electronics retail store business plan

ZenBusinessPlans

Home » Sample Business Plans » Wholesale & Retail

A Sample Electronics Retail Store Business Plan Template

Do you want to start an electronics store and need to write a plan? If YES, here is a sample electronics store business plan template & feasibility report. Businesses that are worth going for is a business that you are certain people would need your services or products either every day or at least once a week.

Why Start an Electronics Retail Store?

An electronics retail store falls into this category. Part of what you need to do to make headway in this line of business is to ensure that your store is intentionally positioned and you a have good business relationship with manufacturers and wholesale suppliers of various types of electronics.

One good thing about this type of business is that you don’t need to enroll in a conventional business school to learn how to start and run this type of business; it is a business that requires basic business skills such as knowledge of electronic gadgets, customer service, accounting skills, bargaining skills, networking skills, etc.

If you have decided to start an electronics retail store business, then you should ensure that you carry out feasibility studies and also market survey. Business plan is yet another very important business document that you should not take for granted when launching your own business.

Below is a sample electronics retail store business plan template that can help you to write your own with little or no difficulty.

1. Industry Overview

Electronics retail store business is part of the consumer electronics industry and this industry consists of businesses that are into the sale of a wide range of new appliances, electrical goods and home entertainment products. Many stores also offer repair services and some stores sell used goods.

Consumer electronics and appliances are staples in US households and include a wide range of items, from DVD players to refrigerators. The Consumer Electronics Stores industry, which largely relies on discretionary purchases, has been plagued by increasing external competition over the last five years.

Statistics has it that in the united states of America alone, there are about 51,615 registered and licensed consumer electronics retail stores responsible for employing about 329,256 people and the industry rakes in a whooping sum of $86 billion annually.

The industry was projected to grow at -2.2 percent annual growth within 2014 and 2019. Please note that the companies holding the largest market share in the Consumer Electronics Stores in the US industry include Best Buy Co. Inc. and GameStop Corp.

A recent report published by IBISWORLD shows that consumer confidence and spending grew over the past five years, but not enough to lift the industry out of its mild decline due to fierce competition from online retailers, discount retailers and department stores.

Considering these difficult conditions, IBISWorld expects industry revenue to fall an annualized 2.2 percent to $85.7 billion over the five years to 2019; this includes a projected decline of 0.2 percent in 2019 alone, driven primarily by improvement in the overall economy of the United States of America.

If you are contemplating opening a consumer electronics retail store in the United States, you should ensure that you carry out thorough market survey and feasibility studies. The truth is that, if you get some key factors wrong before starting your own consumer electronics retail store, then you are likely going to struggle to stay afloat.

2. Executive Summary

Chris Logan® Consumer Electronics Retail Store, Inc. is a registered consumer electronics retail store business that will be located in one of the busiest business districts in New Haven – Connecticut.

We have been able to lease a shopping facility that is big enough (a 20,000 square feet facility) to fit into the design of the kind of standard consumer electronics retail store that we intend launching and the facility is located in the heart of New Haven – Connecticut.

Chris Logan® Consumer Electronics Retail Store, Inc. will retail a wide range of new appliances, electrical goods and home entertainment products to customers and also offer repair services in conjunction with our retail operations.

We are aware that there are several consumer electronics retail store outlets all around Connecticut, which is why we spent time and resources to conduct a thorough feasibility studies and market survey so as to be well positioned to favorably compete with all our competitors.

We have an online – service options for our customers, and our outlet is well secured with the various payment of options. Chris Logan® Consumer Electronics Retail Store, Inc. will ensure that all our customers are given first class treatment whenever they visit our store.

We have a CRM software that will enable us manage a one on one relationship with our customers no matter how large their numbers grow to. We will ensure that we get our customers involved in the selection of brands that will be on our store and also when making some business decisions.

Chris Logan® Consumer Electronics Retail Store, Inc. will at all times demonstrate her commitment to sustainability, both individually and as a business, by actively participating in our communities and integrating sustainable business practices wherever possible.

We will ensure that we hold ourselves accountable to the highest standards by meeting our customers’ needs precisely and completely whenever they patronize our products. Chris Logan® Consumer Electronics Retail Store, Inc. is owned by Chris Logan and his immediate family members.

Chris Logan has a B.Sc. in Business Administration, with over 10 years’ experience in the Consumer Electronics Stores industry, working for some of the leading brands in the United States. Although the business is launching out with just one outlet in New Haven – Connecticut, but there is a plan to open other outlets all around major cities in the United States of America via the sale of franchising.

3. Our Products and Services

Chris Logan® Consumer Electronics Retail Store, Inc. is in the Consumer Electronics Stores industry to service a wide range of clients and of course to make profits, which is why we will ensure we go all the way to make available a wide range of consumer electronics from top manufacturing brands in the United States and other countries of the world.

