Nonprofit Thrift Store Business Plan [Sample Template]

Are you about starting a thrift store? If YES, here is a complete sample non-profit thrift store business plan template & feasibility report you can use for FREE.

Okay, so we have considered all the requirements for starting a non-profit thrift store. We also took it further by analyzing and drafting a sample thrift store marketing plan template backed up by actionable guerrilla marketing ideas for non-profit thrift stores. So let’s proceed to the business planning section.

Fairly used products are all over the streets and local markets. Whilst some folks can’t be caught purchasing second hand goods, yet others have so much faith in fairly used products as they feel it lasts a lot. Much more than buying these goods for personal use; one thing you probably didn’t know was that you too could start your own thrift store with little or no capital.

A thrift store is simply a store where fairly used goods and in some cases new goods are sold at a giveaway prices and part of the income used for a charity cause. It could be clothes, shoes and other fashion accessories, sport wares, automobiles, electronics, furniture, toys, books, tools, musical instrument, office equipment, machines and a host of other stuffs.

You can start this business without money because you would only be required to collect goods from people who are cleaning and clearing their wardrobes, houses, offices or garages at no cost at all. In other words you would be automatically helping them get rid of the items they do not want and in turn make your profit.

Why Start a Non-Profit Thrift Store?

No doubt starting a thrift store business can be interesting at the same time rewarding- especially if you situate your store in strategic locations where you can easily attract people with low income who can’t afford brand new items. The fact that fairly used products is highly affordable and far cheaper than brand new items makes thrift store business a thriving and profitable business.

Good enough, thrift store business is one of the businesses that an entrepreneur can successfully start in the corners of a busy street, a garage or on a mobile shop (in a van or the booth of car) without breaking the bank for cash.

At the same time, big – time investors can also leverage on the high demand for second hand goods to setup a consignment business that can buy second hand goods from all over the united states and export them to third world countries where the goods are in high demand.

One good thing about starting a thrift store business is that if you are diligent enough and if you have good business / marketing strategies, you can build the business from just one outlet to numerous outlets across different cities in the United States of America.

If you are tinkering with starting your own thrift store business, then you would need a good business plan to be able to launch the business properly. The sample thrift store business plan template below will help you successfully launch your own thrift store business with little or no stress.

A Sample Non-Profit Thrift Store Business Plan Template

1. Industry Overview

The thrift stores industry comprises of stores that sell (mostly donated) used goods, with the intent of donating a significant portion of their proceeds to any charity organization of their choice. Thrift stores are considered social enterprise.

They sell mainly used goods that are donated by members of the public, and are often staffed by volunteers. Due to the fact that the items for sale were acquired for free, and business costs are low, the items can be sold at competitive prices. In the United States, this industry is categorized under the Used Goods Stores industry.

From the recent research published by a consumer research firm, the America’s Research Group, about 16 – 18 percent of Americans will shop at a thrift store during a given year and for consignment shops (resale shops); it’s about 12 – 15 percent.

To keep these figures in perspective, consider that during the same time frame; 11.4 percent of Americans shop in factory outlet malls, 19.6 percent in apparel stores and 21.3 percent in major department stores.

The Thrift Stores Industry is indeed a very large industry and pretty much active in all the parts of the world. Statistics has it that in the United States of America alone, there are about 8,960 registered and licensed thrift stores, responsible for employing about 117,918 people and the industry rakes in about $10 billion annually.

Going forward, the industry is projected to grow at the rate of 3.2 percent annually. The companies with the lion share of the available market in this industry are Goodwill Industries International Inc., Savers and The Salvation Army.

It is proven fact that the turnover for an average thrift stores business can be as high as 50% and above that is why entrepreneurs who intend making good money from a business with less struggle and little start – up capital opens their own consignment shop; they either start the business by making use of the garage (garage sales), their cars / vans or rent a shop.

