second hand store business plan pdf

Thrift Store Business Plan Template

Written by Dave Lavinsky

Thrift Store Business Plan

You’ve come to the right place to create your Thrift Store business plan.

We have helped over 1,000 entrepreneurs and business owners create business plans and many have used them to start or grow their Thrift Stores.

Below is a template to help you create each section of your Thrift Store business plan.

Executive Summary

Business overview.

Thrifty Treasures is a startup thrift store company located in Buford, Georgia. The company was founded by Georgia Mae Dutton, a thrift store maven with over forty years experience as both a shopper and customer advisor inside thrift stores. After many years of observing the best model for a thrift store; including customer assistance, operations, pricing, stocking inventory, and other practical knowledge, Georgia Mae decided to open her own thrift store to put all those pieces of practical knowledge to work.

Thrifty Treasures will focus on select areas of the best-selling categories for thrift stores: apparel, accessories, furniture, seasonal items, toys, household goods, kitchen items, and heritage favorites (crystal, silver, linen, cutwork, etc). Her plan is to provide everything needed to build the interior of a home while doing so on a dime. Thrifty Treasures will become the one-stop shop for gently-used items and apparel to suit every buyer, from the youngest shopper to the seniors.

Product Offering

The following are the products and services that Thrifty Treasures will provide:

• Gently-used apparel, accessories, furniture, seasonal items, toys, household goods, kitchen items, and heritage favorites
• Rotating inventory items every 30 days
• Clean bicycles and riding toys in good working order
• Respectful and courteous service for every customer
• Leadership training for staff members
• Generous 30-day return policy

Customer Focus

Thrifty Treasures will focus on the residents of Buford, Georgia and those within the surrounding region. They will target owners of gently-used items who want to donate items to be used for families within the community. They will target community organizations who will benefit from acquiring items from Thrifty Treasures for offices, meeting areas, and community kitchens. They will target local store owners who want to give away or sell for greatly reduced prices certain inventory items they hold.

Management Team

Thrifty Treasures will be owned and operated by Georgia Mae Dutton. She has recruited her former shopping assistant, Beula Simpson, to be the office manager and part-time salesperson. Georgia Mae has also recruited the maintenance worker from her church, Johnny Clarkson, to assist in cleaning and maintaining order in the store on a part-time basis.

Georgia Mae Dutton has been a thrift shopper for over forty years, beginning when she was eleven years old. She has observed and witnessed over the years the patterns, inventory, and customer service processes that work best, along with those that don’t. She is a graduate of Buford Community College, where she earned a business certificate.

Beula Simpson has been a shopping assistant for ten years for Georgia Mae, helping in the selection of items and disbursal of those items to friends and family members in need. She has been trained by Georgia Mae to select the best inventory items and to offer these items at reasonable prices.

Johnny Clarkson is a part-time maintenance worker at a local church that sits on a multi-acre property. He oversees one helper, who assists with cleaning, organizing, and maintaining the interior rooms of the church, as well as the outer grounds and landscaping of the areas around the church. Johnny has been employed at this job for over five years and has built an excellent reputation as a person “you can trust.”

Success Factors

Thrifty Treasures will be able to achieve success by offering the following competitive advantages:

• Friendly, knowledgeable, and highly-qualified team at Thrifty Treasures
• A wide array of products that will appeal to all buyers, from household items to heritage favorites. There will be something for everyone to appreciate and purchase.
• Thrifty Treasures will offer discounts on gently-used items, increasing discounts throughout the one-month inventory period, until 75% discounts are applied during the last week of each month.
• Inventory is sold and restocked every thirty days; merchandise is never “old and tired.”
• Thrifty Treasures offers the best pricing in town. Their pricing structure is the most cost effective compared to the competition.

Financial Highlights

Thrifty Treasures is seeking $200,000 in debt financing to launch Thrifty Treasures. The funding will be dedicated toward securing the office space and purchasing office equipment and supplies. Funding will also be dedicated toward three months of overhead costs to include payroll of the staff, rent, and marketing costs for the print ads and marketing costs. The breakout of the funding is below:

• Office space build-out: $20,000
• Office equipment, supplies, and materials: $10,000
• Three months of overhead expenses (payroll, rent, utilities): $150,000
• Marketing costs: $10,000
• Working capital: $10,000

The following graph outlines the financial projections for Thrifty Treasures.

Company Overview

Who is thrifty treasures.

Thrifty Treasures is a newly established full-service thrift store in Buford, Georgia. Thrifty Treasures will be the most reliable, cost-effective, and enjoyable store for customers of all ages in Buford and the surrounding communities. Thrifty Treasures will provide a comprehensive inventory of items that will solve the issues or concerns of their customers, as each finds what it needed at reasonable and practical prices. Their full-service approach includes comprehensive training extended to each employee upon hire. This ensures fully-trained staff members who want to give their personal best efforts to each customer.

  Thrifty Treasures will be able to effectively purchase, stock and sell inventory every thirty days. The team of professionals are highly qualified and experienced in thrift store buying and selling. Thrifty Treasures removes the concerns of customers who need items or apparel and can’t afford those items at a full-price store. Thrifty Treasures also ensures all issues are taken care of expeditiously while delivering the best customer service.

Thrifty Treasures History

Since incorporation, Thrifty Treasures has achieved the following milestones:

• Registered Thrifty Treasures, LLC to transact business in the state of Georgia.
• Has a contract in place at one of the suburban retail strip malls to lease sales space and an office space, totalling 15,000 square feet.
• Reached out to numerous friends and associates to include Thrifty Treasures as a primary store of choice.
• Began recruiting a staff of three sales representatives and office personnel to work at Thrifty Treasures.

Thrifty Treasures Products and Services

The following will be the products and services Thrifty Treasures will provide:

Industry Analysis

The retail thrift store industry is expected to grow over the next five years to over $64 billion. The growth will be driven by consumers who will shop for lower-priced items as a result of inflation. The growth will also be driven by consumers who want to reuse items as sustainable responsibility is a personal goal. The growth will also be driven by younger consumers who seek certain memorabilia from past decades, fashions from former decades, or those who enjoy items that never seem to wear out. Costs will likely decrease as more and more consumers want to share gently-used items with others who are less fortunate. This will result in more availability and lower costs for thrift store owners.

Customer Analysis

Demographic profile of target market, customer segmentation.

Thrifty Treasures will primarily target the following customer profiles:

• Residents of Buford and surrounding areas
• Businesses that need to acquire furnishings or household items
• Local store owners who may want to buy or sell items
• Community organizations who may want to buy or sell items

Competitive Analysis

Direct and indirect competitors.

Thrifty Treasures will face competition from other companies with similar business profiles. A description of each competitor company is below.

Traci’s Thrift Taxi

Traci’s Thrift Taxi is a mobile store featuring used women’s apparel. The owner, Traci Fordham, purchases “used and returned” women’s apparel in bulk from wholesale companies and sells the items via her mobile store. Traci did not want to incur the expense related to a retail store; therefore, she moves her mobile store to various neighborhoods where her customers congregate to visit and purchase her inventory on wheels. She holds an inventory of up to 200 clothing items for women at one time and uses her oversized van as her mobile showroom, where she can invite up to five women at a time to enter her “store” to shop for used appeal.

By using her van as her store, Traci saves on the expenses related to a brick and mortar store, however she pays for fuel and maintenance on her van, which dilutes her economy somewhat. Traci uses a software program that details where the van will be located and sends a text message to any woman customer to alert customers when the van is in their geographic area. Traci cleans out her inventory every 60 days, or whenever she sells out of inventory.

Annie’s Simple Memories

Annie Swanson has been a collector of dolls for over forty years. During that time, she’s amassed an enviable 400 dolls, many of them complete with clothing and accessories. Annie decided to open a shop to highlight her dolls, selling them as customers preview them, along with other memorabilia related to dolls and the toys girls and boys have loved throughout the years.

Annie’s Simple Memories is focused on the Atlanta, Georgia area, where her shop is located on the outskirts of the city in a suburban mall. Her specialty of dolls and toys defines her customer base. She introduces her shop to local schools and offers various discounts and special promotions to the schools in order to successfully highlight her store in the region.

The consumer target market for memorabilia has continued to grow over the past few decades and, as consumers have more expendable income in this and projected years ahead, they will continue to acquire dolls and toys that represent special memories of the past.

Shifty’s Thrifty Auto Parts

Although not a direct competitor to Thrifty Treasures, Shifty’s Thrifty Auto Parts can be considered an indirect competitor, as the inventory for sale is used. The available inventory contains workable, used auto parts from automobiles of several decades. For the car aficionado, Shifty’s Thrifty Auto Parts is a dream come true, with auto parts from a wild array of cars from all over the world.

Shifty’s Thrifty Auto Parts has been in business since 2005 and has expanded from a small 500 square foot corner hub to a 3,000 square foot store. Customers purchase via in-store selections; however, Shifty’s Thrifty Auto Parts has built a considerably larger online presence during the past ten years, as much of the available inventory is highlighted on the website with the ability to purchase and receive parts in their own home. This part of the business has garnered multiple new customers and boosted the walk-in customer base of the initial years of business.

Competitive Advantage

Thrifty Treasures will be able to offer the following advantages over their competition:

Marketing Plan

Brand & value proposition.

Thrifty Treasures will offer the unique value proposition to its clientele:

• Highly-qualified team of skilled employees who are able to provide stellar customer service as they assist customers with purchases, returns, and questions that may arise.
• Steady rate of inventory turnover every 30 days that ensures fresh stock of apparel and other items from which to choose.
• Movable discount rates that offer customers an opportunity to save even more on inventory items.
• Inventory that holds value for everyone in the community.

Promotions Strategy

The promotions strategy for Thrifty Treasures is as follows:

Word of Mouth/Referrals

Thrifty Treasures has built up an extensive list of friends and associates over the years by providing expert advice to other shoppers for thrift items. Thrifty Treasures will be the culmination of years of knowledge-put-into-practice, as everyone helps by spreading the word of Thrifty Treasures.

Professional Associations and Networking

Thrifty Treasures will network extensively among community groups and clubs that may require furnishings or some types of inventory that can be purchased at lower-priced rates. Special discounts will be offered to these groups during the first three months of business.

Print Advertising

All residents of the Buford and surrounding communities will receive a direct mail piece, offering a discount for visitors to the store who make a purchase during the first three months of business.

