If you’re thinking of opening a cell phone store and getting in on one of the most lucrative, yet competitive, businesses in the world today, you’ll need a solid business plan. Whether you choose to take out a traditional business loan or consider venture capital, lenders and investors will want to see your overall plan for success. Here, you’ll find a few tips for making sure your business plan is off to a right start.
The Executive Summary
You can think of the executive summary of your business plan like an outline for the rest of the document. However, rather than going into incredible detail about how you plan to run your business, your executive summary should tell the reader – meaning the lender or the investor – exactly what you want. Make sure you’re clear about your wishes so the reader can consider them while reading the rest of your plan.
The Business Description
The business description part of your cell phone store business plan should be simple, as well. Here, you’ll describe the cellphone industry’s current status and future outlook. It helps to include statistics and other bits of information, and you may even choose to include data about other markets and niches within your industry. For example, adding information about the cell phone manufacturing industry could help solidify your financing if it convinces the reader that new technologies and increased demand will continue to fuel the industry.
Your Market Strategies
Once you’ve completed an in-depth market analysis, you’ll need to present the reader with your strategy for being a solid, successful player in the cell phone industry. The original analysis will help you better understand every possible outcome and niche, which makes it easier for you to better define the market you wish to target. This is a very important part of your business plan, and it should be precise.
A Competitive Analysis
This section of a cell phone store’s business plan should show the reader that you understand your competitors’ weaknesses and strengths. You should present these clearly and also describe your intended strategy to overcome their strengths and make the most of their weaknesses. It’s further desirable if you can describe plans that would prevent newcomers from entering your market, too.
An Operations & Management Plan
Simply put, this is where you will describe exactly how you plan to run your business in the future. You’ll need to outline your management hierarchy, explain each team member’s responsibilities, and go over how you plan to delegate tasks to not only management, but also to your sales force. You should also list the projected expenses associated with running your cell phone business.
While financial information may seem like the most important part of a business plan, it should always come last. Here, you’ll need to expand upon the capital you’ll need to get started and how you plan to use it. You should also discuss the amount of money you’re able to invest into your company. Finally, include information about your projected earnings for the first year, at the very least.
A cell phone store business plan should include all of the above information. The key to writing a business plan that will help you secure funding involves using concise, clear, and relevant data to your advantage. Make sure to do your research and truly grab the attention of the reader and inspire them to take favorable action.