thrift shop business plan sample

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

Thrift Store Business Plan Template

Written by Dave Lavinsky

Thrift Store Business Plan

Over the past 20+ years, we have helped over 500 entrepreneurs and thrift store owners create business plans to start and grow their thrift 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 thrift store business plan template step-by-step so you can create your plan today.

Download our Ultimate Business Plan Template here >

What is a Thrift Store Business Plan?

A business plan provides a snapshot of your thrift 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 a Thrift Store

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

Sources of Funding for Thrift Store

With regards to funding, the main sources of funding for a thrift store are personal savings, credit cards, 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 also want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business. Personal savings and bank loans are the most common funding paths for thrift stores.

Finish Your Business Plan Today!

How to write a business plan for a thrift store.

If you want to start a thrift store or expand your current one, you need a business plan. Below are links to each section of your thrift store business plan template:

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 thrift store you are operating and the status. For example, are you a startup, do you have a thrift store that you would like to grow, or are you operating thrift stores in multiple markets?

Next, provide an overview of each of the subsequent sections of your plan. For example, give a brief overview of the thrift store industry. Discuss the type of thrift 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 thrift store you are operating.

For example, you might operate one of the following types of thrift stores:

• Vintage thrift store : this type of thrift store specializes in buying and selling retro-type clothes, shoes, etc. The items are usually aged over ten years.
• Consignment thrift store: this type of thrift store buys and sells more expensive types of clothing, shoes, jewelry, etc. They are usually luxury items that can be resold if in good condition.
• Goodwill thrift store: this type of thrift store will take donations of all monetary values. The store will also employ more disadvantaged workers and is a charitable benefit to the community.

In addition to explaining the type of thrift store you will 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 the number of customers served, number of positive reviews, reaching X amount of customers served, 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 thrift store industry. While this may seem unnecessary, it serves multiple purposes.

First, researching the thrift 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.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 thrift store business plan:

• How big is the thrift store industry (in dollars)?
• Is the market declining or increasing?
• Who are the key competitors in the 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 thrift store? You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.

Customer Analysis

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

The following are examples of customer segments: individuals, families, and the low income population. 

As you can imagine, the customer segment(s) you choose will have a great impact on the type of thrift store you operate. Clearly, families would respond to different marketing promotions than college students, for example.

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.

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.

Finish Your Thrift Store Business Plan in 1 Day!

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

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

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 thrift stores. 

Indirect competitors are other options that customers have to purchase from that aren’t direct competitors. This includes large retail stores, estate sales, neighborhood garage sales, etc.

With regards to direct competition, you want to describe the other thrift stores with which you compete. Most likely, your direct competitors will be thrift stores located very close to your location.

For each such 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 thrift stores do they operate?
• What areas do they serve?
• What types of customers do they serve?
• 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. And don’t be afraid to ask your competitors’ customers what they like most and least about them.

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

• Will you provide thrift store items that your competitors don’t offer?
• Will you provide better employment opportunities?
• 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 thrift store business plan, your marketing plan should include the following:

Product : In the product section, you should reiterate the type of thrift store that you documented in your Company Analysis. Then, detail the specific services you will be offering. For example, in addition to thrift store services, will you provide skating instruction and training, an area for food and drink, private parties, and any other services?

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 services you offer and their prices.

Place : Place refers to the location of your thrift store. Document your location and mention how the location will impact your success. For example, is your thrift store located near a school, a busy neighborhood, or an urban setting, etc. Discuss how your location might be the ideal location for your customers.

Promotions : The final part of your thrift store 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:

• Advertising in local papers and magazines
• Commercials
• Social media marketing
• Local radio advertising
• Word-of-mouth

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 thrift store, including cleaning and maintaining the thrift store, inventory of items, scheduling of staff, taking in new inventory, marketing, etc.

Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to obtain your XXth customer, or when you hope to reach $X in revenue. It could also be when you expect to expand your thrift store to a new location.  

Management Team

To demonstrate your thrift store’ ability to succeed, 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 managing thrift stores. 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 managing a thrift store or have nonprofit and community relations experience.  

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 do a 20% markup on purchased intake of inventory or will you sell donations people drop off for a low cost ? 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 : Balance sheets show your assets and liabilities. While balance sheets can include much information, try to simplify them to the key items you need to know about. For instance, if you spend $50,000 on building out your thrift store, this 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 $50,000, 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. 

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

• Cost of thrift store construction and facility build-out
• Cost of thrift store supplies
• Cost of marketing the thrift store
• 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 list of items your thrift store will offer, types of customers you will be targeting, and the areas your thrift store will serve.  

Putting together a business plan for your thrift store is a worthwhile endeavor. If you follow the template above, by the time you are done, you will truly be an expert. You will really understand the thrift store industry, 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 thrift store.  

Thrift Store Business Plan FAQs

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

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

What is the Goal of a Business Plan's Executive Summary?

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

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

OR, Let Us Develop Your Plan For You

Since 1999, Growthink has developed business plans for thousands of companies who have gone on to achieve tremendous success.   Click here to see how Growthink’s business planning advisors can create your business plan for you.

Other Helpful Business Plan Articles & Templates

Thrift Business Plan Template & Guidebook

Starting a thrift business can be an exciting and profitable venture for budding entrepreneurs. But, it's important to remember that the success of your thrift store depends on having an organized, comprehensive business plan in place. To help you create a road map for your thrift shop, use the #1 Thrift Business Plan Template & Guidebook. This comprehensive guide will show you not only how to write a business plan but also provide you with detailed instructions on how to navigate the process from beginning to end. You’ll be well on your way to developing a successful thrift business – with confidence – in no time!

Get worry-free services and support to launch your business starting at $0 plus state fees.

• How to Start a Profitable Thrift Business [11 Steps]
• 10+ Best & Profitable Thrift Business Ideas [2023]

How to Write a Thrift Business Plan in 7 Steps:

1. describe the purpose of your thrift business..

The first step to writing your business plan is to describe the purpose of your thrift business. This includes describing why you are starting this type of business, and what problems it will solve for customers. This is a quick way to get your mind thinking about the customers’ problems. It also helps you identify what makes your business different from others in its industry.

It also helps to include a vision statement so that readers can understand what type of company you want to build.

Here is an example of a purpose mission statement for a thrift business:

Our purpose is to offer quality pre-owned products to our customers at an affordable price while helping to reduce the environmental impact of over-consumption and waste. We strive to build strong relationships with our customers and provide exceptional customer service. We will use the profits from our business to help support local charities and organizations dedicated to sustainability, recycling, and environmental awareness.

2. Products & Services Offered by Your Thrift Business.

The next step is to outline your products and services for your thrift business. 

When you think about the products and services that you offer, it's helpful to ask yourself the following questions:

• What is my business?
• What are the products and/or services that I offer?
• Why am I offering these particular products and/or services?
• How do I differentiate myself from competitors with similar offerings?
• How will I market my products and services?

You may want to do a comparison of your business plan against those of other competitors in the area, or even with online reviews. This way, you can find out what people like about them and what they don’t like, so that you can either improve upon their offerings or avoid doing so altogether.

3. Build a Creative Marketing Stratgey.

If you don't have a marketing plan for your thrift business, it's time to write one. Your marketing plan should be part of your business plan and be a roadmap to your goals. 

A good marketing plan for your thrift business includes the following elements:

Target market

• Who is your target market?
• What do these customers have in common?
• How many of them are there?
• How can you best reach them with your message or product?

Customer base 

• Who are your current customers? 
• Where did they come from (i.e., referrals)?
• How can their experience with your thrift business help make them repeat customers, consumers, visitors, subscribers, or advocates for other people in their network or industry who might also benefit from using this service, product, or brand?

Product or service description

• How does it work, what features does it have, and what are its benefits?
• Can anyone use this product or service regardless of age or gender?
• Can anyone visually see themselves using this product or service?
• How will they feel when they do so? If so, how long will the feeling last after purchasing (or trying) the product/service for the first time?

Competitive analysis

• Which companies are competing with yours today (and why)? 
• Which ones may enter into competition with yours tomorrow if they find out about it now through word-of-mouth advertising; social media networks; friends' recommendations; etc.)
• What specific advantages does each competitor offer over yours currently?

