10'… with bushy eyebrows."

The affidavit states that, according to DM, the male walked toward the back sliding door and DM locked herself in her room. It was later in the morning when that call was made to 911 from one of the surviving roommate's phones, to report an unconscious person. It is unclear what occurred in the hours before police were called. It is believed the murders took place between 4 and 4:25 a.m. Police say they discovered, on the bed in Madison's room, a knife sheath with a Marine insignia.

James Gagliano : I would imagine that a — crime scene as — as grisly and ghastly as this one — that there would have been … DNA left by the perpetrator.

According to the affidavit, the knife sheath was processed and "the Idaho State Lab later located a single source of male DNA on the button snap."  They were able to link it to DNA recovered from the trash at the Pennsylvania Kohberger family home.

It is not clear, what, if any, connection Kohberger had with the victims. However, the affidavit states that by using cellular phone data, police were able to place Kohberger's cell phone near the crime scene "on at least twelve occasions before November 13, 2022. All of those occasions, except for one, occurred in the late evening and early morning hours …"

Even with these new details, many question remain. A newly issued gag order prohibits officials and others involved in the case from speaking about the murders. Also, authorities have sealed a search warrant that was carried out at Kohberger's home in Pullman, Washington.

Jim Gagliano : This is one where you don't want a mistake. You don't want something to happen during this process that's going to give the alleged suspect an opportunity to beat the case.

Now, the case will work its way through the court system as parents, who lost their children, will be looking for answers.

Steve Goncalves : We find the truth, you know. You get the truth, and then that — that'll — that'll be everything.

IN REMEMBRANCE

You can see it in the stunned, silent faces of the kids. Faces that ask "why?" without even speaking. 

Young eyes glisten, bathed in the glow of candlelight at a vigil held for the young lives lost.  A ritual all too familiar across America. The flowers, the prayers, the vows to carry on. In Idaho, they hold on tight to each other and to the memories of those loved and lost.

EMILY (memorial service): Life is so unfair and unpredictable (crying).

For Xana Kernodle's friend Emily, the wound remains raw.

EMILY (memorial service): And it tears me apart knowing I can't hug her. (Crying) So hold those you love closer. Hug them a little tighter and tell 'em you love them. We'll find justice for you, Ethan, Maddie, and Kaylee. We love you all so much.

And for Ashlin, Maddie Mogen's memory is still vibrant.

ASHLIN (memorial service): You truly will live on forever -- not only in my heart, but in the heart of so many people that were impacted by your beautiful smile, your grace, your patience, your open heart, and your craziness.

Hunter Johnson remembers a pal he could rely on — Ethan Chapin.

HUNTER JOHNSON (memorial service): Ethan was always someone you could count on to make you smile and — cheer up your mood. … And I — feel so lucky to have shared so many great memories with him (emotional).

But those who are older perhaps sense that pain that runs this deep, never goes away. Kaylee's father, Steve Goncalves.

Steve Goncalves : You don't heal from somethin' like this. … it's never gonna happen. You're never gonna be healed. You're never gonna get through this. And when they die, part of you dies.

Steve Goncalves : We're tired of all these types of crimes. We're tired of all this stuff. And — we can rally around these terrible tragedies, and … We're hopin' that as a society we come back stronger. And we — we decide to not let this be accepted anymore, you know. That's what I hope for.

Bryan Kohberger's next court appearance is scheduled for Jan. 12.

He will have a chance to enter a plea at a later date.

• Bryan Kohberger

"48 Hours" correspondent Peter Van Sant first joined CBS News in 1984.

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MoSCoW Prioritization

What is moscow prioritization.

MoSCoW prioritization, also known as the MoSCoW method or MoSCoW analysis, is a popular prioritization technique for managing requirements. 

  The acronym MoSCoW represents four categories of initiatives: must-have, should-have, could-have, and won’t-have, or will not have right now. Some companies also use the “W” in MoSCoW to mean “wish.”