Website/SEO Marketing

Thrifty Treasures will fully utilize their website, sharing photos and video reels of current and new stock items for sale. The website will be well organized, informative, and list all inventory categories that Thrifty Treasures provides. The website will also list their contact information and list their open hours. The website presence will be enhanced with SEO marketing tactics so that anytime someone types in the Google or Bing search engine “thrift company” or “thrift store near me”, Thrifty Treasures will be listed at the top of the search results.

The pricing of Thrifty Treasures will be moderate and on par with competitors so customers feel they receive excellent value when purchasing their services.

Operations Plan

The following will be the operations plan for Thrifty Treasures. Operation Functions:

• Georgia Mae Dutton will be the Owner and President of the company. She will oversee all staff and manage client relations. She has spent the past year recruiting the following staff:
• Beula Simpson will be the Office Manager who will handle the office administration, inventory management, and accounts payable.
• Johnny Clarkson will be the Maintenance Manager at the store, overseeing the placement and care of the inventory, as well as the cleanliness and maintenance of the store.

Milestones:

Thrifty Treasures will have the following milestones completed in the next six months.

• 5/1/202X – Finalize contract to lease store and office space
• 5/15/202X – Finalize personnel and staff employment contracts for the Thrifty Treasures
• 6/1/202X – Finalize contracts with wholesale companies for Thrifty Treasures inventory
• 6/15/202X – Begin networking at community events
• 6/22/202X – Begin moving into Thrifty Treasures store and office
• 7/1/202X – Thrifty Treasures opens its store for business

Beula Simpson has been a shopping assistant for ten years for Georgia Mae, helping in the selection of items and disbursal of those items to friends and family members in need. She has been trained by Georgia Mae to select the best inventory items and to purchase these items at reasonable prices.

Financial Plan

Key revenue & costs.

The revenue drivers for Thrifty Treasures are the fees they will charge to customers for their product purchases.

The cost drivers will be the overhead costs required in order to staff Thrifty Treasures. The expenses will be the payroll cost, rent, utilities, office supplies, and marketing materials.

Funding Requirements and Use of Funds

Thrifty Treasures is seeking $200,000 in debt financing to launch its retail store. The funding will be dedicated toward securing the store and office space and purchasing office equipment and supplies. Funding will also be dedicated toward three months of overhead costs to include payroll of the staff, rent, and marketing costs for the print ads and association memberships. The breakout of the funding is below:

Key Assumptions

The following outlines the key assumptions required in order to achieve the revenue and cost numbers in the financials and in order to pay off the startup business loan.

• Number of Customers Per Month: 150
• Average Revenue per Month: $36,000
• Office Lease per Year: $100,000

Financial Projections

Income statement, balance sheet, cash flow statement, thrift store business plan faqs, what is a thrift store business plan.

A thrift store business plan is a plan to start and/or grow your thrift store business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.

You can easily complete your Thrift Store business plan using our Thrift Store Business Plan Template here .

What are the Main Types of Thrift Store Businesses? 

There are a number of different kinds of thrift store businesses , some examples include: Vintage thrift store, Consignment thrift store, and Goodwill thrift store.

How Do You Get Funding for Your Thrift Store Business Plan?

Thrift Store businesses are often funded through small business loans. Personal savings, credit card financing and angel investors are also popular forms of funding.

What are the Steps To Start a Thrift Store Business?

Starting a thrift store business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.

1. Develop A Thrift Store Business Plan - The first step in starting a business is to create a detailed thrift store business plan that outlines all aspects of the venture. This should include potential market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast. 

2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your thrift store business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your thrift store business is in compliance with local laws.

3. Register Your Thrift Store Business - Once you have chosen a legal structure, the next step is to register your thrift store business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws.

4. Identify Financing Options - It’s likely that you’ll need some capital to start your thrift store business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms.

5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations.

6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events.

7. Acquire Necessary Thrift Store Equipment & Supplies - In order to start your thrift store business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation.

8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your thrift store business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising. 

Learn more about how to start a successful thrift store business:

• How to Start a Thrift Store

How to write the business plan for a thrift shop

Do you feel passionate about doing your bit for the environment by giving a second life to pre-loved clothes and accessories? If you have a penchant for vintage fashion and a head for business, you may have decided to open your own thrift shop.

Before ordering in your stock and hiring a few friendly faces to talk with your customers about the benefits of slow fashion, however, it's important to think carefully about your business plan - because the success of your venture depends on it.

If you're not sure how to go about drafting up a business plan, then you've come to the right place. Simply read our guide below to make your thrift shop business plan come to life.

Why even write a business plan for a thrift shop?

Writing a business plan is an essential step in creating a business. It has three main objectives.

First of all, it enables you to check that your venture can be profitable.

A business plan will also help you evaluate exactly how much capital is needed to start your business.

Finally, a thrift shop business plan will also be specifically requested by any bank or investor you decide to approach, so drafting one up is a mandatory step when it comes to securing financing.

What information is needed for a thrift shop business plan?

Market research is an essential prerequisite for the creation of any business plan.

It will not only enable you to understand the dynamics of the market you've chosen to enter, but also help you understand the expectations of your customers to ensure your offering the type of second-hand goods and service they're looking for.

Writing a thrift shop business plan also enables you to keep track of the staff and equipment requirements of launching and operating a thrift shop, as well as how much each investment will cost.

It's also within your thrift shop business plan that you'll add up the costs associated with the stock, insurance, legal and accountancy fees, as well as your utility bills and rent.

To obtain the best rates and ensure you estimate these expenses as accurately as possible, get in touch with several professionals and ask them for quotes.

The financial forecast of a thrift shop business plan

Let's now look at the financial part of your thrift shop business plan. The financial forecast is composed of four tables, all of which have a specific function that we delve into below.

The projected loss and profit account

With this table, you'll have an overview of the expected turnover, growth, and profitability for your thrift shop over the first 3 to 5 years of activity. This essential chart helps you identify potential opportunities to reduce costs and enables you to ensure the profitability of your thrift shop.

The projected balance sheet

The projected balance sheet shows the value of the company's assets at a given time, and, in particular, the value of the assets (what the company owns) and liabilities (what the company owes to suppliers, lenders, etc.).

The projected cash flow statement

With the help of a projected cash flow statement, you will see how much cash is generated in your thrift shop business plan, where it comes from, and how it is used, whether it's to repay its loans or purchase more stock.

You'll also be able to see if you have enough cash to fulfill your obligations, or even if you might soon have enough cash to expand your business by opening more thrift shops.

The start-up capital

This section of your thrift shop's financial forecast gives your bank or investor a quick overview of the resources needed to launch your business and their costs - as well as ways in which they'll be financed, including via equity contribution, shareholder loans, and bank loans.

The editorial section of a thrift shop business plan

Whilst some believe that numbers speak louder than words, the written part of your thrift shop business plan should not be neglected.

Considering the fact that it puts the figures and estimations set out in the financial forecast into context, it's arguably just as (if not, more) important as the financial part.

Presenting each aspect of the business in detail, as well as the specific risks associated with it (and how you plan to combat them), the editorial section demonstrates to investors that you've thought long and hard about how you can create a strong and adaptable business model.

A thrift shop business plan is usually made up of the parts we present below.

The executive summary

Think of this section as the equivalent of a cover letter for your thrift shop business plan. The aim here is to introduce your project to investors in as engaging and concise a manner as possible, encouraging them to read on and learn more about your exciting venture.

Company description

In this part, you place a spotlight on the business's partners and their roles, as well as the distribution of the company's capital and the location of your thrift shop.

Products and services

This section explains the products being sold by your thrift shop, as well as the prices you've set for each.

Market research

It's within this section of the thrift shop business plan that you'll present the results of the market research we mentioned at the beginning of this article. The objective here is to demonstrate that there is indeed a viable business opportunity for your thrift shop to flourish.

Your business strategy

In this part, you'll reveal three key plans for your thrift shop business plan:

• Your pricing strategy - the prices you'll set
• Your marketing strategy - the actions you'll take to attract customers and build customer loyalty
• Your risk management strategy - how you'll minimise the risks related to your business

From your employees to your relationship with suppliers, you'll detail the operational organisation of your business.

The financial plan of your thrift shop

The financial forecast of your thrift shop, referred to earlier in this article, is accompanied by commentary that explains the assumptions used and the main results expected.

What tool should I use to write my thrift shop business plan?

Writing a thrift store business plan is not an easy task, especially when you have never done it before. There are several tools available to help you write your thrift shop business plan. To ensure you pick the solution that best suits you, we've reviewed the pros and cons for each below.

Write your business plan using Word or Excel

This solution has one major advantage: it's cheap.

Be wary, however, that you'll need to have an accounting background (or at least be very good with numbers) to write your plan in this way without making mistakes in the calculations.

Hire a consultant to develop your business plan

Hiring a chartered accountant or consultant to take care of the financial part of your thrift shop business plan is a good way to avoid errors.

However, the fees are generally quite expensive: budget around £1.5k ($2.0k) for a complete business plan, more if you need to make changes after the initial version (which happens frequently after the initial meetings with lenders).

If you decide to hire a consultant or accountant, remember to check what's included in the service - are they developing a complete business plan or just doing the financial forecast? And are you willing to pay extra for them to make changes, if necessary?

Using online business plan software

The last option is a tempting one: create a business plan for your thrift shop using online business plan software .

There are several advantages to using specialised software:

• You are guided through the writing process by detailed instructions and examples for each part of the plan.
• You can be inspired by already written business plan templates
• You can easily make your financial forecast by letting the software take care of the financial calculations for you.
• You get a professional document, formatted and ready to be sent to your bank.

This third option offers an interesting compromise as using software is not only quicker and less technical than drafting your business plan alone, but it's also way less expensive than using a consultant.

If you are interested in this type of solution, you can try our software for free by signing up here .

That's it for now, we hope this article has helped you better understand how to write a thrift shop business plan. If you have any questions related to setting up your business, please do not hesitate to contact us.

Also on The Business Plan Shop

• Business plan template for a thrift shop
• How to start a thrift shop
• Why do you need a business plan?

Know someone who's planning to thrift shop and might be interested in this article? Share it with just one click!

Founder & CEO at The Business Plan Shop Ltd

Guillaume Le Brouster is a seasoned entrepreneur and financier.

Guillaume has been an entrepreneur for more than a decade and has first-hand experience of starting, running, and growing a successful business.

Prior to being a business owner, Guillaume worked in investment banking and private equity, where he spent most of his time creating complex financial forecasts, writing business plans, and analysing financial statements to make financing and investment decisions.