Some of the products in our store are listed below;

Retailing new household appliances (e.g. refrigerators, washing machines and ovens)
Retailing new personal appliances (e.g. hair dryers, curling irons and electric razors)
Retailing consumer electronics (e.g. radios, TVs, digital cameras, video games and computers)
Retailing mobile phones, smartphones and accessories
Offering repair services in conjunction with retail operations.

4. Our Mission and Vision Statement

Our vision is to become the leading brand in the Consumer Electronics Stores industry in Connecticut and to establish a one stop consumer electronics retail store chains in New Haven and in other key cities in the United States of America.
Our mission is to establish a world – class consumer electronics retail store business that will make available a wide range of consumer electronics from top consumer electronics manufacturing brands at affordable prices in New Haven – Connecticut and other key cities in the United States of America via franchising.

Our Business Structure

Chris Logan® Consumer Electronics Retail Store, Inc. is looking towards building a standard business that can be listed among the top – flight consumer electronics retail stores not just in New Haven – Connecticut but throughout the United States of America.

For that singular reason, we will make sure that establish the business on a solid business structure. As a result of business goal, we will ensure that we hire people that are qualified, honest, customer centric and are ready to work to help us build a prosperous business that will benefit all the stake holders.

As a matter of fact, profit-sharing arrangement will be made available to all our senior management staff and it will be based on their performance for a period of ten years or more. In view of that, we have decided to hire qualified and competent hands to occupy the following positions;

Chief Executive Officer (Owner)
Store Manager
Human Resources and Admin Manager
Merchandize Manager
Accountants/Cashiers

Sales Girls and Sales Boys

Truck and Van Drivers

5. Job Roles and Responsibilities

Chief Executive Officer – CEO:

Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results
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.
Responsible for fixing prices and signing business deals
Responsible for providing direction for the business
Responsible for signing checks and documents on behalf of the company
Evaluates the success of the organization
Reports to the board

Admin and HR Manager

Responsible for overseeing the smooth running of HR and administrative tasks for the organization
Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
Defines job positions for recruitment and managing interviewing process
Carries out staff induction for new team members
Responsible for training, evaluation and assessment of employees
Responsible for arranging travel, meetings and appointments
Oversees the smooth running of the daily office activities.

Store Manager:

Responsible for managing the daily activities in the store/warehouse
Ensures that proper records of consumer electronics are kept and warehouse does not run out of products
Ensures that the store facility is in tip top shape and goods are properly arranged and easy to locate
Interfaces with consumer electronics manufacturers
Controls consumer electronics distribution and supply inventory
Supervises the workforce in the consumer electronics sales floor.

Merchandise Manager

Manages vendor relations, market visits, and the ongoing education and development of the organizations’ buying teams
Helps to ensure consistent quality of consumer electronics are purchased and retailed/supplied in good price that will ensure we make good profit
Responsible for the purchase of consumer electronics for the organizations
Responsible for planning sales, monitoring inventory, selecting the merchandise, and writing and pricing orders to vendors
Ensures that the organization operates within stipulated budget.

Accountant/Cashier:

Responsible for preparing financial reports, budgets, and financial statements for the organization
Provides managements with financial analyses, development budgets, and accounting reports
Responsible for financial forecasting and risks analysis.
Performs cash management, general ledger accounting, and financial reporting
Responsible for developing and managing financial systems and policies
Responsible for administering payrolls
Ensures compliance with taxation legislation
Handles all financial transactions for the organization
Serves as internal auditor for the organization
Assists in loading and unloading goods/consumer electronics
Maintains a logbook of their driving activities to ensure compliance with federal regulations governing the rest and work periods for operators.
Keeps a record of vehicle inspections and make sure the truck is equipped with safety equipment, such as hazardous material placards.
Assists the transport and logistics manager in planning their route according to a pick-up and delivery schedule.
Inspects vehicles for mechanical items and safety issues and perform preventative maintenance
Complies with truck driving rules and regulations (size, weight, route designations, parking, break periods etc.) as well as with company policies and procedures
Collects and verifies delivery instructions
Reports defects, accidents or violations
Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
Through interaction with customers on the phone, uses every opportunity to build client’s interest in the company’s products and services
Responsible for monitoring and recording inventory and stock levels, electronic sales associates periodically check inventory, comparing it to expected levels, taking note of discrepancies or missing stock.
Help customers choose electronic equipment and devices, such as mobile phones, televisions, game consoles, and computers.
In addition to selling electronic equipment and devices, he/she also process returns and exchanges, inspecting returned items for signs of damage as they process returns via cash or credit card. Additionally, enter returns in the store’s point-of-sale (POS) system and return items to inventory or to shelves.
Support sales goals by promoting value-added items such as extended warranties and device insurance. They present customers with information regarding replacement costs and insurance coverage, usually during the checkout process.
Consistently stays abreast of any new information on the organizations’ products, promotional campaigns etc. to ensure accurate and helpful information is supplied to customers when they make enquiries

6. SWOT Analysis

Any profitable business or a business with prospects is bound to be competitive and as a new business you must be ready to compete in the industry and competing in the industry means that you must follow due process of establishing a business.

