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Furniture Store Business Plan Template

Written by Dave Lavinsky Furniture Store Business Plan Template

Over the past 20+ years, we have helped over 2,500 entrepreneurs and business owners create business plans to start and grow their furniture 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 furniture store business plan template step-by-step so you can create your plan today.

Download our Ultimate Furniture Business Plan Template here >

What is a Furniture Store Business Plan?

A business plan provides a snapshot of your furniture 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 Furniture Store

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

Source of Funding for Furniture Stores

With regards to funding, the main sources of funding for a furniture store are 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 want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business.

The second most common form of funding for a furniture store is angel investors. Angel investors are wealthy individuals who will write you a check. They will either take equity in return for their funding, or, like a bank, they will give you a loan. Venture capitalists will not fund a furniture store.

Finish Your Business Plan Today!

Your business plan should include 10 sections as follows:

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 furniture store business you are operating and the status; for example, are you a startup, do you have a furniture store that you would like to grow, or are you operating a chain of furniture stores.

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

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

  • Lifestyle store : this type of furniture store retails everything needed to furnish an empty home, from actual furniture to accessories, lighting, decor, etc.
  • Branded store : this type of furniture store retails a single brand of furniture, and is usually a manufacturer’s retail operation.
  • Discount furniture store : this type of furniture store retails affordable, though lower quality furniture.
  • Traditional furniture store : the traditional furniture store retails a wide variety of furniture for all rooms of a house.

In addition to explaining the type of furniture store you 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 sales goals you’ve reached, new store openings, 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 furniture store business.

While this may seem unnecessary, it serves multiple purposes.

First, researching the furniture 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. For example, if there was a trend towards industrial decor, it would be helpful to ensure your plan calls for plenty of industrial style furniture options.

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 furniture store business plan:

  • How big is the furniture store business (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 furniture 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 furniture store business plan must detail the customers you serve and/or expect to serve.

The following are examples of customer segments: college students, soccer moms, techies, teens, baby boomers, business owners, etc.

As you can imagine, the customer segment(s) you choose will have a great impact on the type of furniture store you operate. Clearly baby boomers would want a different atmosphere, pricing and product options, and would respond to different marketing promotions than college students.

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. Because most furniture stores primarily serve customers living in their same city or town, such demographic information is easy to find on government websites.

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.

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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 furniture stores.

Indirect competitors are other options that customers have to purchase from that aren’t direct competitors. This includes department stores and online retailers among others. You need to mention such competition to show you understand that not everyone who purchases a new piece of furniture does so in a furniture store.

With regards to direct competition, you want to detail the other furniture stores with which you compete. Most likely, your direct competitors will be furniture 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 customers do they serve?
  • What products do they offer?
  • 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 stand outside your competitors’ locations and ask customers as they leave 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 superior furniture?
  • Will you provide products or services that your competitors don’t offer?
  • Will you make it easier or faster for customers to acquire your products?
  • 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 furniture store business plan, your marketing plan should include the following:

Product : in the product section you should reiterate the type of furniture store that you documented in your Company Analysis. Then, detail the specific products you will be offering. For example, in addition to regular furniture, will you offer items such as lighting, decor, or outdoor furniture?

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 items you offer and their price ranges.

Place : Place refers to the location of your furniture store. Document your location and mention how the location will impact your success. For example, is your furniture store located in a high-traffic retail area, or next to an architect, etc. Discuss how your location might provide a steady stream of customers. 

Promotions : the final part of your furniture 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:

  • Making your storefront extra appealing to attract passing customers
  • Advertising in local papers and magazines
  • Reaching out to local bloggers and websites 
  • Social media marketing and advertising
  • Local radio advertising
  • Banner ads at local venues

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 furniture store such as serving customers, procuring inventory, keeping the store clean, etc.

Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to serve your 10,000th customer, or when you hope to reach $X in sales. It could also be when you expect to hire your Xth employee or launch a new location.

Management Team

To demonstrate your furniture store’s ability to succeed as a business, 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 the furniture store business. 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 furniture stores and/or successfully running retail and small businesses.

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 serve 100 customers per day or 200? 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 : While balance sheets include much information, to simplify them to the key items you need to know about, balance sheets show your assets and liabilities. For instance, if you spend $100,000 on building out your furniture store, that 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 $100.000, 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. For example, let’s say a company approached you with a massive $100,000 office furniture contract, that would cost you $50,000 to fulfill. Well, in most cases, you would have to pay that $50,000 now for inventory, delivery, employee salaries, etc. But let’s say the company didn’t pay you for 180 days. During that 180 day period, you could run out of money.

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

  • Location build-out including design fees, construction, etc.
  • Cost of inventory
  • 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 store design blueprint or location lease.

Furniture Store Business Plan Summary

Putting together a business plan for your furniture 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 furniture store business, 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 furniture store.

Download Our Furniture Store Business Plan PDF

You can download our furniture store business plan PDF here . This is a business plan template you can use in PDF format.

Furniture Store Business Plan FAQs

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

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

Where Can I Download a Free Furniture Store Business Plan PDF?

You can download our furniture store business plan PDF template here . This is a business plan template you can use in PDF format.

Don’t you wish there was a faster, easier way to finish your Furniture 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 plan writers can create your business plan for you.

Other Helpful Business Plan Articles & Templates

Business Plan Template

How to Start an Online Furniture Business: A Definitive Guide [2024]


1. Introduction

2.1. step 1: identify your niche, 2.2. step 2: create a business plan, 2.3. step 3: register your business, 2.4. step 4: find suppliers, 2.5. step 5: build a website, 2.6. step 6: set up a secure payment system, 2.7. step 7: take high-quality photos, 2.8. step 8: write product descriptions, 2.9. step 9: promote your business, 2.10. step 10: provide excellent customer service , 3. weighing the pros and cons of an online furniture business, 4. online furniture business examples, 5. conclusion.

Ready for our definitive guide on how to start a furniture business in 2024? If you’ve been wondering how to turn your love of furniture design into a profitable business, look no further. In this guide, we show you how to start your online furniture shopping before your opening day.

With guidance and determination, we believe everyone can realize their entrepreneurial dreams. Welcome aboard! This guide is your companion as we embark on this thrilling adventure of learning how to start an online furniture business . So, without further ado, let’s jump right in and begin this journey together!

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online furniture business plan

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Furniture Store Business Plan Template

Written by Dave Lavinsky

Furniture Store Business Plan Outline

  • Furniture Business Plan Home
  • 1. Executive Summary
  • 2. Company Overview
  • 3. Industry Analysis
  • 4. Customer Analysis
  • 5. Competitive Analysis
  • 6. Marketing Plan
  • 7. Operations Plan
  • 8. Management Team
  • 9. Financial Plan

Start Your Furniture Store Plan Here

Furniture Store Business Plan

You’ve come to the right place to create your business plan.

We have helped over 100,000 entrepreneurs and business owners create business plans and many have used them to start or grow their furniture store companies

Sample Business Plan For a Furniture Store

Click each link below to see an example of how to write each essential component of a business plan for your furniture store:

Next Section: Executive Summary >

Furniture Store Business Plan FAQs

What is a furniture store business plan.

A furniture store business plan is a plan to start and/or grow your furniture 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 furniture store business plan using our Furniture Store Business Plan Template here .

What Are the Main Types of Furniture Stores?

There are many types of furniture stores. Most stores focus on traditional designs and concepts, some stores sell discount affordable furniture, and some stores will sell from only one designer or manufacturer. Other furniture stores sell modern furniture that can either be affordable, moderately priced, or priced on the high-end.

What Are the Main Sources of Revenue and Expenses for a Furniture Store Business?

The primary source of revenue for furniture stores are the products sold at the store and/or warehouse. The furniture store will purchase the items at cost, add a markup, and sell to the public at the marked up cost. 

The key expenses for a furniture store business are the cost of purchasing the product inventory for display, procurement, and shipment of the items. Most times, furniture products come from out of town manufacturers that are in other cities or overseas. Other expenses are the rent and utilities for the facility as well as payroll and marketing costs.

How Do You Get Funding for Your Furniture Store Business Plan?

Furniture store businesses are most likely to receive funding from banks. Typically you will find a local bank and present your business plan to them. Outside investors, crowdfunding, and/or friends or family are other typical funding options. This is true for a traditional furniture store business plan or a custom furniture business plan.

What are the Steps To Start a Furniture Store Business?

Starting a furniture 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 Furniture Store Business Plan - The first step in starting a business is to create a detailed furniture 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 furniture 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 furniture store business is in compliance with local laws.

3. Register Your Furniture Store Business - Once you have chosen a legal structure, the next step is to register your furniture 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 furniture 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 Furniture Store Equipment & Supplies - In order to start your furniture 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 furniture 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 furniture store business:

  • How to Start a Furniture Store Business

Where Can I Get a Furniture Store Business Plan PDF?

You can download our free furniture store business plan template PDF here . This is a sample furniture store business plan template you can use in PDF format.

online furniture business plan

How to Sell Furniture Online: 7 Steps to Success

Furniture. We use it every single day. It’s got form and functionality, while at the same time expressing our style and personality.

That’s why learning how to sell furniture online is a great business idea. Tons of people are shopping for their furniture online—it’s estimated that furniture and home furnishings sales make up a whopping 12.3% of all US ecommerce sales .

Plus, there are plenty of ways to start selling furniture online. You can design or build your own ideas or resell furniture you’ve purchased at a lower price, like thrift store finds or items you’ve refinished and “flipped.”

In this article, we’ll look at all the ways you can plan, build, and grow a successful business selling furniture online. You’ll also learn all the steps you need to take to get started.

online furniture business plan

Start selling online now with Shopify

online furniture business plan

How to start an online furniture business in 7 steps

1. decide if you want to build or resell.

There are multiple ways to break into the furniture market. The path you choose will depend on various factors, such as your skill level, capital, and access to certain tools. Below, we’ll highlight the popular business models:

  • Furniture maker.  This involves designing and creating furniture in a workshop or store of your own. You may choose to build and sell a popular style by keeping inventory on hand or offer custom services that allow your customers to order specific varieties and features. As a furniture maker, you’re expected to have a dedicated workshop, specialized tools, and technical skills. 
  • Furniture designer.  In this model, you don’t actually make the items yourself but create the designs for another manufacturer to follow. You may require specialized drafting skills and tools to design furniture plans.
  • Curator and reseller.  With this model, you sell a number of items from different makers or brands. Some curators specialize in specific types of furniture, like pieces from a certain design period or by a particular brand. Curators need to be experts in sourcing high-quality products they can sell for a profit. You’ll often need to take photos of the items, keep them secure until they sell, and ship them to customers.
  • Vintage reseller.  Here, you specifically focus on vintage items in the furniture space. However, you’ll need in-depth knowledge of vintage furniture to compete in this industry, plus a significant amount of inventory space.
  • Furniture dropshipper.  With a dropshipping method, you don’t need to store or ship the items you curate. You can work with brands and makers willing to ship directly to your customers, eliminating the hassle of handling your own inventory. You can find dropshipping partners on dropshipping platforms (e.g., dropshipping with DSers ). 

how to start an online furniture business

2. Choose your niche

Remember that the furniture market is saturated with big-name companies, meaning you’ll need to carve out a niche and position yourself as the go-to brand for a specific audience.

