A well thought out business plan is essential for all successful businesses. In order to succeed in a flea market business the plan should undergo constant evolution, this factor holds true whether you are just starting a new business or have been in operation for some time. Small Business experts agree on the importance of a continuously progressive business plan for success.
Some useful guidelines are given below for the preparation of a successful flea market business plan:
· Carry out Market Research about Flea Markets
Your research should begin with the interviews and discussions with other flea market business owners and shoppers in the area where you intend to conduct your business. Collect all the demographical information of the potential customers of the area like, age, gender, race or ethnicity, education, occupation, income, marital status, number of persons in household, etc. Obtain help for these interviews from family, friends or co-workers. Include brief summary of this gathered information in your business plan.
· Describe your Business
While preparing the business plan describe your business briefly with allocation of sections with titles, and include your ideas about promotion of your business differently from other competitors in the area. Your ideas should conform to the local demographical information which you have already collected and also write about the tactics and strategies to attract, satisfy, and retain your customers. Make separate sections for your plans about advertising and other promotional marketing measures. A section for obtaining all state or local licenses, leases, and other legal documents should be included.
· Write about your Management Expertise
The flea market business plan should also include your qualifications, special skills, experience in the fields of sales, management, customer service, and all notable achievements during your career. If you have partners, co-workers, or other members of management team, then write similar descriptions about their respective qualifications and credentials. Also mention the remunerations, percentages in the ownership of the business, or salaries of each member of your management team.
· Financial Details
Once you have researched the proposed area of your business, make estimates of expenditures, projected income, and approximate quarterly and annual earnings. It is better if you obtain the services of a chartered accountant who specializes in small business account management, to look after all the financial details of your business.
· The Executive Summary
This is the final and most important part of your business plan. It should consist of the present status of the business, plans for future, and the measures to make the business successful. Also write the proposed business title, the site and location, and the products or services which will be offered to the customers.
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