We are quite aware that there are several consumer electronics retail stores all over New Haven and even in the same location where we intend locating ours, which is why we are following the due process of establishing a business.

We 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 equipped to confront our threats.

Chris Logan® Consumer Electronics Retail Store, Inc. employed the services of an expert HR and Business Analyst with bias in supply store chain business to help us conduct a thorough SWOT analysis. This is the summary of the SWOT analysis that was conducted for Chris Logan® Consumer Electronics Retail Store, Inc.;

Our business is located in a city with people with high purchasing powers and also, we can boast of having good business relationship with top manufacturers in the consumer electronics manufacturing industry and wholesale distributors in and around New Haven – Connecticut.

A major weakness that may count against us is the fact that we are not yet a major wholesale distributor, we are a new consumer electronics retail store outlet and we don’t have the financial capacity to compete with multi – million dollar stores when it comes to retailing consumer electronics at a rock bottom price.

Opportunities:

Products sold by consumer electronics stores are often discretionary. Therefore, a rise in per capita disposable income increases consumers’ propensity to purchase industry goods, leading to growth in demand. Per capita disposable income is expected to increase in the coming year, representing a potential opportunity for the industry.

We have been able to conduct thorough feasibility studies and market survey and we know what our potential clients will be looking for when they order consumer electronics from us; we are well positioned to take on the opportunities that will come our way.

Online retailers are major competitors to industry operators. These retailers sell consumer electronics and appliances, often at lower prices than consumer electronics stores due to the lack of fixed costs, attracting customers away from industry players. The percentage of services conducted online is expected to increase in the coming year, representing a potential threat to the industry.

7. MARKET ANALYSIS

Market Trends

If you are conversant with the Industry, you will quite agree that the changes in disposable income, consumer sentiment, ever changing trends and of course the rate of homeownership are major growth drivers for this industry. No doubt, a massive rise in consumer confidence has also contributed in helping the industry experience remarkable growth, but uneven performance in these drivers has led to slightly constrained revenue growth.

So also, the rising demand for both building renovations as a result of increasing disposable income and consumer sentiment, will result in revenue growth, but profit margins will stagnate as consumer electronics retail stores keep prices low to attract more sales amid growing competition.

A close watch on industry activities reveals that the retail market for consumer electronics was hit hard by the recent economic downturn and experienced a decline in revenue in recent time. The construction of new homes is a primary market for industry products, so as housing stats increase, demand tends to follow. Moreover, as home builders have increased their use of electronics, demand for complementary consumer electronics has risen.

8. Our Target Market

We have positioned our consumer electronics retail store to service residents in New Haven – Connecticut and every other location where outlets will be located. We have conducted our market research and feasibility studies and we have ideas of what our target market would be expecting from us.

We are in business to supply a wide range of consumer electronics to the following;

Home Remodeling Companies
Facility managers
Households in and around our store locations

Our Competitive Advantage

A close study of the consumer electronics industry reveals that the market has become much more intensely competitive over the last decade. As a matter of fact, you have to be highly creative, customer centric and proactive if you must survive in this industry. We are aware of the stiff competition and we are prepared to compete favorably with other leading stores in New Haven – Connecticut.

One thing is certain, we will ensure that we have a wide range of consumer electronics available in our store at all times. It will be difficult for customers to visit our store and not see the type of consumer electronics that they are looking for.

One of our business goals is to make Chris Logan® Consumer Electronics Retail Store, Inc. a one stop consumer electronics shop. Our excellent customer service culture, online store, various payment options and highly secured facility will serve as a competitive advantage for us.

Lastly, our employees will be well taken care of, and their welfare package will be among the best within our category in the industry meaning that they will be more than willing to build the business with us and help deliver our set goals and objectives. We will also give good working conditions and commissions to freelance sales agents that we will recruit from time to time.

9. SALES AND MARKETING STRATEGY

Sources of Income

Chris Logan® Consumer Electronics Retail Store, Inc. is in business to retail a wide range of consumer electronics to residents of New Haven – Connecticut. We are in the industry to maximize profits and we are going to ensure that we achieve or business goals and objectives.

Chris Logan® Consumer Electronics Retail Store, Inc. will generate income by;

10. Sales Forecast

One thing is certain when it comes to consumer electronics retail stores, if your store is stocked with various types of consumer electronics and centrally positioned, you will always attract customers.

