If you want to start a Novelty Store business, you will need to form a legal entity. This will protect you from personal liability and help you raise money for your business. You can choose to form a sole proprietorship, partnership, limited liability company (LLC), or corporation. Each type of entity has its own pros and cons, so you will need to choose the one that is right for your business. If you are the only owner of your business, a sole proprietorship may be the best option. This type of business is easy to set up and you will not have to deal with much paperwork. However, sole proprietorships offer no personal liability protection, which means that you could be held responsible for debts incurred by your business. Partnerships are similar to sole proprietorships in that they are easy to set up and offer no personal liability protection. If you decide to form a partnership, you will need to choose a business partner who you can trust and who has complementary skills. It is important to have a written partnership agreement that outlines each partner's roles and responsibilities. A limited liability company (LLC) offers personal liability protection and is a good option for a small group of founders.
Opening a Business Bank Account
When you’re ready to start your Novelty Store business, one of the first steps is to open a business bank account. This will help you keep your personal and business finances separate and will make it easier to track your expenses and income. To open a business bank account, you’ll need to have the following information and documents:
-Your business name and address
-Your Social Security number or Employer Identification Number (EIN)
-A list of the owners, officers, and directors of the company
-Articles of incorporation or a business license
-A voided check or deposit slip from the account you’ll be using for your business
Once you have all of the required information and documents, you can visit your local bank or credit union to open a business checking account.
Setting up Business Accounting
If you're starting a Novelty Store business, one of the first things you need to do is set up your business accounting. This will ensure that you're keeping track of your finances and that you're complying with any financial regulations that apply to your business. Here's a quick guide to setting up your business accounting:
1. Choose an accounting software. There are many different accounting software packages available, so do some research to find one that will suit your needs.
2. Set up your chart of accounts. This is a list of all the categories of income and expenditure that you will track in your accounting system.
3. Set up your bank account. You will need a business bank account to manage your finances effectively.
4. Keep track of your income and expenditure. Make sure you keep accurate records of all money coming in and going out of your business.
5. Prepare and file your tax return. Once a year, you will need to file a tax return for your business. Make sure you keep on top of this so that you don't miss the deadline
Setting up Business Insurance
As a business owner, it is important to protect your company with the proper insurance. When setting up a Novelty Store business, you will need to consider the following types of insurance:
-Product liability insurance: This will protect you in the event that a product you designed and printed causes injury or damage.
-Professional liability insurance: This will protect you in the event that a client suffers damages as a result of your work.
-Business property insurance: This will protect your equipment and premises in the event of damage or theft.
-Business interruption insurance: This will protect you in the event that your business has to stop operations due to a covered event.
-Employee dishonesty insurance: This will protect you in the event that an employee steals from your business.
Speak with an insurance agent to determine which policies are right for your business
Setting up a Business Website
If you want to start a Novelty Store business, one of the first things you need to do is set up a website. This will be your online home base, where potential customers can learn more about your business and what you have to offer. There are a few key things you need to include on your website:
-An About page: This is where you can tell your story and give potential customers a sense of who you are and what you stand for.
-A portfolio: Showcase your best version on your website so that potential clients can see your work.
-A contact page: Make it easy for people to get in touch with you by including your email address and/or social media links.
-Pricing information: Let visitors know how much you charge for your services.
By having a well-designed website, you’ll be able to attract more customers and grow your Novelty Store business
Obtaining the Necessary Permits
If you want to start a novelty store, the first step is to obtain the necessary permits from your local government. Depending on where you live, you may need a business license, a permit to sell retail goods, or both. You can usually find out what you need by contacting your city or county clerk's office. Once you have the necessary permits, you can start setting up your store. Look for a location that is visible and easily accessible to potential customers. You will also need to stock your store with merchandise. Be sure to choose items that are unique and interesting, as this is what will attract customers to your store. Promote your store through advertising and word-of-mouth. Hold special events and offer discounts to encourage people to check out your business. With a little hard work and dedication, you can build a successful novelty store.