Some furniture retailers prefer to create and sell unique, handmade items specially made according to their customers’ requests. Others may make furniture entirely out of reclaimed wood and eco-friendly materials. Your choice of a niche will depend on factors like:

  • Use:  Interior furniture, office furniture, outdoor furniture, home accents
  • Products:  Dining tables, chairs, lounge chairs, sofa beds, bed frames
  • Style:  Minimalistic, rustic, modern, eco-friendly, shabby chic
  • Make:  Modular pieces, smart furniture, furniture made from recycled materials
  • Customer:  Students on a budget, families, cottage owners, apartment owners
  • Cause: Sustainability, ethical sourcing, handmade local design

The more specific your niche, the less competition you’ll have to worry about. However, try not to make your niche so specific that you only get a handful of customers.

3. Source your pieces

How you source furniture depends on your niche and business model. 

For instance, a vintage furniture reseller may source furniture from estate sales, whereas someone selling modern varieties may work directly with a manufacturer.

You can also check out the following places as you look to buy inventory:

  • Auctions. Vintage and collectible furniture is often sold through local auctions. Join local social media groups to learn about auctions in your area. You can also look into auction websites like eBay that let you browse and bid on your own time.
  • Flea/outdoor markets. Flea markets sometimes have hidden diamonds for furniture resellers. The earlier you arrive at the sale, the more likely you’ll grab a bargain.
  • Collectors. Private collectors may be open to selling their pieces. However, you may need to spend a little more. As you start building your reputation as a furniture seller, you should encounter collectors naturally.
  • Wholesale marketplaces. Sites like Modalyst might turn up some treasures. Here, you’ll find US vendors offering unique, on-trend furniture at wholesale prices. The best part is they don’t require you to spend a high minimum dollar amount to buy their products. 

There are also furniture dropshippers actively looking for retail partners. You can visit websites like AliExpress to connect with a number of furniture dealers. It may also be possible to set up dropshipping terms with select furniture brands. Artisan Furniture, for instance, has a dedicated page featuring details of its dropshipping program.

4. Consider your storage needs

If you want more control over your inventory, consider storing the furniture in your own warehouse. In the early stages, your bedroom or garage might serve as your storage space. But as you grow and expand your range, renting an external warehouse would be your best bet. 

Your furniture storage and warehousing options:

  • Renting a climate-controlled storage area (best for materials like wood and natural fabrics that are susceptible to fluctuations in humidity)
  • Sharing warehouse space with a business large bulky items like furniture
  • Buying your own dedicated warehouse/storage space

5. Create your online store

Now that you’ve got all the pieces, it’s time to put this puzzle together. Your website is where the proverbial magic happens.

Shopify is a great tool to build your online furniture store. It has hundreds of customizable, pre-built themes to choose from. Just pick the “look” you like most, then you can customize your store with your own branding, colors, fonts, and images.

build online furniture store with Shopify

Shopify’s ecommerce functionality makes it a breeze to take payments from virtually anywhere in the world. Shopify also has tools to help you manage your finances and taxes, depending on where you live and sell.

Here are some tips for building a killer online furniture store:

  • Design an eye-catching brand. Create a custom logo and brand identity , then make sure your brand is always consistent.
  • Take high-quality photos. Good product photos are critical. Since customers can’t see and feel the furniture in person, your photos need to be crisp, clear, and detailed so they know what they’re getting.
  • Write irresistible product descriptions. Often, your product descriptions can make or break a sale. Be specific about your pieces: what they’re made of, why they’re special, and what sets them apart from your competitors.
  • Build a marketing and sales funnel. Shopify has tons of tools and apps to help you get traffic and convert visitors to customers. Consider strategies like email marketing , SEO , pop-ups , and loyalty programs .

6. Take high-resolution images

High-quality images can help customers envision your pieces in their homes. Clear photos also help customers understand an item’s scale, alongside the dimensions you list in your product descriptions. Here are some tips to help you with furniture photography:

  • Get the lighting right.  Natural lighting is crucial to good photography. Ensure there’s plenty of natural light in the space, or consider using a lighting kit to improve the quality of the image.
  • Tell a story.  Visuals should align with your product description to tell a story. Try to highlight who the product is for in your image, how it can be used or placed, and what kind of additional products might complement it. Staging the piece in a space where it’s naturally most likely to be found (like a dining table in a dining room) makes sense. Including images of people actually using the product can also provide valuable context.
  • Try 3D images.  Website builders like Shopify allow store owners to upload 3D models and videos showcasing products . This means your customer can view your furniture from different angles, making it easier to determine whether or not it’s suitable for their space.  

Shopify 3D image upload

Other things to remember: 

  • Close-ups are valuable.  A close-up will help your customer get a sense of the quality of the product and its details. Capture the texture in the fabric of a sofa or the details in the metalwork of a bed frame.
  • Scale is crucial.  Your customer will want to get an idea of the size and shape of the item. Take a picture of it in its natural placement (a bed in a bedroom, for instance), alongside other decor items (like cabinets and drawers).

7. Promote your furniture business

With your products, online store, and photos ready to go, you can focus on marketing your furniture business. 

Start by considering where you’re most likely to engage your target audience. If you want to present yourself as a trendy, modern furniture brand catering to younger audiences, then you’re likely to find success on Instagram and similar social media platforms. An online shop selling designer furniture might consider running Facebook ads targeting high spenders. 

That said, furniture companies often achieve fantastic results by interacting with customers on a range of channels, including:

  • Email marketing .  Emails can nurture leads into sales and create repeat customers.
  • Content marketing .  Writing, producing videos, and sharing podcasts about furniture will help position you as a thought leader while improving your visibility in search engines.
  • Offline advertising . Sending leaflets and special offers to customers in the mail can be useful for some advertisers, particularly those selling specialist products, like vintage collectibles. 

Go forth and keep learning how to sell furniture online

While it might seem intimidating to build a brand from scratch, you’ll see that it’s attainable and even fun once you break down each of the moving parts.

The important thing is to keep learning as you go. You won’t be perfect right when you start out, but when you have an open mind and a willingness to adapt, you’re already set up for success.

All that’s left is to get your hands dirty starting your new business!

Want to learn more?

  • Sell Coffee Online: How to Start Your Own Online Coffee Shop
  • How to Sell Food Online in 7 Easy Steps: Guide for 2022
  • Sell Skincare Online: How to Launch Your Product Line and Make It A Success
  • How to Start a Craft Business in 2022: 9 Steps to Launch

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How to start a furniture business in 2022 (Ultimate guide)

How to start a furniture business in 2022 (Ultimate guide)

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According to Global Market Insight , the furniture market size is over $545.78 billion in 2020, with a CAGR of 5.4% from 2021 to 2027. If you enjoy designing homes, working with the public, and building a profitable business profit, then a furniture store might be the right choice for you. To get started, you can learn how to start a furniture business by following this in-depth guide. We’ve put together 13 simple steps for you to build your own furniture store. These steps will ensure that you plan well, register your new business properly, and comply with the law.

Step 1. Understand furniture industry market and trends

Step 2. identify the target market, step 3. make a business plan, step 4. estimate your budget, step 5. register your business name and dba, step 6. form a legal entity, step 7. get tax registration, step 8. open a business bank account, step 9. apply for the necessary permits and licenses, step 10. sign up for business insurance, step 11. create a website for your furniture business, step 12. invest in a pos system, step 13. open your showroom, related questions, driven factors.

A recent report by Allied Market Research states that the global furniture market is forecasted to reach $800,596 million by the end of 2025. The market is driven by various factors such as:

  • An increase in disposable income
  • The growth of the real estate and hotel industry
  • Demand for high-end and luxury furniture from specific segments of consumers
  • An increase in multifunctional furniture, with facilities for extra storage as the number of small houses increases

Key market segments

The eCommerce segment will drive furniture sales, partly due to the use of online interactive room design software to design your interior while sitting at home.

  • In general, buildings that use much furniture include offices, laboratories, spas, restaurants, retail stores, libraries, bedrooms, camping, outdoors, and parks.
  • In commercial spaces, closed interiors help organize seating and document storage, maximizing space and aesthetics.

Have you felt that the furniture business idea is more feasible and straightforward? Now get ready to take the next step of how to open a furniture store.

Identify your niche

You need to decide clearly what kind of furniture you’re going to create. It can be office furniture, home furniture, or cabinets. Next, you can specify the materials you intend to use, such as upholstery, wood, or metal.

Define your target market

Next, you need to define specific target customers as residential, commercial, or resort areas. Also whether you are only selling locally or reaching a broader market.

Do a market analysis to assess your furniture needs

After identifying your target market, you can consider their distinctive characteristics and needs. Also, you compare with your competitors to find out what they don’t offer. It’s like filling a gap in the market.

Finally, you need to do market analysis to determine the right pricing model for your target market and product.

Write an explanatory company description

If you want your furniture business to be successful, you must invest time defining marketing strategies, managing the business, and developing financial and organizational projections. For starting a furniture business, you can write an explanatory company description:

  • The type of furniture you produce
  • How you produce your products
  • Your difference from the competition
  • Your target customer
  • Your product line (the type of furniture you make, the materials you use, and how it benefits your customers)
  • Research on other furniture manufacturers and how your business responds to a need in the market

Sketch business model canvas

You can use Business Model Canvas templates to visualize relationships across your value chain, from internal employees to suppliers and customers. It’s a useful tool to ensure that you don’t forget any element of your business ecosystem.

Know budget components

The cost of starting a furniture business can vary from business to business but includes the following items:

  • Cost of obtaining permits and licenses and complying with state and federal environmental and safety regulations
  • Cost of buying or renting your place of business
  • Cost of purchasing starter inventory
  • Cost of purchasing or renting equipment
  • Advertising and marketing expenses
  • Salary and benefits for your employees

Draft startup costs

You need to budget correctly for your startup, including startup costs and any debt you may incur. It helps you accurately forecast your profitability in the first year of business with tax breaks. In addition, this is important to make your business successful and makes communication with investors and banks easier.

Choose a business name

When registering your business name, you should check the following databases:

  • Federal and state trademark
  • State business records
  • Web domain availability
  • Social media presence

DBA is a fictitious trade name that allows business owners to operate under a recognizable name without registering an entirely new business. It stands for “doing business as,” which means the business owner is still legally responsible for the business or general partnership. Some retailers use a DBA as a public interface instead of their legally registered business name. However, here are 3 types of businesses that may require a DBA:

  • A single branch of a large business
  • Sole proprietorships and general partnerships

Choose your business type

Corporations, limited liability companies (LLCs), sole proprietorships, and partnerships are the most common business types. However, an LLC will save you from personal liability if your furniture store is sued. When you form an LLC, you must pay the state LLC costs.

Consult a CPA

The business structure you choose affects how you pay income taxes. You can consult a certified public accountant (CPA), business advisor, or attorney on how to start a furniture business legally. Alternatively, you might consider hiring an agent to register your LLC as they understand the process and can minimize waiting times. The cost usually includes a free year of registered agent service.

Decide business structure to calculate tax

Before opening a furniture store, you’ll need to register for federal and state taxes. Depending on your business structure, you’ll have different options for how taxes are calculated. For example, if you position yourself as an LLC, you can benefit from the same tax benefits as a small corporation (S-corp) with a small business.

Apply for tax

To apply for taxes, you’ll need to register an EIN . EIN is an employer identification number. It allows you to set up a business bank account to separate your personal finances from your business. You can receive your EIN for free by fax or mail when you register at the IRS website.

Understand business account’s advantages

When business and personal accounts are mixed, your personal assets are at risk if your business is sued. A business account includes credit cards and other grants in the name of your business. It has quite a few benefits:

  • Receive higher credit limits and better interest rates than individual accounts
  • Make the tax return and accounting process easier
  • Build your company’s credit history — helpful in raising money and investing later

Find a trustworthy bank to open account

You should consult your local reviews to find the best and most loan-friendly national banks for small businesses. For that, you should learn how to build your business credit.

