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Bin Store Business Plan [Sample Template]

A bin store business is a retail outlet specializing in selling surplus inventory or returned items at discounted prices, typically organized in large bins or containers for customer browsing.

These stores offer a wide range of merchandise, including clothing, electronics, home goods, and more. Bin stores operate on a self-service model, allowing customers to sift through bins to discover hidden treasures and great deals.

Note that bin store businesses capitalize on excess inventory or returned items from manufacturers, retailers, and wholesalers, providing them with a means to liquidate stock and recoup some of their investment. By offering discounted prices, bin stores attract budget-conscious shoppers seeking bargains and unique finds.

Steps on How to Write a Bin Store Business Plan

  1. Executive Summary

Cheap Wares® Bin Store, LLC is a retail outlet offering discounted merchandise organized in large bins. Located in Montgomery, Alabama, our store caters to budget-conscious shoppers seeking affordable deals on a variety of goods.

Montgomery, Alabama, with its growing population and diverse consumer base, presents a significant market opportunity for Cheap Wares® Bin Store, LLC. With a strategic location and competitive pricing, we aim to capture a share of the local retail market.

Cheap Wares® Bin Store, LLC will utilize a multi-channel marketing approach, including social media advertising, local promotions, and community engagement events. We will focus on building brand awareness and attracting customers through targeted marketing campaigns.

  1. Company Profile

a. Our Products and Services

Cheap Wares® Bin Store, LLC specializes in selling surplus inventory and returned items sourced from manufacturers, retailers, and wholesalers. Our unique self-service model allows customers to browse through bins to discover hidden treasures and great bargains.

b. Nature of the Business

Cheap Wares® Bin Store, LLC will operate as a B2C – Business-to-consumer business model. We will retail our items directly to the end user without any middleman arrangement.

c. The Industry

Cheap Wares® Bin Store, LLC will operate in the retail industry.

d. Mission Statement

At Cheap Wares® Bin Store, LLC, our mission is to provide budget-conscious shoppers in Montgomery, Alabama, with access to quality merchandise at unbeatable prices.

We are committed to offering a unique shopping experience where customers can discover hidden treasures and great bargains while enjoying exceptional customer service.

e. Vision Statement

Our vision at Cheap Wares® Bin Store, LLC is to become the preferred destination for discount shopping in Montgomery, Alabama, known for our diverse selection of merchandise, competitive pricing, and commitment to customer satisfaction.

We aspire to create a thriving community hub where shoppers can find value, convenience, and excitement with each visit.

f. Our Tagline (Slogan)

Cheap Wares® Bin Store, LLC – Discover Treasure. Unbeatable Prices.”

g. Legal Structure of the Business (LLC, C Corp, S Corp, LLP)

Cheap Wares® Bin Store, LLC will be formed as a Limited Liability Company, LLC.

h. Our Organizational Structure
  • Chief Operating Officer (Owner)
  • Store Manager
  • Inventory Manager
  • Purchasing Manager
  • Marketing Coordinator
  • Administrative Assistant
  • Maintenance Technician
  • Sales Associates.
i. Ownership/Shareholder Structure and Board Members
  • John Williams (Owner and Chairman/Chief Executive Officer) 52 Percent Shares
  • Sarah Johnson (Board Member) 18 Percent Shares
  • Michael Brown (Board Member) 15 Percent Shares
  • Daniel Wilson (Board Member) 5 Percent Shares
  • Samantha Miller (Board Member and Secretary) 10 Percent Shares.
  1. SWOT Analysis

a. Strength
  • Our self-service bin store concept offers a differentiated shopping experience, attracting customers seeking bargains and unique finds.
  • By sourcing surplus inventory and returned items, we can offer merchandise at deeply discounted prices, providing value to budget-conscious shoppers.
  • With a wide range of merchandise including clothing, electronics, and home goods, we cater to a broad customer base, enhancing our appeal and market reach.
  • Situated in Montgomery, Alabama, with high foot traffic and accessibility, our store benefits from a prime location, increasing visibility and customer traffic.
  • We prioritize exceptional customer service, ensuring a positive shopping experience and fostering customer loyalty and retention.
b. Weakness
  • As a new entrant in the market, building brand awareness and establishing credibility may pose initial challenges.
  • Managing inventory turnover and maintaining product freshness may require careful monitoring and adjustment to minimize losses.
  • Reliance on suppliers for surplus inventory and returned items may result in inconsistent availability and fluctuations in product assortment.
c. Opportunities
  • Montgomery, Alabama, presents opportunities for market expansion and customer acquisition, driven by population growth and increasing consumer demand.
  • Leveraging online platforms for marketing and sales can extend our reach beyond the local market, tapping into broader customer segments.
  • Collaborating with local businesses, community organizations, and online influencers can enhance brand visibility and attract new customers.
i. How Big is the Industry?