Setting up a Business Number or Appointment Setter
When you’re ready to start your Novelty Store business, one of the first things you need to do is set up a business phone number or an appointment setter. You can use a service like Google Voice to set up a business phone number for your Novelty Store business. Google Voice will give you a free business phone number that you can use to make and receive calls. Once you have a business phone number, you can start taking calls from potential customers. When you get a call, be sure to take down the customer’s name, contact information, and what they need. Once you have this information, you can give the customer a call back to discuss the project in more detail and give them a quote.
Finding a Suitable Location
When starting a novelty store business, finding an appropriate location is key. Consider zoning regulations, permits, and any other local regulations that may affect your business. It’s important to choose a spot that will draw in customers and give your business the best chance of success.
Choosing a Name for the Business
When naming your business, it’s important to think about how it will look on signage and on the web. Consider how the name might be seen by potential customers and how it will affect your SEO rankings. It’s also important to make sure that the name isn’t already taken by another company.
If you’re starting a novelty store business, you’ll need to hire employees to help you manage the store. It’s important to consider both the job requirements and the skill set of potential employees when making your decision. Consider recruiting through job postings, referrals, and networking to find the best candidates for your business.
When purchasing inventory for your novelty store business, it’s important to find reliable suppliers who can provide you with quality products at reasonable prices. Take time to research different suppliers and compare their prices, delivery times, and product selection before making any decisions.
Securing financing is essential when starting a novelty store business. Consider traditional loans as well as crowdfunding options when looking for funding for your business. Be sure to explore all of your options before committing to any particular option in order to get the best deal possible for your needs.
Establishing a Marketing Plan
A good marketing plan can help you reach potential customers and draw them into your store. Consider advertising options such as flyers, radio ads, or print ads depending on what will work best for your target audience. You should also look into promotions such as discounts or contests that will entice customers into buying from you.
Establishing an Online Presence
Establishing an online presence is key when starting a novelty store business. Create a website that is user-friendly and optimized for SEO so it can be easily found by potential customers online. You should also create social media accounts and post regularly in order to build relationships with current and potential customers alike.
Setting Up a Point of Sale System
A Point of Sale system is essential for any retail business, as it allows you to process payments quickly and efficiently from customers. Research different hardware and software options available so you can choose one that meets your needs best. You should also consider training employees on how to use the system so they can help customers without any issues arising.
Establishing Customer Service Policies
Establishing customer service policies is important when running a novelty store business. Consider what types of services you will offer customers such as warranties or returns in order to make sure they have a great experience when shopping with you. This will help encourage them to return in the future as well as recommend your business to others.
Creating an Emergency Plan
Creating an emergency plan is vital when running any type of business, especially one involving retail sales such as a novelty store business. Make sure you have an emergency contact list prepared in case of any disasters that may occur in your area or at the store itself, such as fires or floods. Additionally, consider what safety precautions may need to be taken in order to ensure that both employees and customers remain safe at all times while at the store.
Congratulations! You have taken the first step in starting your own novelty store business. This is a very exciting time for you and your new business. There are a few things to keep in mind as you move forward with starting your business. First, it is important to have a clear vision for your business. What is your business going to be about? What kind of products will you sell? What is your target market? These are all important questions to answer before you get started. Second, you need to create a business plan. This will help you map out the steps you need to take to get your business up and running. It will also help you track your progress and make sure you are on track to achieve your goals. Third, you need to get the word out about your business. Marketing is key to any successful business. You need to let people know about your products and services. You can do this through online marketing, social media, or even traditional methods like flyers and posters. Fourth, you need to make sure you are providing excellent customer service. This is what will keep people coming back to your store. Make sure you are friendly and helpful, and that you take care of any issues that
Why write a business plan?
A business plan is a critical tool for businesses and startups for a number of reasons:
- Business Plans can help to articulate and flesh out the business’s goals and objectives. This can be beneficial not only for the business owner, but also for potential investors or partners
- Business Plans can serve as a roadmap for the business, helping to keep it on track and on target. This is especially important for businesses that are growing and evolving, as it can be easy to get sidetracked without a clear plan in place.