Check necessary permits and licenses

If you don’t have the necessary permits and licenses, you could face hefty fines or even have your business closed. You need to visit the SBA’s reference for state permits or check with your town, city, or county clerk’s office. There are several state permits to operate a furniture store, for example:

  • A certificate of residence or CO: A document certifying that you meet all zoning laws, building codes, and government regulations
  • Furniture requirements regarding greenhouse gas emissions, formaldehyde from wood, toxic air pollutants from metal and wood coatings, and waste disposal

Get support from ASBA

You can get support from one of the local associations listed in the American Small Business Association’s directory of local business resources.

  • If you rent a place: It’s the landlord’s responsibility to apply for a CO. So, before signing a lease, you need to make sure that your landlord has a valid CO that applies to the furniture store business.
  • If you purchase or build a site: You’ll be responsible for obtaining a valid CO from the local government agency.

What if I don’t buy business insurance?

Business insurance protects your company’s financial well-being in the event of a covered loss. Your business needs insurance to operate safely and legally.

Get started with basic coverage

If you’re unsure about the types of risks for different businesses, you can start with General Liability Insurance and Workers’ Compensation Insurance. They’re the most popular coverage that small businesses need.

Do I need to create a website to sell furniture online?

After defining your brand, the next step is to create a website for your business. Some store owners may fear it’s out of their reach because they don’t have any experience in how to start an online furniture business. However, a business profile on LinkedIn or social media accounts like Instagram, Pinterest, and Facebook is not a substitute for your business website. Even if you don’t sell furniture online, you should have a high-quality website to showcase your work, update your project, your design process, and tips for shoppers.

Choose a friendly eCommerce platform

You don’t need to hire an in-house developer or web designer to create an engaging website. For example, popular eCommerce platforms like Magento, WordPress, Wix, and Shopify often come with beautiful themes and templates. In addition, all-in-one services like Magento eCommerce can create an essential website for you in the quickest time.

It’s not every day that your customers buy a bed. In general, the moment a customer buys furniture is usually an occasion. In addition, customers will return to your furniture store if they receive attentive service and show that you care about them. Therefore, you need to create a personalized shopping experience based on sales data obtained from both your physical store and online website. Remember, your returning customers will generate the highest income. Thus, a POS system for furniture and homeware can deliver a memorable buying journey with the following outstanding features:

  • On-hold orders: If your customer likes an item but wants to consult the family, they may want the item to be reserved for them. This feature saves an item for a customer and even sends an email with order information on-hold.
  • Floor selling: Help your staff move flexibly to consult on-site for customers with flexible POS that runs on iPad
  • Loyalty program: Synchronize customer data and purchase history from online to offline and offer birthday promotions
  • Bonus points: Allow customers to use bonus points to increase sales
  • Gift cards: Increase brand recognition with a gift card or use store credit as a payment method or for cashback
  • Dropship: Allow your employees to manage this shipping method right on the POS screen

Find a suitable location

You can choose to rent out your storefront with a workshop and sell your furniture to new customers at the same time as developing your website. If you are going to open a physical store, find a space that fits your customers’ needs. However, if you only run an online business, you still need to find a location for your workshop. In addition, you may also need enough warehouse space for suppliers to transport, pick up, and drop off materials easily.

Whichever option you choose will affect the physical location of your business and the amount of money you need to start it. Thus, do not choose the location based on the most reasonable rent. Instead, choose the best location you can afford to display your furniture attractively and effectively to your customers.

Build your team

You’ll need to start building your team, including:

  • Showcase design team: Submit the plan as the building goes up
  • Marketing team: Start promoting your business 8 weeks before opening a furniture store
  • Purchasing team: Work with furniture manufacturers 6 months before the first orders are placed
  • Floor sales team: Available two weeks in advance before the store opens
  • Delivery team: Rent on-site or use a third-party delivery service

Arrange store layout and visual merchandising

Common types of marketing include advertising seasonal items such as holiday tableware, outdoor furniture in the summer, and office furniture in the fall. Updating visual merchandising constantly will help increase awareness, connect emotionally with customers, and increase your sales. A successful furniture store may not require unique furniture. On the contrary, you need to create a shopping experience and atmosphere that encourages customers to linger, experiment, and explore. Check out 15 retail window display ideas to drive in-store traffic in 2022 to inspire your furniture showroom display ideas.

How much does it cost to start up a furniture business?

To start up a furniture business costs from $1million—20 million depending on the complexity and size of your furniture store and warehouse. Hard costs such as storefronts and showrooms, ongoing payroll costs (sales and delivery crews), inventory costs, and visual merchandising costs are unavoidable. For that, you can consider minimizing your software costs, like building a website using Magento platform and using a free open source POS for your brick-and-mortar store. From there, you can enjoy smooth data synchronization from this POS with your Magento website system.

Is building furniture profitable?

Yes, building furniture is profitable. You may wonder “How profitable is the furniture business?” The furniture industry has one of the smallest profit margins in the retail industry. The profit compared to wholesale is about 40%. Most furniture retailers have a net profit of 2% after operating expenses and salaries, bringing in more than $1 million in annual sales. As a business owner, you can enjoy an annual income of $150,000—300,000.

What are the daily store operations of a furniture store?

Managing a furniture retail include the following tasks:

  • Review the new furniture collection and decide what items your store will sell next season
  • Place orders with furniture factories to fulfill customer orders or have them in stock for immediate delivery
  • Ensure all furniture displayed is clean and attractive
  • Design new displays for furniture collections
  • Provide a friendly environment for your shoppers, which may include snacks, coffee, or additional entertainment
  • Work with clients to find the right piece of furniture that fits their style and budget
  • Provide in-house consultations for clients looking to develop a unified design
  • Schedule furniture delivery to customers

What are some skills to build a successful furniture store?

There are 6 skills to build a successful furniture store:

  • Select and display beautiful and popular furniture
  • Provide impeccable customer service for every sale
  • Suggest attractive combinations of furniture, carpets, lighting, and other design elements for a more personalized experience
  • Train a friendly and knowledgeable salesperson ready to assist with the shopping experience
  • Establish a positive relationship with many furniture manufacturers
  • Maintain good profit margins using good business skills

How to market a furniture business?

To market a furniture business, you’ll need to do social media advertising using every available medium to promote your new business, like social marketing using Facebook, Pinterest, Instagram, and Podcasts. To dominate your local market, you’ll need to focus on attracting new customers to your showroom from day one. You should have more salespeople in the opening week so that no customer leaves without personal attention.

Final thoughts

We hope you understand how to start a furniture business and can take advantage of the ideas after reading this article. To build your own furniture store, you need to teach yourself to design and manufacture unique products, have a good eye for what your customers want, and tailor your design to their needs. However, besides being a skilled furniture designer and manufacturer, you also need to know how to manage the business to profit.

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Jackie is Magestore's Strategic Marketing Lead with over 5 years of digital transformation experience. An acknowledged authority in eCommerce and Magento, she creates insightful content to unravel digital complexities, covering Magento best practices, eCommerce trends, and integration strategies. Read her curated insights on the Magestore blog for a profound understanding of eCommerce, offering a clear path to retail success. Jackie's content provides practical, friendly guidance to navigate the ever-evolving digital commerce landscape.

Join the discussion 9 Comments

Thank you, Jackie, this is insightful

This article is a complete piece, very detailed.

Great Information shared.

The information was helpful. Thank you

This information has been very helpful and very detailed and has made me think a lot of what i need to look at. Thank you

nice post. thanks for sharing with us.

Nice information thanks

Starting a furniture business requires careful planning, research, and a passion for design. By following the steps outlined in this article, aspiring entrepreneurs can set themselves up for success in the furniture industry.

Understanding the furniture industry market and trends is key to success.

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How to Start a Furniture Business in 14 Steps (In-Depth Guide)

Updated:   March 7, 2024 is reader-supported. When you buy through links on my site, we may earn an affiliate commission. Learn more

The furniture industry is big business, with the global market expected to climb at a compound annual growth rate (CAGR) of 5.9% from 2023 to 2030 . In 2022, the market hit $677.09 billion. With continued success on the horizon, now is a great time to open your furniture store, or get involved in a furniture manufacturing business.

online furniture business plan

This comprehensive guide covers how to start a furniture business. From business planning and financing to marketing and scaling, we’ll walk you through the furniture designer startup process step-by-step. If you’re ready to build your own furniture store, keep reading.

1. Conduct Furniture Market Research

Market research is an important aspect of the furniture design industry. It offers information on other furniture manufacturers, market saturation, services, your target market, and other information important to developing a business plan.

online furniture business plan

Here are some of the details you might learn about the furniture store business industry through market research.

  • Industry trends: Custom-built and handcrafted furniture is growing rapidly as more consumers seek unique, high-end pieces. Smart or multi-functional furniture is also on the rise.
  • Niche products: Sustainable and eco-friendly furniture is another fast-growing niche. Consumers increasingly want products made from recycled materials or using environmentally-safe production methods.
  • Openings in the market: While e-commerce furniture sales and furniture flipping are growing quickly, brick-and-mortar stores still account for over 70% of purchases. Wholesale businesses are also benefiting from the industry’s growth.

Thriving as a new furniture business still takes careful planning and execution. Key factors for success include:

  • Finding a profitable niche or local market need
  • Mastering furniture design and production
  • Developing an appealing brand identity
  • Optimizing your supply chain and inventory management
  • Implementing a smart digital marketing strategy
  • Providing excellent customer service and support

With the right business model focused on a specific target audience, new furniture companies can carve out a lucrative space.

2. Analyze the Competition

Thoroughly analyzing the competition is crucial for a successful furniture store. To assess a rival custom design furniture business, or other skilled furniture designer, visit competitors in your geographic area.

online furniture business plan

Some ways to investigate home and office furniture competitors include:

  • Evaluate their store layout, merchandising, pricing, customer service, and brand messaging.
  • Take notes on strengths and weaknesses.
  • Talk to their customers to gain insights into why they shop there.
  • Monitoring competitors’ social media and reviewing sites like Yelp can provide additional intel.
  • Evaluating online competitors is also key.
  • Study their site design, product range, pricing, shipping costs, and policies.
  • Sign up for email lists to review promotions and marketing.
  • Analyze social media followings and engagement.
  • Evaluate SEO elements like meta descriptions, page titles, and URL structure.
  • Competitive analysis should drive your e-commerce strategy.
  • Look for gaps where competitors are lacking to position your business differently.
  • Identify pain points or complaints you can improve upon.
  • Set Google Alerts on key competitors to get notified of news coverage and announcements.
  • Monitor review sites for feedback.
  • Subscribe to inventory alerts to see new product launches.
  • Use tools like SEMrush and Ahrefs to track changes in domains, backlinks, and keyword rankings.

By continually evaluating rival online and brick-and-mortar furniture businesses, you gain invaluable insight. Focus on identifying weaknesses and opportunities to differentiate your offerings, brand experience, and value proposition.

3. Costs to Start a Furniture Business

Starting a furniture business requires careful financial planning and cost analysis. Between start-up expenses and ongoing operational costs, owners need to budget realistically.

online furniture business plan

Here is an overview of typical costs to expect.