Marketing channels

• Which marketing channel do you intend to leverage to attract new customers?
• What is your estimated marketing budget needed?
• What is the projected cost to acquire a new customer?
• How many of your customers do you instead will return?

Form an LLC in your state!

4. Write Your Operational Plan.

Next, you'll need to build your operational plan. This section describes the type of business you'll be running, and includes the steps involved in your operations. 

In it, you should list:

• The equipment and facilities needed
• Who will be involved in the business (employees, contractors)
• Financial requirements for each step
• Milestones & KPIs
• Location of your business
• Zoning & permits required for the business

What equipment, supplies, or permits are needed to run a thrift business?

• Computer and cash register
• Inventory management system for tracking sales and purchases
• Shelving, racks, or other furniture for storing merchandise
• Security system (cameras, alarms, etc.) to protect merchandise and guard against theft
• Adequate lighting for store hours
• Signs for advertising and/or regulations inside store
• Insurances to cover property against fire, theft, etc.
• Licenses or permits required by local authorities (including the Department of Health in some states)

5. Management & Organization of Your Thrift Business.

The second part of your thrift business plan is to develop a management and organization section.

This section will cover all of the following:

• How many employees you need in order to run your thrift business. This should include the roles they will play (for example, one person may be responsible for managing administrative duties while another might be in charge of customer service).
• The structure of your management team. The higher-ups like yourself should be able to delegate tasks through lower-level managers who are directly responsible for their given department (inventory and sales, etc.).
• How you’re going to make sure that everyone on board is doing their job well. You’ll want check-ins with employees regularly so they have time to ask questions or voice concerns if needed; this also gives you time to offer support where necessary while staying informed on how things are going within individual departments too!

6. Thrift Business Startup Expenses & Captial Needed.

This section should be broken down by month and year. If you are still in the planning stage of your business, it may be helpful to estimate how much money will be needed each month until you reach profitability.

Typically, expenses for your business can be broken into a few basic categories:

Startup Costs

Startup costs are typically the first expenses you will incur when beginning an enterprise. These include legal fees, accounting expenses, and other costs associated with getting your business off the ground. The amount of money needed to start a thrift business varies based on many different variables, but below are a few different types of startup costs for a thrift business.

Running & Operating Costs

Running costs refer to ongoing expenses related directly with operating your business over time like electricity bills or salaries paid out each month. These types of expenses will vary greatly depending on multiple variables such as location, team size, utility costs, etc.

Marketing & Sales Expenses

You should include any costs associated with marketing and sales, such as advertising and promotions, website design or maintenance. Also, consider any additional expenses that may be incurred if you decide to launch a new product or service line. For example, if your thrift business has an existing website that needs an upgrade in order to sell more products or services, then this should be listed here.

7. Financial Plan & Projections

A financial plan is an important part of any business plan, as it outlines how the business will generate revenue and profit, and how it will use that profit to grow and sustain itself. To devise a financial plan for your thrift business, you will need to consider a number of factors, including your start-up costs, operating costs, projected revenue, and expenses. 

Here are some steps you can follow to devise a financial plan for your thrift business plan:

• Determine your start-up costs: This will include the cost of purchasing or leasing the space where you will operate your business, as well as the cost of buying or leasing any equipment or supplies that you need to start the business.
• Estimate your operating costs: Operating costs will include utilities, such as electricity, gas, and water, as well as labor costs for employees, if any, and the cost of purchasing any materials or supplies that you will need to run your business.
• Project your revenue: To project your revenue, you will need to consider the number of customers you expect to have and the average amount they will spend on each visit. You can use this information to estimate how much money you will make from selling your products or services.
• Estimate your expenses: In addition to your operating costs, you will need to consider other expenses, such as insurance, marketing, and maintenance. You will also need to set aside money for taxes and other fees.
• Create a budget: Once you have estimated your start-up costs, operating costs, revenue, and expenses, you can use this information to create a budget for your business. This will help you to see how much money you will need to start the business, and how much profit you can expect to make.
• Develop a plan for using your profit: Finally, you will need to decide how you will use your profit to grow and sustain your business. This might include investing in new equipment, expanding the business, or saving for a rainy day.

Frequently Asked Questions About Thrift Business Plans:

Why do you need a business plan for a thrift business.

A business plan for a thrift business is necessary to provide direction and guidance for launching, managing, and growing the business. It helps determine the startup capital required and identifies potential areas of revenue. Additionally, it can provide a benchmark to measure success as the business progresses over time, enabling an entrepreneur to adjust strategies quickly and make informed decisions.

Who should you ask for help with your thrift business plan?

It is always a good idea to get input from experts in the field and those who have experience starting and running a business. This could include a qualified business consultant, accountant, lawyer, and/or mentor. Additionally, you may want to research resources available from government or local small business agencies.

Can you write a thrift business plan yourself?

Yes, it is possible to write a thrift business plan yourself. Creating a thorough business plan is one of the most important steps when launching a new project, especially if it involves a lot of money. To write your own thrift business plan, start by researching the market and competitors, list out your goals and objectives, identify potential funding sources, create a budget and determine how you will measure success. Additionally, make sure to cover topics such as strategies for marketing, inventory management and staffing.

Related Business Plans

Home Inventory Business Plan Template & Guidebook

Home Inspection Business Plan Template & Guidebook

Home Decor Business Plan Template & Guidebook

Health And Wellness Business Plan Template & Guidebook

Hauling Business Plan Template & Guidebook

Hardware Business Plan Template & Guidebook

Handyman Business Plan Template & Guidebook

Hair Extension Business Plan Template & Guidebook

Handbag Business Plan Template & Guidebook

I'm Nick, co-founder of newfoundr.com, dedicated to helping aspiring entrepreneurs succeed. As a small business owner with over five years of experience, I have garnered valuable knowledge and insights across a diverse range of industries. My passion for entrepreneurship drives me to share my expertise with aspiring entrepreneurs, empowering them to turn their business dreams into reality.

Through meticulous research and firsthand experience, I uncover the essential steps, software, tools, and costs associated with launching and maintaining a successful business. By demystifying the complexities of entrepreneurship, I provide the guidance and support needed for others to embark on their journey with confidence.

From assessing market viability and formulating business plans to selecting the right technology and navigating the financial landscape, I am dedicated to helping fellow entrepreneurs overcome challenges and unlock their full potential. As a steadfast advocate for small business success, my mission is to pave the way for a new generation of innovative and driven entrepreneurs who are ready to make their mark on the world.

Item added to your cart

How to write a business plan for your thrift store.

Starting a thrift store is a great way to reduce waste and support the local community.

It can provide affordable and sustainable clothing and household items to those in need, while also creating job opportunities and raising funds for local charities.

But, first thing first, you need to write a business plan.

A business plan is an essential step before starting any project, as it will provide a clear roadmap and goals for the project. Additionally, it can help to identify potential risks and opportunities associated with the project.

In short, a thorough business plan will help make sure your thrift store is profitable .

What are the essential parts of a business plan for a thrift store? How can it be presented clearly? Which performance indicators should be included in the financials? What's the best way to create a business plan quickly and effectively?

Good news, you can find all the answers to these questions in the forthcoming article!

Finally, please note that you don't have to start your business plan from scratch.

You can download our comprehensive business plan for a thrift store and adjust it to match your preferences.

Crafting a business plan for a thrift store

Is it worth considering a business plan for your thrift store.

Yes, you should consider creating a business plan for your thrift store.

Developing a robust business plan will enable you to:

• learn about the thrift store market
• be knowledgeable about the industry's latest trends
• highlight what makes a thrift store thriving
• understand the items and styles that attract customers seeking second-hand goods
• find a unique value proposition for your secondhand shop
• compare and contrast competitor offerings
• find competitive advantages for your thrift store
• find a business model that creates a path to financial viability
• develop and execute a comprehensive long-term action plan
• identify and manage risks related to inventory, pricing, and customer safety to operate a successful thrift store

Our team has created a business plan for a thrift store that is designed to make it easier for you to achieve all the elements listed.

How to outline a business plan for a thrift store?

Inside a business plan, you'll come across a lot of important information and details. There should be a clear structure, to make easy to read and digest.

When we built our business plan for a thrift store , we made sure it had a proper structure.

The content is arranged in 5 sections (Opportunity, Project, Market Research, Strategy and Finances).

1. Market Opportunity

The section number one is titled "Market Opportunity."