The thrifts stores industry is indeed flourishing simply because more and more consumers are becoming aware of the need to cut unnecessary spending and some up as much money as they can. Besides the awareness of recycling used items is also a big boost for the thrift stores and the resale industry.

Lastly, opening a thrift store just like starting any other business might not be entirely easy to start, but one thing is certain, it is a straight – forward business that can generate huge and steady profits if well positioned and properly managed.

People often think that starting a this type of business does not require any professional skills; in as much as it is true, you would still need good business skills, bargaining skills and of course customer services skills if indeed you want to build a profitable business.

2. Executive Summary

Heart of Gold® Thrift Store, Inc. is a standard and registered charitable organization that will operate a thrift store business in one of the busiest streets in Orlando, Florida. We have been able to lease a facility that is big enough (a 5 thousand square foot facility) to fit into the design of the kind of thrift store that we intend launching and the facility is located in a corner piece directly opposite the largest residential estate in Orlando, Florida.

Heart of Gold® Thrift Store, Inc. will engage in retailing used apparel (Clothing, accessories and footwear), used books, used furniture (Furniture, kitchenware and home furnishings), used household appliances, used merchandise, used sporting goods and other used goods that are donated by the members of the public for the purpose of raising money for children with learning disabilities in the United States of America.

We are aware that there are several large and small chains of thrift store outlets all around Orlando, which is why we spent time and resources to conduct our feasibility studies and market survey so as to offer much more than our competitors will be offering. We have self – service options for our customers, and our outlet is well secured with the various payments of options.

Heart of Gold® Thrift Store, Inc. will ensure that all our customers are given first class treatment whenever they visit our store. We have a CRM software that will enable us manage a one on one relationship with our customers no matter how large the numbers of our customers’ base may grow to. We will ensure that we get our customers involved in the selection of goods that will be on our racks and also when making some business decisions.

We are aware of the trend in the recent trend in the thrift store industry and we are not only going to operate a system where our customers would have to come to our store to make purchase or whatever they want but we will also operate an online store and our customers can order secondhand goods online and they will get it delivered to their houses or any location they want us to deliver the goods to within Orlando.

Heart of Gold® Thrift Store, Inc. is a charitable business that is owned by Bernie Vandross and Family. Bernie Vandross has a B.Sc. in Business Administration, with well over 15 years of experience in the charity cum not for profits organizations, working for some of the leading brand in the United States. Although the business is launching out with just one outlet in Orlando – Florida, but there is a plan to open other outlets all around Florida.

3. Our Products and Services

Heart of Gold® Thrift Store, Inc. is in the thrift cum used goods stores industry and we will ensure we go all the way to make available a wide range of used goods and products from households in the United States and other countries of the world.

We will ensure that we do all that is permitted by the laws in the United States to maximize profits and finance the charity of our choice. Our product offerings are listed below;

Retailing used apparel (Clothing, accessories and footwear)
Retailing used books
Retailing used furniture (Furniture, kitchenware and home furnishings)
Retailing used household appliances
Retailing used merchandise
Retailing used sporting goods
Retailing other used goods

4. Our Mission and Vision Statement

Our vision is to become one of the leading brands in the thrifts cum used goods stores industry in Florida and to establish a one stop thrift store in Orlando and in other cities in Florida.
Our mission is to establish a thrift store business that will make available a wide range of secondhand goods and products at affordable prices to the residence of Orlando, Florida and other cities in Florida where we intend opening of chains of thrift stores. We want to generate enough income to be able to properly finance of our charity foundation.

Our Business Structure

Heart of Gold® Thrift Store, Inc. do not intend to start a thrift store business like the usual mom and pop business around the street corner; our intention of starting a thrift store business is to build a standard and one stop thrift store outlet in Orlando, Florida .

Although our thrift store business might not be as big as Goodwill Industries International Inc., Savers and The Salvation Army et al, but will ensure that we put the right structure in place that will support the kind of growth that we have in mind while setting up the business.