Guillaume holds a Master's Degree in Finance from ESCP Business School and a Bachelor of Science in Business & Management from Paris Dauphine University.

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Thrift Store Business Plan

Written by Elma Steven | Updated on April, 2024

How to Write a Thrift Store Business Plan?

Thrift Store Business Plan  is an outline of your overall thrift store business. The business plan should includes a  5 year financial projection, marketing plan, industry analysis, organizational overview, operational overview and finally an executive summary.  Remember to write your executive summary at the end as it is considered as a snapshot of the overall business plan. You need to be careful while writing the plan as you need to consider various factors that can impact the business’s success.

You can spend 3 to 4 weeks trying to write your own Business Plan by browsing through free online resources or hire a professional writer for $2,000. There is a better way to do this-  Download Our Thrift Store Business Plan to write a plan in just 2 days .

This depends on your expected revenue and cost. Also, we need to consider the startup cost. Find out the answer- Is Thrift Store Business Profitable?

Table of Contents

Executive summary.

Overview : [Thrift store name] is a revolutionary thrift store aiming to transform the shopping experience for consumers who are seeking affordable, stylish and high-quality pre-owned items. It is located in [location] and was founded by [founder] during [year of establishment]. As a socially responsible business, we are committed to giving back to the community by reducing waste, promoting sustainable shopping habits, and providing job opportunities for the underprivileged.

Problem Summary: The global fashion industry produces 92 million tons of waste annually, with clothing consumption expected to rise by 63% by 2030. The fast fashion trend has led to increased clothing disposal rates, overwhelming landfills and negatively impacting the environment. Additionally, low-income families struggle to afford fashionable and quality clothing, which limits their ability to express themselves and feel confident.

Solution Summary: Bargain Bonanza addresses these issues by offering a curated selection of gently used, high-quality, and fashionable clothing at affordable prices. Our store provides an eco-friendly shopping alternative that reduces the environmental impact of fast fashion and extends the lifecycle of garments. By collaborating with local non-profit organizations and offering vocational training, we will also create job opportunities for disadvantaged individuals and support the local community.

Industry Overview: The global second-hand clothing market was valued at $32 billion in 2020 and is projected to reach $51 billion by 2023, growing at a CAGR of 11% from 2018 to 2023 (source: GlobalData). The US thrift store industry alone generates approximately $10.5 billion in annual revenue (source: IBISWorld). This growth is driven by increasing environmental awareness, consumer preference for unique and vintage styles, and the desire for affordable clothing options. The industry is characterized by a mix of small, local stores and large-scale chain operations such as Goodwill and The Salvation Army, creating a diverse and competitive market landscape. Check out this guide on  how to write an executive summary?  If you don’t have the time to write on then you can use this  custom Executive Summary Writer  to save Hrs. of your precious time.

Financial Overview: Click here for Updated Chart

Business Description

Business Name:  Bargain Bonanza

Founder: Jacob Harrison

Management Team: 

Legal Structure: LLC

Location: 1234 Main St, Bellevue, WA 98004

Mission: “To provide a sustainable, affordable, and fashionable shopping experience that fosters community growth and environmental responsibility.”

Vision: “To become a leading thrift store chain recognized for its commitment to social and environmental impact, while empowering customers to make responsible and stylish choices.”

Goals: 

• Environmental Impact: Divert a significant amount of textile waste from landfills by promoting sustainable shopping habits and increasing the lifecycle of clothing items.
• Community Development: Create job opportunities and offer vocational training for disadvantaged individuals, in partnership with local non-profit organizations.
• Customer Satisfaction: Deliver a consistently high-quality, diverse, and stylish selection of pre-owned products that cater to a wide range of consumer preferences.
• Expansion: Establish multiple store locations across the country, fostering a strong brand presence and further promoting sustainable shopping alternatives.
• Financial Success: Achieve profitability within the first three years of operation and maintain steady revenue growth.

Products: 

• Clothing: A curated selection of gently used men’s, women’s, and children’s apparel, including shirts, pants, dresses, outerwear, and activewear.
• Accessories: A diverse assortment of bags, belts, hats, scarves, and other fashionable accessories that complement our clothing offerings.
• Shoes: A range of stylish and comfortable footwear for men, women, and children, including sneakers, boots, sandals, and heels.
• Jewelry: Unique and affordable pre-owned jewelry, such as necklaces, bracelets, rings, and earrings.
• Vintage and Collectibles: An exclusive section featuring vintage clothing, memorabilia, and collectible items for enthusiasts and collectors.
• Home Goods: A variety of gently used home décor, kitchenware, and small furniture items that appeal to eco-conscious customers looking to furnish their homes in a sustainable manner.

Financial Overview

Key Metrics

Click here for Updated Chart

Business Model 

Check out  100 samples of business model canvas .

Check out the  100 SWOT samples  which will give you a better idea on SWOT writing process.

Organizational Overview

Jacob Harrison

Founder/ CEO/ 

Hi there! My name is Jacob Harrison and I am the passionate and driven founder of Bargain Bonanza, a thriving thrift store focused on promoting sustainable shopping, providing affordable fashion, and giving back to the community. With over a decade of experience in the retail and fashion industries, I have cultivated a deep understanding of customer needs and market trends, positioning me as an innovative leader in the second-hand clothing market.

I began my career working for a major clothing retailer, where I quickly rose through the ranks and gained invaluable experience in inventory management, merchandising, and sales. This experience ignited my passion for the fashion industry but also exposed me to the environmental and social issues associated with fast fashion.

Determined to make a positive impact, I pursued a degree in Environmental Science from a renowned university, where I specialized in sustainable business practices. Upon graduation, I worked for an environmental consultancy firm, honing my skills in sustainability and corporate social responsibility.

Combining my love for fashion, retail expertise, and commitment to sustainability, I founded Bargain Bonanza in 2023. My vision was to create a business that not only offered affordable and stylish pre-owned items but also promoted eco-friendly shopping habits and contributed to community development.

Under my leadership, Bargain Bonanza has successfully curated a diverse and fashionable inventory that appeals to a wide range of customers. In addition, the store has developed strong partnerships with local non-profit organizations, creating job opportunities and offering vocational training for disadvantaged individuals.

My dedication to environmental responsibility, social impact, and customer satisfaction has set the foundation for Bargain Bonanza’s success and future growth. As the company expands, I remain committed to upholding the core values that have made Bargain Bonanza a beloved and trusted shopping destination for eco-conscious consumers.

Management & Operations:

Marketing & Sales:

Finance & Accounting:

Industry Analysis

Industry problems .

• Environmental Impact: The fast fashion industry contributes to pollution, excessive water consumption, and textile waste in landfills, which raises concerns about sustainability.
• Disposable Clothing Culture: The rapid pace of fashion trends encourages consumers to frequently discard clothing, leading to increased waste and overconsumption.
• Limited Access to Quality Affordable Clothing : Low-income families often struggle to find fashionable and high-quality clothing at affordable prices.
• Inefficient Resource Management: The fashion industry often lacks efficient recycling and upcycling processes, leading to the underutilization of resources.
• Labor Issues: Fast fashion production often involves unethical labor practices, such as low wages and poor working conditions, in developing countries.

Industry Opportunities

• Circular Economy: The growing interest in a circular economy promotes recycling, upcycling, and reusing materials, which can drive innovation and reduce waste in the fashion industry.
• Sustainable Fashion: The demand for sustainable and ethically-produced clothing presents an opportunity for businesses to adopt eco-friendly practices and appeal to environmentally conscious consumers.
• Technology Integration : The use of technology, such as AI and data analytics, can help businesses optimize inventory management, enhance customer experience, and reduce waste.
• Collaborations and Partnerships: Forming strategic partnerships with sustainable fashion influencers, designers, and organizations can boost brand recognition and customer engagement.
• Educational Initiatives: Raising consumer awareness about the environmental and social impacts of fast fashion can encourage sustainable shopping habits and support the growth of the second-hand clothing market.

Market Segmentation

• Demographic Segmentation:  
• Age: Targeting various age groups, such as teens, young adults, and adults, who are interested in affordable and sustainable fashion options.
• Gender: Catering to the clothing preferences and needs of both men and women.
• Income: Focusing on low to middle-income individuals who seek affordable, stylish, and quality clothing.
• Family Life Cycle: Providing clothing options for families with children, as they often require budget-friendly and sustainable clothing choices.
• Location: Targeting urban and suburban communities with a higher concentration of environmentally conscious consumers.
• Psychographic Segmentation:
• Values and Beliefs: Catering to customers who prioritize sustainability, ethical production, and reducing their environmental impact.
• Interests and Hobbies: Targeting individuals who enjoy thrift shopping, vintage fashion, and unique clothing styles.
• Lifestyle: Attracting customers who prefer a sustainable and eco-friendly lifestyle, including those who actively recycle, upcycle, and support ethical businesses.
• Behavioral Segmentation:  
• Occasion-Based: Offering seasonal and event-specific clothing, such as holiday attire, summer wear, or back-to-school selections.
• Benefits Sought: Catering to customers seeking affordable prices, unique styles, and eco-friendly shopping experiences.
• Usage Rate: Targeting both frequent and occasional thrift shoppers, as well as those new to second-hand shopping.
• Brand Loyalty: Implementing loyalty programs and promotions to encourage repeat business and long-term customer relationships.
• Customer Readiness Stage: Providing education and awareness initiatives to attract potential customers who may be hesitant to explore second-hand clothing options.

Market Size

Marketing Plan

Marketing budget.

Marketing Objectives

• Boost brand awareness: Increase recognition and recall by 20% within 12 months using targeted campaigns and social media.
• Grow market share: Expand market share by 10% in two years with innovative products and new segments.
• Retain customers: Raise repeat customer rate by 15% within a year through personalization, loyalty programs, and customer support.
• Enhance online presence: Increase website traffic by 25% and social media followers by 30% in 18 months using engaging content and SEO.
• Increase sales revenue: Achieve a 20% revenue growth in the next financial year with promotional strategies and product expansion.
• Strengthen brand loyalty: Improve net promoter score (NPS) by 10 points in 12 months by focusing on customer satisfaction and loyalty benefits.
• Promote sustainability: Increase eco-friendly products by 30% in two years to appeal to environmentally conscious consumers.
• Improve customer engagement: Boost email open rates by 20% and click-through rates by 15% in a year with targeted email campaigns.
• Enter new markets: Launch products in two international markets within 24 months using market research and strategic partnerships.
• Enhance product positioning: Raise top-of-mind awareness as a leader in comfort and innovation within 18 months through marketing and product innovation.