Explore this section to access comprehensive data and insights related to the thrift store business, enabling you to understand market trends and cater to budget-conscious shoppers.

We constantly update all the data there.

2. Project Presentation

In the "Project" section, you can outline your thrift store, highlighting the range of second-hand items you offer, such as clothing, accessories, furniture, and household goods, your commitment to sustainability, community impact initiatives, affordable pricing, and the unique value proposition that promotes sustainable and budget-friendly shopping options.

Also include a short description about yourself at the end of this section.

Explain your passion for sustainable fashion, your knowledge of thrifted items, and how you plan to create a unique and affordable shopping experience for customers. Highlight your commitment to offering quality second-hand items, your variety of clothing and accessories, and your dedication to promoting a circular economy by giving pre-loved items a new life through your thrift store.

We've composed text for you in our business plan. Tailor it to fit your idea exactly.

3. Market Research

Moving on, there's the "Market Research" section.

This section describes the target audience for your thrift store.

It includes a comprehensive analysis of competitors in the thrift store industry and emphasizes your store's unique selection of secondhand items and competitive advantages.

A tailored SWOT analysis is provided as well.

4. Strategy

Within the "Strategy" section, a 3-year development plan is outlined, specifying the necessary initiatives to make your thrift store highly profitable.

Furthermore, there is a marketing strategy for a thrift store, a way to manage risks, and a completed Business Model Canvas included in this section.

5. Finances

To summarize, you'll find the "Finances" section, which contains all the financial data and metrics related to your project.

How to write an Executive Summary for a thrift store?

The Executive Summary can be seen as a condensed overview of the business plan of your thrift store.

Don't surpass 2 pages; only include the necessary details.

It's the initial section that a bank will read when you bring them your business plan. It should make them interested and want to read the rest of the plan.

In the Executive Summary of your thrift store, answer these questions: what products do you sell in your thrift store? who is your target audience? are there other thrift stores in the vicinity? what makes your store special? what funding do you require?

How to do the market analysis for a thrift store?

Conducting a market study for your thrift store helps you grasp external factors like customer demands for second-hand items, competition within the thrift industry, and emerging trends in sustainable fashion.

By conducting an extensive market study, a thrift store can understand consumer preferences, offer affordable and unique secondhand items, optimize pricing strategies, and execute targeted marketing campaigns, ultimately leading to a loyal customer base, increased sales, and a prominent presence in the local thrift market.

You'll discover the following in the "Market Research" section of our business plan for a thrift store :

• recent data and statistics about thrift stores, including secondhand clothing trends, sustainable fashion movements, and the growth of thrift shopping
• a list of potential customer segments for a thrift store
• the competitor study
• the potential competitive advantages for a thrift store

The key points of the business plan for a thrift store

What's the business model of a thrift store, business model of a thrift store.

A thrift store's business model revolves around selling second-hand clothing, accessories, furniture, or other pre-owned items to customers. Revenue is generated through product sales, potentially accepting donations or consignments.

The business model focuses on curating quality and unique thrifted items, providing exceptional customer service, creating an organized and inviting store environment, effective marketing to target thrift shoppers, and building strong customer relationships based on sustainable fashion and value.

Success depends on maintaining a steady supply of thrifted goods, delivering affordable and well-preserved items, fostering positive customer experiences and recommendations, and continuously adapting to customer fashion trends and preferences in the thrift market.

Business model ≠ Business plan

Don't confuse "business plan" with "business model."

A business model is a framework that demonstrates how a company operates profitably and adds value to customers.

In a business plan, you outline your business model employing a framework referred to as the Business Model Canvas.

Rest assured, there is a Business Model Canvas (already completed) in our business plan for a thrift store .

How do you identify the market segments of a thrift store?

Market segmentation for your thrift store involves dividing your potential customers into different groups based on their shopping preferences, style choices, and demographics.

These categories may include factors such as vintage clothing, second-hand furniture, home decor, or customers seeking specific thrift store experiences or items (e.g., designer brands, sustainable fashion).

By segmenting your market, you can offer a thrift store experience and product selection that caters to each segment's specific requirements. For example, you might focus on vintage clothing and offer a curated collection of retro and unique fashion pieces for customers seeking one-of-a-kind styles, provide a variety of second-hand furniture options for individuals looking to furnish their homes affordably and sustainably, specialize in home decor items and offer a range of vintage and upcycled decor pieces, or focus on specific thrift store experiences or items such as designer brands or sustainable fashion to cater to customers with specific preferences or ethical considerations.

Market segmentation allows you to effectively target your marketing efforts, create visually appealing displays, and provide a satisfying and eco-friendly shopping experience that meets the unique needs and preferences of each customer segment.

In the business plan for a thrift store , you will find a comprehensive market segmentation that will help you better understand your potential customers.

How to conduct a competitor analysis for a thrift store?

Without surprise, you won't be the only thrift store in your area. There will be other second-hand stores offering affordable and unique clothing and goods to customers.

When crafting your business plan, it's important to assess your competitors in detail, considering their traits, strengths, and weaknesses.

Identify their weaknesses (such as poor clothing quality, inadequate inventory management, or lack of popular fashion trends).

Why should you focus on these elements? Well, these weaknesses can hinder the success of thrift stores. By addressing these aspects, you can offer a well-organized and diverse selection of secondhand items, provide affordable and budget-friendly prices, and deliver friendly and helpful customer service, positioning your thrift store as a preferred choice for thrift shoppers and environmentally conscious consumers.

It's what we call competitive advantages—work on developing them for a distinct business identity.

Here are some examples of competitive advantages for a secondhand store: wide selection of quality secondhand items, affordable prices, eco-friendly shopping experience.

How to draft a SWOT analysis for a secondhand store?

A SWOT analysis can help identify the strengths, weaknesses, opportunities, and threats of starting a thrift store, allowing for informed decision-making and a better chance of success.

As you can guess, there is indeed a completed and editable SWOT matrix in our business plan for a thrift store

The strengths for a thrift store

The "S" in SWOT symbolizes Strengths, highlighting the project's internal factors that give it a competitive edge.

For a thrift store, strengths could include offering quality merchandise at low prices, providing a wide selection of items, having knowledgeable staff, and offering convenient hours.

The weaknesses for a thrift store

The letter "W" signifies Weaknesses, which are the weak points of the project that need to be addressed.

For a thrift store, potential weaknesses could include limited selection, lack of marketing, limited customer service, and lack of financial resources.

The opportunities for a thrift store

O represents Opportunities in SWOT, referring to the external factors or circumstances that can offer growth opportunities for the project.

In the case of a thrift store, potential opportunities could include expanding into online sales, partnering with other local businesses, offering delivery services, and hosting special events.

The threats for a thrift store

The "T" in SWOT symbolizes Threats, indicating the potential risks or unfavorable factors that the project should be prepared for.

How to craft a marketing strategy for a secondhand store?

A marketing strategy is an important part of a business plan as it outlines how a business will attract customers and drive revenue.

A thrift store can attract bargain hunters and eco-conscious shoppers by developing an effective marketing strategy that highlights the store's affordable prices, diverse inventory, and commitment to sustainable fashion.

Shoppers won't visit your secondhand store without proper promotion; emphasizing the quality, affordability, and unique finds available is necessary.

Have you explored marketing approaches to attract customers to your thrift store? Consider organizing charity events or donation drives, collaborating with local fashion influencers or stylists for brand endorsements, and utilizing social media platforms to showcase unique finds and affordable fashion.

No need to worry if you have no understanding of marketing and communication.

How to build a solid financial plan for a secondhand store?

A comprehensive business plan requires a thorough analysis of financial data to ensure its success.

It is essential to include revenue forecasts for your thrift store.

To instill trust and confidence in potential investors, your business plan should have revenue projections that are reasonable and backed by sound assumptions.

Our financial plan for a thrift store is user-friendly, providing automated validations that allow you to rectify any assumptions swiftly. This guarantees the creation of credible projections with ease and assurance.

Of course, you will need to create a preliminary budget for your thrift store. Don't forget any expense (we have listed them all in our financial plan !).

A key aspect of your financial plan is the break-even analysis, which helps determine whether your thrift store will be profitable or not.

• Choosing a selection results in a full page refresh.
• Opens in a new window.

