Writing a specialty gifts business plan? Specialty gifts can come from a wide range of sources—the gifts can be handmade, shipped from overseas, or sourced from local suppliers—and they can sell at vastly different price points. What your business plan needs to accomplish is describing the gifts you have in mind in as much detail as possible (preferably with pictures or drawings, if available) and outlining the market opportunity you can find by selling the gifts in your regional market. If you'll use the Internet as a sales platform as well, do you know what your revenue will be from online sources versus brick and mortar retail? What are your costs in a given item versus the likely sales price you can obtain? It may be premature to provide traditional past performance data, but the more you can bring your experience and information to bear on the business plan, the more accurate and compelling a document it can be. Other items to address in the plan:
• What competing items are sold and which people/companies are offering them?
• How can you market the specialty gifts business to attract new customers?
• How much capital are you seeking and what uses will you put it to?
• When do you believe you could reach break-even?
• If you will have employees other than yourself as owner, how many, when, and at what cost?
The questions relating to the financial pro forma can be answered by completing a model that has 3-5 years of projections including revenue forecast, personnel tables, cash flow, balance sheet, profit and loss, and break-even and sensitivity analyses. Your business plan should show that the prices commonly paid for specialty gifts can support your business in the near term and offer a handsome opportunity for growth going forward. If you need help making the financial model work or want to talk to an expert about the products description or the market analysis, MasterPlans is here for you. With a full team of in-house experts, we can develop a funding-ready plan for your venture in no time. Call 877-453-2011 to speak with a consultant today!
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