How to Create Your Business Plan To Get Accepted into Malls
First Published: 22 Mar 2021
Last Updated: 22 Mar 2021
Having funds is not the only requirement to get a space in a mall. Getting accepted into a mall also requires having a well made business plan.
This is because malls have a vested interest in you doing well because they make they money off how well you perform as well.
What is a Business Plan?
A business plan is actually the DNA of your business concept and there are a total of 8 segments to a business plan in order to present your concept to malls.
Your business plan can also eventually be used as part of your franchise document when your business grows.
Our S$800 Trade Secret (shh...)
Many customers in expansion mode would normally be busy looking at spaces to expand into. This is when they search around websites such as commercial guru.
These people will normally call a few real estate agents and they will be brought to view some spaces in malls. However, more often than not, they will hit a road block when the leasing managers requests for their business plan.
This is usually when we meet these customers. They would approach us at MallSpacesAsia who understand the entire process of what malls are looking for in a prospective business.
Many of these customers would ask us how they would even get started. In fact we used to charge S$800.00 to create a comprehensive business plan.
8 Segments of a Business Plan
- Your Concept and Approach
- What’s you story, how you started with this concept.
- What drives you and what makes you think that it will be a success?
- Brand Identity, Brand Image & Brand Promise
- This is where you take about your brand value proposition and your brand positioning.
- Why your brand will be suitable for the malls, what can you brand offer?
- Unique Selling Points
- Everyone says they are the best. What sets you apart?
- What’s so different about your concept?
- Your Background
- Founders’ Profiles & Credentials.
- Share more about your Company Profile
- Target Audience
- Who are you targeting, how old are they, can you find them here in this mall?
- Does the shoppers in this mall resonate with who you are targeting?
- Service Offerings
- Basically a list of your service & product menu with Pricing
- Basically a list of your service & product menu with Pricing
- Projected Monthly Sales Turnover
- What’s your projected Gross turnover for this space?
- What’s your projected Gross turnover for this space?
- Space Requirements
- Your physical space requirement, together with mechanical & electrical requirements
What's Next?
Wow! You may feel like you are sitting for an exam, and you’re not wrong.
Many would give up at this point and rule out the idea of getting into the malls, and end up in shophouses, spending thousands of dollars trying to drive footfalls to their space.
However, our customers pushed through and created their business plan and profile with us, and are enjoying the benefits of high footfall to their space!
Talk to us today and let’s dive into details!
Big Picture: 11 Steps to Get Your Business into Shopping Malls
If you are wondering how can you get into malls, we have created an infographic below that can help you with your process — Find out more in detail here: 11 Steps to Get Your Business into Shopping Malls.
We Know Malls and Have Your Interest in Mind
Have an idea? Looking to expand? Found a mall you want to enter? Let us know and we’ll be pleased to help you! We have a team of real estate relationship managers, business consultants, interior design consultants, marketing consultants, fulfillment consultants, and much more to assist you in any queries you may have.
Getting into a mall requires a process and it starts with your concept. Got a great idea for the mall? Talk to us and we can make it happen for you by recommending suitable malls and spaces for your needs. We know the in and out of Malls and will be with you every step of the way!
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