The retail industry that the bin store business is part of is a very massive industry. Available data shows that in 2022, the global retail market generated sales of over 27 trillion U.S. dollars, with a forecast to reach over 30 trillion U.S.

ii. Is the Industry Growing or Declining?

The retail industry that the bin store business is a part of in the United States is generally considered to be growing. This can be supported by recent market research conducted in April 2023, which shows that the global retail market was valued at $28.3 billion.

It grew from $26.2 billion in 2022 at a CAGR of 8.3%, according to AI research company ReportLinker’s 2023 Retail Global Market Report. The same report indicates that the worldwide retail market is expected to reach $37.7 billion by 2027.

iii. What are the Future Trends in the Industry?

Future trends in the bin store industry are shaped by evolving consumer preferences, technological advancements, and market dynamics.

One prominent trend is the growing demand for sustainable and eco-friendly products, prompting bin stores to prioritize offerings that align with environmentally conscious consumers.

Interestingly, there is a rising interest in experiential retail, with bin stores leveraging interactive displays, digital technologies, and immersive experiences to enhance customer engagement and differentiate themselves from competitors.

Furthermore, online integration is becoming increasingly important, with bin stores adopting e-commerce platforms and omnichannel strategies to reach a broader audience and provide seamless shopping experiences across digital and physical channels.

Personalization and customization are also emerging trends, as bin stores seek to cater to individual preferences and offer unique product selections tailored to diverse customer needs.

Overall, the future of the bin store industry is characterized by innovation, adaptation, and a focus on meeting the evolving demands of modern consumers in a rapidly changing retail landscape.

iv. Are There Existing Niches in the Industry?

Yes, there are niche ideas when it comes to bin store line of business, and here are some of them:

  • Vintage Clothing and Accessories
  • Artisanal Handcrafted Goods
  • Eco-Friendly and Sustainable Products
  • Upcycled and Repurposed Items
  • Specialty Foods and Gourmet Ingredients
  • DIY Craft Kits and Supplies
  • Tech Gadgets and Accessories.
v. Can You Sell a Franchise of Your Business in the Future?

Cheap Wares® Bin Store, LLC has plans to sell franchises shortly and we will target major cities with growing families with low purchasing power across the United States of America.

d. Threats
  • The retail industry is highly competitive, with established retailers and online marketplaces posing threats to market share and customer acquisition.
  • Fluctuations in economic conditions, including changes in consumer spending habits and disposable income, may impact purchasing behavior and overall demand.
  • Disruptions in the supply chain, such as shortages or delays in obtaining inventory, can adversely affect product availability and business operations.
i. Who are the Major Competitors?
  • Ollie’s Bargain Outlet
  • Bargain Hunt
  • Five Below
  • Dirt Cheap
  • Treasure Hunt
  • Gabriel Brothers
  • Big Lots
  • Tuesday Morning
  • The Outlet Shoppes of the Bluegrass
  • Discount Outlet
  • Ocean State Job Lot
  • Dirt Cheap
  • Roses Discount Stores
  • Building #19
  • Burlington Stores (formerly Burlington Coat Factory)
  • Marshalls
  • Ross Stores
  • TJ Maxx
  • HomeGoods
  • Nordstrom Rack.
ii. Is There a Franchise for Bin Store Business? 

No, there are no franchise opportunities for the bin store business.

iii. Are There Policies, Regulations, or Zoning Laws Affecting Bin Store Business?

In the United States, bin store businesses may be subject to various policies, regulations, and zoning laws that can impact their operations.

While there are no specific regulations targeting bin stores, general business regulations apply, covering aspects such as business licensing, sales tax collection, and compliance with consumer protection laws.

Zoning laws can also affect bin stores, as they dictate where certain types of businesses can operate within a community.

Bin stores may be classified under retail or commercial zoning categories, which regulate factors such as building size, signage, parking requirements, and permissible operating hours.

Additionally, zoning laws may impose restrictions on the types of products that can be sold or the layout and appearance of the retail space.

Environmental regulations may also come into play, particularly if bin stores handle certain types of merchandise that require special handling or disposal procedures.

For example, regulations governing hazardous materials or waste management may apply if bin stores deal with products that pose environmental risks.