Go-to-Market (GTM) Strategy

• Social Media Marketing:

a. Create and share engaging content that reflects the brand’s values and showcases products.

b. Collaborate with influencers who resonate with your target audience to increase reach and brand awareness.

c. Utilize paid advertising campaigns on platforms like Instagram, Facebook, and Pinterest to target specific customer segments.

d. Engage with followers, respond to comments, and address customer inquiries to strengthen customer relationships and loyalty.

• Content Marketing:

a. Develop a blog on the brand’s website featuring educational and informative content about undergarments, trends, and styling tips.

b. Leverage video content on platforms like YouTube to showcase products, share tutorials, and engage with customers.

c. Create infographics or visually appealing content to share on social media platforms and drive website traffic.

• Email Marketing:

a. Build and segment email lists based on customer behavior, preferences, and demographics.

b. Send personalized email campaigns with targeted offers, promotions, and relevant content.

c. Utilize automation tools to nurture leads and encourage repeat purchases.

• Public Relations:

a. Develop press releases and media kits to promote product launches, collaborations, or brand milestones.

b. Cultivate relationships with industry journalists and bloggers to secure coverage in relevant publications.

c. Participate in industry events, trade shows, and fashion weeks to increase brand visibility and networking opportunities.

• Search Engine Marketing (SEM) and Search Engine Optimization (SEO):

a. Optimize website content and structure to improve organic search ranking on search engines like Google.

b. Utilize keyword research and on-page optimization to target relevant search queries.

c. Implement paid search campaigns (Google Ads) to capture high-intent search traffic and drive conversions.

• Affiliate and Influencer Marketing:

a. Develop an affiliate program to incentivize bloggers, influencers, and content creators to promote the brand and products in exchange for a commission on sales.

b. Collaborate with influencers on content creation, product reviews, and giveaways to generate buzz and increase brand exposure.

• Offline Advertising and Promotions:

a. Place ads in print magazines, newspapers, or on billboards that cater to your target audience.

b. Host in-store events, pop-up shops, or fashion shows to create memorable experiences and connect with customers.

Budget allocation across channels: 

A financial plan of a Thrift Store business plan provides a comprehensive projection of a company’s financial health and its anticipated monetary performance over a specified period. This section encompasses a range of financial statements and projections such as profit and loss statements, balance sheets, cash flow statements and capital expenditure budgets. It outlines the business’s funding requirements, sources of finance and return on investment predictions. The financial plan gives stakeholders particularly potential investors and lenders a clear understanding of the company’s current financial position. A financial plan helps businesses demonstrate their financial prudence, sustainability, and growth potential.

Income Statement

Cash Flow Statement

Balance Sheet

Revenue Summary

Cost Summary

Non- Current Asset Schedule

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Thrift Store Business Plan Template [Updated 2024]

Thrift Store Business Plan Template

If you want to start a Thrift Store or expand your current Thrift Shop, you need a business plan.

The following business plan template gives thrift store owners the key elements to include in a winning thrift store business plan. It can be used to write a plan for a consignment thrift store, vintage thrift store or goodwill thrift store.

You can download our business plan template (including a full, customizable financial model) to your computer here.

Example Business Plan For Thrift Stores

Below are links to each of the key sections of a sample business plan for a successful thrift shop.

I. Executive Summary – The Executive Summary provides an overview of your business opportunity and summarizes the business plan.

II. Company Overview – The company analysis includes information about your business concept, products and legal structure.

III. Industry Analysis – The industry analysis includes market research that supports your business and provides insights into market trends and the thrift store industry.

IV. Customer Analysis – The customer analysis provides an overview of your target market.

V. Competitive Analysis – The competitive analysis should identify your direct and indirect competitors and highlight your competitive advantage.

VI. Marketing Plan – The marketing plan includes your marketing strategy, pricing strategy and search engine optimization plan.

VII. Operations Plan – The Operations Plan includes information on your company’s day to day operations and processes.

VIII. Management Team – The management team section includes a profile of the business owner and business management, their experience and company responsibilities.

IX. Financial Plan – The financial plan includes financial projections, a cash flow statement, profit and loss statement and balance sheet.

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Thrift Store Business Plan Home I. Executive Summary II. Company Overview III. Industry Analysis IV. Customer Analysis V. Competitive Analysis VI. Marketing Plan VII. Operations Plan VIII. Management Team IX. Financial Plan

How to Start a Thrift Store Business

A thrift store business focuses on reselling items such as clothing, home goods, and furnishings. Some sell a little bit of everything, while others focus on a niche such as vintage clothing. Many thrift stores are focused on charity and/or nonprofit work, such as funding job programs or feeding the hungry. However, some thrift stores are for-profit businesses that seek to maximize revenue as any other for-profit business would.

Learn how to start your own Thrift Store Business and whether it is the right fit for you.

Ready to form your LLC? Check out the Top LLC Formation Services .

Start a thrift store business by following these 10 steps:

• Plan your Thrift Store Business
• Form your Thrift Store Business into a Legal Entity
• Register your Thrift Store Business for Taxes
• Open a Business Bank Account & Credit Card
• Set up Accounting for your Thrift Store Business
• Get the Necessary Permits & Licenses for your Thrift Store Business
• Get Thrift Store Business Insurance
• Define your Thrift Store Business Brand
• Create your Thrift Store Business Website
• Set up your Business Phone System

We have put together this simple guide to starting your thrift store business. These steps will ensure that your new business is well planned out, registered properly and legally compliant.

Exploring your options? Check out other small business ideas .

STEP 1: Plan your business

A clear plan is essential for success as an entrepreneur. It will help you map out the specifics of your business and discover some unknowns. A few important topics to consider are:

What will you name your business?

• What are the startup and ongoing costs?
• Who is your target market?

How much can you charge customers?

Luckily we have done a lot of this research for you.

Choosing the right name is very important. Read our detailed guide on how to name your business . We recommend checking if the business name you choose is available as a web domain and securing it early so no one else can take it.

Want some help naming your thrift store business?

Business name generator, what are the costs involved in opening a thrift store business.

According to one previous thrift store owner in Nevada, opening a store costs between $20,000 and $30,000. That is if you do it right and have enough capital to stay open long enough to build a business. Among other things, you’ll need to rent space, purchase shelving and display cases, obtain merchandise, and implement a marketing plan. 

What are the ongoing expenses for a thrift store business?

The ongoing expenses for a thrift store include rent for the commercial space, utilities, internet, and phone. Storage is often an expense as well unless you have enough space to store plenty of merchandise. Probably the most significant ongoing expense is merchandise purchases. These businesses have to keep purchasing merchandise to keep the shelves filled. 

Who is the target market?

The target market for thrift stores is typically bargain hunters. Many of these are elderly and on fixed incomes, but not all. Some are just excited to find the best bargain or the hidden gem like they see others do on TV. There are also certain types of thrift stores, such as vintage clothing shops, that target a more specific market like fashion-conscious customers. 

How does a thrift store business make money?

A thrift store makes money by selling merchandise. This process begins by finding merchandise for sale that the businesses can buy at the right price. These businesses need to acquire merchandise for a low enough price to turn a profit when they resell it. 

As a general rule, thrift stores should price their merchandise at a quarter of the value of retail. So, if a good costs $100 in a store, you should charge $25 for it in your thrift store. There are exceptions to this rule, such as if you find a desirable product in great condition. However, you want to avoid overpricing your products because you want repeat customers. 

How much profit can a thrift store business make?

Thrift stores are not the most profitable businesses. Many are lucky to make $100 to $200 a day – just enough to keep the lights on. If you are trying to start a business with serious profit potential, a thrift store is not it. 

Most of these businesses are labors of love and/or charity organizations. 

There are exceptions. Large national chains like Goodwill are quite successful.

How can you make your business more profitable?

The biggest key to profitability in the thrift store business is learning how to buy the right merchandise at the right price. Far too many thrift stores fail to be profitable because they don’t buy the right merchandise or spend too much on merchandise. For example, they may pay $1,000 for a storage unit sale but only make $500 from the merchandise they find in the storage unit. If you want to increase your profitability, pinpoint where you can get the most bang for your buck in merchandise purchases. 

Want a more guided approach? Access TRUiC's free Small Business Startup Guide - a step-by-step course for turning your business idea into reality. Get started today!

STEP 2: Form a legal entity

The most common business structure types are the sole proprietorship , partnership , limited liability company (LLC) , and corporation .

Establishing a legal business entity such as an LLC or corporation protects you from being held personally liable if your thrift store business is sued.

Form Your LLC

Read our Guide to Form Your Own LLC

Have a Professional Service Form your LLC for You

Two such reliable services:

You can form an LLC yourself and pay only the minimal state LLC costs or hire one of the Best LLC Services for a small, additional fee.

Recommended: You will need to elect a registered agent for your LLC. LLC formation packages usually include a free year of registered agent services . You can choose to hire a registered agent or act as your own.

STEP 3: Register for taxes

You will need to register for a variety of state and federal taxes before you can open for business.

In order to register for taxes you will need to apply for an EIN. It's really easy and free!

You can acquire your EIN through the IRS website . If you would like to learn more about EINs, read our article, What is an EIN?

There are specific state taxes that might apply to your business. Learn more about state sales tax and franchise taxes in our state sales tax guides.

STEP 4: Open a business bank account & credit card

Using dedicated business banking and credit accounts is essential for personal asset protection.

When your personal and business accounts are mixed, your personal assets (your home, car, and other valuables) are at risk in the event your business is sued. In business law, this is referred to as piercing your corporate veil .

Open a business bank account

Besides being a requirement when applying for business loans, opening a business bank account:

• Separates your personal assets from your company's assets, which is necessary for personal asset protection.
• Makes accounting and tax filing easier.

Recommended: Read our Best Banks for Small Business review to find the best national bank or credit union.

Get a business credit card

Getting a business credit card helps you:

• Separate personal and business expenses by putting your business' expenses all in one place.
• Build your company's credit history , which can be useful to raise money later on.

Recommended: Apply for an easy approval business credit card from BILL and build your business credit quickly.

STEP 5: Set up business accounting

Recording your various expenses and sources of income is critical to understanding the financial performance of your business. Keeping accurate and detailed accounts also greatly simplifies your annual tax filing.

Make LLC accounting easy with our LLC Expenses Cheat Sheet.