We will ensure that we hire people and attract volunteers that are qualified, honest, customer centric and are ready to work cum volunteer to help us build a prosperous business that will benefit all the stake holders (the owners, workforce, and customers).

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

Chief Executive Officer (Owner)
Store Manager
Human Resources and Admin Manager (Volunteer)
Merchandize Manager
Sales and Marketing Manager
Information Technologist (Volunteer)
Accountants/Cashiers (Volunteer)
Customer Services Executive (Volunteer)
Cleaners

5. Job Roles and Responsibilities

Chief Executive Officer – CEO:

Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results; developing incentives; developing a climate for offering information and opinions; providing educational opportunities.
Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
Responsible for fixing prices and signing business deals
Responsible for providing direction for the business
Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
Responsible for signing checks and documents on behalf of the company
Evaluates the success of the organization and our charity foundation
Reports to the board

Admin and HR Manager

Responsible for overseeing the smooth running of HR and administrative tasks for the organization
Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
Updates job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations.
Enhances department and organization reputation by accepting ownership for accomplishing new and different requests; exploring opportunities to add value to job accomplishments.
Defines job positions for recruitment and managing interviewing process
Carries out staff induction for new team members
Responsible for training, evaluation and assessment of employees
Responsible for arranging travel, meetings and appointments
Oversees the smooth running of the daily office activities.

Store Manager:

Responsible for managing the daily activities in the store
Ensures that proper records of goods are kept and our racks and warehouse does not run out of products
Ensures that the store facility is in tip top shape and goods are properly arranged and easy to locate
Interfaces with third – party suppliers (vendors)
Controls goods distribution and supply inventory
Supervises the workforce in the thrift store sales floor.

Merchandize Manager

Manages vendor relations, market visits, and the ongoing education and development of the organizations’ buying cum collection teams
Helps to ensure consistent quality of goods and products on our rack
Responsible for the convincing people to donate goods and products to the organizations
Responsible for planning sales, monitoring inventory, selecting the merchandise, and writing and pricing orders to vendors
Ensures that the organization operates within stipulated budget.

Sales and Marketing Manager

Manages external research and coordinate all the internal sources of information to retain the organizations’ best customers and attract new ones
Models demographic information and analyze the volumes of transactional data generated by customer purchases
Identifies, prioritizes, and reaches out to new partners, and business opportunities et al
Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects; assures the completion of development projects.
Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
Develops, executes and evaluates new plans for expanding increase sales
Documents all customer contact and information
Represent the company in strategic meetings
Help increase sales and growth for the company

Information Technologist

Manages the organization website
Handles ecommerce aspect of the business
Responsible for installing and maintenance of computer software and hardware for the organization
Manages logistics and supply chain software, Web servers, e-commerce software and POS (point of sale) systems
Manages the organization’s CCTV
Handles any other technological and IT related duties.

Accountant/Cashier:

Responsible for preparing financial reports, budgets, and financial statements for the organization
Provides managements with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
Responsible for financial forecasting and risks analysis.
Performs cash management, general ledger accounting, and financial reporting
Responsible for developing and managing financial systems and policies
Responsible for administering payrolls
Ensures compliance with taxation legislation
Handles all financial transactions for the organization
Serves as internal auditor for the organization

Client Service Executive

Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
Through interaction with customers on the phone, uses every opportunity to build client’s interest in the company’s products and services
Manages administrative duties assigned by the human resources and admin manager in an effective and timely manner
Consistently stays abreast of any new information on the organizations’ products, promotional campaigns etc. to ensure accurate and helpful information is supplied to customers when they make enquiries

Cleaners:

Responsible for cleaning the store facility at all times
Ensures that toiletries and supplies don’t run out of stock
Cleans both the interior and exterior of the store facility
Handle any other duty as assigned by the store manager.