We are well positioned to take on the available market in New Haven – Connecticut and we are quite optimistic that we will meet our set target of generating enough income/profits from the first six months of operation and grow the business and our clientele base.

We have been able to examine the Consumer Electronics Stores industry, we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. Below is the sales projection for Chris Logan® Consumer Electronics Retail Store, Inc., it is based on the location of our business and other factors as it relates to consumer electronics retail stores startups in the United States;

First Fiscal Year (FY1): $350,000
Second Fiscal Year (FY2): $550,000
Third Fiscal Year (FY3): $750,000

N.B: This projection was done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and there won’t be any major competitor retailing same consumer electronics within same location. Please note that the above projection might be lower and at the same time it might be higher.

Marketing Strategy and Sales Strategy

Before choosing a location for Chris Logan® Consumer Electronics Retail Store, Inc., we conducted a thorough market survey and feasibility studies in order for us to penetrate the available market and become the preferred choice for key players in the industry of New Haven – Connecticut.

We have detailed information and data that we were able to utilize to structure our business to attract the number of customers we want to attract per time. We hired experts who have good understanding of the industry to help us develop marketing strategies that will help us achieve our business goal of winning a larger percentage of the available market in New Haven – Connecticut.

In summary, Chris Logan® Consumer Electronics Retail Store, Inc. will adopt the following sales and marketing approach to win customers over;

Introduce our consumer electronics retail store by sending introductory letters alongside our brochure to offices, home remodeling companies, households and other key stake holders in New Haven – Connecticut
Ensure that we have a wide range of consumer electronics from different manufacturing brand at all times.
Make use of attractive hand bills to create awareness and also to give direction to our consumer electronics retail store
Position our signage / flexi banners at strategic places around New Haven – Connecticut
Position our greeters to welcome and direct potential customers
Create a loyalty plan that will enable us reward our regular customers
List our business and products on yellow pages ads (local directories)
Leverage on the internet to promote our business
Engage in direct marketing and sales
Encourage the use of Word of mouth marketing (referrals)

11. Publicity and Advertising Strategy

Despite the fact that our store is well located, we will still go ahead to intensify publicity for the business. Chris Logan® Consumer Electronics Retail Store, Inc. has a long – term plan of opening outlets in various locations all around Connecticut, which is why we will deliberately build our brand to be well accepted in New Haven before venturing out.

Here are the platforms we intend leveraging on to promote and advertise Chris Logan® Consumer Electronics Retail Store, Inc.;

Place adverts on community – based newspapers, radio stations and TV stations.
Encourage the use of word of mouth publicity from our loyal customers
Leverage on the internet and social media platforms and other platforms to promote our business.
Ensure that our we position our banners and billboards in strategic positions all around New Haven – Connecticut
Distribute our fliers and handbills in target areas in and around our neighborhood
Advertise our consumer electronics retail store business in our official website and employ strategies that will help us pull traffic to the site
Brand all our official cars and trucks and ensure that all our staff members and management staff wear our branded shirt or cap at regular intervals.

12. Our Pricing Strategy

Aside from quality, pricing is one of the key factors that gives leverage to consumer electronics retail stores, it is normal for consumers to go to places where they can get cheaper prices which is why big player in the industry attract loads of clients.

We know we don’t have the capacity to compete with multi – million – dollar consumer electronics retail stores but we will ensure that the prices and quality of all our electronics are competitive with what is obtainable amongst consumer electronics retail stores within our level.

Payment Options

The payment policy adopted by Chris Logan® Consumer Electronics Retail Store, Inc. is all inclusive because we are quite aware that different customers prefer different payment options as it suits them but at the same time, we will ensure that we abide by the financial rules and regulation of the United States of America.

Here are the payment options that Chris Logan® Consumer Electronics Retail Store, Inc. will make available to her clients;

Payment via bank transfer
Payment via credit cards
Payment via online bank transfer
Payment via check
Payment via mobile money transfer
Payment via bank draft

In view of the above, we have chosen banking platforms that will enable our client make payment for purchase of our consumer electronics without any stress on their part. Our bank account numbers will be made available on our website and promotional materials.