Start-Up Costs

  • Registering your business – $50-$150 for licenses, permits, filing fees
  • Store lease or mortgage – $2,000-$5,000 per month depending on location and size
  • Store build-out and renovations – $20,000-$100,000+ for layout, flooring, lighting, displays
  • Furniture inventory – $10,000-$50,000 to start, depending on volume and price points
  • Office equipment – $1,000-$5,000 for desks, chairs, computers, phones, supplies
  • Point of sale system – $1,000-$3,000 for hardware and software
  • Furniture assembly tools – $500-$2,000 for power drills, hardware, work benches
  • Company website – $1,500-$5,000+ for site design and development
  • Professional services – $500-$2,000 for legal fees, business advisors
  • Marketing materials – $500-$2,000 for branding, signage, business cards
  • Insurance – $1,000-$5,000 for business liability, workers comp, property

Total estimated start-up costs are $40,000 to $100,000.

Ongoing Costs

  • Rent and utilities – $2,000-$8,000 depending on location
  • Payroll – $2,000-$10,000+ based on staff size
  • COGS (cost of goods sold) – Typically 25%-50% of total inventory costs
  • Accounting services – $100-$500+ for bookkeeping and payroll help
  • Legal services – $150-$500 for contract reviews, IP filings, compliance
  • Website hosting/maintenance – $100-$300+ depending on complexity
  • Email marketing – $10-$50 per month for email service provider
  • Advertising – $500-$2,000 depending on the channels used
  • POS and software subscriptions – $100-$500 for hardware leases, SaaS platforms
  • Inventory management system – $100-$300 for software subscriptions
  • Miscellaneous supplies – $100-$500 for office supplies, cleaning, etc.
  • Insurance premiums – $2,000-$10,000 depending on coverage
  • Local business taxes and licenses – Varies by location, up to $1,000
  • Marketing campaigns – $5,000-$20,000 annually for targeted outreach
  • Furniture trade shows – $3,000-$10,000 for registration and booths
  • Website updates – $500-$2,000 annually for content and design
  • Store maintenance – $1,000-$5,000 for repairs, enhancements
  • Professional development – $1,000-$3,000 for product research, industry events

Starting a profitable furniture store requires ample capital reserves and steady revenue exceeding ongoing costs. Carefully researching all start-up and operational expenses, securing funding, and operating lean initially will set your new business up for sustainability and long-term success.

4. Form a Legal Business Entity

When starting a furniture business, one of the first legal steps is choosing your business structure. The four main options each have pros and cons to weigh for a furniture company.

Sole Proprietorship

A sole proprietorship is the simplest structure, you and the business are one entity. However, the owner assumes unlimited personal liability for debts and legal actions. This poses a major risk in a furniture business where lawsuits over defective products or injuries could bankrupt the owner.


Partnerships allow multiple owners to share resources and liability. However, agreements should outline profit/loss distributions and decision-making authority to avoid conflicts. All partners remain personally liable for business debts. Disputes could dissolve the business.

Limited Liability Corporation (LLC)

A limited liability corporation (LLC) combines pass-through taxation with personal liability protection for owners. Only their business investment is at risk. An LLC’s flexibility allows it to add new partners seamlessly. Owners avoid double taxation and can offset passive losses against other income. This makes an LLC the best choice for most furniture startups.


A corporation designates the business as a legal entity separate from its owners. Shareholders’ assets are generally protected from debts and lawsuits. Corporations allow for greater capital raising through stock offerings and company growth. They require extensive record-keeping and are taxed twice – at corporate income and shareholder dividend levels.

Additional factors that make an LLC optimal for furniture companies:

  • LLCs avoid sole proprietorships’ unlimited liability yet remain simpler than corporations with fewer paperwork requirements. This allows furniture entrepreneurs to focus on crafting and selling their products.
  • LLCs can elect S Corp status with the IRS for certain tax advantages while retaining LLC flexibility and protections.
  • Converting an LLC to a corporation later on is straightforward as your company grows.
  • LLCs enhance credibility with suppliers, buyers, and banks compared to sole proprietorships.
  • LLCs can freely divide ownership interests and include restrictive clauses to protect furniture product IP if partners join.

Starting as an LLC gives furniture businesses the best of all worlds – liability protection, tax flexibility, scalability, and lightweight administration. Speak with an attorney and tax professional to ensure you fully understand each entity type. However, for most furniture startups, forming an LLC is the optimal choice.

5. Register Your Business For Taxes

One essential step for any new furniture business is obtaining an Employer Identification Number (EIN) from the IRS. This unique identifier is like a Social Security Number for your company.

An EIN is required to open business bank accounts, apply for licenses, file taxes, and hire employees. Sole proprietors can use their SSNs initially, but an EIN adds legitimacy and privacy.

Thankfully, getting an EIN is quick and free through the IRS website. Simply follow these steps:

  • Go to and click “Apply Online Now” under the EIN Assistant.
  • Choose what best describes your business from the options and hit Continue. For furniture companies, choose “View Additional Types, Including Nonprofit” then “Retail Trade”.
  • Select “Sole Proprietorship” or “LLC, Partnership, or Corporation” depending on your business structure.
  • Answer whether you have employees (you can get an EIN even if you don’t). Select the reason code 11 if applying as an LLC.
  • Provide your personal info, business name, and address. Ensure accuracy as this info will go to your IRS account.
  • Print your EIN confirmation letter after submitting it for your records.

You’ll also need to contact your state revenue or taxation department to obtain a tax ID number for collecting sales tax. Registering for sales tax does involve a small fee but also a quick online process.

6. Setup Your Accounting

Proper accounting is crucial for furniture companies to track finances, remain tax-compliant, and make smart decisions. Investing in accounting software and an accountant from the start provides major benefits.

Accounting Software

Using software like QuickBooks allows you to automatically import and categorize transactions from business bank/credit card accounts. This streamlines tracking income, expenses, accounts receivable/payable, and inventory costs. QuickBooks greatly simplifies bookkeeping and lets you generate financial statements and invoices.

Hire an Accountant

While the software does the heavy lifting, having an accountant is still ideal. They can handle payroll, taxes, and compliance issues you may lack expertise in. Expect to pay $200 to $500 per month for basic bookkeeping or $2,000 to $5,000 to fully outsource accounting operations.

Come tax season, an accountant can prepare and file returns for much less than typical monthly fees. This expertise is invaluable if you ever face an IRS audit. They know furniture industry norms and legal deductions to minimize your tax liability.

Open a Business Bank Account

Keeping business and personal finances completely separate is also critical. Open a dedicated business checking account and credit card only used for company expenses. Never co-mingle funds or pay suppliers from personal accounts. This makes accounting clean and avoids IRS red flags.

Apply for a Business Credit Card

Applying for a small business credit card is straightforward. Furniture companies can qualify for $5,000-$10,000 limits based on your credit score and projected revenue. Higher revenue potentials allow for larger credit lines. Use your EIN, not your SSN, when applying for business credit cards.

7. Obtain Licenses and Permits

Launching a lawful and compliant furniture company requires obtaining business licenses and permits. All federal permit and license requirements are listed through the U.S. Small Business Administration . The SBA also offers a local search tool for state and city regulations.

Required licenses vary by state and city, but common ones include:

A general business license that legally registers your company’s name and structure. Fees are typically under $100 annually. For example, the California Business Portal lets you obtain a license online.

A sales tax permit which allows you to collect and remit state sales tax on furniture transactions. The process and fees differ by location but filing is mandatory if selling taxable goods.

A health department permit if you plan to sell any food and beverages on-site, even prepackaged snacks. For custom furniture stores, this may not apply. However many states require a low-cost food handler permit.

An occupancy permit ensures your store’s location meets fire and building codes for its intended use. Furniture displays, workbenches, and inventory impact occupancy considerations.

A sign permit if you install exterior store signage or window displays facing the street. Fees range from $25 to $100 depending on the sign’s size.

Zoning permits if your location’s property hasn’t been zoned for retail use in the past. Rezoning applications involve hearings and negotiations.

Check with your Secretary of State’s office and local municipality to identify required approvals before opening doors. Obtain all paperwork well in advance, the processes often take 4 to 6 weeks. Rushing into business before securing licenses risks fines over $100 per day of unpermitted operation.

8. Get Business Insurance

Carrying adequate insurance is crucial to protect furniture businesses from unexpected catastrophes. Without coverage, a single incident could destroy everything you’ve built.

Imagine a fire ravages your warehouse destroying your entire inventory. Or a customer sues after being injured by an allegedly defective product. Even small claims can sink unprotected businesses.

With business insurance, you gain peace of mind knowing you can recover from disasters. Common useful policies include:

  • Property insurance covers your retail space, warehouse, inventory, and equipment from theft, fires, storms, etc.
  • Liability insurance to cover injury lawsuits from customers if harmed on your premises or by your products.
  • Commercial auto insurance protects company vehicles used for delivery.
  • Workers comp which covers medical bills and lost wages if employees are injured on the job.

Gaining coverage is straightforward by following these steps:

  • Determine your risks and required coverage types. Property and liability are essential.
  • Shop quotes from providers like The Hartford to compare rates.
  • Select a policy with ideal coverage scopes and limits for your budget.
  • Provide details on your business operations, location, inventory, and more.
  • Get premium costs and fulfill any underwriting requirements.
  • Put your policy in place and pay premiums when billed.

Having insurance gives furniture business owners peace of mind and the security of knowing they are protected from the unpredictable. Don’t wait until it’s too late – get insured from the start.

9. Create an Office Space

Having a dedicated office space provides furniture companies room for essential business functions like meetings, design work, and administration. The right space depends on your budget and needs.

online furniture business plan

Home Office

A home office offers convenience and low costs but limited space. Expect around $100 to $300 for basic furnishings and utilities. Keeping business activity out of living areas maintains work/life separation. Home offices work well for solo entrepreneurs but lack room to meet clients or grow staff.

Coworking Office

Coworking spaces like WeWork provide amenities like conference rooms, high-speed internet, printing, and front desk staff for $200 to $500 per month. You also gain a collaborative community and networking. But noise could hinder focus-intensive work. Storage is limited.

Retail Office

Retail furniture stores should consider an attached office for customer meetings, receiving deliveries, and inventory management. This allows seamless transitions between sales and back office work. Costs depend on the office size but remain fixed each month. Storage space can accommodate excess inventory. High foot traffic locations have greater visibility.

Commercial Office

Renting office space in a commercial building offers the most professional setting starting at around $1,000 per month. Expect leases of 1 to 3 years for the best rates. Commercial offices allow room for large teams and conferences with clients. You control the space layout. But costs are higher and leases are less flexible than alternatives.

10. Source Your Equipment

Furniture entrepreneurs need reliable access to quality materials, tools, and equipment. Strategic sourcing is key for cost-effective operations.

Buying new provides premium products with warranties but at higher prices. Look to wood suppliers like Hardwoods Specialty and machinery companies such as SawStop for professional equipment. Attend industry trade shows to explore new technologies and network with vendors.

Purchasing used can net major savings on still-capable equipment. Scout deals on eBay , Craigslist , Facebook Marketplace , and Nextdoor for used saws, drills, workbenches, and lumber. Vet items carefully checking functionality and wear. Factor in any repair or upgrade costs.

Renting makes sense for occasional needs or trialing new tools. Home improvement stores like Home Depot rent select tools for reasonable day/week rates. Larger equipment rentals are available from companies like United Rentals which offer delivery. This avoids large capital outlays to buy.

Leasing lets you make fixed monthly payments to use more advanced equipment like CNC mills and laser cutters. Lease terms like 3 to 5 years give you continual technology access. Buyouts at lease-end are optional. Compare leasing to purchasing costs before committing.