Overall, while there are no specific policies targeting bin stores, these businesses must adhere to a range of regulations and zoning laws that govern various aspects of their operations to ensure compliance and avoid potential legal issues.

  1. Marketing Plan

a. Who is Your Target Audience?

i. Age Range: Our target audience primarily includes adults aged 18 to 55, encompassing a broad range of age groups who are budget-conscious shoppers seeking affordable deals on a variety of goods.

ii. Level of Education: Our target audience may have varying levels of education, ranging from high school graduates to college-educated individuals. However, they share a common interest in finding value-oriented shopping opportunities.

iii. Income Level: Our target audience consists of middle to lower-income individuals and families who are looking to stretch their budgets and save money on everyday purchases.

iv. Ethnicity: Our target audience is diverse and inclusive, representing individuals from various ethnic backgrounds and cultural identities.

v. Language: While our primary language of communication is English, we aim to accommodate customers who speak different languages by providing multilingual signage and customer service assistance as needed.

vi. Geographical Location: Our target audience resides primarily in the Montgomery, Alabama area, although we may attract customers from surrounding regions and communities within a reasonable distance from our store location.

vii. Lifestyle: Our target audience leads active lifestyles and values affordability, convenience, and practicality. They may be students, young professionals, families, or retirees.

b. Advertising and Promotion Strategies
  • Host Themed Events That Catch the Attention of Potential Clients.
  • Tap Into Text Marketing.
  • Use FOMO to Run Photo Promotions.
  • Share Your Events in Local Groups and Pages.
  • Turn Your Social Media Channels into a Resource
  • Develop Your Business Directory Profiles
  • Build Relationships with players in the construction industry and related organizations in our Area
i. Traditional Marketing Strategies
  • Marketing through Direct Mail.
  • Print Media Marketing – Newspapers & Magazines.
  • Broadcast Marketing -Television & Radio Channels.
  • OOH Marketing – Public Transit like Buses and Trains, Billboards, Street shows, and Cabs.
  • Leverage on direct sales, direct mail (postcards, brochures, letters, fliers), tradeshows, print advertising (magazines, newspapers, coupon books, billboards), referral (also known as word-of-mouth marketing), radio, and television.
ii. Digital Marketing Strategies
  • Social Media Marketing Platforms.
  • Influencer Marketing.
  • Email Marketing.
  • Content Marketing.
  • Search Engine Optimization (SEO) Marketing.
  • Affiliate Marketing
  • Mobile Marketing.
iii. Social Media Marketing Plan
  • Start using chatbots.
  • Create a personalized experience for each of our clients.
  • Create an efficient content marketing strategy.
  • Create a community for our freelance marketers and influencers.
  • Gear up our profiles with a diverse content strategy.
  • Use brand advocates.
  • Create profiles on the relevant social media channels.
  • Run cross-channel campaigns.
c. Pricing Strategy

At Cheap Wares® Bin Store, LLC, our pricing strategy focuses on offering deeply discounted prices on a wide range of merchandise sourced from surplus inventory and returned items.

We aim to provide exceptional value to our budget-conscious customers by ensuring that our products are affordably priced, allowing them to enjoy significant savings on their purchases while shopping at our store.

5. Sales and Distribution Plan

a. Sales Channels

At Cheap Wares® Bin Store, LLC, we utilize a multi-channel sales approach to reach our customers. Our primary sales channel is our physical retail location in Montgomery, Alabama, where customers can browse and purchase merchandise.

We will also leverage online platforms, including our website and social media channels, to extend our reach and engage with customers beyond our local market.

Through these channels, we offer convenience and accessibility, allowing customers to shop online or visit our store in person to discover hidden treasures and great bargains at Cheap Wares® Bin Store, LLC.

b. Inventory Strategy

At Cheap Wares® Bin Store, LLC, our inventory strategy focuses on sourcing surplus inventory and returned items from manufacturers, retailers, and wholesalers.

We prioritize products that offer high value to our customers, ensuring a diverse selection of merchandise ranging from clothing and electronics to home goods and more.

To maintain freshness and appeal, we regularly rotate our inventory and introduce new items to keep our offerings exciting and up-to-date.