We earn commissions if you shop through the links below.  Read more

Thrift Store

Back to All Business Ideas

How to Start a Thrift Store

Written by: Carolyn Young

Carolyn Young is a business writer who focuses on entrepreneurial concepts and the business formation. She has over 25 years of experience in business roles, and has authored several entrepreneurship textbooks.

Edited by: David Lepeska

David has been writing and learning about business, finance and globalization for a quarter-century, starting with a small New York consulting firm in the 1990s.

Published on December 31, 2021 Updated on May 14, 2024

Investment range

$2,550 - $35,100

Revenue potential

$156,000 - $780,000 p.a.

Time to build

1 – 3 months

Profit potential

$125,000 - $234,000 p.a.

Industry trend

Thrift stores can be full of treasures that someone else didn’t want, from clothing to trinkets to furniture. The US thrift store industry is valued at over $10 billion and growing. Whether you decide to specialize in vintage clothing, furniture, or a variety of items, you can make a profit by opening your own thrift store. 

You could also follow the path of a business like Goodwill and have a social mission with your thrift store. Goodwill’s mission is to divert items that would be discarded away from landfills to offer them at affordable prices to customers, while actively helping job seekers find employment in their stores.

Launching and running a thrift store will have challenges and will require work and time to get started. This step-by-step guide has all the relevant information and insight that you need to move forward and begin your entrepreneurial journey.

Looking to register your business? A limited liability company (LLC) is the best legal structure for new businesses because it is fast and simple.

Form your business immediately using ZenBusiness LLC formation service or hire one of the Best LLC Services .

Step 1: Decide if the Business Is Right for You

Pros and cons.

Every business, including a thrift store business, has pros and cons that you should consider before deciding if it’s the right path for you.

• Community Service – Save items from landfills and provide them at affordable prices
• Online Opportunity – You can start your thrift store as an online business
• Growing Market – Re-sale items are in high demand
• High Startup Costs – Costs to open a physical location are high
• Time-Consuming – You’ll have to find merchandise as well as sell it

Thrift store industry trends

Younger consumers are driving the growth of the market. Over 40% of resale apparel shoppers are Gen Zers and millennials.(( https://www.thredup.com/resale/#whos-thrifting-and-why )) 

Companies like Poshmark and ThredUp are booming, buying and reselling high-end fashion items . This presents a tremendous opportunity for a go-getter entrepreneur to start an online thrift marketplace without the startup costs and overhead expenses of a physical store.

Industry size and growth

• Industry size and past growth – Market analyst IBISWorld values the US thrift store industry at nearly $11 billion, after an average annual growth of 1% in the past five years.(( https://www.ibisworld.com/industry-statistics/market-size/thrift-stores-united-states/ ))  
• Growth forecast – The $35 billion resale industry is expected to grow more than double in the next 5 years to reach $82 billion, according to a report by ThredUp, a resale company.(( https://www.thredup.com/resale/#size-and-impact )) 
• Number of businesses – More than 26,000 thrift stores are operating in the US.(( https://www.ibisworld.com/industry-statistics/number-of-businesses/thrift-stores-united-states/ ))
• Number of people employed – Thrift stores in the US employ around 140,000 people.(( https://www.ibisworld.com/industry-statistics/employment/thrift-stores-united-states/ ))

Trends and challenges

Trends shaping thrift stores are:

• Online thrifting, resale, and vintage shopping are becoming popular
• Employment of content creators and use of social media in promoting thrift stores
• Growing awareness of environment-friendly and sustainable fashion products

Challenges faced by thrift stores include:

• Overcoming the negative stigma associated with secondhand or recycled clothing
• Highly competitive landscape

What kind of people work in thrift stores?

• Gender – 72% of storekeepers in the US are male, while 28% are female.(( https://www.zippia.com/storekeeper-jobs/demographics/#gender-statistics ))
• Average level of education – 33% of storekeepers hold a bachelor’s degree and 31% have a high school diploma.(( https://www.zippia.com/storekeeper-jobs/demographics/#degree-level-types ))
• Average age – The average age of a storekeeper is 39 years old.(( https://www.zippia.com/storekeeper-jobs/demographics/#age-statistics ))

How much does it cost to start a thrift store business?

Startup costs for a thrift store range from $2,500 to $35,000. The low end represents opening an online store with the largest costs being inventory and a website setup. The high end reflects the cost of opening a physical store.

You’ll need a handful of items to successfully launch your thrift store business. Here’s a list to get you started:

• Shelving and counters
• Storage containers for items

How much can you earn from a thrift store business?

Typically, the markup on resale items is between 5 and 8 times the purchase price, but it can vary greatly. Use our markup calculator to calculate your sale price and how much revenue and profit you will earn with different markup percentages. If you start an online store from home, you can expect a profit margin of about 80%. 

In your first year or two, you could work from home and sell 200 items a week at $15 average per item, bringing in $156,000 in annual revenue. This would mean around $125,000 in profit, assuming that 80% margin. As your brand gains recognition, sales could climb to 1,000 items per week. At this stage, you might rent an office and hire staff, reducing your profit margin to around 30%. With expected annual revenue of $780,000, you would make about $234,000.

What barriers to entry are there?

There are a few barriers to entry for a thrift store. Your biggest challenges will be:

• You’ll have to find inventory to start with which will take some legwork
• Competition, particularly online, is high

Related Business Ideas

How to Start a T-Shirt Business

How to Start a Clothing Boutique

How to Start a Clothing Line

Step 2: hone your idea.

Now that you know what’s involved in starting a thrift store, it’s a good idea to hone your concept in preparation to enter a competitive market. 

Market research will give you the upper hand, even if you’re already positive that you have a perfect product or service. Conducting market research is important, because it can help you understand your customers better, who your competitors are, and your business landscape.

Why? Identify an opportunity

Research other thrift stores to examine their products, price points, customer reviews, and what sells best. You’re looking for a market gap to fill. For instance, maybe the market is missing an online home goods thrift store. 

You might consider targeting a niche market by specializing in a certain aspect of your industry such as glassware.

This could jumpstart your word-of-mouth marketing and attract clients right away. 

What? Determine your products

You can decide to specialize in a certain type of product such as clothing , or you could offer a variety. If you decide to purchase items at garage sales to re-sell, you could find any number of things from clothing to glassware and home goods.

Source products for your thrift store

The key to success in a thrift store is not just about having a wide range of items, but also about having interesting, unique, or high-demand items that attract a variety of customers. Here’s how to source them:

• Community Donations : Encourage local residents to donate items they no longer need.
• Estate Sales and Garage Sales : These are great places to find unique and valuable items at a low cost.
• Auctions and Liquidation Sales : Check out local auctions, including online platforms.
• Collaborations with Local Businesses : Partner with local businesses looking to offload old stock or unwanted items.
• Online Marketplaces : Platforms like eBay, Craigslist, or Facebook Marketplace are excellent for finding items.
• Flea Markets : Flea markets can be treasure troves for unique thrift items.
• Storage Unit Sales : Sometimes storage units are auctioned off. These can contain a wide variety of items, often at a very low cost.
• Consignment and Buy-Outright : Consider setting up a consignment system where people can leave their items for you to sell, or offer to buy items outright from individuals.
• Wholesale Purchases : Look into wholesalers who specialize in used or surplus goods. While this might require a larger initial investment, it can be a reliable source of inventory.

How much should you charge for thrift store items?

Your prices are going to vary based on what you buy items for and how much people are willing to pay for items. Keep in mind that your customers are going to be looking for items that are significantly less than they would pay for new items. 

Once you know your costs, you can use this Step By Step profit margin calculator to determine your mark-up and final price points. Remember, the prices you use at launch should be subject to change if warranted by the market.

Who? Identify your target market

Your target market will depend on the type of products you decide to offer. If you specialize in trendy or vintage clothing, your target market will likely be younger, so you can find them on sites like Instagram or TikTok.

Where? Choose your thrift store location

If you have an online store, in the early stages, you may want to run your business from home to keep costs low. But as your business grows, you’ll likely need to hire workers for various roles and may need to rent out an office.

Look for a spot with high visibility and easy accessibility for both foot and vehicle traffic, preferably in a commercial area or close to other complementary businesses. You can find commercial space to rent in your area on Craigslist , Crexi , and Commercial Cafe .