6. SWOT Analysis

Our intention of starting just one outlet of our thrift store in Orlando, Florida is to first test run the business for a period of 2 to 5 years to know if we will invest more money, expand the business and then open other outlets all over Florida.

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

We know that if a proper SWOT analysis is conducted for our business, we will be able to position our business to maximize our strength, leverage on the opportunities that will be available to us, mitigate our risks and be welled equipped to confront our threats.

Heart of Gold® Thrift Store, Inc. employed the services of an expert HR and Business Analyst with bias in retailing to help us conduct a thorough SWOT analysis and to help us create a Business model that will help us achieve our business goals and objectives. This is the summary of the SWOT analysis that was conducted for Heart of Gold® Thrift Store, Inc.;

Strength:

Our location, the business model we will be operating on (physical store and online store), varieties of payment options, wide range of products, and our charity cause and of course our excellent customer service culture will definitely count as a strong strength for Heart of Gold® Thrift Store, Inc.

Weakness:

A major weakness that may count against us is the fact that we are a new thrift store outlet and we don’t have the popularity like leading thrift store outlets like Goodwill Industries International Inc., Savers and The Salvation Army and co when it comes to receiving goods from households and retailing at a rock bottom prices for all their goods.

Opportunities:

The fact that we are going to be operating our thrift store in one of the busiest streets in Orlando, Florida provides us with unlimited opportunities to sell our secondhand goods to a large number of people. We have been able to conduct thorough feasibility studies and market survey and we know what our potential clients will be looking for when they visit our thrift store; we are well positioned to take on the opportunities that will come our way.

Threat:

Just like any other business, one of the major threats that we are likely going to face is economic downturn. It is a fact that economic downturn affects purchasing/spending power. Another threat that may likely confront us is the arrival of a new thrift store or consignment store in same location where ours is located.

7. MARKET ANALYSIS

Market Trends

Generally thrift stores/resale shopping attracts consumers from all economic levels. There is no distinctive resale shopper, just as there is no distinctive resale shop. The truth is that everybody irrespective of their financial status would usually look towards saving money and it could come from selling of used items or purchasing used items.

Usually, people with low income take advantage of the opportunity resale offers to save money on apparel, furniture and other consumer items. The money you saved from either purchasing used items or selling your used items can be diverted to other areas like paying bills, for vacations or for hosting your guest et al.

It is now a common phenomenon for thrift stores to leverage on technology to effectively predict consumer demand patterns and to strategically position their store to meet their needs; in essence, the use of technology help retailers to maximize supply chain efficiencies. No doubt data collected from customers goes a long way to help thrift stores serve them better.

Another common trend in the thrift stores industry is the pricing system. Aside from having varieties of second products and even new products in a store, one of the easiest ways for thrift stores to sell the goods on their racks as fast as they can and keep re – stocking is to ensure that the prices of their goods are a bit lower than what is obtainable in elsewhere. For example, it is common to see items with prices in this format; $3.99, $99.99 and $199.99 et al as against $4, $100 and $200.

Aside from promoting charity cause, thrift stores also engage in massive clearance sales and discount sales to attract customers. It is a strategy that helps them welcome new customers and also reinforce the loyalty of old customers.

8. Our Target Market

Perhaps the thrift stores industry has the widest range of customers; everybody on planet earth especially low income earners has one or more things that they would need in a thrift stores. It is difficult to find people who are trying to cut cost who don’t patronize thrifts stores.

In view of that, we have positioned our thrift store to service the residence of Orlando, Florida and every other location our thrift stores will be located all over Florida. We have conducted our market research and we have ideas of what our target market would be expecting from us.

We are in business to retail a wide range of secondhand goods and even new goods to the following groups of people;

Households
Bachelors and Spinsters
Corporate Executives
Business People
About to wed couples
Expectant Mothers
Sports Men and Women
Students
Tourists

Our Competitive Advantage

The fact that starting a thrift store/resale shop business is easy to start, requires low start – up capital, requires no technical skills and it is a profitable venture makes it one of the businesses that loads of people would want to start hence the high level of competition in the industry.