By leveraging strategic sourcing partnerships and monitoring market trends, we aim to provide a constantly evolving selection of quality merchandise at unbeatable prices to meet the needs of our budget-conscious shoppers.

c. Payment Options for Customers
  • Cash
  • Debit Card
  • Credit Card
  • Contactless Payments
  • Gift Cards
  • Layaway
  • Mobile Payments (e.g., Apple Pay, Google Pay).
d. Return Policy, Incentives and Guarantees
Return Policy:

Our return policy allows customers to return merchandise within 30 days of purchase for a full refund or exchange, provided the items are in their original condition with tags attached. Returns without a receipt may be subject to store credit or exchange at the discretion of management.


We offer various incentives to reward customer loyalty and encourage repeat business. These incentives may include loyalty programs, where customers earn points for every purchase that can be redeemed for discounts or free merchandise.

Additionally, we may offer exclusive promotions, discounts, or special offers to members of our loyalty program or email subscribers.


We guarantee that all products sold in our store are authentic and free from defects. If customers encounter any issues with their purchases, we are committed to resolving them promptly and satisfactorily.

e. Customer Support Strategy

Our customer support strategy will involve ensuring that clients can contact the bin store business through multiple communication channels, such as email, phone, and social media. We will also make sure that all contact information is displayed on the business’s website and promotional materials.

We will foster a culture of putting clients first, where staff are trained to listen actively and empathize with clients’ needs.

We will encourage staff to go the extra mile to ensure clients feel valued and supported. We will implement a CRM system to manage client data, track clients, and follow-up activities.

We strive to provide excellent customer service, ensuring a positive experience for every customer. Our dedicated support team is available 24/7 to address any concerns or issues that may arise.

  1. Operational Plan

At Cheap Wares® Bin Store, LLC, our operational plan focuses on delivering exceptional value and convenience to our customers while ensuring efficient and effective business operations. Our store is staffed with friendly and knowledgeable associates who provide excellent customer service and support.

We leverage multi-channel sales approaches, including our physical retail location and online platforms, to reach and engage with our target audience.

Through strategic inventory management, marketing initiatives, and continuous improvement efforts, we aim to achieve sustained growth and success in the competitive retail market.

a. What Happens During a Typical Day at a Bin Store Business?

During a typical day at a bin store business, various activities occur to ensure smooth operations and exceptional customer service. Staff members start by restocking merchandise, organizing bins, and ensuring the store’s cleanliness and appearance.

Throughout the day, they assist customers with inquiries, provide product recommendations, and process transactions efficiently. Inventory management tasks such as receiving new shipments, inspecting products, and rotating stock also take place.

Additionally, marketing efforts may include updating signage, implementing promotions, and engaging with customers on social media platforms.

Overall, the day is filled with activities aimed at delivering a positive shopping experience, maximizing sales, and maintaining the store’s reputation for offering quality merchandise at unbeatable prices.

b. Production Process

There is no production process when it comes to a bin store business.

c. Service Procedure

At Cheap Wares® Bin Store, LLC, our service procedure is designed to prioritize customer satisfaction and convenience.

Upon entering the store, customers are greeted warmly by our friendly staff who are ready to assist with any inquiries or product requests.

Throughout their shopping experience, our associates provide attentive and personalized service, offering product recommendations and answering questions. At the checkout counter, transactions are processed efficiently, and customers are thanked for their patronage.

We strive to create a welcoming atmosphere where customers feel valued and appreciated, ensuring that their needs are met and exceeded during every visit to Cheap Wares® Bin Store, LLC.

d. The Supply Chain

At Cheap Wares® Bin Store, LLC, our supply chain is built on strong partnerships with manufacturers, retailers, and wholesalers.

We source surplus inventory and returned items directly from suppliers, ensuring a diverse selection of merchandise at unbeatable prices.

Our procurement process involves careful negotiation and selection of products that offer high value to our customers. Upon receipt, inventory is inspected, sorted, and prepared for display in our store.

We prioritize efficiency and reliability in our supply chain operations, allowing us to maintain a constant flow of new merchandise and meet the evolving needs of our budget-conscious shoppers.

e. Sources of Income

At Cheap Wares® Bin Store, LLC, our primary source of income comes from the sale of discounted merchandise sourced from surplus inventory and returned items.

We will also generate revenue through ancillary services such as merchandise delivery or product customization. Other income streams may include advertising partnerships, loyalty program memberships, and rental fees for vendor spaces or event hosting.

  1. Financial Plan

a. Amount Needed to Start Our Bin Store?