STEP 6: Obtain necessary permits and licenses

Failure to acquire necessary permits and licenses can result in hefty fines, or even cause your business to be shut down.

STEP 7: Get business insurance

Just as with licenses and permits, your business needs insurance in order to operate safely and lawfully. Business Insurance protects your company’s financial wellbeing in the event of a covered loss.

There are several types of insurance policies created for different types of businesses with different risks. If you’re unsure of the types of risks that your business may face, begin with General Liability Insurance . This is the most common coverage that small businesses need, so it’s a great place to start for your business.

Another notable insurance policy that many businesses need is Workers’ Compensation Insurance . If your business will have employees, it’s a good chance that your state will require you to carry Workers' Compensation Coverage.

STEP 8: Define your brand

Your brand is what your company stands for, as well as how your business is perceived by the public. A strong brand will help your business stand out from competitors.

If you aren't feeling confident about designing your small business logo, then check out our Design Guides for Beginners , we'll give you helpful tips and advice for creating the best unique logo for your business.

Recommended : Get a logo using Truic's free logo Generator no email or sign up required, or use a Premium Logo Maker .

If you already have a logo, you can also add it to a QR code with our Free QR Code Generator . Choose from 13 QR code types to create a code for your business cards and publications, or to help spread awareness for your new website.

How to promote & market a thrift store business

One of the most effective ways to market a thrift store is to use social media. Platforms like Pinterest and Facebook have groups dedicated to thrift store shopping, antiques, and similar hobbies. If you can become a part of all of these different groups and post high-quality photos of your most desirable merchandise, you can attract customers to your store. Once they get there, they are likely to look around at all of your merchandise.

How to keep customers coming back

For most thrift store customers, the reason to frequent a store is to find a great deal. You can only deliver on these expectations if you are good at finding merchandise for your store. The better your inventory, the more likely you will get repeat customers. 

Another way to ensure customers like your store is to avoid excessive markups on merchandise. If you try to charge too much for your goods, shoppers will notice and may steer clear of your store.

STEP 9: Create your business website

After defining your brand and creating your logo the next step is to create a website for your business .

While creating a website is an essential step, some may fear that it’s out of their reach because they don’t have any website-building experience. While this may have been a reasonable fear back in 2015, web technology has seen huge advancements in the past few years that makes the lives of small business owners much simpler.

Here are the main reasons why you shouldn’t delay building your website:

• All legitimate businesses have websites - full stop. The size or industry of your business does not matter when it comes to getting your business online.
• Social media accounts like Facebook pages or LinkedIn business profiles are not a replacement for a business website that you own.
• Website builder tools like the GoDaddy Website Builder have made creating a basic website extremely simple. You don’t need to hire a web developer or designer to create a website that you can be proud of.

Recommended : Get started today using our recommended website builder or check out our review of the Best Website Builders .

Other popular website builders are: WordPress , WIX , Weebly , Squarespace , and Shopify .

STEP 10: Set up your business phone system

Getting a phone set up for your business is one of the best ways to help keep your personal life and business life separate and private. That’s not the only benefit; it also helps you make your business more automated, gives your business legitimacy, and makes it easier for potential customers to find and contact you.

There are many services available to entrepreneurs who want to set up a business phone system. We’ve reviewed the top companies and rated them based on price, features, and ease of use. Check out our review of the Best Business Phone Systems 2023 to find the best phone service for your small business.

Recommended Business Phone Service: Phone.com

Phone.com is our top choice for small business phone numbers because of all the features it offers for small businesses and it's fair pricing.

Is this Business Right For You?

A thrift store is right for people who love a good deal and are willing to work hard to get one. If you love shopping at thrift stores, have a passion for guessing the value of merchandise, and are motivated – either to pay your bills or to contribute to a good cause – you may be the perfect fit for a thrift store business. 

Want to know if you are cut out to be an entrepreneur?

Take our Entrepreneurship Quiz to find out!

Entrepreneurship Quiz

What happens during a typical day at a thrift store business?

Thrift store owners spend their days on two primary tasks – obtaining merchandise and running their store. They obtain some merchandise through donations, but they also seek out storage unit sales and estate sales. A typical day may include scanning publications for potential merchandise purchases, organizing current merchandise, selling goods to customers, and designing displays. 

What are some skills and experiences that will help you build a successful thrift store business?

Running a successful thrift store requires good instincts for estimating merchandise value. If you spend $500 on merchandise that you can only sell for $400, you are going to struggle to get by. But if you are skilled at identifying a great deal – merchandise that you can buy low and sell high – then you are more likely to be successful as a thrift store owner. 

Other skills and experience that can prove useful are sales experience, negotiation skills, organizational skills, and retail display design experience.

What is the growth potential for a thrift store business?

The growth potential for a thrift store is usually not that great. Depending on where you live, you may have seen multiple thrift stores open and close in your area. That’s because it is difficult to turn a significant profit in the thrift store business – unless you are one of the big players. However, that does not mean growth is not possible. With the right model and some luck, you could hit upon a system that leads to growth for your business. 

TRUiC's YouTube Channel

For fun informative videos about starting a business visit the TRUiC YouTube Channel or subscribe to view later.

Take the Next Step

Find a business mentor.

One of the greatest resources an entrepreneur can have is quality mentorship. As you start planning your business, connect with a free business resource near you to get the help you need.

Having a support network in place to turn to during tough times is a major factor of success for new business owners.

Learn from other business owners

Want to learn more about starting a business from entrepreneurs themselves? Visit Startup Savant’s startup founder series to gain entrepreneurial insights, lessons, and advice from founders themselves.

Resources to Help Women in Business

There are many resources out there specifically for women entrepreneurs. We’ve gathered necessary and useful information to help you succeed both professionally and personally:

If you’re a woman looking for some guidance in entrepreneurship, check out this great new series Women in Business created by the women of our partner Startup Savant.

What are some insider tips for jump starting a thrift store business?

One of the most often overlooked aspects of the thrift store business is obtaining merchandise. New business owners often assume that people will just bring them merchandise for free or that they can go to a storage unit auction and get all they need. The problem is that these strategies tend to result in a lot of sub-par merchandise that you can’t make a profit on. 

To be successful in this business, you need sources of higher-quality merchandise. Estate sales are one source that can be fruitful. Estate sales companies often want to get rid of stuff as effortlessly as possible. If you can get them to call you first, you will have access to merchandise that can help keep your store profitable.

How and when to build a team

Thrift stores are not the most profitable businesses, so the more you can keep your labor costs down, the better. Ideally, you and perhaps your partner can do all of the work. Of course, business could be so good that you can’t keep up with everything. If that is the case, it is time to start looking for help. 

Have a Question? Leave a Comment!

Sample Thrift Store Business Plan

Thrift store business plan sample.

Starting a thrift store business is essentially the same as starting any other business. However, the difference here is that you will be selling used merchandise at discounted prices. This niche of business has grown to be continually popular because shoppers are increasingly interested in what thrift stores have to offer.

It is a fact that thrift stores have presented shoppers with very good deals. Therefore starting a thrift store business can be exciting as it gets because you will never lack quality and affordable items which will always interest your buyers.

Another reason thrift store shopping has become very attractive is that it has a vast collection of items that range from clothing, furniture, glassware, tools, and several other collectibles.

However, we are interested in showing you how you can start a thrift store business. If you had an interest in this area of business, then this article will show you how you can make your dreams come true.

• Selecting a Niche

A thrift store business as earlier stated is a wide area that needs you to choose your particular niche which should be an area you are most interested in.

However, you can decide to start a general thrift store which involves selling a variety of products. Part of the reasons for choosing a niche or type of thrift store to operate is due to available competition. Before starting a thrift store business, you should scan your competition for goods on offer.

There are general-item thrift stores as well as those selling particular types of products such as used clothing, furniture, or baby items.

The results of your search would determine if you would prefer a general thrift store or choose a particular niche to sell. The choice is all yours to make. The decisions you make can determine how successful your thrift store turns out.

• Obtaining Registration and Licensing

Starting a thrift store business will require registration and licensing. For your business to be registered, you need to have applied for an Employer Identification Number (EIN) from the Internal Revenue Service (IRS). This is especially relevant to businesses with employees.

This is also a requirement for payment of state taxes. Business licensing on the other hand largely depends on where you want to locate your thrift store as there are no uniform requirements for licensing. This is an important requirement for starting a thrift store business.

• Choosing an Outlet or Space

Depending on how well you are prepared, selecting a space is of utmost importance. There are faith-based thrift stores which are mostly located on church property. Most of the time, these are not ideal locations for attracting high patronage.

However, one of the advantages this type of outlet offers is that you are likely not to pay for rent. You must choose a space just about the size of what you intend to offer. This should be able to convey the right message to your clients.

That is, how you stock your thrift store with inventories will either portray a crowded store or a scanty store with little to offer. You should be able to strike a balance between these two options.

• Choosing the Type of Thrift Store to Operate

There are two types of thrift stores. These are the for-profit thrift stores as well as the non-profit thrift stores.

Each presents its opportunities as well as downsides. To make the right decisions that will align with your desires, you may want to seek the services of legal experts for interpretation of these models of business.

Although for-profit thrift stores allow for more control over how you manage and set profit margins, it is lacking in state-issued incentives such as obtaining tax-exempt status, as well as the availability of fewer low-interest loans and grants.

The non-profit thrift store model attracts government regulations which lead to having lesser control over how your business is run.

However, there are advantages to running this type of business as you are offered a chance to apply for low-cost rent or obtain the same for free. Other aspects of your business are also significantly subsidized. This includes adverts and marketing. However, you may not make as much as a for-profit thrift store.

• Hiring Your Workforce

This is a basic requirement you must consider. Although this may be a bit different for non-profit thrift stores as such can attract the services of volunteers, you must have people on the ground to help make running your business much easier. Sometimes the hiring process can be challenging especially when you handle such yourself.

To make the process a lot easier, take the burden off your shoulders by letting a professional hiring agency do the job for you. All you need to provide are your criteria for selection.

This step should not be overlooked for anything. Developing good marketing strategies as well as proper implementation create increased awareness about your business as well as what you offer. This significantly increases sales.

You must give this strategy all the attention it deserves as it can reward your efforts significantly. There are several marketing channels you can use to your advantage. These include the mainstream media as well as the new media which includes social media.

These are basic requirements for starting a thrift store which can be of immense benefit to you if properly implemented.