It is easier to find stiffer competitions amongst those who are into the sale of used items that are highly affordable especially items such as clothes and shoes.

The truth is that, despite the level of competition in the thrift store/resale shop business, entrepreneurs who are running the business are still making their profits and some of them generate as high as 50 percent turnover rate especially those that are well positioned and over time have been able to secure loads of loyal customers.

Heart of Gold® Thrift Store, Inc. is launching a standard thrift store business that will indeed become the preferred choice of residence of Orlando, Florida. Our thrift store is located in a corner piece property on a busy road directly opposite one of the largest residential estates in Orlando, Florida. We have enough parking spaces that can accommodate well over 50 cars per time.

One thing is certain; we will ensure that we have a wide range of products available in our store at all times. It will be difficult for customers to visit our store and not see the product that they are looking for. One of our business goals is to make Heart of Gold® Thrift Store, Inc. a one stop shop. Our excellent customer service culture, online store, various payment options and highly secured facility will serve as a competitive advantage for us.

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

9. SALES AND MARKETING STRATEGY

Sources of Income

Heart of Gold® Thrift Store, Inc. is in business to retail a wide range of secondhand goods to the residence of Orlando, Florida. We are in the thrift stores industry to maximize profits and we are going to go all the way out to ensure that we achieve or business goals and objectives.

In essence, our source of income will be the retailing of a wide range of secondhand goods and new goods at affordable prices. We will generate income by;

Retailing used apparel (Clothing, accessories and footwear)
Retailing used books
Retailing used furniture (Furniture, kitchenware and home furnishings)
Retailing used household appliances
Retailing used merchandise
Retailing used sporting goods
Retailing other used goods

10. Sales Forecast

One thing is certain when it comes to thrift stores, if your store is well stocked and centrally positioned, you will always attract customers cum sales and that will sure translate to increase in revenue generation for the business.

We are well positioned to take on the available market in Orlando, Florida and we are quite optimistic that we will meet our set target of generating enough income/profits from the first six month of operations and grow the business and our clientele base.

We have been able to critically examine the thrift stores industry and we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The sales projections are based on information gathered on the field and some assumptions that are peculiar to startups in Orlando, Florida.

Below are the sales projection for Heart of Gold® Thrift Store, Inc., it is based on the location of our business, our charity cause and other factors as it relates to thrift stores start – ups in the United States;

First Fiscal Year-: $120,000
Second Fiscal Year-: $250,000
Third Fiscal Year-: $450,000

N.B: This projection is done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and there won’t be any major competitor offering same products and customer care services as we do within same location. Please note that the above projection might be lower and at the same time it might be higher.

Marketing Strategy and Sales Strategy

Before choosing a location for Heart of Gold® Thrift Store, Inc., we conducted a thorough market survey and feasibility studies in order for us to be able to penetrate the available market and become the preferred choice for residence of Orlando, Florida. We have detailed information and data that we were able to utilize to structure our business to attract the numbers of donors and customers we want to attract per time.

We hired experts who have good understanding of the thrift stores industry to help us develop marketing strategies that will help us achieve our business goal of winning a larger percentage of the available market in Orlando.

In a bid to continue to be in business and grow, we must continue to receive donation of goods from residence and also sell the goods that are available in our store which is why we will go all out to empower or sales and marketing team to deliver.

In summary, Heart of Gold® Thrift Store, Inc. will adopt the following sales and marketing approach to win customers over;

Open our thrift store in a grand style with a party for all.
Introduce our thrift store by sending introductory letters alongside our brochure to organizations, households and key stake holders in Orlando, Florida
Ensure that we have a wide range of secondhand goods in our store at all times.
Make use of attractive hand bills to create awareness and also to give direction to our thrift store
Position our signage/flexi banners at strategic places around Orlando
Position our greeters to welcome and direct potential customers
Create a loyalty plan that will enable us reward our regular customers and donors
Engage on road shows within our neighborhood to create awareness for our thrift store.

