Retail Business Tips : Retail Business: Writing a Business Plan

Hi, Mike Campbell with Doggie Styles in Beverly
Hills, California. And, I’m here to talk about writing a business plan for retail. Some of
the important things that I discovered while putting together a business plan, were location.
Location is a really key, for me. You know, I learned it, when I was first studying marketing.
They always said that the most important thing was location, location, location. And, it’s
actually true. You have to be in the right location for the type of product you’re selling.
This is a high-end doggy boutique. We sell luxuries. We sell things that people don’t
need, but that they want. For us, being in Beverly Hills, is really important. People
re-act to that, they respond to it. The tourists that are visiting here, come into Doggie Styles,
and they love to go home and say, I bought this in Beverly Hills. So, having that, that
ultimate luxury that came from Beverly Hills is important. Some of the other things that
I think are important, in putting together the sales plan, is having the right merchandise
for your location. So, for instance, we don’t carry the things that you would find at Pet
Go or Pet Smart. We’re not just an average pet store. This is a doggy boutique. It’s
definitely high end. It’s definitely for the upper class people. For the people who aspire
to that. So, we don’t sell the five and ten dollar collars. We sell the fifty, or eighty,
or three hundred dollar collars. And that’s what people expect to find here. So, they
come here to get those things. As far as financing, I think that, well, it would be nice if you
had the money already, you didn’t have to go out and look for, for financing for a loan.
I was lucky enough to have some savings, and that’s what helped me open up this store.
But, you have to take into consideration, how much money you need to start the store.
How much inventory you need in the store. Now, when I first started out, out, I was
carrying a lot of merchandise that appealed to me, instead of appeal to the customers
that I had, were coming into the store. So, I had a lot of things that looked great, would
have sold wonderfully in New York. In Beverly Hills they sat on the shelves. So, I had to
get rid of that merchandise, and bring in merchandise that appealed to the customers
here in California, and specifically in Beverly Hills. You also don’t want to have too much
merchandise. Nothing worse than doing your end of year inventory, and finding your carrying
about fifty thousand dollars more worth of merchandise than you should be. That’s money
that’s sitting on the shelf in the back room. You’re not making any money off of that. So,
you want to be a little bit conservative with your buying, and then once you see what kind
of feedback you’re getting, once you see what kind of sales you’re getting, than you can
go ahead and expand on that merchandise, and maybe bring in different things that get you
the customers. I’m Mike Campbell with Doggie Styles in Beverly Hills.

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