13. Startup Expenditure (Budget)

From our market survey and feasibility studies, we have been able to come up with a detailed budget of establishing a standard consumer electronics supply business in New Haven, and here are the key areas where we will spend our startup capital;

The total fee for registering the Business in New Haven – Connecticut – $750.
Legal expenses for obtaining licenses and permits as well as the accounting services (software, P.O.S machines and other software) – $3,300.
Marketing promotion expenses for the grand opening of Chris Logan® Consumer Electronics Retail Store, Inc. in the amount of $3,500 and as well as flyer printing (2,000 flyers at $0.04 per copy) for the total amount of $3,580.
The cost for hiring Business Consultant – $2,500.
Insurance (general liability, workers’ compensation and property casualty) coverage at a total premium – $2,400.
The cost for payment of rent for 12 months at $1.76 per square feet in the total amount of $65,600.
The cost for shop / warehouse remodeling (construction of racks and shelves) – $20,000.
Other start-up expenses including stationery ($500) and phone and utility deposits ($2,500).
Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $60,000
The cost for start-up inventory (stocking with a wide range of electronics such as new household appliances (e.g. refrigerators, washing machines and ovens), new personal appliances (e.g. hair dryers, curling irons and electric razors), consumer electronics (e.g. radios, TVs, digital cameras, video games and computers) and mobile phones, smartphones and accessories et al) – $250,000
The cost for counter area equipment – $9,500
The cost for store equipment (cash register, security, ventilation, signage) – $13,750
The cost of purchase and installation of CCTVs – $10,000
The cost for the purchase of office furniture and gadgets (Computers, Printers, Telephone, TVs, Sound System, tables and chairs et al) – $4,000.
The cost of launching a Website – $600
Miscellaneous – $10,000

We would need an estimate of five hundred and fifty thousand (450,000) US Dollars to successfully set up our consumer electronics retail store in New Haven – Connecticut.

Generating Funds/Startup Capital for Chris Logan® Consumer Electronics Retail Store, Inc.

Chris Logan® Consumer Electronics Retail Store, Inc. is a private business that is solely owned and financed by Chris Logan and his immediate family members. They do not intend to welcome any external business partners which is why he has decided to restrict the sourcing of the startup capital to 3 major sources.

Generate part of the startup capital from personal savings
Source for soft loans from family members and friends
Apply for loan from the bank

N.B: We have been able to generate about $150,000 (Personal savings $100,000 and soft loan from family members $50,000) and we are at the final stages of obtaining a loan facility of $400,000 from our bank. All the papers and documents have been signed and submitted, the loan has been approved and any moment from now our account will be credited with the amount.

14. Sustainability and Expansion Strategy

Part of the plans we have in place to sustain Chris Logan® Consumer Electronics Retail Store, Inc. is to ensure that we continue to make available a wide range of consumer electronics, retail our products at competitive prices, improvise on how to do things faster and cheaper. We are not going to relent in providing conducive environment for our workers.

From our findings, another factor that kills new business is financial leakages. In order to plug financial leakages, the management of Chris Logan® Consumer Electronics Retail Store, Inc. adopt the use of payment machine and accounting software to run the business.

We are quite aware that our customers are key component to the growth and survival of our business hence we are going to continuously engage them to give us ideas on how to serve them better. Chris Logan® Consumer Electronics Retail Store, Inc. will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of.

Our company’s corporate culture is designed to drive our business to greater heights and training and retraining of our workforce is at the top burner. We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.

Check List/Milestone

Business Name Availability Check : Completed
Business Registration: Completed
Opening of Corporate Bank Accounts: Completed
Securing Point of Sales (POS) Machines: Completed
Opening Mobile Money Accounts: Completed
Opening Online Payment Platforms: Completed
Application and Obtaining Tax Payer’s ID: In Progress
Application for business license and permit: Completed
Purchase of Insurance for the Business: Completed
Leasing of facility and remodeling the shop: In Progress
Conducting Feasibility Studies: Completed
Generating capital from family members: Completed
Applications for Loan from the bank: In Progress
Writing of Business Plan: Completed
Drafting of Employee’s Handbook: Completed
Drafting of Contract Documents and other relevant Legal Documents: In Progress
Design of The Company’s Logo: Completed
Printing of Packaging and Promotional Materials: In Progress
Recruitment of employees: In Progress
Purchase of the needed furniture, racks, shelves, computers, electronic appliances, office appliances and CCTV: In progress
Purchase of initial supply of household appliances (e.g. refrigerators, washing machines and ovens), new personal appliances (e.g. hair dryers, curling irons and electric razors), consumer electronics (e.g. radios, TVs, digital cameras, video games and computers: In Progress
Creating Official Website for the Company: In Progress
Creating Awareness for the business both online and around the community: In Progress
Health and Safety and Fire Safety Arrangement (License): Secured
Compilation of our list of products that will be available in our store: Completed
Establishing business relationship with vendors – manufacturers of consumer electronics and wholesale suppliers: In Progress

Electronics Shop Business Plan

The advancement in technology is wild, and so is the upgradation of electronic appliances. Therefore, starting an electronics shop is a profitable venture.

Anyone can start a new business, but you need a detailed business plan when it comes to raising funding, applying for loans, and scaling it like a pro!