11. Publicity and Advertising Strategy

Despite the fact that our thrift store is well located and our charity cause if worthy of pursue, we will still go ahead to intensify publicity for the business. We are going to explore all available means to promote our thrift store.

Heart of Gold® Thrift Store, Inc. has a long term plan of opening outlets in various locations all around Florida which is why we will deliberately build our brand to be well accepted in Orlando before venturing out. As a matter of fact, our publicity and advertising strategy is not solely for winning customers over but to effectively communicate our brand and receive donations from the good people of the Florida and the United States.

Here are the platforms we intend leveraging on to promote and advertise Heart of Gold® Thrift Store, Inc.;

Place adverts on community based newspapers, radio stations and TV stations.
Encourage the use of word of mouth publicity from our loyal customers
Leverage on the internet and social media platforms like; YouTube, Instagram, Facebook ,Twitter, LinkedIn, Snapchat, Badoo, Google+ and other platforms to promote our business.
Ensure that our we position our banners and billboards in strategic positions all around Orlando, Florida
Distribute our fliers and handbills in target areas in and around our neighborhood
Contact corporate organizations, households, landlord associations and schools by calling them up and informing them of Heart of Gold® Thrift Store, Inc., our charity cause and the products we sell
Advertise our thrift store business in our official website and employ strategies that will help us pull traffic to the site
Brand all our official cars and vans and ensure that all our staff members and management staff wears our branded shirt or cap at regular intervals.

12. Our Pricing Strategy

Pricing is one of the key factors that gives leverage to thrift stores, it is normal for consumers to go to places (retail outlets) where they can get goods at cheaper price which is why big player in the thrift stores industry like Goodwill Industries International Inc., Savers and The Salvation Army and co will attract loads of consumers. Products in their store are tagged with the cheapest price you can get anywhere in the United States.

We know we don’t have the capacity to compete with Goodwill Industries International Inc., Savers and The Salvation Army and co but we will ensure that the prices of all the products that are available in our store are competitive with what is obtainable amongst thrift stores within our level.

Payment Options

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

Here are the payment options that Heart of Gold® Thrift Store, Inc. will make available to her clients;

Payment via bank transfer
Payment with cash
Payment via POS
Payment via mobile money platform
Payment via online bank transfer
Payment via check
Payment via bank draft

In view of the above, we have chosen banking platforms that will enable our client make payment for farm produces purchase without any stress on their part. Our bank account numbers will be made available on our website and promotional materials to clients who may want to deposit cash or make online transfer for good purchased from our store.

13. Startup Expenditure (Budget)

In setting up any business, the amount or cost will depend on the approach and scale you want to undertake. If you intend to go big by renting a place, then you would need a good amount of capital as you would need to ensure that your employees are well taken care of, and that your facility is conducive enough for workers to be creative and productive.

This means that the start-up can either be low or high depending on your goals, vision and aspirations for your business.

The tools and equipment that will be used are nearly the same cost everywhere, and any difference in prices would be minimal and can be overlooked. As for the detailed cost analysis for starting a thrift store business; it might differ in other countries due to the value of their money.

These are the key areas where we will spend our start – up capital;