As simple as it may seem on the surface, starting a thrift store requires proper planning and diligence in its management to yield the much-desired results you wish to obtain.

THRIFT STORE BUSINESS PLAN EXAMPLE

Here is a sample business plan for starting a profit and non-profit thrift store business.

Starting a thrift store business is considered quite easy. This is because not much money is not needed to start one.

Goods that get sold in a thrift store are usually gotten from people that are clearing up their homes and want to dispose of things that occupy space unnecessarily.

This article contains a thrift store business plan sample. This will come in very handy for anyone that is looking to start a thrift store business.

GUIDE: Choosing A Thrift Store Name

Business Name: Loveday thrift store [ Resale Shop Business Plan ]

Executive Summary

Our Products and Services

• Vision Statement

Mission Statement

Business Structure

• Market Analysis
• Sales and Marketing Strategy
• Financial Plan

Competitive Advantage

Loveday thrift store Inc is a thrift store business that is located in Las Vegas . It is owned by the McDonald family and will be managed by Donald McDonald because of his wealth of experience in running this type of business. To get started, we have acquired a facility in a choice part of town. The newly acquired facility is large enough to fit into the idea of the type of thrift store business that we want to run.

Loveday thrift store business will make retail items such as clothing, books, furniture, kitchen equipment, etc. available to those that require them.

At the loveday thrift store, we are looking to run a business that will give our customers the best treatment possible. We have already devised a means of starting and maintaining a personal relationship with every potential customer that will patronize our store.

Loveday thrift store business is in the thrift store business to ensure that goods that are no longer needed in homes in the United States and beyond are made available to those that need them. In as much as no amount is needed to start this business, we are looking to make as much profit as possible from this business.

Some of the second-hand products that will be available to our potential customers include:

• Fairly used books
• Fairly used kitchen equipment
• Fairly used office equipment
• Fairly used sports equipment.

Vision Statements

Our vision at loveday is to be one of the most prestigious thrift store brands in the United States and beyond.

However, before becoming a force to be reckoned within the United States, we intend to win our immediate environment.

Our mission at the Loveday thrift store is to set up a thrift store business that will make top quality fairly used goods available to individuals that are residents of Las Vegas. We also intend to move from just Las Vegas to other parts of the United States.

Loveday thrifts store business is not going to end up like most thrift stores that are popular in Las Vagas. We at Loveday thrift store intend to build a business empire from a thrift store business. Although we are still a startup and cannot be reasonably compared to the many established thrift stores in Las Vegas and other parts of the United States, we are putting up the needed arrangements that will get us to the apex in this business rapidly.

To achieve our aim of becoming one of the top and most recognized brands in the thrift store business, we are going to hire honest and qualified individuals. We will ensure that the promotion and recognition of our employees are strictly on merit.

Market Analysis Market Trend

Although not everyone will be comfortable with buying used items, some don’t mind. One thing that keeps this industry running is the fact that a lot of people are looking for ways to save some money. The two major ways through which this is done is by selling used products and by buying used and cheap products.

More often than not, those that fall into the category of buying used goods are low-income individuals while high-income earners do the selling.

Target Market

It is a fact that one of the industries with the widest range of customers is the thrift store industry. We are certain that we can’t reach absolutely everyone. As a result of this, we have decided to settle for the following group of people

• Pregnant women
• Business executives
• Entrepreneurs

Sales and Marketing strategy

We are conscious of the fact that we have a lot of work to do if we must break into the market quickly. Due to this, we have come up with some strategies to make our potential customers aware of our presence. Some of them include;

• Good customer service
• Cheaper rates
• The sale of a wide range of products.

Financial Plan Source of Startup Capital

Although not much is need to start this business, we do not have all the capital that we require. This is because we intend to hire a facility in the heart of town that comes with a very large parking lot.

As a result of this, we will get a loan of $10,000 from the bank. With this, we can get the sum of $15,000 which is needed for this business.

The fact that starting a thrift store business does not require much capital increases the competition level in this industry.

Our way of beating our competition is by having a wide range of products and having a parking lot that can accommodate a lot of cars all at once.

This is a business plan sample for a thrift store. It is owned by the McDonald family and will be located in Las Vegas.

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How to Start a Secondhand Store

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• Starting a Store
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How to Start a Wedding Dress Business

Do children's consignment stores really make money, where do companies sell their unsold inventory.

• How to Run a Clearance Warehouse
• A Checklist for Opening a Store

Secondhand stores occupy a fun and unique space in the world of fashion and shopping, and opening your own could make for a solid and exciting income source. If you dream of opening your own secondhand shop, prepare to put a lot of time and effort into the process, including stocking large quantities of items and advertising your store effectively. Here's how to get started.

Find a Space

First things first: You need a physical place to sell your stuff. Find a storefront that garners good traffic and comes at a doable price for you and your partners. While some shoppers do specifically seek out thrift stores, others might not consider it unless they happen to be walking by, so shoot for a spot where they might happen to be walking by.

Determine Your Product Mix

"Secondhand" doesn't really tell much about what a shopper might find inside the place. Do you sell furniture or clothing? Antiques and vintage, or current brands? Are you more of a Goodwill-type spot, or a higher-end consignment store? There's a lot to choose from, and it's important to make those choices early so the rest of your store-opening process stays on-brand.

Define Your Target Audience

Knowing the product mix you're going for should help narrow down the audience you're aiming to attract. If you opt for a high-end consignment model, you'll be targeting adults with a relatively sophisticated taste in clothing and furniture. If you're hoping to offer dirt-cheap secondhand prices, your audience might consist of broke college students or low-income families. Identifying your shoppers will help you personalize your marketing strategy and create a strong relationship with your customers.

Develop Your Business Plan

Taking into account your store's location, image and audience, it's time to draw up a real-life business plan. Budget for cost of inventory, rent, deposits, advertisement, staffing and potential unforeseen expenses. The costs of starting a secondhand store vary widely, depending on where you're located and what kind of store you're going for, but opening a consignment store can cost anywhere from $2,000 to $10,000.

Once you have those numbers down pat, determine how you'll price your products to aim for eventually turning a profit. Items you purchase for a lower price can be marked up 50 percent and still sell well, but larger items, like furniture, probably won't sell at that kind of markup unless you snagged them for exceptionally low prices.

Be careful with inventory: Once your shop is running, it can be easy for new inventory that you bring in through donations or consignments to outpace your overall sales. Do market research to stay on top of current fashion and advertising trends to help stock inventory that will sell effectively, so you can keep a good rotation pace.

Buy Inventory

It's time to stock that store. If you have specific clothing categories in mind – maternity and children's clothes, for example, or specific brands you hope to sell – plan to collect inventory accordingly. When you're first getting your store off the ground, you'll need a large supply, so take what you can get while keeping the quality as up to snuff as possible. If it's not going to sell, then there's no point in stocking it. But if you find low-cost inventory that stands a chance for resale, go for it.

Secondhand store owners tend to source their inventory from auctions, consignments and donations. Keep an eye out for high-quality items from well-trusted, popular brands. Sift carefully through donations to find the best brands. For consignments and at auctions, aim to buy at the lowest price possible. These gems will warrant the highest markups, and they'll still sell, so they'll become the heart of your business.

Set Up Shop

Before opening your doors, make and complete a checklist of to-dos. For example:

• Organize inventory on display
• Create a pricing system (such as color-coding tags or pricing by rack)
• Set up dressing rooms
• Set up a security system
• Stock the cash register
• Get staff up to speed on procedures

A lot of your store operation will polish with time, as you get to know your client base – what makes them tick, and what doesn't. With time, you can train your staff and arrange your store accordingly, but in the beginning it's important to be open-minded, prepared for anything and ready to learn from your experiences.

Market Your Business

You're a brand-new store. People don't know who you are or what you're selling, so you're going to have to take it upon yourself to tell them. Create a website and a few social media accounts. Take out an ad in the local newspaper. Put together a fashion show or other fun event to get potential customers to your location. Keep it fun and memorable.

• Mother Earth News: How to Start a Thrift Store Business
• Small Business Trends: How to Open a Second Hand Shop
• Secondhand 4 Business Ltd: How to Start a Second Hand Store
• Entrepreneur: Consignment Clothing Store

Brenna Swanston is a freelance writer, editor and journalist. She previously reported for the Sun newspaper in Santa Maria, Calif., and holds a bachelor's in journalism from California Polytechnic State University.

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Free Clothing Retail Sample Business Plan

Kateri Kosta

1 min. read

Updated February 25, 2024

If you’re writing a business plan for your clothing retail business, it can be helpful to start by looking at a sample business plan to help you get a sense of what to include in each section. You’re in luck. Download Bplans’ free clothing retail sample business plan Word doc  or PDF to help you create a business plan of your own.

Remember, finding a sample business plan that exactly matches your business isn’t necessary . The details your in your plan will be different based on whether you’re starting a high fashion boutique in a big city, or a neighborhood shop catering to weekend adventurers, for example. But either way, the bones of the plan will be the same, so you can use an example from any type of retail clothing business for inspiration.

Are you writing a business plan for your clothing shop because you’re seeking a loan? Is your primary concern building a clear roadmap for growth? Either way, you’re going to want to edit and customize it so it fits your particular company.  Take the time to create your own financial forecasts and do enough market research so you have a solid plan for success. 

• What should you include in a clothing retail business plan?

Your clothing retail business plan doesn’t need to be hundreds of pages—keep it as short and concise as possible. You’ll probably want to include each of these sections: executive summary, company summary and funding needs, products, market analysis, strategy and implementation plan, management team, financial plan, and appendix. 

Here’s an example of a clothing retail business plan outline .

Download and edit this free clothing and retail sample business plan PDF  or  Word doc  now, or visit Bplans’ gallery of more than 550 sample business plans if you’re looking for more options.

There are plenty of reasons retailers can benefit from writing a business plan —you’ll need one if you’re seeking a loan or investment. Even if you’re not seeking funding, the process of thinking through every

See why 1.2 million entrepreneurs have written their business plans with LivePlan

Kateri is a leader in innovative brand and content marketing. She’s committed to putting the best words in the right order to deliver high quality, discoverable, and useful tools and resources at scale. She enjoys exploring the intersection of tech, words, and the people to who drive small business culture.