What is the History of the MoSCoW Method?

Software development expert Dai Clegg created the MoSCoW method while working at Oracle. He designed the framework to help his team prioritize tasks during development work on product releases.

You can find a detailed account of using MoSCoW prioritization in the Dynamic System Development Method (DSDM) handbook . But because MoSCoW can prioritize tasks within any time-boxed project, teams have adapted the method for a broad range of uses.

How Does MoSCoW Prioritization Work?

Before running a MoSCoW analysis, a few things need to happen. First, key stakeholders and the product team need to get aligned on objectives and prioritization factors. Then, all participants must agree on which initiatives to prioritize.

At this point, your team should also discuss how they will settle any disagreements in prioritization. If you can establish how to resolve disputes before they come up, you can help prevent those disagreements from holding up progress.

Finally, you’ll also want to reach a consensus on what percentage of resources you’d like to allocate to each category.

With the groundwork complete, you may begin determining which category is most appropriate for each initiative. But, first, let’s further break down each category in the MoSCoW method.

Start prioritizing your roadmap

Moscow prioritization categories.

1. Must-have initiatives

As the name suggests, this category consists of initiatives that are “musts” for your team. They represent non-negotiable needs for the project, product, or release in question. For example, if you’re releasing a healthcare application, a must-have initiative may be security functionalities that help maintain compliance.

The “must-have” category requires the team to complete a mandatory task. If you’re unsure about whether something belongs in this category, ask yourself the following.

If the product won’t work without an initiative, or the release becomes useless without it, the initiative is most likely a “must-have.”

2. Should-have initiatives

Should-have initiatives are just a step below must-haves. They are essential to the product, project, or release, but they are not vital. If left out, the product or project still functions. However, the initiatives may add significant value.

“Should-have” initiatives are different from “must-have” initiatives in that they can get scheduled for a future release without impacting the current one. For example, performance improvements, minor bug fixes, or new functionality may be “should-have” initiatives. Without them, the product still works.

3. Could-have initiatives

Another way of describing “could-have” initiatives is nice-to-haves. “Could-have” initiatives are not necessary to the core function of the product. However, compared with “should-have” initiatives, they have a much smaller impact on the outcome if left out.

So, initiatives placed in the “could-have” category are often the first to be deprioritized if a project in the “should-have” or “must-have” category ends up larger than expected.

4. Will not have (this time)

One benefit of the MoSCoW method is that it places several initiatives in the “will-not-have” category. The category can manage expectations about what the team will not include in a specific release (or another timeframe you’re prioritizing).

Placing initiatives in the “will-not-have” category is one way to help prevent scope creep . If initiatives are in this category, the team knows they are not a priority for this specific time frame. 

Some initiatives in the “will-not-have” group will be prioritized in the future, while others are not likely to happen. Some teams decide to differentiate between those by creating a subcategory within this group.

How Can Development Teams Use MoSCoW?

  Although Dai Clegg developed the approach to help prioritize tasks around his team’s limited time, the MoSCoW method also works when a development team faces limitations other than time. For example: 

Prioritize based on budgetary constraints.

What if a development team’s limiting factor is not a deadline but a tight budget imposed by the company? Working with the product managers, the team can use MoSCoW first to decide on the initiatives that represent must-haves and the should-haves. Then, using the development department’s budget as the guide, the team can figure out which items they can complete. 

Prioritize based on the team’s skillsets.

A cross-functional product team might also find itself constrained by the experience and expertise of its developers. If the product roadmap calls for functionality the team does not have the skills to build, this limiting factor will play into scoring those items in their MoSCoW analysis.

Prioritize based on competing needs at the company.

Cross-functional teams can also find themselves constrained by other company priorities. The team wants to make progress on a new product release, but the executive staff has created tight deadlines for further releases in the same timeframe. In this case, the team can use MoSCoW to determine which aspects of their desired release represent must-haves and temporarily backlog everything else.