The Total Fee for Registering the Business in Orlando, Florida – $750.
Legal expenses for obtaining licenses and permits as well as the accounting services (software, P.O.S machines and other software) – $3,300.
Marketing promotion expenses for the grand opening of Peak Lane Grocery Store, Inc. in the amount of $3,500 and as well as flyer printing (2,000 flyers at $0.04 per copy) for the total amount of $3,580.
The cost for hiring Consultant – $2,500.
The cost for insurance (general liability, workers’ compensation and property casualty) coverage at a total premium – $2,400.
The cost for payment of rent for 12 month at $1.76 per square feet in the total amount of $105,600.
The cost for Shop remodeling (construction of racks and shelves) – $10,000.
Other start-up expenses including stationery ($500) and phone and utility deposits ($2,500).
Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $60,000
Storage hardware (bins, rack, shelves, food case) – $3,720
The cost for counter area equipment (counter top, sink, ice machine, etc.) – $9,500
Cost for serving area equipment (plates, glasses, flatware) – $3,000
Cost for store equipment (cash register, security, ventilation, signage) – $13,750
Cost of purchase and installation of CCTVs: $7,000
The cost for the purchase of furniture and gadgets (Computers, Printers, Telephone, TVs, Sound System, tables and chairs et al): $4,000.
The cost of Launching a Website: $600
The cost for our opening party: $7,000
Miscellaneous: $10,000

We would need an estimate of $200,000 to successfully set up a standard thrift store in Orlando, Florida. Please note that this amount includes the salaries of all the staff for the first month of operation.

Generating Funding/Startup Capital for Heart of Gold® Thrift Store, Inc.

Heart of Gold® Thrift Store, Inc. is a charitable business that is solely owned and financed by Bernie Vandross and his immediate family members. They do not intend to welcome any external business partner which is why he has decided to restrict the sourcing of the start – up capital to 3 major sources.

These are the areas we intend generating our start – up capital;

Generate part of the start – up capital from personal savings
Source for soft loans from family members and friends
Apply for loan from my Bank

N.B: We have been able to generate about $50,000 (Personal savings $40,000 and soft loan from family members $10,000) and we are at the final stages of obtaining a loan facility of $150,000 from our bank. All the papers and document have been signed and submitted, the loan has been approved and any moment from now our account will be credited with the amount.

14. Sustainability and Expansion Strategy

The future of a business lies in the numbers of loyal customers that they have the capacity and competence of the employees, their investment strategy and the business structure. If all of these factors are missing from a business (company), then it won’t be too long before the business close shop.

One of our major goals of starting Heart of Gold® Thrift Store, Inc. is to build a business cum charity organization that will survive off its own cash flow without the need for injecting finance from external sources once the business is officially running.

We know that one of the ways of gaining approval and winning customers and donors over is to project our charitable cause and to sell our products a little bit cheaper than what is obtainable amongst thrift stores and other resell stores and we are well prepared to survive on lower profit margin for a while.

Heart of Gold® Thrift Store, Inc. will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare is well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and re – training of our workforce (volunteers inclusive) is at the top burner.

As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of three years or more. We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.

Check List / Milestone

Business Name Availability Check:>Completed
Business Registration: Completed
Opening of Corporate Bank Accounts: Completed
Securing Point of Sales (POS) Machines: Completed
Opening Mobile Money Accounts: Completed
Opening Online Payment Platforms: Completed
Application and Obtaining Tax Payer’s ID: In Progress
Application for business license and permit: Completed
Purchase of Insurance for the Business: Completed
Leasing of facility and remodeling the store: In Progress
Conducting Feasibility Studies: Completed
Generating capital from family members: Completed
Applications for Loan from the bank: In Progress
Writing of Business Plan: Completed
Drafting of Employee’s Handbook: Completed
Drafting of Contract Documents and other relevant Legal Documents: In Progress
Design of The Company’s Logo: Completed
Graphic Designs and Printing of Packaging Marketing / Promotional Materials: In Progress
Recruitment of employees: In Progress
Purchase of the Needed furniture, racks, shelves, computers, electronic appliances, office appliances and CCTV: In progress
Creating Official Website for the Company: In Progress
Creating Awareness for our charity cause and the business both online and around the community: In Progress
Health and Safety and Fire Safety Arrangement (License): Secured
Opening party / launching party planning: In Progress
Compilation of our list of products that will be available in our store: Completed
Establishing business relationship with donors – suppliers of goods: In Progress