11. Establish Your Brand Assets

Crafting a strong brand identity is crucial for furniture companies to stand out and connect with customers. Investing in core assets brings your vision to life.

Get a Business Phone Number

Getting a unique business phone number adds legitimacy and professionalism. Services like RingCentral provide toll-free and local number options, call routing, voicemail, and more for $20 to $100 per month. This gives customers an easy way to reach you.

Design a Logo

A logo encapsulates your brand in a memorable, visual form. Consider traits you want to convey – modern, rustic, artistic, sustainable, etc. Options include abstract marks, letter marks featuring initials, and pictorial logos. Branding sites like Looka help create logos tailored to your business.

With a logo set, build out complementary brand assets like a brand style guide, color palette, and graphic elements. Maintaining visual consistency across all touchpoints boosts recognition.

Print Business Cards

Customer-facing items like business cards, stationery, packaging, and store/truck signage allow wide brand exposure. Sites like Vistaprint make ordering affordable branded collateral easy. Carry cards to give customers who admire your work an easy way to contact you for future projects or referrals.

Get a Domain Name

Secure your brand name as a domain for your website. Check availability by searching registrars like Namecheap . Opt for a .com and shorter names are best. Make sure names are easy to say and spell.

Design a Website

Building a website establishes an online destination to showcase products and your brand story. Options include using DIY builders like Wix or hiring web developers through Fiverr . Weigh costs, customization needs, and your expertise when deciding.

12. Join Associations and Groups

Joining local organizations and online communities provides invaluable connections and insights for furniture entrepreneurs. Surround yourself with like-minded professionals.

Local Associations

Seek out local woodworking or furniture associations to get plugged into regional networks. Groups like the Charlotte Woodworkers Association offer meetings, classes, mentorships, and camaraderie. Attend trade shows like the yearly High Point Furniture Market to connect with designers and brands.

Local Meetups

Attending local small business meetups builds your community and customer base. Sites like Meetup help find nearby events centered around crafts, retail, entrepreneurship, and more. Share your expertise while learning from fellow business owners. Bring samples of work to showcase your skills.

Facebook Groups

Don’t overlook the power of Facebook Groups to tap into larger communities of fellow makers online. Groups like Woodwork and Furniture Makers Project Forum and Home Decor & Furniture Manufacturers and Sellers provide support, feedback, and customers. Use groups to run polls, ask questions, or share your latest designs.

13. How to Market a Furniture Business

Implementing an effective marketing strategy is essential for furniture companies to gain visibility, attract customers, and drive growth.

online furniture business plan

Leverage these key tactics to build your brand:

Your Network

Tap Into Your Network As a young business, your personal and professional connections are gold. Reach out to friends, family, past customers, and colleagues to spread the word about your new venture. Offer discounts or free products to early supporters willing to provide testimonials, referrals, and word-of-mouth marketing.

Digital Market

  • Create Google and Facebook ads targeted locally by interests like interior design, home remodeling, etc. to reach relevant audiences. Start with small daily budgets of $10 to $50 to test effectiveness.
  • Launch social media business pages on Instagram and Facebook to share designs, and behind-the-scenes content, and engage followers. Post consistently 1-2 times per day using quality photos, videos, or Stories.
  • Start a YouTube channel creating quick videos spotlighting your skills, workshop, and finished furnishings. These demonstrate your expertise.
  • Write blog posts about furniture care, interior design trends, maker tips, etc. to build SEO and give readers value. Link to your site.
  • Run retargeting ads to re-engage site visitors who browsed products but didn’t purchase. Keep your brand top of mind.

Traditional Marketing

  • Create brochures showcasing products and services to have on hand and distribute to local shops or designers.
  • Send direct mail postcards when launching new collections or holiday sales to alert past customers. Include promo codes.
  • Hold in-store events like craft demonstrations, designer meet-and-greets, or sales during busy furniture seasons to drive traffic.
  • Sponsor or donate pieces to local charities and auction events. This gains positive community exposure.
  • Partner with interior designers or home stagers to get products featured in client projects for organic placement.
  • Provide free furniture consultations to ideal customer demographics like newlyweds or homebuyers.

The most effective approach combines digital visibility and word-of-mouth referrals from happy customers. Assess what delivers conversions and scale up over time. Consistency and high-quality products build a loyal fanbase.

14. Focus on the Customer

Providing an incredible customer experience is crucial for furniture brands to drive repeat sales and word-of-mouth referrals. Here’s why it pays to prioritize service:

  • Surprise them by including care kits with purchases or follow-up calls to ensure 100% satisfaction.
  • Handle any defects or damage issues swiftly and fairly to prevent losing patronage.
  • Empower staff to make reasonable judgment calls to satisfy complaining clients when possible.
  • Offer interior design guidance as part of purchases to position your team as experts.

In a competitive furniture market, standing out through service is how brands make customers for life and advocates. Never underestimate the revenue potential of delighting clients.

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How to Start a Furniture Business in 2024

Rounded Photo of a Man with Dark Hair in a Blue Shirt

Welcome to 2024, a promising year for the furniture industry, marked by technological advancements and changing consumer preferences. This dynamic landscape, where online marketplaces thrive alongside traditional stores, opens new avenues for entrepreneurs.

We aim to navigate you through the journey of starting a furniture business, balancing the nuances of physical and online retail. Whether you're intrigued by the idea of how to start a furniture store or are contemplating how to start a furniture business online, our step-by-step guide equips you with the knowledge and confidence to embark on this exciting venture.

  • Step 1. Understand the furniture industry landscape
  • Step 2. Define your target audience and niche
  • Step 3. Craft a business plan
  • Step 4. Define how much it costs to start a furniture business
  • Step 5. Register your brand
  • Step 6. Legal and financial foundations
  • Step 7. Get tax registration
  • Step 8. Create a business bank account
  • Step 9. Get the required business licenses and permits
  • Step 10. Get business insurance
  • Step 11. Source and manufacture your furniture
  • Step 12. Set up your furniture store (physical and/or online)
  • Step 13. Develop a strong marketing strategy
  • Step 14. Sales and customer experience management
  • Step 15. Scale and grow your business
  • Challenges and How to Overcome Them

Step 1. Understand the Furniture Industry Landscape

Trends in the furniture industry.

The furniture industry in 2024 presents a diverse and evolving market . With consumer trends leaning towards sustainable and bespoke designs, there's a noticeable shift in purchasing behaviors. Eco-friendly materials and customizable options are not just preferences but expectations from modern consumers. 

Additionally, the influence of technology has brought forward augmented reality in furniture shopping. So customers can visualize products in their space before making a purchase.

Traditional vs. Online Furniture Stores

The coexistence of traditional and online furniture stores creates a unique marketplace. While brick-and-mortar stores offer the tangible experience of furniture shopping, online platforms provide convenience and a broader reach. Entrepreneurs need to evaluate the benefits of each model. For instance, starting a furniture store physically requires considerations of location, showroom design, and foot traffic, whereas how to start an online furniture business hinges on digital presence, e-commerce platform selection , and online customer service strategies.

Customer Preferences and Market Demand

Understanding customer preferences is crucial to succeeding in the furniture industry. Modern customers seek more than just functionality; they seek furniture that reflects their lifestyle and values. This shift demands that businesses stay attuned to customer needs, constantly adapting their product offerings and marketing approaches to stay relevant and competitive.

Step 2. Define Your Target Audience and Niche

Identifying your target customer.

The success of a furniture business largely depends on understanding and catering to the right audience. Whether your focus is on residential clients seeking comfortable and stylish home furniture or commercial clients looking for functional office setups, identifying this early on is crucial. For instance, starting a furniture business from home might cater to a different demographic than a high-end furniture store in a bustling city center.

Deciding Your Furniture Style

Your choice of furniture style sets the tone for your brand. Are you leaning towards modern minimalism, rustic charm, or luxurious opulence? This decision influences your design and manufacturing process and guides your marketing strategy. It's about creating a brand identity that resonates with your target audience. This step is crucial for entrepreneurs considering starting a furniture-making business and defining their unique selling proposition in a competitive market.

Step 3. Craft a Business Plan

Importance of a solid business plan.

A comprehensive business plan is crucial for any aspiring furniture entrepreneur. It serves as a roadmap, guiding you through each phase of your business journey. This document should provide a clear vision of your business goals, strategies, and the means to achieve them. It's an essential tool for not only steering your business but also for attracting investors and partners.

Key Components of a Business Plan

The key components of a business plan for a furniture business include an executive summary, which offers a snapshot of your business and its objectives. A market analysis section is vital, providing insights into industry trends, target markets, and competitive landscapes. The marketing strategy should detail how you plan to attract and retain customers, which is crucial for businesses considering how to start an online furniture business. A financial plan outlining budgeting, pricing strategies, and revenue projections is also indispensable.

Gaining a Competitive Edge

To stand out in the competitive furniture market, your business plan should emphasize unique aspects of your business, such as exclusive designs, sustainable practices, or innovative customer experiences. It's about identifying and leveraging your unique selling points, whether starting a furniture company or exploring how to start a furniture business online.

Step 4. Define How Much Does it Cost to Start a Furniture Business

Creating a realistic budget.

Estimating the start-up costs for a furniture business is a critical step. It involves considering expenses such as rental space (if applicable), manufacturing costs, staff salaries, marketing and advertising expenses, and raw materials and equipment costs. For those wondering how to open a physical furniture store, additional costs like showroom setup and inventory should be accounted for.

Determining Funding Requirements

Once you have a budget, the next step is to determine how you'll fund your business. Options include personal savings, bank loans, investor funding, or crowdfunding campaigns. Each funding source has advantages and challenges, and choosing the right one depends on your business model and financial situation. This step is crucial for anyone looking to open a furniture store or start a furniture-making business, as initial capital can significantly impact your business's growth and scalability.

Step 5. Register Your Brand

Choosing a business name.

Your business name is your brand's identity . It should be unique, memorable, and reflective of your brand values and product offerings. Before finalizing a name, ensure it's not already used or trademarked. This step is crucial for creating a distinct presence in the market, whether you're focused on opening a furniture store or launching an online platform.

Checking Trademark and Domain Availability

Once you have a potential name, check for federal and state trademark availability to avoid legal issues. Additionally, securing a matching web domain is vital for online businesses. This is an essential step for anyone considering how to start an online furniture business, as your domain name will be a key part of your digital identity.

Step 6. Legal and Financial Foundations

financial foundations

Legal Considerations for Opening a Furniture Store

Understanding and complying with legal requirements is fundamental. This includes selecting the appropriate business structure, like a sole proprietorship, partnership, LLC, or corporation, each with its own legal and tax implications. Additionally, registering your business with state and local authorities is a must. Legal compliance ensures your business operates smoothly and avoids potential legal hurdles.

Financial Planning for Your Furniture Business

Effective financial management is vital to the success of any business. This involves establishing a robust accounting system to track expenses, revenues, and profits. Budgeting and financial forecasting help in making informed business decisions. Having a clear plan for managing cash flow is also crucial, which is particularly important for businesses starting a furniture store, where inventory and showroom costs can be significant.

Starting a Furniture Business from Home

For those considering starting a furniture business from home, it's essential to understand the legal and financial implications, such as home business regulations, tax deductions, and managing business finances separately from personal ones. This approach can offer flexibility and reduced overhead costs but requires careful planning to ensure success.

Step 7. Get Tax Registration

Understanding business structure and tax.

The choice of business structure influences your tax obligations. It's essential to understand the tax implications of different structures, whether you're a sole proprietor, a partnership, or a corporation. Consulting a tax professional can clarify and help you make the right decision for your business.