When choosing a commercial space, you may want to follow these rules of thumb:

• Central location accessible via public transport
• Ventilated and spacious, with good natural light
• Flexible lease that can be extended as your business grows
• Ready-to-use space with no major renovations or repairs needed

Step 3: Brainstorm a Thrift Store Name

Here are some ideas for brainstorming your business name:

• Short, unique, and catchy names tend to stand out
• Names that are easy to say and spell tend to do better 
• The name should be relevant to your product or service offerings
• Ask around — family, friends, colleagues, social media — for suggestions
• Including keywords, such as “thrift” or “thrift store”, boosts SEO
• Choose a name that allows for expansion: “Affordable Finds Thrift” over “Furniture Finds Thrift”
• A location-based name can help establish a strong connection with your local community and help with the SEO but might hinder future expansion

Once you’ve got a list of potential names, visit the website of the US Patent and Trademark Office to make sure they are available for registration and check the availability of related domain names using our Domain Name Search tool. Using “.com” or “.org” sharply increases credibility, so it’s best to focus on these. 

Find a Domain

Powered by GoDaddy.com

Finally, make your choice among the names that pass this screening and go ahead with domain registration and social media account creation. Your business name is one of the key differentiators that set your business apart. Once you pick your company name, and start with the branding, it is hard to change the business name. Therefore, it’s important to carefully consider your choice before you start a business entity.

Step 4: Create a Thrift Store Business Plan

Here are the key components of a business plan:

• Executive Summary: Provide a brief overview of your thrift store business, emphasizing its focus on selling affordable, quality second-hand goods and its unique position in the retail market.
• Business Overview: Describe your thrift store’s operation, which includes sourcing and selling a variety of used items such as clothing, furniture, and household goods.
• Product and Services: Detail the range of products offered, including second-hand apparel, home décor, books, and potentially upcycled items.
• Market Analysis: Assess the demand for thrift and second-hand goods, identifying key customer segments like budget-conscious shoppers, vintage enthusiasts, or eco-friendly consumers.
• Competitive Analysis: Compare your store to other local thrift shops and second-hand stores, highlighting your advantages in product variety, pricing, or store location.
• Sales and Marketing: Outline your strategy for attracting customers, such as through community engagement, social media marketing, or loyalty programs.
• Management Team: Highlight the experience and roles of your team, focusing on retail management, merchandising, and sustainable business practices.
• Operations Plan: Describe the day-to-day operations, including inventory sourcing, store layout, and customer service procedures.
• Financial Plan: Provide an overview of financial aspects, including startup costs, pricing strategy, and revenue projections.
• Appendix: Include supplementary documents like supplier agreements, market research data, or community partnership details to support your business plan.

If you’ve never created a business plan, it can be an intimidating task. You might consider hiring a business plan specialist to create a top-notch business plan for you.

Step 5: Register Your Business

Registering your business is an absolutely crucial step — it’s the prerequisite to paying taxes, raising capital, opening a bank account, and other guideposts on the road to getting a business up and running.

Plus, registration is exciting because it makes the entire process official. Once it’s complete, you’ll have your own business! 

Choose where to register your company

Your business location is important because it can affect taxes, legal requirements, and revenue. Most people will register their business in the state where they live, but if you are planning to expand, you might consider looking elsewhere, as some states could offer real advantages when it comes to thrift stores. 

If you’re willing to move, you could really maximize your business! Keep in mind, it’s relatively easy to transfer your business to another state. 

Choose your business structure

Business entities come in several varieties, each with its pros and cons. The legal structure you choose for your thrift store will shape your taxes, personal liability, and business registration requirements, so choose wisely. 

Here are the main options:

• Sole Proprietorship – The most common structure for small businesses makes no legal distinction between company and owner. All income goes to the owner, who’s also liable for any debts, losses, or liabilities incurred by the business. The owner pays taxes on business income on his or her personal tax return.
• Partnership – Similar to a sole proprietorship, but for two or more people. Again, owners keep the profits and are liable for losses. The partners pay taxes on their share of business income on their personal tax returns.
• Limited Liability Company (LLC) – Combines the characteristics of corporations with those of sole proprietorships or partnerships. Again, the owners are not personally liable for debts.
• C Corp – Under this structure, the business is a distinct legal entity and the owner or owners are not personally liable for its debts. Owners take profits through shareholder dividends, rather than directly. The corporation pays taxes, and owners pay taxes on their dividends which is sometimes referred to as double taxation.
• S Corp – An S-Corporation refers to the tax classification of the business but is not a business entity. An S-Corp can be either a corporation or an LLC , which just need to elect to be an S-Corp for tax status. In an S-Corp, income is passed through directly to shareholders, who pay taxes on their share of business income on their personal tax returns.
• Benefit Corporation – A B-Corporation is a business of any entity type that has a social mission but can still make a profit. By passing rigorous standards and “meeting the highest standards of verified social and environmental performance, public transparency, and legal accountability to balance profit and purpose” they can get a B-Corp certification from B Lab, a non-profit organization. Not all states recognize the B-Corp status. The B-Corp is taxed based on what type of entity it is. For example, a corporation that has B-Corp certification is taxed as a regular corporation.
• Non-Profit Corporation – A corporation that does not generate profits and works toward a social mission. The owners are not personally liable for debts. Funding comes from donations or fund-raising activities. 

We recommend that new business owners choose LLC as it offers liability protection and pass-through taxation while being simpler to form than a corporation. You can form an LLC in as little as five minutes using an online LLC formation service. They will check that your business name is available before filing, submit your articles of organization , and answer any questions you might have. 

Form Your LLC

Choose Your State

We recommend ZenBusiness as the Best LLC Service for 2024

Step 6: Register for Taxes

The final step before you’re able to pay taxes is getting an Employer Identification Number , or EIN. You can file for your EIN online or by mail or fax: visit the IRS website to learn more. Keep in mind, if you’ve chosen to be a sole proprietorship you can simply use your social security number as your EIN. 

Once you have your EIN, you’ll need to choose your tax year. Financially speaking, your business will operate in a calendar year (January–December) or a fiscal year, a 12-month period that can start in any month. This will determine your tax cycle, while your business structure will determine which taxes you’ll pay.

The IRS website also offers a tax-payers checklist , and taxes can be filed online.

It is important to consult an accountant or other professional to help you with your taxes to ensure you are completing them correctly.

Step 7: Fund your Business

Securing financing is your next step and there are plenty of ways to raise capital:

• Bank loans : This is the most common method but getting approved requires a rock-solid business plan and strong credit history.  
• SBA-guaranteed loans : The Small Business Administration can act as guarantor, helping gain that elusive bank approval via an SBA-guaranteed loan .
• Government grants : A handful of financial assistance programs help fund entrepreneurs. Visit Grants.gov to learn which might work for you.
• Friends and Family : Friends and family can help fund your company either for a stake in the company or as a loan. It’s a good idea to have legal advice when doing so because SEC regulations apply.      
• Crowdfunding : Websites like Kickstarter offer an increasingly popular low-risk option, in which donors fund an entrepreneur’s vision. Other crowdfunding sites like Fundable and WeFunder allow you to invite multiple investors to fund your business for a stake in the company       
• Personal : Self-fund your business via your savings, or the sale of property or other assets.

Bank and SBA loans are probably the best options, other than friends and family, for funding a thrift store. You might also try crowdfunding if you have an innovative concept.

Step 8: Apply for Thrift Store Business Licenses and Permits

Starting a thrift store business requires obtaining a number of licenses and permits from local, state, and federal governments. 

Federal regulations, licenses, and permits associated with starting your business include doing business as (DBA), health licenses and permits from the Occupational Safety and Health Administration ( OSHA ), trademarks, copyrights, patents, and other intellectual properties, as well as industry-specific licenses and permits. 

You may also need state-level and local county or city-based licenses and permits. The license requirements and how to obtain them vary, so check the websites of your state, city, and county governments or contact the appropriate person to learn more. 

You could also check this SBA guide for your state’s requirements, but we recommend using MyCorporation’s Business License Compliance Package . They will research the exact forms you need for your business and state and provide them to ensure you’re fully compliant.

This is not a step to be taken lightly, as failing to comply with legal requirements can result in hefty penalties.

If you feel overwhelmed by this step or don’t know how to begin, it might be a good idea to hire a professional to help you check all the legal boxes.