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Creating a Winning Business Plan for Online Thrift Store

AUG.03, 2023

1. What is an online thrift store business plan?

A well-crafte­d business plan is essential for e­stablishing and running a successful online thrift store. This plan outline­s the goals, objectives, and strate­gies that will guide the ve­nture. The online thrift store business plan pdf plan should include key considerations such as initial operational costs, marketing requirements, selling strategies, and an estimated budget. The offline thrift store business plan should also identify the target audience for the online store and the competitive landscape that the store will face. Additionally, it should provide a cle­ar timeline for when profitability is e­xpected and identify any pote­ntial risks that may arise. It is important to include a financial proje­ction in the plan. This projection should outline the­ anticipated annual revenue­ and expenses re­lated to operating the store­.

2. Why do we need an online thrift store business plan?

An online thrift store business plan sample is essential for any business looking to launch an online thrift store. Having a clear ecommerce business plan consultants is e­ssential for maintaining focus on your business objective­s and strategies. Deve­loping a plan is crucial for starting and expanding your business. It provides you with a cle­ar and comprehensive unde­rstanding of the necessary ste­ps that need to be take­n.

3. How to write an online thrift store business plan

When writing a business plan for the virtual online thrift store, start by thoroughly researching the industry and potential markets. Identify the target audience for the store and the associated competitors. Determine the sales and marketing strategy, and identify any potential operational and financial risks. Then, develop an estimated budget and timeline for profitability. Finally, include financial projections and forecasts by the e-commerce business plan consultants that include estimated revenue and expenses, as well as a general feedback loop that can be used to measure progress and success.

4. Executive summary

The Attic Shop CIC is a modern online store business plans shop where you can purchase clothing and other items at discounted rates. Efforts are made to make second-hand procurement sustainable, affordable, and accessible to all.

Similar to the e-commerce business plan sample , their mission is to provide you access to quality, gently used merchandise while being mindful of the environmental impact. Through their thrift store platform, they aim to make second-hand shopping fun, easy, and satisfying for shoppers of all clothing and budgets.

At The Attic Shop, they source their products from consignment stores and their own internal collection. They also offe­r a platform where you can sell your own use­d items, making it convenient and satisfying to shop while­ supporting the circular economy.

5. Company analysis

The mission of The­ Attic Shop is to make affordable, high-quality used me­rchandise available to people­ across the United States. They strongly be­lieve that second-hand goods have­ the ability to reduce pove­rty, minimize waste, and provide value­ to customers in their online store­ business model .

At The Attic Shop, our vision is to be­ the preferre­d thrift store in America, providing a diverse­ range of new and used ite­ms at unparalleled prices.

6. Structure and background

The Attic Shop is a private­ly owned business that focuses on offe­ring customers throughout the United State­s with high-quality used items.

We care­fully select our products from trustworthy suppliers, prioritizing local sourcing. This e­nsures that our customers can confidently purchase­ certified second-hand ite­ms that meet safety standards. The Attic Shop aims to be­ America’s top choice for secondhand goods, with a strong focus on e­xceptional customer service­, sustainability, and supporting those in need.

7. Market (industry) analysis

The thrift store industry is growing rapidly due to the increased interest in second-hand choices for goods. The growing tre­nd of waste reduction, coupled with the­ increasing costs of new items, has be­en a contributing factor to this growth. The thrift store­ industry is projected to maintain its competitive­ness and profitability in the next five­ years, with an estimated growth rate­ of 3.7%. By 2023, the se­condhand and resale market is proje­cted to reach approximately $53 billion, as pre­dicted by thredUP, an online marke­tplace for reselling ite­ms.

The growth of online­ thrift stores is primarily fueled by the­ advancements in technology that have­ made them more use­r-friendly, convenient, and cost-e­fficient compared to traditional retail store­s.

8. Competitor analysis

• ThredUp: ThredUp is an online­ consignment and thrift company where you can find clothe­s, accessories, and shoes at gre­at discounts. They collaborate­ with various thrift stores, consignment shops, and other ve­ndors that specialize in secondhand appare­l. This partnership enables custome­rs to access a vast online sele­ction of clothing options.
• Poshmark: Poshmark is an online marke­tplace for second-hand clothing and shoes, with a focus on wome­n’s fashion. They collaborate­ with various shops, including vintage boutiques, thrift, and consignme­nt stores, as well as luxury clothing rese­llers.
• Vinted: Vinted is an online­ thrift store that specializes in se­lling used clothing and shoes. They have­ a diverse range of options available­ for women, men, and kids, including clothing and accessorie­s. Additionally, they offer virtual styling service­s to help customers create­ their desired looks. One­ popular feature on Vinted is the­ir “bargain bin,” where shoppers can find gre­at deals on various items.

9. Products and services

The online thrift store business plan template will offer the following products and services:

• An array of pre-owned items, from clothing to furniture and antiquities
• A wide selection of books
• Comprehensive customer service and support
• An efficient delivery system
• An easy-to-use online shopping experience

10. Sales and marketing plan

This business plan template for an online thrift store section outlines the strategy for growing the online thrift store.

• Promotions: In the clothing store business plan, the company will aggressively market its thrift store using traditional media, such as print and radio advertising, as well as online promotional strategies, such as search engine optimization, online display ads, and social media campaigns. They will also leverage a network of affiliates to help spread the word about the store.
• Public Relations: They will seek out public relations opportunities to bolster the store’s reputation locally, such as sponsoring events, participating in charity drives, and being involved in the local community.
• Measurement: To measure the success of their promotional efforts, they will monitor website traffic, track online sales, and analyze the results of their online ad campaigns. They will also track customer satisfaction by surveying customers and monitoring customer reviews.
• Expansion: With successful measurements, the company plans to expand its online store into more markets, working with more partners and affiliates. Their ultimate goal is to dominate the online thrift store market.

11. Operational plan

The business plan checklist operational plan for the online thrift store business will cover the management of the online store, marketing, staff, delivery, and other operational aspects of running the online store.

Management:

A team of professionals with experience in online marketing, e-commerce, web design, customer service, and inventory management will manage the online store. The team will also handle customer relations, customer service, payment, and other operational aspects of the business.

The online thrift store will use online and offline marketing to reach its target audience. Online marketing will include email blasts, search engine optimization, content marketing, and social media marketing. Offline marketing strategies will include radio, print, billboards, and direct mail.

The online store will require a small staff team to help manage the store. The staff will include customer service representatives, inventory managers, and marketing staff.

The online store will use a third-party delivery service to handle the delivery of goods purchased from the store.

12. Evaluation/assessment

The busine­ss plan includes a comprehensive­ analysis of the market, identifying targe­t customer demographics, outlining the products and se­rvices offered, asse­ssing the competitive landscape­, detailing the organizational structure, de­scribing the marketing plan and operations plan. Additionally, it provide­s financial projections and estimated startup costs.

The busine­ss plan writers provide comprehe­nsive information about different aspe­cts of the online thrift store. This include­s its market positioning, differentiation from compe­titors, as well as donation acquisition and processing strategie­s.

The plan also e­xamines various sources of reve­nue, strategies for acquiring custome­rs, and ways to enhance user e­ngagement on the platform.

13. Management team

The management team for how to write a business plan for an online thrift store includes:

• CEO: Responsible for overseeing the business operations, developing and implementing strategies, and managing all day-to-day operations.
• CFO: Responsible for managing finances, handling customer payments, bookkeeping, and analyzing financial reports.
• Marketing Manager: Responsible for developing and executing marketing strategies, identifying new target audiences, and analytic tracking of customer segmentation data.
• IT Manager: Responsible for developing and maintaining the company website, keeping the technology infrastructure up to date, and providing customer service support.
• Purchasing Manager: Responsible for sourcing products, negotiating with suppliers, and managing inventory.

14. Projection and financial planning

• Start-up costs:
• Business registration and filing fees – $1,000
• Legal and professional fees – $2,000
• Website design and development – $3,000
• Systems development and programming – $2,000
• Marketing and advertising – $3,000
• Office supplies and equipment – $3,500
• Insurance and permits – $800
• Technology infrastructure – $4,000
• Facility rental/leases – $2,000
• Labor costs – $3,500
• Miscellaneous – $1,000

Total Start-up Costs – $25,800

2. Sales Projections:

Assuming a 20% commission on sales, the projected sales and corresponding revenue and profits for the first year are:

• Sales ($10,000/month): $120,000
• Revenue ($2,000/month x 20% commission): $24,000
• Profits ($24,000 – $25,800 start-up costs): -$1,800

3. Strategic Plan:

• Establish strong relationships with vendors for regular supply of inventory.
• Develop a user-friendly and engaging online marketplace.
• Create an effective marketing and advertising plan.
• Make use of data analytics to improve customer experience and marketing efforts.
• Strengthen relationships with existing customers and increase customer loyalty.
• Incorporate sustainable logistical solutions with a short turnaround time.
• Implement strategies to reduce wastage and maximize profits.

4. Financial Plan:

The financial plan for the business continuity plan consultants comprises the following components, which will be implemented to achieve the desired financial targets:

• Establish a line of credit and secure investors for additional capital.
• Monitor cash flows, reduce costs, and reduce operational expenses.
• Leverage digital and technological solutions to reduce manual work and increase efficiency.
• Reduce inventory waste and optimize inventory turns.
• Set up clear accounting systems with bookkeeping and audit procedures in place.
• Utilize funds productively and reinvest profits wisely.
• Monitor financial performance closely and maintain up-to-date financial records.

15. Discover True Value: Welcome to OGS Capital, Your Trusted Source for a Successful Online Thrift Store

If you’re an aspiring e­ntrepreneur aiming to launch a succe­ssful online thrift store, creating a solid busine­ss plan is crucial. With over a de­cade of expertise­ in developing tailored busine­ss plans for online thrift stores, OGS Capital business plan writers has successfully supporte­d numerous entrepre­neurs in realizing their goal of owning and ope­rating thriving enterprises.

Our skilled consultants provide­ tailored business plan service­s to assist you in navigating the startup process and optimizing your investme­nt. No matter the­ size or scope of your online thrift store­, we have the se­rvices to meet your spe­cific needs and goals. Whethe­r you’re starting small and focused on a local market or planning to e­xpand nationwide, our comprehensive­ solutions are tailored for your success.

Let us assist you in translating your vision into a tangible­ plan that will serve as your roadmap throughout each ste­p of the process. OGS Capital understands that e­very client has unique goals and obje­ctives. That’s why our team of expe­rienced professionals will work close­ly with you to create a personalize­d business plan tailored specifically to your ne­eds. We’ll collaborate on de­veloping strategies that are­ solid and effective, e­nsuring your success in this competitive marke­t.

