What are the steps to start a novelty store? Once you're ready to start your novelty store, follow these steps to ensure that your business is legally compliant and avoid wasting time and money as your business grows: A clear plan is essential for success as an entrepreneur. A few important topics to consider are your initial costs, your target market, and how long it will take you to break even.
Yeti is currently finishing tenant improvements on their second location, a space in University Heights. The grand opening is slated for July 4th.
Yeti's first target segment is university students. This segment is identified by their younger age and higher disposable income relative to their household income. For many students, the years at university is the first time they are living away from home and away from their parent's often watchful and restrictive eyes.
This means that students like to use their disposable income to its full potential, sometimes unfortunately for them beyond their financial means.
There are over 38, potential customers in this market segment. This segment is an older, more mature market relative.
They are looking for a safe and friendly atmosphere that provides a sense of nostalgia mixed with youthful excitement. This segment has overpotential customers. Yeti has accomplished this by leveraging two competitive advantages.
The first element is a wide product selection that appeals to both target markets.
Yeti's other motto, "Risque not Raunchy" captures this idea well. While some of the products come close to pushing the limits of good taste, nothing is offensive or outrageously obscene. This creates an atmosphere that has an edge, but one in which anyone would feel comfortable. This wide product span helps allow Yeti to serve two distinct sets of customers.
A wide product selection is not inherently enough on its own to serve two customer segments however. All of the Yeti employees are trained to create a helpful, gracious, welcoming experience for all customers.
The sales staff recognize that it is their job to provide the customer with whatever type of assistance they may need. The customer will leave the store feeling that Yeti exists to cater to their individual needs. The Yeti concept is being led by the husband and wife team of Dan and Ishada Gordon, both of whom bring a wealth of experience and skills to the company.
Yeti is currently preparing for the grand opening of their second location and its overall growth looks quite promising. Customer service is our 1 priority. Offering items of a high quality-value relationship which are not available everywhere. This is essential for maintaining the niche market sectors mentioned in the Executive Summary.
Advertising and promoting in areas that our target customer base will learn about our store. Continuously reviewing our inventory and sales and adjusting our inventory levels accordingly.
The objectives are lofty, yet achievable. Open a second store in the University Heights community, increasing visibility and sales potential.Gift novelty souvenir shop business plan sample, yeti cards & gifts gift novelty souvenir shop business plan executive summary yeti cards & gifts, an established retailer with a broad diverse product.
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Gift Novelty Souvenir Shop Business Plan. Home business Basket of Goodies makes any gift basket business plan fall to their knees. They have simply stated they aim to achieve low startup costs and a high volume of sales.
This is a recipe for success for any business! Their sample business plan heavily emphasizes word-of-mouth as a marketing.
Yeti Cards & Gifts gift novelty souvenir shop business plan executive summary. Yeti Cards & Gifts, an established retailer with a broad diverse product line, opens a second store. The souvenir business tends to have a walk-in trade and sidewalk signs or sale tables may be all you need to attract customers.
References (3) U.S. Census Bureau: Economic Census; Gift. Business Plan for WHISPERS IN THE WIND Somewhere Ave. Mid-Town, NM Whispers in the Wind is an unusual gift and collectibles shop at the beach.
The shop offers a variety of fantasy, themed, and entertaining items for tourists as well as which is immediately put back into the business. The shop needs more inventory.