Cheap Wares® Bin Store, LLC would need an estimate of $150,000 to successfully set up our bin store business in the United States of America. Please note that this amount includes the salaries of all our staff for the first month of operation.

b. What are the Costs Involved?
  • Business Registration Fees – $750.
  • Legal expenses for obtaining licenses and permits – $7,300.
  • Marketing, Branding, and Promotions – $5,000.
  • Business Consultant Fee – $2,500.
  • Insurance – $5,400.
  • Rent/Lease – $60,000.
  • Operational Cost (salaries of employees, payments of bills et al) – $60,000
  • start-up inventory – $100,000
  • Store Equipment (cash register, security, ventilation, signage) – $4,750
  • Website: $600
  • Opening party: $3,000
  • Miscellaneous: $2,000
c. Do You Need to Build a Facility? If YES, How Much Will It Cost?

Cheap Wares® Bin Store, LLC will not build a new facility for our bin store business; we intend to start with a long-term lease and after 5 years, we will start the process of acquiring our own warehouse facility with a storefront.

d. What are the Ongoing Expenses for Running a Bin Store Business?
  • Rent or Lease Payments for the Retail Space
  • Utilities such as Electricity, Water, and Gas
  • Inventory Purchase Costs
  • Employee Wages and Benefits
  • Marketing and Advertising Expenses
  • Maintenance and Repairs for the Store and Equipment
  • Insurance Premiums for Property, Liability, and Workers’ Compensation
  • Accounting and Bookkeeping Services
  • Payment Processing Fees for Credit Card Transactions
  • Office Supplies and Miscellaneous Operating Expenses.
e. What is the Average Salary of your Staff?
  • Chief Operating Officer (Owner) – $70,000 Per Year
  • Store Manager – $50,000 Per Year
  • Inventory Manager – $48,000 Per Year
  • Purchasing Manager – $47,000 Per Year
  • Marketing Coordinator – $45,000 Per Year
  • Maintenance Technician – $40,000 Per Year
  • Administrative Assistant – $40,000 Per Year
  • Sales Associates- $36,000 Per Year.
f. How Do You Get Funding to Start a Bin Store Business?
  • Raising money from personal savings and sale of personal stocks and properties
  • Applying for a loan from your bank/banks
  • Pitching our business idea and applying for business grants and seed funding from, the government, donor organizations, and angel investors
  • Source for soft loans from our family members and friends.
  1. Financial Projection

a. How Much Should You Charge for your Product/Service?

At Cheap Wares® Bin Store, LLC, our retail pricing strategy focuses on offering deeply discounted prices on a wide range of merchandise sourced from surplus inventory and returned items.

We aim to provide exceptional value to our budget-conscious customers by ensuring that our products are affordably priced, allowing them to enjoy significant savings on their purchases.

b. Sales Forecast?

Based on market research and financial analysis, we project steady revenue growth and profitability for Cheap Wares® Bin Store, LLC. With careful cost management and revenue optimization strategies, we aim to achieve sustainable long-term success.

  • First Fiscal Year (FY1): $260,000
  • Second Fiscal Year (FY2): $380,000
  • Third Fiscal Year (FY3): $450,000
c. Estimated Profit You Will Make a Year?
  • First Fiscal Year (FY1): (20% of revenue generated)
  • Second Fiscal Year (FY2): (30% of revenue generated)
  • Third Fiscal Year (FY3): (45% of revenue generated)
d. Profit Margin of a Bin Store 

The ideal profit margin we hope to make at Cheap Wares® Bin Store, LLC will be between 20 and 45 percent on service charges.

  1. Growth Plan

a. How do you intend to grow and expand? By opening more retail outlets/offices or selling a franchise?

Cheap Wares® Bin Store, LLC plans to reinvest profits into expanding our product offerings, enhancing infrastructure, and scaling operations to capture a larger share of the market.

b. Where do you intend to expand to and why?

Cheap Wares® Bin Store, LLC plans to expand to

  • New York City, New York
  • Los Angeles, California
  • Chicago, Illinois
  • Houston, Texas
  • Atlanta, Georgia
  • Miami, Florida
  • Dallas, Texas
  • Philadelphia, Pennsylvania
  • Phoenix, Arizona
  • Seattle, Washington.

The reason we intend to expand to these geographic locations is the fact that these cities offer dense populations, diverse consumer markets, and high levels of foot traffic, providing ample opportunities for a bin store business to attract customers and generate sales.

  1. Exit Plan

At Cheap Wares® Bin Store, LLC, our exit plan via family succession involves grooming and preparing a family member to assume ownership and management responsibilities gradually.

This transition will include comprehensive training, mentorship, and a gradual transfer of decision-making authority to ensure a seamless transition while preserving the business’s legacy and values for future generations.