- Business plans can be a valuable tool for communicating the business’s vision to employees, customers, and other key stakeholders.
- Business plans are one of the most affordable and straightforward ways of ensuring your business is successful.
- Business plans allow you to understand your competition better to critically analyze your unique business proposition and differentiate yourself from the market.
- Business Plans allow you to better understand your customer. Conducting a customer analysis is essential to create better products and services and market more effectively.
- Business Plans allow you to determine the financial needs of the business leading to a better understanding of how much capital is needed to start the business and how much fundraising is needed.
- Business Plans allow you to put your business model in words and analyze it further to improve revenues or fill the holes in your strategy.
- Business plans allow you to attract investors and partners into the business as they can read an explanation about the business.
- Business plans allow you to position your brand by understanding your company’s role in the marketplace.
- Business Plans allow you to uncover new opportunities by undergoing the process of brainstorming while drafting your business plan which allows you to see your business in a new light. This allows you to come up with new ideas for products/services, business and marketing strategies.
- Business Plans allow you to access the growth and success of your business by comparing actual operational results versus the forecasts and assumptions in your business plan. This allows you to update your business plan to a business growth plan and ensure the long-term success and survival of your business.
Business Plan Content
Many people struggle with drafting a business plan and it is necessary to ensure all important sections are present in a business plan:
- Executive Summary
- Company Overview
- Industry Analysis
- Consumer Analysis
- Competitor Analysis & Advantages
- Marketing Strategies & Plan
- Plan of Action
- Management Team
The financial forecast template is an extensive Microsoft Excel sheet with Sheets on Required Start-up Capital, Salary & Wage Plans, 5-year Income Statement, 5-year Cash-Flow Statement, 5-Year Balance Sheet, 5-Year Financial Highlights and other accounting statements that would cost in excess of £1000 if obtained by an accountant.
The financial forecast has been excluded from the business plan template. If you’d like to receive the financial forecast template for your start-up, please contact us at email@example.com . Our consultants will be happy to discuss your business plan and provide you with the financial forecast template to accompany your business plan.
Instructions for the Business Plan Template
To complete your perfect Novelty Store business plan, fill out the form below and download our Novelty Store business plan template. The template is a word document that can be edited to include information about your Novelty Store business. The document contains instructions to complete the business plan and will go over all sections of the plan. Instructions are given in the document in red font and some tips are also included in blue font. The free template includes all sections excluding the financial forecast. If you need any additional help with drafting your business plan from our business plan template, please set up a complimentary 30-minute consultation with one of our consultants.
Ongoing Business Planning
With the growth of your business, your initial goals and plan is bound to change. To ensure the continued growth and success of your business, it is necessary to periodically update your business plan. Your business plan will convert to a business growth plan with versions that are updated every quarter/year. Avvale Consulting recommends that you update your business plan every few months and practice this as a process. Your business is also more likely to grow if you access your performance regularly against your business plans and reassess targets for business growth plans.
Want a Bespoke Business Plan for your Novelty Store Business?
Avvale Consulting has extensive experience working with companies in many sectors including the Novelty Store industry. You can avail a free 30-minute business consultation to ask any questions you have about starting your Novelty Store business. We would also be happy to create a bespoke Novelty Store business plan for your Novelty Store business including a 5-year financial forecast to ensure the success of your Novelty Store business and raise capital from investors to start your Novelty Store business. This will include high-value consulting hours with our consultants and multiple value-added products such as investor lists and Angel Investor introductions.
Avvale Consulting is a leading startup business consulting firm based in London, United Kingdom. Our consultants have years of experience working with startups and have worked with over 300 startups from all around the world. Our team has thousands of business plans, pitch decks and other investment documents for startups leading to over $100 Million raised from various sources. Our business plan templates are the combination of years of startup fundraising and operational experience and can be easily completed by a business owner regardless of their business stage or expertise. So, whether you are a budding entrepreneur or a veteran businessman, download our business plan template and get started on your business growth journey today.