Registering for Taxes

Registering your business for tax purposes is a critical step. This involves obtaining an Employer Identification Number (EIN) from the IRS, which is required for tax filing and reporting. Depending on your business location and structure, there may be state and local taxes to consider.

Step 8. Create a Business Bank Account

Advantages of a business account.

Opening a business bank account is smart for separating personal and business finances. It adds a level of professionalism to your business dealings and simplifies accounting and tax preparation. A business account can also offer additional benefits like higher credit limits, special business banking services, and the ability to accept credit and debit card payments.

Choosing a Bank for Your Business

When selecting a bank, consider factors like fees, services offered, ease of online banking, and customer service quality. Researching and comparing different banks is advisable to find one that aligns with your business needs.

Step 9. Get the Required Business Licenses and Permits

Identifying necessary permits and licenses.

You must acquire the appropriate licenses and permits to legally operate your furniture business. These vary depending on your location, the type of furniture business, and the specific activities you'll be undertaking. Standard requirements include a general business license, sales tax license, and particular permits for manufacturing or importing goods. Conduct thorough research or consult a legal expert to ensure you meet all regulatory requirements.

Seeking Support and Resources

Navigating the maze of permits and licenses can be challenging. Organizations like the Small Business Administration (SBA) offer resources and guidance to help small businesses comply with legal requirements. They can provide valuable assistance in understanding what is necessary for opening a furniture store, ensuring you stay on the right side of the law.

Step 10. Get Business Insurance

The importance of business insurance.

Business insurance protects your furniture business against unforeseen risks and liabilities. It can cover a range of scenarios, from property damage and theft to liability claims and employee-related risks. Not having insurance can leave your business vulnerable to financial losses and legal complications.

Basic Coverage to Consider

Basic insurance coverage might include general liability insurance, property insurance, and workers' compensation insurance if you have employees. Each type of insurance serves a specific purpose and offers protection in different areas of your business. Consider additional coverage types as your furniture business grows, like product liability or business interruption insurance. It's advisable to consult with an insurance agent who understands the unique needs of a furniture business, whether you're starting a furniture company or opening a furniture store.

Step 11. Source and Manufacture Your Furniture

living room sofa

Options for Furniture Sourcing

When it comes to sourcing furniture, you have several options. You can manufacture your own designs, source from local manufacturers, or import from overseas suppliers. Each option comes with its own set of challenges and benefits. Making your own furniture gives you complete control over design and quality but requires significant investment in equipment and skills. Sourcing locally can support the local economy and offer faster turnaround times while importing can be cost-effective but involves navigating international trade regulations.

Emphasizing Quality Control and Sustainability

Maintaining high-quality standards and sustainable practices is essential regardless of your sourcing method. This includes choosing durable materials, ensuring ethical manufacturing processes, and considering the environmental impact of your products. Consumers are increasingly aware of and concerned about sustainability in today's market, making it a critical factor in their purchasing decisions. For entrepreneurs learning how to start a furniture business online, integrating sustainability into your business model can be a significant competitive advantage.

Step 12. Set Up Your Furniture Store (Physical and Online)

Choosing a location for a physical store.

If you plan to open a physical furniture store, location is paramount. It should be accessible, visible, and situated in an area frequented by your target audience. Consider factors like foot traffic, parking availability, and proximity to complementary businesses. The physical space should align with the aesthetic of your furniture and provide a welcoming and engaging shopping experience.

Starting an Online Furniture Business

For those looking into how to start an online furniture business, your website is your storefront. It should be user-friendly, visually appealing, and optimized for e-commerce. This includes high-quality product images, detailed descriptions, and an easy-to-navigate layout. Choosing the right e-commerce platform is crucial, as it will impact your website's functionality and scalability.

Furniture Web Design & Development Services

Integrating Online and Physical Stores

In today's market, having a cohesive presence across both physical and online platforms can be a significant advantage. This omnichannel approach allows customers to interact with your brand in multiple ways, enhancing their shopping experience and building stronger customer relationships. It involves syncing your inventory, pricing, and marketing efforts across both channels.

Step 13. Develop a Strong Marketing Strategy

Digital marketing in the furniture industry.

Digital marketing is an indispensable tool in the modern furniture industry. It allows you to reach a wider audience , engage with customers, and build your brand. Key strategies include search engine optimization (SEO), content marketing, and social media engagement.

SEO and Online Presence

SEO is vital for ensuring your website appears in search engine results, driving traffic and potential customers to your site. This involves optimizing your website with relevant keywords, quality content, and ensuring it's mobile-friendly. Regularly updating your blog with informative and engaging content can also enhance your SEO efforts.

Leveraging Social Media

Social media platforms are powerful tools for building brand awareness and engaging with your audience. They allow you to showcase your products, share behind-the-scenes glimpses of your business, and connect with customers personally. Platforms like Instagram, Pinterest, and Facebook are particularly effective for furniture businesses due to their visual nature.

Step 14. Sales and Customer Experience Management

Best practices in sales.

Effective sales strategies are pivotal for the success of your furniture business. This includes understanding customer needs, offering personalized recommendations, and providing exceptional customer service. In-store, this might involve product demonstrations and design consultations. Online, it could include interactive tools like virtual room planners or chat support.

Building Brand Loyalty Through Customer Experience

Customer experience involves every touchpoint a customer has with your business, from the initial encounter to post-purchase support. Ensuring a positive, memorable customer experience can lead to repeat business and referrals, which are vital for the growth of your furniture business.

Step 15. Scale and Grow Your Business

scale and grow

Expanding Product Lines and Markets

As your furniture business grows, consider expanding your product lines or entering new markets. This could involve introducing new furniture styles, catering to different customer segments, or exploring international markets. Continuous innovation and adaptation are indispensable to staying competitive and capturing new opportunities.

Exploring Franchising or Opening Additional Stores

If your business model is successful, franchising or opening additional stores could be viable options for growth. This allows you to expand your brand's reach and market presence. However, it requires careful planning, resource allocation, and management to ensure consistent quality and brand integrity across all locations.

Embracing Technology and Innovation

Keep up with tech and industry trends by using new manufacturing tech, eco-friendly materials, and advanced marketing tools. This innovation will make your business better and keep your products up-to-date.

4 Major Challenges When Starting a Furniture Business & How to Overcome Them

Furniture business founders, how did you start your furniture business? Can you share an example of difficulties you've encountered & how you overcame it? Here is what 4 thought leaders have to say.

Identified Market Gap and Overcame Manufacturing Complexities

Established supply chains and built brand recognition, innovative furniture adaptation for urban spaces, competed with brands and enhanced customer experience.

Starting RJ Living was a journey marked by both excitement and challenges. The initial step was recognizing a gap in the market for affordable, designer-style furniture. I was inspired while attending a trade show and decided to explore direct-to-consumer models.

A significant difficulty encountered was navigating the complexities of overseas manufacturing. Without prior experience in furniture production, I had to quickly learn about quality control, materials, and the nuances of working with different cultures. I spent considerable time abroad, personally visiting manufacturers to ensure our standards were met. This hands-on approach not only improved our product quality but also solidified our supplier relationships.

Another challenge was maintaining our bootstrapped business model, especially in times of financial strain. We overcame this by focusing on strategic cash flow management and reinvesting wisely into areas that directly improved customer satisfaction and business growth. The pinnacle of our success has been our ability to launch our own line of furniture, designed in our Melbourne showrooms.

David Janovic , Founder and CEO, RJ Living

The establishment of our mattress company was an endeavor driven by ardor and determination. A significant obstacle encountered was the establishment of dependable supply chains for high-quality materials. Obtaining consistent, high-quality materials presented a challenge during the early phases. This obstacle was surmounted through comprehensive investigation and the establishment of enduring alliances with reputable suppliers. Strict quality control measures and transparent communication were employed to guarantee that our mattresses met our predetermined standards.

In addition, establishing brand recognition in a competitive market was a difficulty. We invested in strategic marketing that emphasized our dedication to quality, comfort, and customer satisfaction in order to surmount this obstacle. By capitalizing on customer feedback, influencer partnerships, and social media, we progressively established brand awareness.

By exercising tenacity, making calculated judgments, and maintaining a dedication to excellence, we were ultimately able to surmount these obstacles and establish a prosperous mattress enterprise.

Martin Seeley , CEO, Mattress Next Day

Shlomi Gal-Eini, also known as Dr. Sofa®, has revolutionized the furniture industry with his unique skills and family heritage in furniture-making. From his early days of sketching and repairing furniture for his family's multi-generational business, Shlomi's exceptional talent and affinity for furniture making became evident. Specializing in adapting furniture to fit the constrained spaces of Manhattan apartments, Dr. Sofa® has earned the nickname 'Furniture Surgeon' from his satisfied customers. His innovative approach involves meticulously disassembling and reassembling furniture to fit perfectly in its intended location.

Shlomi Gal-On , CEO, Dr.Sofa

Starting a furniture business definitely presented its fair share of challenges, but it's been an incredibly rewarding journey. I founded Golden Teak, a company centered around providing high-quality teak furniture. Our focus has always been to outperform our competition in terms of quality and customer service.

One major difficulty we encountered early on was competing with well-known brands. Many customers would ask how our products compared to Gloster Teak Products or Barlow Tyrie teak products, or other more well-known brands. Our solution to this was simple but effective: we made sure our quality either met or exceeded that of our competitors. We also made it a point to ship our products partially assembled, easing the process for our customers, something that sets us apart.

Another challenge was establishing a return policy that was suitable for both us as a business and our customers. We took an assertive approach and decided to offer a 30-day money-back guarantee. Despite the risk of returns, this decision significantly increased customers' trust and helped in boosting our sales.

One memorable difficulty was enhancing the customers' shopping experience. We implemented a customer rating system for our furniture products. Initially, some products didn't have stars or ratings, but as more customers started rating our products based on their purchasing experience, every product now displays customer ratings. This initiative not only improved our product range's credibility but also helped potential customers make informed decisions.

Elsa Rao, President, Golden Teak

In summary, starting a furniture business in 2024 involves balancing innovative ideas with practical strategies. Embrace technology and sustainability to stay ahead. Focus on quality, customer experience, and a solid business plan. Whether online, in-store, or both, adapt to market changes and keep learning. Your passion and smart planning can make your dream a successful reality in the dynamic furniture industry.

Frequently Asked Questions

Yes, selling furniture can be profitable. The profitability depends on factors such as product quality, pricing strategy, market demand, and effective management. High-quality, unique furniture pieces and efficient operations can lead to significant profit margins.

Extremely important. An online presence helps reach a wider audience, showcase your products, and build your brand. It's essential for marketing, sales, and customer engagement in today's digital age.

Furniture businesses may fail due to poor market research, inadequate funding, high operational costs, competition, and failure to adapt to market trends and consumer preferences. Lack of an effective online presence and marketing strategy can also contribute to failure.

Pricing should cover costs, including materials, labor, overhead, and include a profit margin. Research competitor prices and consider your target market's willingness to pay. It's also crucial to adjust prices based on feedback and sales data.

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Home » Sample Business Plans » Wholesale & Retail

How to Write a Furniture Store Business Plan [Sample Template]

Are you about starting a furniture retail store? If YES, here’s a complete sample furniture retail store business plan template & feasibility report you can use for FREE to raise money . There is hardly any home that does not have one form of furniture or the other.