What Are the Drawbacks of MoSCoW Prioritization?

  Although many product and development teams have prioritized MoSCoW, the approach has potential pitfalls. Here are a few examples.

1. An inconsistent scoring process can lead to tasks placed in the wrong categories.

  One common criticism against MoSCoW is that it does not include an objective methodology for ranking initiatives against each other. Your team will need to bring this methodology to your analysis. The MoSCoW approach works only to ensure that your team applies a consistent scoring system for all initiatives.

Pro tip: One proven method is weighted scoring, where your team measures each initiative on your backlog against a standard set of cost and benefit criteria. You can use the weighted scoring approach in ProductPlan’s roadmap app .

2. Not including all relevant stakeholders can lead to items placed in the wrong categories.

To know which of your team’s initiatives represent must-haves for your product and which are merely should-haves, you will need as much context as possible.

For example, you might need someone from your sales team to let you know how important (or unimportant) prospective buyers view a proposed new feature.

One pitfall of the MoSCoW method is that you could make poor decisions about where to slot each initiative unless your team receives input from all relevant stakeholders. 

3. Team bias for (or against) initiatives can undermine MoSCoW’s effectiveness.

Because MoSCoW does not include an objective scoring method, your team members can fall victim to their own opinions about certain initiatives. 

One risk of using MoSCoW prioritization is that a team can mistakenly think MoSCoW itself represents an objective way of measuring the items on their list. They discuss an initiative, agree that it is a “should have,” and move on to the next.

But your team will also need an objective and consistent framework for ranking all initiatives. That is the only way to minimize your team’s biases in favor of items or against them.

When Do You Use the MoSCoW Method for Prioritization?

MoSCoW prioritization is effective for teams that want to include representatives from the whole organization in their process. You can capture a broader perspective by involving participants from various functional departments.

Another reason you may want to use MoSCoW prioritization is it allows your team to determine how much effort goes into each category. Therefore, you can ensure you’re delivering a good variety of initiatives in each release.

What Are Best Practices for Using MoSCoW Prioritization?

If you’re considering giving MoSCoW prioritization a try, here are a few steps to keep in mind. Incorporating these into your process will help your team gain more value from the MoSCoW method.

1. Choose an objective ranking or scoring system.

Remember, MoSCoW helps your team group items into the appropriate buckets—from must-have items down to your longer-term wish list. But MoSCoW itself doesn’t help you determine which item belongs in which category.

You will need a separate ranking methodology. You can choose from many, such as:

• Weighted scoring
• Value vs. complexity
• Buy-a-feature
• Opportunity scoring

For help finding the best scoring methodology for your team, check out ProductPlan’s article: 7 strategies to choose the best features for your product .

2. Seek input from all key stakeholders.

To make sure you’re placing each initiative into the right bucket—must-have, should-have, could-have, or won’t-have—your team needs context. 

At the beginning of your MoSCoW method, your team should consider which stakeholders can provide valuable context and insights. Sales? Customer success? The executive staff? Product managers in another area of your business? Include them in your initiative scoring process if you think they can help you see opportunities or threats your team might miss. 

3. Share your MoSCoW process across your organization.

MoSCoW gives your team a tangible way to show your organization prioritizing initiatives for your products or projects. 

The method can help you build company-wide consensus for your work, or at least help you show stakeholders why you made the decisions you did.

Communicating your team’s prioritization strategy also helps you set expectations across the business. When they see your methodology for choosing one initiative over another, stakeholders in other departments will understand that your team has thought through and weighed all decisions you’ve made. 

If any stakeholders have an issue with one of your decisions, they will understand that they can’t simply complain—they’ll need to present you with evidence to alter your course of action.  

Related Terms

2×2 prioritization matrix / Eisenhower matrix / DACI decision-making framework / ICE scoring model / RICE scoring model

Prioritizing your roadmap using our guide

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