Step 9: Open a Business Bank Account

Before you start making money you’ll need a place to keep it, and that requires opening a bank account . Keeping your business finances separate from your personal account makes it easy to file taxes and track your company’s income, so it’s worth doing even if you’re running your thrift store business as a sole proprietorship. 

Opening a business bank account is quite simple, and similar to opening a personal one. Most major banks offer accounts tailored for businesses — just inquire at your preferred bank to learn about their rates and features.

Banks vary in terms of offerings, so it’s a good idea to examine your options and select the best plan for you. Once you choose your bank, bring in your EIN (or Social Security Number if you decide on a sole proprietorship), articles of incorporation, and other legal documents and open your new account. 

Step 10: Get Business Insurance

Business insurance is an area that often gets overlooked yet it can be vital to your success as an entrepreneur. Insurance protects you from unexpected events that can have a devastating impact on your business.

Here are some types of insurance to consider:

• General liability: The most comprehensive type of insurance, acting as a catch-all for many business elements that require coverage. If you get just one kind of insurance, this is it. It even protects against bodily injury and property damage.
• Business Property: Provides coverage for your equipment and supplies.
• Equipment Breakdown Insurance: Covers the cost of replacing or repairing equipment that has broken due to mechanical issues.
• Worker’s compensation: Provides compensation to employees injured on the job.
• Property: Covers your physical space, whether it is a cart, storefront, or office.
• Commercial auto: Protection for your company-owned vehicle.
• Professional liability: Protects against claims from a client who says they suffered a loss due to an error or omission in your work.
• Business owner’s policy (BOP): This is an insurance plan that acts as an all-in-one insurance policy, a combination of any of the above insurance types.

Step 11: Prepare to Launch

As opening day nears, prepare for launch by reviewing and improving some key elements of your business. 

Essential software and tools

Being an entrepreneur often means wearing many hats, from marketing to sales to accounting, which can be overwhelming. Fortunately, many websites and digital tools are available to help simplify many business tasks.  

You can use industry-specific software, such as ConsignPro , AccuPOS , or MicroBiz , to manage inventory and sales.

• Popular web-based accounting programs for smaller businesses include Quickbooks , Freshbooks , and Xero . 
• If you’re unfamiliar with basic accounting, you may want to hire a professional, especially as you begin. The consequences for filing incorrect tax documents can be harsh, so accuracy is crucial.

Develop your website

Developing a website for your thrift store is a critical step in establishing your online presence and reaching a broader audience. Utilizing website builders like Shopify, Wix, or Squarespace is a convenient and cost-effective way to create a professional-looking site without needing extensive coding knowledge. These platforms offer customizable templates, which you can tailor to reflect your store’s unique personality and brand.

It’s important to optimize your website for both user experience and search engines (SEO), ensuring it loads quickly, is easy to navigate, and is mobile-friendly. Incorporating clear calls to action (CTAs) is essential; these could be prompts for visitors to sign up for newsletters, follow your social media, or check out your latest collection.

Opening a thrift store presents unique marketing opportunities to connect with your community and stand out. Here are some effective strategies:

• Social Media Engagement : Use platforms like Instagram, Facebook, and TikTok to showcase unique finds, store events, and promotions. Regular posts and engaging content can build a loyal following.
• Local SEO Optimization : Ensure your website and online content are optimized for local search engine results. This includes using local keywords, having a Google My Business listing, and ensuring your store’s name, address, and phone number (NAP) are consistent across the web.
• Community Involvement : Participate in local events, sponsor community activities, or collaborate with local artists and creators. This builds your brand’s presence and reputation within the community.
• Email Marketing : Collect email addresses at the point of sale or through your website. Send out newsletters with special deals, store updates, and featured items to keep your store top of mind.
• Customer Loyalty Programs : Implement a loyalty program to encourage repeat business. This could be a points system, discounts on future purchases, or special sales for returning customers.
• Local Directories and Online Listings : Get your thrift store listed in local business directories and online platforms like Yelp, TripAdvisor, or local chamber of commerce websites to increase visibility.
• Targeted Local Advertising : Consider using local advertising in community newspapers, radio, or local online forums and groups. Tailor your ads to the local audience to maximize impact.
• In-Store Events and Promotions : Host special events like vintage fashion shows, DIY upcycling workshops, or themed sale days to draw in customers and create a buzz.
• Collaborate with Influencers and Bloggers : Partner with local influencers or bloggers who align with your brand to reach a broader audience.
• Visual Merchandising : Make your store visually appealing and regularly change displays to keep the shopping experience fresh and engaging.

Focus on USPs

Unique selling propositions, or USPs, are the characteristics of a product or service that set it apart from the competition. Customers today are inundated with buying options, so you’ll have a real advantage if they are able to quickly grasp how your thrift store meets their needs or wishes. It’s wise to do all you can to ensure your USPs stand out on your website and in your marketing and promotional materials, stimulating buyer desire. 

Global pizza chain Domino’s is renowned for its USP: “Hot pizza in 30 minutes or less, guaranteed.” Signature USPs for your thrift store business could be: 

• Thrifty home goods that fit your budget
• Sustainable clothing that sustains your wallet
• Re-sale jewelry at rock bottom prices

You may not like to network or use personal connections for business gain. But your personal and professional networks likely offer considerable untapped business potential. Maybe that Facebook friend you met in college is now running a thrift store, or a LinkedIn contact of yours is connected to dozens of potential clients. Maybe your cousin or neighbor has been working in the resale market for years and can offer invaluable insight and industry connections. 

The possibilities are endless, so it’s a good idea to review your personal and professional networks and reach out to those with possible links to or interest in thrift stores. You’ll probably generate new customers or find companies with which you could establish a partnership. Online businesses might also consider affiliate marketing as a way to build relationships with potential partners and boost business.

Step 12: Build Your Team

If you’re starting out small from a home office, you may not need any employees. But as your business grows, you will likely need workers to fill various roles. Potential positions for a thrift store business would include:

• Sorters – sort and price items
• Store clerks – make sales if you have a physical store
• Marketing lead – SEO strategies, social media, other marketing
• Buyers – find items for re-sale

At some point, you may need to hire all of these positions or simply a few, depending on the size and needs of your business. You might also hire multiple workers for a single role or a single worker for multiple roles, again depending on need. 

Free-of-charge methods to recruit employees include posting ads on popular platforms such as LinkedIn, Facebook, or Jobs.com. You might also consider a premium recruitment option, such as advertising on Indeed , Glassdoor , or ZipRecruiter . Further, if you have the resources, you could consider hiring a recruitment agency to help you find talent. 

Step 13: Run a Thrift Store – Start Making Money!

Thrift stores are great for the community and the planet, and your own store can be good for your bank account. It’s a nearly $11 billion industry and growing, so why not make money while doing a service for others? It’s fairly easy to start an online store, and you can do it for very little money. You can also start from home.

You could grow your business to include physical locations later. Now that you’ve read all about it and have all the information you need, you’re now ready to start your entrepreneurial journey and open your own thrift store! 

• Thrift Store Business FAQs

Yes, you can make money from a thrift store. While some operate as nonprofits and take donations, others are for profit. With an online thrift store, you can earn a high profit margin, as much as 80%.

Many re-sale stores extend offers to buy people’s used items and then re-sell them for a profit. You can also go to garage sales or estate sales to find quality items to re-sell.

Utilize social media platforms to showcase unique and desirable items, share styling tips, and engage with your audience. Offer special discounts or promotions for loyal customers or new visitors. Collaborate with local influencers, bloggers, or community organizations to generate buzz and attract new customers.

To ensure cleanliness and quality of items in your thrift store, establish strict quality control procedures. Implement a thorough inspection process for all items before they are placed on the sales floor. Regularly clean and organize the store to provide a pleasant shopping experience.

The profitability of a thrift store can vary depending on factors such as location, pricing strategy, quality of items, and target market. With careful selection of items, effective marketing, and efficient operations, thrift stores can generate a profitable income. 

Thrifting is popular worldwide, but certain regions, cities, or neighborhoods may have a stronger thrift store culture. Thrifting is often popular in urban areas with a diverse population, strong community involvement, and a sustainability-focused mindset. 