Need help writing a business plan for your electronics shop? You’re at the right place. Our electronics shop business plan template will help you get started.

Free Business Plan Template

Download our Free Electronics Shop Business Plan Template now and pave the way to success. Let’s turn your vision into an actionable strategy!

Fill in the blanks – Outline
Financial Tables

How to Write An Electronics Shop Business Plan?

Writing an electronics shop business plan is a crucial step toward the success of your business. Here are the key steps to consider when writing a business plan:

1. Executive Summary

An executive summary is the first section planned to offer an overview of the entire business plan. However, it is written after the whole business plan is ready and summarizes each section of your plan.

Here are a few key components to include in your executive summary:

Market Opportunity: Summarize your market research, including market size, growth potential, and marketing trends. Highlight the opportunities in the market and how your business will fit in to fill the gap.
Product Offering: Highlight the electronics shop products you offer your clients. The USPs and differentiators you offer are always a plus.
For instance, you may include televisions, audio speaker sets, laptops, tablets, mobile phones, etc as some of your products.
Marketing & Sales Strategies: Outline your sales and marketing strategies—what marketing platforms you use, how you plan on acquiring customers, etc.
Financial Highlights: Briefly summarize your financial projections for the initial years of business operations. Include capital or investment requirements, associated startup costs, projected revenues, and profit forecasts.
Call to Action: Summarize your executive summary section with a clear CTA, for example, inviting angel investors to discuss the potential business investment.

Ensure your executive summary is clear, concise, easy to understand, and jargon-free.

Say goodbye to boring templates

Build your business plan faster and easier with AI

Plans starting from $7/month

2. Business Overview

The business overview section of your business plan offers detailed information about your company. The details you add will depend on how important they are to your business. Yet, business name, location, business history, and future goals are some of the foundational elements you must consider adding to this section:

Describe what kind of electronics shop you run and the name of it. You may specialize in one of the following electronics shop businesses:

Retail electronics store
Online electronics store
Specialized electronics store
Wholesale electronics supplier
Electronic repair shop
Describe the legal structure of your electronics shop, whether it is a sole proprietorship, LLC, partnership, or others.
Explain where your business is located and why you selected the place.
Owners: List the names of your electronics shop’s founders or owners. Describe what shares they own and their responsibilities for efficiently managing the business.
Mission Statement: Summarize your business’ objective, core principles, and values in your mission statement. This statement needs to be memorable, clear, and brief.
Business History: If you’re an established electronics shop, briefly describe your business history, like—when it was founded, how it evolved, etc.
Additionally, If you have received any awards or recognition for excellent work, describe them.
Future Goals: It’s crucial to convey your aspirations and vision. Mention your short-term and long-term goals; they can be specific targets for revenue, market share, or expanding your services.

This section should provide a thorough understanding of your business, its history, and its plans. Keep this section engaging, precise, and to the point.

3. Market Analysis

The market analysis section of your business plan should offer a thorough understanding of the industry with the target market, competitors, and growth opportunities. You should include the following components in this section.

Target market: Start this section by describing your target market. Define your ideal customer and explain what types of services they prefer. Creating a buyer persona will help you easily define your target market to your readers.
For instance, general consumers, tech enthusiasts, small business owners, or gamers would be an ideal target audience for a commercial electronics shop.
Market size and growth potential: Describe your market size and growth potential and whether you will target a niche or a much broader market.
For instance, the electronics shop industry was $159.6 billion in 2022, so it is crucial to define the segment of your target market and its growth potential.
Competitive Analysis: Identify and analyze your direct and indirect competitors. Identify their strengths and weaknesses, and describe what differentiates your electronics shop from them. Point out how you have a competitive edge in the market.
Market Trends: Analyze emerging trends in the industry, such as technology disruptions, changes in customer behavior or preferences, etc. Explain how your business will cope with all the trends.
For instance, smart home devices have a booming market; explain how you plan on dealing with this potential growth opportunity.
Regulatory Environment: List regulations and licensing requirements that may affect your electronics shop, such as business registration & licensing, sales tax, product safety & compliance, online sales regulations, etc.

Here are a few tips for writing the market analysis section of your electronic store business plan:

Conduct market research, industry reports, and surveys to gather data.
Provide specific and detailed information whenever possible.
Illustrate your points with charts and graphs.
Write your business plan keeping your target audience in mind.

4. Products And Services

The product and services section should describe the specific services and products that will be offered to customers. To write this section should include the following:

Smartphones
Audio speakers
Televisions
Smart home devices
All other electrical appliances & accessories
This may include product authenticity & legitimacy, product inspection & testing, product warranty & guarantee, etc.
Additional Services: Mention if your electronics shop offers any additional services. You may include services like, technical support, repairs, installations, product demonstrations, customization options, trade-in programs, extended warranties, etc.