You will therefore agree that the furniture business over the years have continued to grow in leaps and bounds. This is especially one of the reasons why the industry has continued to be over saturated. This is also one of the businesses that have continued to guarantee good returns on investment.

A Sample Furniture Retail Store Business Plan Template

1. industry overview.

Furniture is a major part of our lives cum facilities; there is hardly any facility that you will come across that you wouldn’t find a piece of furniture in it. This goes to show that the furniture retail stores industry is indeed an important sector of the economy of any country.

Businesses in this industry mainly retail household (living room, dining room and bedroom furniture, upholstered, coffee tables, sofa tables, end tables, sofas, love seats, chairs, bookshelves, ottomans, display cabinets, consoles and TV stands and otherwise), outdoor and office furniture (Desks and home office goods, lamps, recliners, rugs and outdoor furniture make up the rest of sales), except those sold in combination with office supplies and equipment.

The Furniture Retail Stores industry is indeed a major sector of the economy of the united states of America which generates a whooping sum of well over billion annually from more than 28,569 furniture retail outlets scattered all around the United States of America.

The industry is responsible for the employment of well over 217,672 people. Experts project the furniture retail store industry to grow at a 2.5 percent annual rate. The establishment in this industry that has a dominant market share in the United States of America are; Ashley Furniture Industries, Inc. and Inter IKEA System BV.

Statistics has it that the largest product segment of the Furniture Stores industry is living room furniture, which accounts for 49.6 percent of revenue in the industry. This subdivision includes coffee tables, sofa tables, end tables, sofas, love seats, chairs, bookshelves, ottomans, display cabinets, consoles and TV stands.

Prices for products in this subdivision vary considerably depending on brand, style and of course the materials used in making the furniture and they appears to be more expensive than other furniture subdivisions.

As a matter of fact, the high per-unit price of living room furniture has driven growth in this industry, as growing per capita disposable income figures have allowed more consumers to afford living room furniture of which sofas are among the most expensive furniture items sold by operators in the furniture retail stores industry

It is a fact that an estimated two-thirds of the United States’ gross domestic product (GDP) comes from the general retail industry of which the furniture retail stores industry contributes greatly. This is why the United States of America’s economy is measured with the yardstick of how well the retailing business is fairing in the U.S.

In essence, when there is an unstable economy, purchasing power drops and it impacts the retailing / furniture retailing stores industry negatively which may result in the closure of some furniture retail stores.

Over and above, the furniture retail store industry is a profitable industry and it is open for any aspiring entrepreneur to come in and establish his or her business; you can chose to start on a small scale in a street corner without owning a furniture making workshop or you can chose to start on a large scale with a standard furniture making workshop and several outlets in key cities through the United States of America and Canada.

2. Executive Summary

Lord Gabby™ Furniture Store, Inc. is a standard and registered furniture retail store business that will be located in one of the busiest streets in Oklahoma City – Oklahoma. We have been able to lease a facility that is big enough (a 15 thousand square foot facility) to fit into the design of the kind of standard furniture retail store that we intend launching and the facility is located in a corner piece directly opposite the largest residential estate in Oklahoma City – Oklahoma.

Lord Gabby™ Furniture Store, Inc. will retail a wide range of household furniture (living room, dining room and bedroom furniture, upholstered, coffee tables, sofa tables, end tables, sofas, love seats, chairs, bookshelves, ottomans, display cabinets, consoles and TV stands and otherwise), outdoor and office furniture (Desks and home office goods, lamps, recliners, rugs and outdoor furniture make up the rest of sales). We are set to services a wide range of clientele in and around Oklahoma City – Oklahoma.

We are aware that there are several large and small chains of furniture retail store outlets all around Oklahoma, which is why we spent time and resources to conduct a thorough feasibility studies and market survey so as to be well positioned to favorably compete with all our competitors.

We have an online – service option for our customers, and our outlet is well secured with the various payment of options. Lord Gabby™ Furniture Store, Inc. will ensure that all her customers are given first class treatment whenever they visit our furniture retail 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 brands that will be on our store and also when making some business decisions.

Lord Gabby™ Furniture Store, Inc. will at all times demonstrate her commitment to sustainability, both individually and as a firm, by actively participating in our communities and integrating sustainable business practices wherever possible.

We will ensure that we hold ourselves accountable to the highest standards by meeting our customers’ needs precisely and completely whenever they patronize our products. We will cultivate a working environment that provides a human, sustainable approach to earning a living, and living in our world, for our partners, employees and for our customers.

Lord Gabby™ Furniture Store, Inc. is a family business that is owned by Lord Gabby Marcus and his immediate family members. Lord Gabby Marcus has a Diploma in Furniture Making and a B.Sc. in Business Administration, with well over 15 years of experience in the furniture industry, working for some of the leading brand in the United States.

Although the business is launching out with just one outlet in Oklahoma City – Oklahoma, but there is a plan to open other outlets all around major cities in the United States and Canada.

3. Our Products and Services

Lord Gabby™ Furniture Store, Inc. is in the furniture retail stores industry to service a wide range of clients and of course to make profits, which is why we will ensure we go all the way to make available a wide range of furniture from top manufacturing brands in the United States and other countries of the world.

We will do all that is permitted by the law of the United States to achieve our aim and ambition of starting the business. Our product offerings are listed below;

  • Retailing of household furniture (living room, dining room and bedroom furniture, upholstered, coffee tables, sofa tables, end tables, sofas, love seats, chairs, bookshelves, ottomans, display cabinets, consoles and TV stands and otherwise),
  • Retailing stationary sofas/sofa-sleepers
  • Retailing bedding
  • Retailing master bedroom furniture
  • Retailing formal dining furniture
  • Retailing entertainment furniture
  • Retailing youth and children’s furniture
  • Retail other furniture.

4. Our Mission and Vision Statement

  • Our vision is to become the leading brand in the furniture retail stores industry in Oklahoma and to establish a one furniture retail store in Oklahoma City and in other key cities in the United States of America and Canada.
  • Our mission is to establish a world – class furniture retail store business that will make available a wide range of furniture from top furniture manufacturing brands at affordable prices to the residence of Oklahoma City – Oklahoma and other key cities in the United States of America and Canada where we intend opening of chains of furniture retail stores and franchise.

Our Business Structure

Lord Gabby™ Furniture Store, Inc. do not intend to start a furniture retail store business like the usual mom and pop business around the street corner; our intention of starting a furniture retail store business is to build a standard and one stop furniture retail store outlet in Oklahoma City – Oklahoma.

Although our furniture retail store business might not be as big as Ashley Furniture Industries, Inc. and Inter IKEA System BV, 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 that are qualified, honest, customer centric and are ready to work 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 to occupy the following positions;

  • Chief Executive Officer (Owner)
  • Store Manager
  • Human Resources and Admin Manager

Merchandize Manager

Sales and Marketing Manager

Information Technologist

  • Accountants / Cashiers
  • Customer Services Executive

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
  • 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 furniture are kept 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 furniture distribution and supply inventory
  • Supervises the workforce in the furniture sales floor.
  • Manages vendor relations, market visits, and the ongoing education and development of the organizations’ buying teams
  • Helps to ensure consistent quality of furniture are purchased and retailed in good price that will ensure we make good profit
  • Responsible for the purchase of furniture for 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
  • Identify, prioritize, and reach 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
  • Represents the company in strategic meetings
  • Helps to increase sales and growth for the company
  • 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
  • Ensuring 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 all the furniture and 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
  • Handles any other duty as assigned by the store manager.

6. SWOT Analysis

Our intention of starting just one outlet of our furniture retail store in Oklahoma City – Oklahoma is to 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 major towns in Oklahoma and key cities in the United States and Canada.

We are quite aware that there are several furniture retail stores all over Oklahoma City 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.

Lord Gabby™ Furniture 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 Lord Gabby™ Furniture Store, Inc.;

Our location, the business model we will be operating on both (physical store and online store), varieties of payment options, wide range of furniture and our excellent customer service culture will definitely count as a strong strength for Lord Gabby™ Furniture Store, Inc.

A major weakness that may count against us is the fact that we don’t have our own furniture making factory, we are a new furniture retail store outlet and we don’t have the financial capacity to compete with multi – billion dollars furniture retail store outlets like Ashley Furniture Industries, Inc., Inter IKEA System BV and co when it comes to retailing at a rock bottom prices for all their furniture and products.

  • Opportunities:

The fact that we are going to operate our furniture retail store in one of the busiest streets in Oklahoma City, Oklahoma provides us with unlimited opportunities to sell our furniture to a large number of individuals and corporate organizations.

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 furniture store outlets; 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 furniture retail outlet in same location where ours is located. So also, unfavorable government policies may also pose a threat for businesses such as ours.


  • Market Trends

If you are conversant with the Furniture Stores Industry, you will quite agree that the changes in disposable income, consumer sentiment, ever changing trends and of course the rate of homeownership is major growth drivers for this industry.

No doubt, a massive rise in consumer confidence has also contributed in helping the industry experience remarkable growth, but uneven performance in these drivers has led to slightly constrained revenue growth for the Furniture Stores industry.

So also, the rising demand for both home and office furniture, as a result of increasing disposable income and consumer sentiment, will result in revenue growth, but profit margins will stagnate as furniture stores keep prices low to attract more sales amid growing competition.

A close watch on the industry activities reveals that, the Retail Market for Home Furniture and Bedding was hit hard by the recent economic downturn and experienced a decline in revenue in recent time. As part of

Lastly, in recent time, the furniture retail stores landscape has seen tremendous changes in the last 20 years; it has grown from the smaller outlets to a more organized and far reaching venture. The introduction of franchise and online store makes it easier for a retailer to reach out to a larger market far beyond the areas where his physical furniture retail store is located.

8. Our Target Market

Perhaps it will be safe to submit that the furniture retail stores industry has the widest range of customers; almost everybody on planet earth has one or more things that they would need in their houses or offices from a furniture retail store. It is difficult to find households and office facilities without one form of furniture or the other.

In view of that, we have positioned our furniture retail store to service the residence of Oklahoma City – Oklahoma and every other location where franchise cum outlets of our furniture retail stores will be located all over key cities in the United States of America and Canada.

We have conducted our market research and feasibility studies and we have ideas of what our target market would be expecting from us. We are in business to retail a wide range of furniture to the following groups of people and corporate organizations;

  • Bachelors and Spinsters
  • Corporate Executives
  • Business People
  • About to wed couples
  • Corporate Organizations / Offices
  • Government Offices
  • Schools and Students (Library inclusive)
  • Churches and other religious centers

Our Competitive Advantage

A close study of the furniture retail stores industry reveals that the market has become much more intensely competitive over the last decade. As a matter of fact, you have to be highly creative, customer centric and proactive if you must survive in this industry.

We are aware of the stiffer competition and we are well prepared to compete favorably with other leading furniture retail stores in Oklahoma City – Oklahoma and throughout the United States and Canada.

Lord Gabby™ Furniture Store, Inc. is launching a standard furniture retail store that will indeed become the preferred choice of residence of Oklahoma City – Oklahoma and every other location where our outlets will be opened.

Our furniture retail store is located in a corner piece property on a busy road directly opposite one of the largest residential estates in Oklahoma City – Oklahoma. We have enough parking space that can accommodate well over 30 cars / trucks per time.

One thing is certain; we will ensure that we have a wide range of furniture products available in our store at all times. It will be difficult for customers to visit our store and not see the type of furniture that they are looking for. One of our business goals is to make Lord Gabby™ Furniture Store, Inc. a one-stop furniture shop for both household and corporate organizations.

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 furniture retail 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 that we will recruit from time to time.