Curate a unique and diverse selection of items, focusing on high-quality and sought-after brands. Regularly update your inventory to provide a fresh and exciting shopping experience. Offer competitive pricing by carefully pricing items based on their quality, brand, or demand. Implement sales or discount programs for specific items or designated shopping periods.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Save my name, email, and website in this browser for the next time I comment.

• Decide if the Business Is Right for You
• Hone Your Idea
• Brainstorm a Thrift Store Name
• Create a Thrift Store Business Plan
• Register Your Business
• Register for Taxes
• Fund your Business
• Apply for Thrift Store Business Licenses and Permits
• Open a Business Bank Account
• Get Business Insurance
• Prepare to Launch
• Build Your Team
• Run a Thrift Store - Start Making Money!

Subscribe to Our Newsletter

Featured resources.

17 Business Ideas that Help the Community

Esther Strauss

Published on July 29, 2022

Just about everybody wants to live in a warm, welcoming close-knit community, and you can help build one by starting a business that helps peopleliv ...

17 Clothing Business Ideas

Carolyn Young

Published on July 12, 2022

Are you updated with the latest fashion trends? If so, then starting a clothing business would be a perfect career choice for you. You may open abou ...

15 Fashion Business Ideas

Natalie Fell

Published on June 8, 2022

From the runway to your closet, fashion is everywhere. Clothing is a necessary part of life, and it also allows people to express themselves andshow ...

No thanks, I don't want to stay up to date on industry trends and news.

Thrift Store Business Plan Template [Updated 2024]

I. Executive Summary

This Section's Contents

Business Overview

Products served, customer focus, management team, success factors, financial highlights.

[Company Name], located in [insert location here], is a local newly established thrift store. The store will retail gently used clothing, books, baby items, furniture, and appliances at a discounted price. [Company Name] will commit to donating 20% of its proceeds to local charities and non–profit organizations focused on homelessness and transitional living centers.

[Company name] was founded by [Founder’s Name], a local advocate for charities that deal with homelessness and transitional living centers. [Founder] received his Master of Public Administration six years ago and has spent the last five years working as a director for a local non-profit organization. [Founder’s Name] possesses an entrepreneurial spirit as well and has decided to launch a thrift store where people can donate their gently used items for it to be resold to the public.

[Company Name] will sell a variety of gently used items. The products include gently used apparel (clothing, shoes, accessories), furniture, household appliances, books, and baby items (cribs, blankets, strollers, highchairs, etc.)

Pricing for all items will vary depending on the product and condition.

[Company Name] will primarily serve the residents within a 1 to 25-mile radius of our location. The demographics of these residents are as follows:

• 1,653,829 residents
• Average income of $36,500
• 51.85% married
• 30% low income residents
• Median age: 38 years

[Company name] will be owned and operated by [Founder’s Name], a local advocate for charities that deal with homelessness and transitional living centers. [Founder]’s passion is to assist the less fortunate in the community and have assisted numerous individuals and families be placed in affordable housing. Once they receive housing, many of the residents are not able to afford basic living necessities. [Founder]’s mission is to provide a friendly and affordable store where people from all walks of life can shop for clothing, furniture, and appliances.

[Company Name] is uniquely qualified to succeed due to the following reasons:

• The company will be donating a large percentage of its proceeds to local charities and non-profit organizations that assist homeless people and those in transitional living centers.
• The company will provide a wide selection of gently used items.
• The thrift store will be located in a highly trafficked intersection of town.
• The pricing model is structured to be affordable to people from all walks of life.

[Company Name] is seeking a total funding of $50,000 of debt capital to open the thrift store.

• Store design/build-out: $20,000
• Equipment, Point of Sale system, technology: $10,000
• Brand development and marketing: $5,000
• Working capital: $15,000 to fund payroll, taxes, and lease costs until [Company Name] reaches break-even

Top line projections over the next five years are as follows:

Comments are closed.

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

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.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Don't bother with copy and paste.

Get this complete sample business plan as a free text document.

Vintage Store Business Plan

Start your own vintage store business plan

541 Vintage

Value proposition.

At 541 Vintage, we excel in cultivating a curated collection of high-end and unique vintage apparel items that are provided in-store and online. We seek to provide clothing that isn’t found in the fast fashion industry, allowing individuals to show off their own distinct styles. This helps our customers keep a few extra dollars in their bank accounts, and reduce clothing waste, all while looking incredible.  

The Problem 

While Eugene has a couple of shopping options in the resale arena, consumers often complain that the resale stores are filled with an abundance of low-quality and over-priced options that are time-consuming to wade through.  

The Solution

A curated collection of vintage items including clothing, accessories, shoes, belts, bags, and records. Our aim is to stock cool, bizarre, and truly one-of-a-kind items offered at sensible prices with superior customer service that brings consistent customers. 

Target Market

The primary market for the 541 Vintage is young adults interested in purchasing well-made, cost-effective, and unique clothing. Common attributes include: 

• An interest in fashion, collecting, and design.
• A desire to stand out amongst others.
• Interest in hunting for a vintage item for a bargain.
• A desire to support resale and sustainable fashion.

The secondary target market is shoppers that love to hunt for a treasure or a bargain.

Competitors & Differentiation

Current alternatives.

• Several chain thrift stores (St Vincent de Paul, Buffalo Exchange, Plato’s Closet)
• A few locally owned vintage clothing stores (Eugene Jeans, N.E.S.T.)
• High-end vintage furniture/clothing thrift store (Oak Street Vintage)
• Online-Web vintage clothing thrift shops (threadUP, Mercari, Etsy, eBay)

With each passing year, clothing waste increases. Simultaneously, people find themselves purchasing clothing that is: 

• Seen on other people
• Made of lesser quality and constructed cheaply
• Often contributes to poor working conditions for marginalized communities across the globe.  

Thankfully, buying recycled items means that cheaply made fast-fashion pieces are kept out of the landfill while you stand out from the crowd in authentic vintage clothes. 541 offers a wide selection of carefully chosen items both in-store and online. Vintage has history, vintage exudes character, and vintage means quality.

Funding Needs

The target leasing space on Willamette and East 7th costs $14.61 SF/YR for 700 square feet. Rent is calculated to be $9,900 per year, $825 per month, not including utilities or janitorial services. $5,000 will go into remodeling retail space. The initial inventory cost will be $15,000. Marketing cost for the launch of the business amounts to about $2,000. Beginning operational costs of 1 year, including bills, employee salary, etc., amounts to $25,000. 

The total initial funding needed is $56,900.

Sales Channels

• Retail location

Marketing Activities

• Facebook Ads
• Affiliates/Influencers 
• Blogs/Newspaper
• Flyers/Signage

Financial Projections

Ongoing expenses will include utilities, employee salary, taxes, advertising, and insurance. Maintaining a consistent flowing inventory will be a significant cost to keep the store running effectively. Another consistent cost will include advertising expenses that cover paid ads, website maintenance, and affiliate/influencer contracts. 

• 2022: $65,000
• 2023: $74,000
• 2024: $87,000  

Expenses/Costs:

• 2022: $56,900
• 2023: $60,000
• 2024: $70,000
• 2022: $8,100
• 2023: $14,000
• 2024: $17,000
• Obtain necessary permits and licenses — August 1, 2022
• Finish renovations — August 21, 2022
• Install racks and shelves for merchandise — August 25, 2022
• Add initial store inventory – August 27, 2022
• Take professional photos of the space — August 31, 2022
• Create a website, social media, and google/yelp accounts — September 1, 2022
• Conduct interviews and make initial employee hire – September 5, 2022
• Open for business — September 15, 2022
• Google/Yelp review forecast —  November 1, 2022
• Expand relationship tree for vintage clothes suppliers — December 15, 2022
• Add pop-up stand at local farmer’s market  — March 15, 2023

Team and Key Roles 

Owner/manager .

Establishes the business and is in charge of overseeing the hiring of employees, managing inventory, and long-term business prospects of the store. Identifies avenues to establish new vendors/suppliers for vintage clothes, maintain a constant flow of inventory, and supervise daily activities of the store.

Sales Associate/Cashier

Assists owner in purchasing vintage clothes for instore consignment and identifying items that will sell. Operating a POS system to collect payment and maintaining a clean sales floor. Stocking and tracking new inventory as well as creating displays/tags for merchandise. 