In short, this section of your electronics shop plan must be informative, precise, and client-focused. By providing a clear and compelling description of your offerings, you can help potential investors and readers understand the value of your business.

5. Sales And Marketing Strategies

Writing the sales and marketing strategies section means a list of strategies you will use to attract and retain your clients. Here are some key elements to include in your sales & marketing plan:

Unique Selling Proposition (USP): Define your business’s USPs depending on the market you serve, the equipment you use, and the unique services you provide. Identifying USPs will help you plan your marketing strategies.
For example, expert staff & technical support, a wide product range, or competitive pricing could be some of the great USPs for a professional electronics shop.
Pricing Strategy: Describe your pricing strategy—how you plan to price your products and stay competitive in the local market. You can mention any discounts you plan on offering to attract new customers.
Marketing Strategies: Discuss your marketing strategies to market your services. You may include some of these marketing strategies in your business plan—social media marketing, email marketing, content marketing, and print marketing.
Sales Strategies: Outline the strategies you’ll implement to maximize your sales. Your sales strategies may include partnering & collaborating with other businesses, offering referral programs, etc.
Customer Retention: Describe your customer retention strategies and how you plan to execute them. For instance, introducing loyalty programs, discounts & offers, personalized service, etc.

Overall, this section of your electronics shop business plan should focus on customer acquisition and retention.

Have a specific, realistic, and data-driven approach while planning sales and marketing strategies for your electronics shop, and be prepared to adapt or make strategic changes in your strategies based on feedback and results.

6. Operations Plan

The operations plan section of your business plan should outline the processes and procedures involved in your business operations, such as staffing requirements and operational processes. Here are a few components to add to your operations plan:

Staffing & Training: Mention your business’s staffing requirements, including the number of employees or technicians needed. Include their qualifications, the training required, and the duties they will perform.
Operational Process: Outline the processes and procedures you will use to run your electronics shop. Your operational processes may include procurement & inventory management, product display & store layout, technical support & repair services, etc.
Equipment & Software: Include the list of equipment and software required for the electronics shop, such as display units, security systems, testing equipment, POS software, product research tools, etc.
Explain how these technologies help you maintain quality standards and improve the efficiency of your business operations.

Adding these components to your operations plan will help you lay out your business operations, which will eventually help you manage your business effectively.

7. Management Team

The management team section provides an overview of your electronics shop’s management team. This section should provide a detailed description of each manager’s experience and qualifications, as well as their responsibilities and roles.

Founders/CEO: Mention the founders and CEO of your electronics shop, and describe their roles and responsibilities in successfully running the business.
Key managers: Introduce your management and key members of your team, and explain their roles and responsibilities.
It should include, senior management, and other department managers (e.g. operations manager, technical service manager.) involved in the electronics shop business operations, including their education, professional background, and any relevant experience in the industry.
Organizational structure: Explain the organizational structure of your management team. Include the reporting line and decision-making hierarchy.
Compensation Plan: Describe your compensation plan for the management and staff. Include their salaries, incentives, and other benefits.
Advisors/Consultants: Mentioning advisors or consultants in your business plans adds credibility to your business idea.
So, if you have any advisors or consultants, include them with their names and brief information consisting of roles and years of experience.

This section should describe the key personnel for your electronics shop services, highlighting how you have the perfect team to succeed.

8. Financial Plan

Your financial plan section should provide a summary of your business’s financial projections for the first few years. Here are some key elements to include in your financial plan:

Profit & loss statement: Describe details such as projected revenue, operational costs, and service costs in your projected profit and loss statement . Make sure to include your business’s expected net profit or loss.
Cash flow statement: The cash flow for the first few years of your operation should be estimated and described in this section. This may include billing invoices, payment receipts, loan payments, and any other cash flow statements.
Balance Sheet: Create a projected balance sheet documenting your electronics shop’s assets, liabilities, and equity.
Break-even point: Determine and mention your business’s break-even point—the point at which your business costs and revenue will be equal.
This exercise will help you understand how much revenue you need to generate to sustain or be profitable.
Financing Needs: Calculate costs associated with starting an electronics shop, and estimate your financing needs and how much capital you need to raise to operate your business. Be specific about your short-term and long-term financing requirements, such as investment capital or loans.

Be realistic with your financial projections, and make sure you offer relevant information and evidence to support your estimates.

9. Appendix

The appendix section of your plan should include any additional information supporting your business plan’s main content, such as market research, legal documentation, financial statements, and other relevant information.