Q. Can thrift resellers make money?

Absolutely, thrift re­sellers can indee­d make money. They achie­ve this by purchasing items from thrift stores such as Goodwill, Salvation Army, or othe­r second-hand shops and then rese­lling them on platforms like eBay, Amazon, or the­ir own online stores. Some re­sellers focus on brand-name ite­ms or vintage clothing and are able to turn a profit by acquiring the­se pieces at a lowe­r cost and subsequently selling the­m for higher prices.

Q. How lucrative is the online thrift store business?

The online­ thrift store industry offers a promising opportunity for businesse­s to thrive. As more consumers se­ek affordable deals on pre­-owned items, the de­mand for online thrift stores continues to rise­. In fact, projections from Crunchbase predict that the­ global market for online thrift shopping will reach a stagge­ring $84 billion by 2025. With such potential for growth and profitability, it’s easy to see­ why this industry is becoming increasingly attractive to se­llers. Download Online Thrift Store Business Plan in PDF

OGSCapital’s team has assisted thousands of entrepreneurs with top-rate business plan development, consultancy and analysis. They’ve helped thousands of SME owners secure more than $1.5 billion in funding, and they can do the same for you.

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Clothing Store Business Plan Template

• Written by Dave Lavinsky

Table of Contents

Clothing store business plan.

Over the past 20+ years, we have helped over 15,000 entrepreneurs and business owners create business plans to start and grow their clothing stores. On this page, we will first give you some background information with regards to the importance of business planning. We will then go through a clothing store business plan template step-by-step so you can create your plan today. It can be used to create a business plan for any type of clothing store- a women’s clothing boutique, men’s clothing store, family clothing store, children’s clothing store and more.

Download our Ultimate Clothing Store Business Plan Template here >

What Is a Clothing Store Business Plan?

A business plan provides a snapshot of your clothing store as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategy for reaching them. It also includes market research to support your plans.

Why You Need a Business Plan for your Clothing Business

If you’re looking to start a clothing store business or grow your existing clothing store you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your clothing store in order to improve your chances of success. Your clothing store business plan is a living document that should be updated annually as your company grows and changes.

Funding for Clothing Store Businesses

With regards to funding, the main sources of funding for a clothing store are bank loans and angel investors. With regards to bank loans, banks will want to review your business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to confirm that your financials are reasonable. But they will want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business.

The second most common form of funding for a clothing store is angel investors. Angel investors are wealthy individuals who will write you a check. They will either take equity in return for their funding, or, like a bank, they will give you a loan.

Finish Your Business Plan Today!

If you’d like to quickly and easily complete your business plan, download Growthink’s Ultimate Clothing Store Business Plan Template and complete your plan and financial model in hours.

Your business plan should include 10 sections as follows:

Executive Summary

Your executive summary provides an introduction to your business plan, but it is normally the last section you write because it provides a summary of each key section of your plan.

The goal of your Executive Summary is to quickly engage the reader. Explain to them the type of clothing store you are operating and the status; for example, are you a startup, do you have a clothing store business that you would like to grow, or are you operating a chain of clothing stores.

Next, provide an overview of each of the subsequent sections of your plan. For example, give a brief overview of the clothing store industry. Discuss the type of clothing store store you are operating. Detail your direct competitors. Give an overview of your target customers. Provide a snapshot of your marketing plan. Identify the key members of your team. And offer an overview of your financial plan.

Company Analysis

In your company analysis, you will detail the type of clothing store business you are operating.

For example, you might operate a clothing store focused on:

• High-End Fashion
• Sports/Athletic Clothing
• Kids Clothing
• Wedding Dresses
• Hip Hop Clothing

In addition to explaining the type of clothing store business you operate, the Company Analysis section of your business plan needs to provide background on the business.

Include answers to question such as:

• When and why did you start the business?
• What milestones have you achieved to date? Milestones could include sales goals you’ve reached, new store openings, etc.
• Your legal structure. Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your legal structure here.

Industry Analysis

In your industry analysis, you need to provide an overview of the clothing store business. While this may seem unnecessary, it serves multiple purposes.

First, researching the clothing store industry educates you. It helps you understand the market in which you are operating.

Secondly, market research can improve your strategy particularly if your research identifies market trends. For example, if there was a trend towards local clothing store businesses with online counterparts, it would be helpful to ensure your plan calls for a significant online presence.

The third reason for market research is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your plan, you achieve just that.

The following questions should be answered in the industry analysis section of your clothing store business plan:

• How big is the clothing store business (in dollars)?
• Is the market declining or increasing?
• Who are the key competitors in your local market?
• Who are the key suppliers in the market?
• What trends are affecting the industry?
• What is the industry’s growth forecast over the next 5 – 10 years?
• What is the relevant market size? That is, how big is the potential market for your clothing store. You can extrapolate such a figure by assessing the size of your niche’s market in the entire country and then applying that figure to your local population.

Customer Analysis

The customer analysis section of your clothing store business plan must detail the customers you serve and/or expect to serve.

The following are examples of customer segments: college students, sports enthusiasts, soccer moms, techies, teens, baby boomers, etc.

As you can imagine, the customer segment(s) you choose will have a great impact on the type of clothing store business you operate. Clearly baby boomers would want a different atmosphere, pricing and product options, and would respond to different marketing promotions than teens.

Try to break out your target customers in terms of their demographic and psychographic profiles. With regards to demographics, include a discussion of the ages, genders, locations and income levels of the customers you seek to serve. Because most clothing store businesses primarily serve customers living in their same city or town, such demographic information is easy to find on government websites.

Psychographic profiles explain the wants and needs of your target customers. The more you can understand and define these needs, the better you will do in attracting and retaining your customers.

Don’t you wish there was a faster, easier way to finish your business plan?

With Growthink’s Ultimate Clothing Store Business Plan Template you can finish your plan in just 8 hours or less!

Click here to finish your Clothing Store business plan today.

Competitive Analysis

Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.

Direct competitors are other clothing store businesses. They are most likely local businesses who sell similar items to you.

Indirect competitors are other options that customers have to purchase from you that aren’t direct competitors. You most likely will have online competitors; companies that sell the same or similar items to you, but which operate online.

For each direct competitor, provide an overview of their businesses and document their strengths and weaknesses. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as:

• What types of customers do they serve?
• What products do they offer?
• What is their pricing (premium, low, etc.)?
• What are they good at?
• What are their weaknesses?

With regards to the last two questions, think about your answers from the customers’ perspective. Look at review websites to gain this information.

The final part of your competitive analysis section is to document your areas of competitive advantage. For example:

• Will you provide superior products or services?
• Will you provide products that your competitors don’t?
• Will you make it easier or faster for customers to acquire your products?
• Will you provide better customer service?
• Will you offer better pricing?

Think about ways you will outperform your competition and document them in this section of your plan.

Marketing Plan

Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For a clothing store business plan, your marketing plan should include the following:

Product : in the product section you should reiterate the type of clothing store you documented in your Company Analysis. Then, detail the specific products you will be offering.

Price : Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections of your marketing plan, you are presenting the items you offer and their prices.

Place : Place refers to the location of your clothing store business. Document your location and mention how the location will impact your success. For example, is your clothing store business located next to a heavily populated office building, or gym, etc. Discuss how your location might provide a steady stream of customers. Also, if you operate or plan to operate kiosks, detail the locations where the kiosks will be placed.

Promotions : the final part of your clothing store business marketing plan is the promotions section. Here you will document how you will drive customers to your location(s). The following are some promotional methods you might consider:

• Making your storefront extra appealing to attract passing customers
• Social media marketing
• Search engine optimization
• Advertising in local papers and magazines
• Reaching out to local bloggers and websites
• Local radio advertising
• Banner ads at local venues

Operations Plan

While the earlier sections of your business plan explained your goals, your operations plan describes how you will meet them. Your operations plan should have two distinct sections as follows.

Everyday short-term processes include all of the tasks involved in running your clothing store business such as serving customers, procuring inventory, keeping the clothing store clean, etc.

Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to serve your 1,000th customer, or when you hope to reach $X in sales. It could also be when you expect to hire your Xth employee or launch a new location.

Management Team

To demonstrate your clothing store business’s ability to succeed as a business, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company.

Ideally you and/or your team members have direct experience in the clothing store business. If so, highlight this experience and expertise. But also highlight any experience that you think will help your business succeed.

If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act like mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in clothing store businesses and/or successfully running clothing store and small businesses.

Financial Plan

Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance sheet and cash flow statements.

Income Statement : an income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenues and then subtracts your costs to show whether you turned a profit or not.

In developing your income statement, you need to devise assumptions. For example, will you serve 25 customers per day or 100? And will sales grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.

Balance Sheets : While balance sheets include much information, to simplify them to the key items you need to know about, balance sheets show your assets and liabilities. For instance, if you spend $200,000 on building out your clothing store business, that will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a bank writes you a check for $100.000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.

Cash Flow Statement : Your cash flow statement will help determine how much money you need to start or grow your business, and make sure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit but run out of money and go bankrupt. For example, you may need to purchase inventories now that you can’t sell (and get paid for) for several months. During those months, you could run out of money.

In developing your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a clothing store business:

• Location build-out including design fees, construction, etc.
• Cost of fixtures
• Cost of initial inventory
• Payroll or salaries paid to staff
• Business insurance
• Taxes and permits
• Legal expenses

Attach your full financial projections in the appendix of your plan along with any supporting documents that make your plan more compelling. For example, you might include your clothing store’s design blueprint or location lease.

  Summary Putting together a business plan for your clothing store business is a worthwhile endeavor. If you follow the sample template above, by the time you are done, you will truly be an expert. You will really understand the clothing store business, your competition and your customers. You will have developed a marketing plan and will really understand what it takes to launch and grow a successful clothing store store.

Clothing Store Business Plan PDF

You can download our clothing store business plan PDF here. This is a business plan template you can use in PDF format.

Clothing Store Business Plan FAQs

What is the easiest way to complete my clothing store business plan.

Growthink's Ultimate Clothing Store Business Plan Template allows you to quickly and easily complete your Clothing Store Business Plan.

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You can download our clothing store business plan PDF template here . This is a business plan template you can use in PDF format.

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Whether you are shopping on a budget, a lover of all things vintage, or simply looking to Declutter Responsibly TM , Savers® thrift store in San Jose, CA is your champion of reuse. Located near Cherry Avenue, near Safeway and JOANN , our secondhand store has something for everyone: from clothing for the whole family to dinnerware, accessories, books, housewares, electronics, and much more.

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