Partnerships & Resources

The goal of these partnerships is to create exposure to the immediate target market and increase 541 Vintage’s stake in the local vintage retail market. These resources will allow for continued expansion of inventory that will keep 541 Vintage a premier and unique collection of vintage items. 

• Donation-based stores: Using Goodwill and Saint Vinnies as a resource to find quality vintage clothing to then resell.
• Estate Sales: Develop relationships with local estate sale companies.
• Student Organizations: Identify organizations that have a strong desire for fashion and/or sustainability and target them via email and flyers.
• University of Oregon Students: Give discounted rates to students with proof of ID.
• Creation of 541 Vintage Fashion Show: Allows for local fashion designers/artists to showcase their own works while giving access to 541 Vintage’s inventory.

The quickest way to turn a business idea into a business plan

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

No thanks, I prefer writing 40-page documents.

Discover the world’s #1 plan building software

Need a business plan? Call now:

Talk to our experts:

• Business Plan for Investors
• Bank/SBA Business Plan
• Operational/Strategic Planning
• L1 Visa Business Plan
• E1 Treaty Trader Visa Business Plan
• E2 Treaty Investor Visa Business Plan
• EB1 Business Plan
• EB2 Visa Business Plan
• EB5 Business Plan
• Innovator Founder Visa Business Plan
• UK Start-Up Visa Business Plan
• UK Expansion Worker Visa Business Plan
• Manitoba MPNP Visa Business Plan
• Start-Up Visa Business Plan
• Nova Scotia NSNP Visa Business Plan
• British Columbia BC PNP Visa Business Plan
• Self-Employed Visa Business Plan
• OINP Entrepreneur Stream Business Plan
• LMIA Owner Operator Business Plan
• ICT Work Permit Business Plan
• LMIA Mobility Program – C11 Entrepreneur Business Plan
• USMCA (ex-NAFTA) Business Plan
• Franchise Business Planning 
• Landlord Business Plan 
• Nonprofit Start-Up Business Plan 
• USDA Business Plan
• Cannabis business plan 
• eCommerce business plan
• Online Boutique Business Plan
• Mobile Application Business Plan
• Daycare business plan
• Restaurant business plan
• Food Delivery Business Plan
• Real Estate Business Plan
• Business Continuity Plan
• Buy Side Due Diligence Services
• ICO whitepaper
• ICO consulting services
• Confidential Information Memorandum
• Private Placement Memorandum
• Feasibility study
• Fractional CFO
• How it works
• Business Plan Examples

Creating a Winning Business Plan for Online Thrift Store

Published Aug.03, 2023

Updated Apr.22, 2024

By: Jakub Babkins

Average rating 5 / 5. Vote count: 3

No votes so far! Be the first to rate this post.

Table of Content

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.

The targe­t audience for this includes mille­nnials who are searching for stylish and affordable me­rchandise that is within their budget. They also se­ek to engage with individuals who are­ passionate about environmentally-frie­ndly practices and intereste­d in a sustainable fashion.

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.
• The RealReal: The Re­alReal is a luxury consignment store that spe­cializes in high-end designe­r and contemporary fashion, accessories, je­welry, and home decor. The­ir offerings are carefully curate­d and available at discounted prices.

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.
• Product Catalog Specialist: Responsible for managing and cataloging products, creating descriptions, and managing pricing.

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.

Discover the­ immense possibilities of online­ thrift stores with our expert guidance­. We’ll work together to cre­ate a comprehensive­ plan that ensures your success in this e­xciting industry.

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.

How to Start a Plumbing Business in 2024: A Detailed Guide

Vegetable Farming Business Plan

Trading Business Plan

How To Write A Textile Manufacturing Business Plan

Start a Vending Machine Business in 2024: A Detailed Guide

Oil and Gas Business Plan

Any questions? Get in Touch!

We have been mentioned in the press:

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Save my name, email, and website in this browser for the next time I comment.

Search the site:

Nonprofit Thrift Store Business Plan [Sample Template]

By: Author Tony Martins Ajaero

Home » Business Plans » Non-Profit Sector

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)

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
• 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.
• 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.
• 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
• 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.;

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.

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.

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;

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

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;

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

Related Posts:

• Nonprofit Business Plan [Sample Template]
• Social Club Business Plan [Sample Template]
• Social Enterprise Business Plan [Sample Template]

Current time by city

For example, New York

Current time by country

For example, Japan

Time difference

For example, London

For example, Dubai

Coordinates

For example, Hong Kong

For example, Delhi

For example, Sydney

Geographic coordinates of Elektrostal, Moscow Oblast, Russia

City coordinates

Coordinates of Elektrostal in decimal degrees

Coordinates of elektrostal in degrees and decimal minutes, utm coordinates of elektrostal, geographic coordinate systems.

WGS 84 coordinate reference system is the latest revision of the World Geodetic System, which is used in mapping and navigation, including GPS satellite navigation system (the Global Positioning System).

Geographic coordinates (latitude and longitude) define a position on the Earth’s surface. Coordinates are angular units. The canonical form of latitude and longitude representation uses degrees (°), minutes (′), and seconds (″). GPS systems widely use coordinates in degrees and decimal minutes, or in decimal degrees.

Latitude varies from −90° to 90°. The latitude of the Equator is 0°; the latitude of the South Pole is −90°; the latitude of the North Pole is 90°. Positive latitude values correspond to the geographic locations north of the Equator (abbrev. N). Negative latitude values correspond to the geographic locations south of the Equator (abbrev. S).

Longitude is counted from the prime meridian ( IERS Reference Meridian for WGS 84) and varies from −180° to 180°. Positive longitude values correspond to the geographic locations east of the prime meridian (abbrev. E). Negative longitude values correspond to the geographic locations west of the prime meridian (abbrev. W).

UTM or Universal Transverse Mercator coordinate system divides the Earth’s surface into 60 longitudinal zones. The coordinates of a location within each zone are defined as a planar coordinate pair related to the intersection of the equator and the zone’s central meridian, and measured in meters.

Elevation above sea level is a measure of a geographic location’s height. We are using the global digital elevation model GTOPO30 .

Elektrostal , Moscow Oblast, Russia

• About company
• GENERAL CONTRACTOR

+7 (495) 526-30-40 +7 (49657) 0-30-99

THE HISTORY OF THE COMPANY CREATION

1993 how the construction company remstroy was created   the year 1993 was a period when a lot of construction companies, which had been working successfully during the soviet times and had rich staff capacity, were forced to cease their activity for various reasons. a lot of capable specialists either had to look for another job or change their field. but there were also those who were willing to realise their potential in the field of construction in accordance with the received degree and the experience they had accumulated. thus, in 1993 in elektrostal (moscow oblast) a group of specialists and people sharing each other’s ideas, who had enormous educational background and the highest degree in architecture, organized and registered ooo firm erg which began its rapid development and successful work, offering its service both on the construction market and other areas. 2000 industrial construction is the main area   seven years of successful work have shown that combining different types of activities in the same company is not always convenient. and in the year 2000 the founders of ooo firm erg decided to create and register a monoprofile construction company ooo remstroy construction company. industrial construction was chosen as the priority area. it was in this area that the directors of ooo sk remstroy began their working life and grew as specialists. in order to achieve the set goal, they selected a mobile team of professionals in the field of industrial construction, which allows us to cope with the tasks assigned to ooo sk remstroy throughout russia and the near abroad. 2010 manufacturing of metal structures   we possess modern equipment that allows us to carry out the entire cycle of works on the manufacture of metal structures of any complexity without assistance. designing – production – installation of metal structures. a staff of professionals and well-coordinated interaction of the departments let us carry out the work as soon as possible and in accordance with all customer’s requirements.” extract from the list of members of self-regulatory organizations, construction.

LICENSE OF MINISTRY OF EMERGENCY SITUATIONS

Certificates, system of managing quality.

SYSTEM OF ECOLOGIAL MANAGEMENT

SYSTEM OF OCCUPATIONAL SAFETY AND HEALTH MANAGEMENT

LETTERS OF RECOMMENDATION

THE GEOGRAPHY OF CONSTRUCTION SITES

YOU CAN FIND MORE INFORMATION ON THE CONSTRUCTION SITES OF OOO REMSTROY ON THE PAGE OF THE SITE

OUR CLIENTS

http://remstroi.pro/yandex-promyshlennoe-stroitelstvo