Add a table of contents for the appendix section to help readers easily find specific information or sections.
In addition to your financial statements, provide additional financial documents like tax returns, a list of assets within the business, credit history, and more. These statements must be the latest and offer financial projections for at least the first three or five years of business operations.
Provide data derived from market research, including stats about the industry, user demographics, and industry trends.
Include any legal documents such as permits, licenses, and contracts.
Include any additional documentation related to your business plan, such as product brochures, marketing materials, operational procedures, etc.

Use clear headings and labels for each section of the appendix so that readers can easily find the necessary information.

Remember, the appendix section of your electronics shop business plan should only include relevant and important information supporting your plan’s main content.

The Quickest Way to turn a Business Idea into a Business Plan

Fill-in-the-blanks and automatic financials make it easy.

This sample electronics shop business plan will provide an idea for writing a successful electronics shop plan, including all the essential components of your business.

After this, if you still need clarification about writing an investment-ready business plan to impress your audience, download our electronics shop business plan pdf .

Hardware Shop Business Plan

Vending Machine Business Plan

Popular Business Planning Softwares

Free Business Plan Template Example

Guide to Effective Customer Analysis

How to Pick your Business Location

Frequently Asked Questions

Why do you need a food distribution business plan.

A business plan is an essential tool for anyone looking to start or run a successful electronics shop. It helps to get clarity in your business, secures funding, and identifies potential challenges while starting and growing your business.

Overall, a well-written plan can help you make informed decisions, which can contribute to the long-term success of your electronics shop.

How to get funding for your electronics shop?

There are several ways to get funding for your electronics shop, but self-funding is one of the most efficient and speedy funding options. Other options for funding are:

Bank loan – You may apply for a loan in government or private banks.
Small Business Administration (SBA) loan – SBA loans and schemes are available at affordable interest rates, so check the eligibility criteria before applying for it.
Crowdfunding – The process of supporting a project or business by getting a lot of people to invest in your business, usually online.
Angel investors – Getting funds from angel investors is one of the most sought startup options.

Apart from all these options, there are small business grants available, check for the same in your location and you can apply for it.

Where to find business plan writers for your electronics shop?

There are many business plan writers available, but no one knows your business and ideas better than you, so we recommend you write your electronics shop business plan and outline your vision as you have in your mind.

What is the easiest way to write your electronics shop business plan?

A lot of research is necessary for writing a business plan, but you can write your plan most efficiently with the help of any electronics shop business plan example and edit it as per your need. You can also quickly finish your plan in just a few hours or less with the help of our business plan software .

Can a good electronics shop business plan help me secure funding?

Indeed. A well-crafted electronics shop business plan will help your investors better understand your business domain, market trends, strategies, business financials, and growth potential—helping them make better financial decisions.

So, if you have a profitable and investable business, a comprehensive business plan can certainly help you secure your business funding.

About the Author

Upmetrics Team

Upmetrics is the #1 business planning software that helps entrepreneurs and business owners create investment-ready business plans using AI. We regularly share business planning insights on our blog. Check out the Upmetrics blog for such interesting reads. Read more

Turn your business idea into a solid business plan

Explore Plan Builder

Plan your business in the shortest time possible

No Risk – Cancel at Any Time – 15 Day Money Back Guarantee

Create a great Business Plan with great price.

400+ Business plan templates & examples
AI Assistance & step by step guidance
4.8 Star rating on Trustpilot

Streamline your business planning process with Upmetrics .

Preview of the downloaded sample plan asset

Free Download

Electronics Retailer Business Plan Template

Download this free electronics retailer business plan template, with pre-filled examples, to create your own plan..

Or plan with professional support in LivePlan. Save 50% today

Available formats:

What you get with this template

A complete business plan.

Text and financials are already filled out and ready for you to update.

SBA-lender approved format

Your plan is formatted the way lenders and investors expect.

Edit to your needs

Download as a Word document and edit your business plan right away.

Detailed instructions

Features clear and simple instructions from expert business plan writers.

All 100% free. We're here to help you succeed in business, no strings attached.

Get the most out of your business plan example

Follow these tips to quickly develop a working business plan from this sample.

1. Don't worry about finding an exact match

We have over 550 sample business plan templates . So, make sure the plan is a close match, but don't get hung up on the details.

Your business is unique and will differ from any example or template you come across. So, use this example as a starting point and customize it to your needs.

2. Remember it's just an example

Our sample business plans are examples of what one business owner did. That doesn't make them perfect or require you to cram your business idea to fit the plan structure.

Use the information, financials, and formatting for inspiration. It will speed up and guide the plan writing process.

3. Know why you're writing a business plan

To create a plan that fits your needs , you need to know what you intend to do with it.

Are you planning to use your plan to apply for a loan or pitch to investors? Then it's worth following the format from your chosen sample plan to ensure you cover all necessary information.

But, if you don't plan to share your plan with anyone outside of your business—you likely don't need everything.

More business planning resources