  • Sources of Income

Lord Gabby™ Furniture Store, Inc. is in business to retail a wide range of furniture to the residence of Oklahoma City – Oklahoma. We are in the furniture retail stores industry to

10. Sales Forecast

One thing is certain when it comes to furniture retail stores, if your store is well stocked with various types of home and office furniture 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 Oklahoma City – Oklahoma 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 furniture retail 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 projection is based on information gathered on the field and some assumptions that are peculiar to startups in Oklahoma City, Oklahoma.

Below is the sales projection for Lord Gabby™ Furniture Store, Inc., it is based on the location of our business and other factors as it relates to furniture retail stores start – ups in the United States;

  • First Fiscal Year-: $150,000
  • Second Fiscal Year-: $450,000
  • Third Fiscal Year-: $1 million

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 retailing same furniture 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 Lord Gabby™ Furniture Store, Inc., we conducted a thorough market survey and feasibility studies in order for us to be able to be able to penetrate the available market and become the preferred choice for residence of Oklahoma City – Oklahoma. We have detailed information and data that we were able to utilize to structure our business to attract the numbers of customers we want to attract per time.

We hired experts who have good understanding of the furniture retail 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 Oklahoma City – Oklahoma.

In order to continue to be in business and grow, we must continue to sell the furniture 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, Lord Gabby™ Furniture Store, Inc. will adopt the following sales and marketing approach to win customers over;

  • Open our furniture store in a grand style with a party for all.
  • Introduce our furniture store by sending introductory letters alongside our brochure to organizations, households and key stake holders in Oklahoma City – Oklahoma
  • Ensure that we have a wide range of home and office furniture from different brand at all times.
  • Make use of attractive hand bills to create awareness and also to give direction to our furniture store
  • Position our signage / flexi banners at strategic places around Oklahoma City – Oklahoma
  • Position our greeters to welcome and direct potential customers
  • Create a loyalty plan that will enable us reward our regular customers
  • Engage in road shows within our neighborhood to create awareness for our furniture store.
  • List our business and products on yellow pages ads  (local directories)
  • Leverage on the internet to promote our business
  • Engage in direct marketing and sales
  • Encourage the use of Word of mouth marketing (referrals)

11. Publicity and Advertising Strategy

Despite the fact that our furniture store is well located, we will still go ahead to intensify publicity for the business. We are going to explore all available means to promote our furniture store.

Lord Gabby™ Furniture Store, Inc. has a long term plan of opening outlets in various locations all around Oklahoma and key cities in the United States and Canada which is why we will deliberately build our brand to be well accepted in Oklahoma City 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. Here are the platforms we intend leveraging on to promote and advertise Lord Gabby™ Furniture 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 Oklahoma City – Oklahoma
  • 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 Lord Gabby™ Furniture Store, Inc. and the products we sell
  • Advertise our furniture store business in our official website and employ strategies that will help us pull traffic to the site
  • Brand all our official cars and trucks and ensure that all our staff members and management staff wears our branded shirt or cap at regular intervals.

12. Our Pricing Strategy

Aside from quality, pricing is one of the key factors that gives leverage to furniture stores, it is normal for consumers to go to places (furniture retail outlets) where they can get home and office furniture at cheaper price which is why big player in the furniture stores industry like Ashley Furniture Industries, Inc., Inter IKEA System BV and co will attract loads of corporate and individual clients.

We know we don’t have the capacity to compete with Ashley Furniture Industries, Inc., Inter IKEA System BV and co but we will ensure that the prices and quality of all the furniture products that are available in our store are competitive with what is obtainable amongst furniture stores within our level.

  • Payment Options

At Lord Gabby™ Furniture Store, Inc., Our payment policy is all inclusive because we are quite aware that different people prefer different payment options as it suits them. Here are the payment options that will be available in every of our outlets;

  • Payment by cash
  • Payment via Point of Sale (POS) Machine
  • Payment via online bank transfer (online payment portal)
  • Payment via Mobile money
  • Payment with check from loyal customers

In view of the above, we have chosen banking platforms that will help us achieve our payment plans without any itches.

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 / leasing a big facility, 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 furniture store business; it might differ in other countries due to the value of their money. This is the key areas where we will spend our start – up capital;

  • The Total Fee for Registering the Business in Oklahoma City – Oklahoma – $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 Lord Gabby™ Furniture 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.
  • Cost for hiring Business Consultant – $2,500.
  • Insurance (general liability, workers’ compensation and property casualty) coverage at a total premium – $2,400.
  • Cost for payment of rent for 12 month at $1.76 per square feet in the total amount of $105,600.
  • Cost for Shop remodeling (construction of racks and shelves) – $20,000.
  • 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
  • The cost for Start-up inventory (stocking with a wide range of home and office furniture) – $250,000
  • The cost for counter area equipment – $9,500
  • Cost for store equipment (cash register, security, ventilation, signage) – $13,750
  • Cost of purchase and installation of CCTVs: $10,000
  • The cost for the purchase of office 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 $750,000 to successfully set up our furniture retail store in Oklahoma City – Oklahoma. Please note that this amount includes the salaries of all the staff for the first month of operation.

Generating Funding / Startup Capital for Lord Gabby™ Furniture Store, Inc.

Lord Gabby™ Furniture Store, Inc. is a private business that is solely owned and financed by Lord Gabby Marcus and his immediate family members. We 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 $250,000 ( Personal savings $200,000 and soft loan from family members $50,000 ) and we are at the final stages of obtaining a loan facility of $500,000 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 Lord Gabby™ Furniture Store, Inc. is to build a business that will survive off its own cash flow without the need of injecting finance from external sources once the business is officially running.

We know that one of the ways of gaining approval and winning customers over is to retail our wide range of quality home and office furniture a little bit cheaper than what is obtainable in the market and we are well prepared to survive on lower profit margin for a while.

Lord Gabby™ Furniture 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 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 six 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 shop: 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 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 vendors – manufacturers and suppliers of home and office furniture: In Progress

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Furniture Business Plan Template

Dec.11, 2017

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Furniture Business Plan Template

Table of Content

Do you want to start furniture business?

Are you planning to start a furniture business ? Well the furniture manufacturing industry requires a lot of capital, manpower and related knowledge but the rate of return you get after investing in this business is simply worth the efforts. The biggest advantage in starting this business is that furniture is one of the basic necessities of people hence it is a widespread market which keeps blooming throughout the year. And many outclass people also don’t mind to change or update their furniture every now and then. The first thing before starting any business is to write a comprehensive business plan which establishes the basis of your company’s future operations and decisions, in this will help business consultants . It also provides detailed guidelines about everything you will be doing in the next few years. If you are wondering how to write an effective business plan then here we are providing you the business plan of a furniture startup named ‘The Wood House’.

Executive Summary

2.1 the business.

The Wood House will be an American furniture manufacturing company located at the outskirts of Wesley Chapel, a village in Caldwell County of North Carolina. The company will be licensed to buy wood from the authorized wood suppliers from the Croatan National Forest, North Carolina and hence we are strategically located at the best available site for a furniture production factory. The business will be owned and operated by Rick Doug. Rick did his Bachelors in Industrial Engineering from the University of Michigan. After his studies he worked in several furniture companies in the US and has been serving as the director operations at IKEA-US for the last 5 years.

Rick’s father runs a carpentry firm providing various carpentry services throughout the state of North Carolina. It is due to his experience in furniture industry and the similar nature of family business that Rick knows every tiniest bit of detail about how to start a furniture making business .

2.2 Management

The Wood House will be primarily a supreme-class furniture producer. Rick has already acquired license to procure Beech, Oak and Mahogany wood from the Croatan National Forest and some other sources. The company will be initially launched as a small business furniture mainly operating in two units, a major production facility in Wesley Chapel and a small company office in Charlotte, North Carolina which will be overseeing the distribution of products. Other than these two main units, the Wood House will also open three display centers located in Washington, Chicago and Houston.

2.3 Customers

The company aims to serve the residential and commercial zones of the cities containing its outlets along with exporting its products to other major cities as well.

2.4 Target of the Company

The company aims to provide latest and innovative supreme-class furniture to its customers. Rick’s target is to become one of the leading furniture manufacturers of the US within next ten years of the launch.

Company Summary

3.1 company owner.

The Wood House will be owned and operated by Rick Doug who has been in furniture industry for the last 20 years. Rick has been planning this startup for the last couple of years and, thus, has all resources including the right knowledge for starting a furniture company .

3.2 Why the Business is being started

Rick has always wanted to bring innovations in the traditional furniture products being used everywhere. He had some amazing innovative ideas in his mind which could not be applied by working in some other company, though holding an executive position. That’s why Rick had been planning his own business for the last couple of years. He aims to revolutionize the world of furniture by introducing foldable compact furniture products to minimize their space usage in homes.

3.3 How the Business will be started

Rick has planned everything about his business. He hired professional experts from various fields to help him craft a detailed map about his business. The financial experts have forecasted following costs for expenses, assets, investment, and loans for the Start-up.

The detailed start-up requirements, start-up funding, start-up expenses, total assets, total funding required, total liabilities, total planned investment, total capital and liabilities as forecasted by experts, is given below:

Services for customers

The Wood House will be manufacturing following supreme-class furniture products for its customers:

  • Single and double beds
  • Sofas and luxury wooden chairs
  • Study and dining tables
  • Drawers and chests
  • Desks and office chairs
  • Bookcases and cabinets

Rick has started the furniture business to introduce space-efficient foldable furniture products for minimizing space usage along with the commercial production of usual furniture products. The company will also offer repair and maintenance services like polishing and glazing of old furniture.

Marketing Analysis of furniture business

he most important part in developing an effective furniture business plan sample is its marketing analysis that’s why Rick hired the services of marketing experts to help him develop a good furniture business plan. He also went through various plans before making his own plan of starting furniture business.

The success of a startup totally depends upon how it markets itself to target its specific customer groups. A successful marketing strategy for business can only be developed after knowing the target audience and potential customers. Our marketing experts carried out at extensive research to identify our target customers and develop a unique marketing strategy to attract them.

5.1 Marketing Segmentation

The Wood House’s target customers vary from individual buyers to multinational retail stores. We have identified following type of target audience which can become the future customers of our products.

The detailed marketing segmentation of our target audience is as follows:

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5.1.1 Individual Buyers:

The Wood House will open three display centers, initially, in the first year of its startup in Washington, Chicago and Houston. The purpose of these showrooms is to attract individual buyers residing in these areas. All of these cities are well established and comprise of well-off people that’s why they can easily buy our products. We have specifically design luxurious products to target this wealthy community. These individual buyers are expected to buy the biggest portion of our projects.

5.1.2 Institutions:

We will directly supply our furniture products mainly chair, cabinets, and desks to various educational institutions along with courts, churches, hospitals, municipal authorities and other institutions located in our three targeted cities.

5.1.3 Departmental Stores:

The wood House will also supply its products to various departmental stores and mega malls located in the major cities of America. These departmental stores will also display our products along with the products of various competitors and will be our second-biggest consumer after the individual buyers.

5.1.4 Businesses:

We will supply office furniture to various companies, offices, and businesses based in our three target cities especially Washington.

5.1.5 Maintenance Services:

We will offer repair and maintenance services like polishing and glazing of old furniture to our various customers. For this purpose we will allocate a special staff in our display centers located in targeted cities. The detailed market analysis of our potential customers is given in the following table:

5.2 Business Target

We aim to revolutionize the traditional designs of furniture products by introducing foldable compact furniture concept. Our target is to become one of the leading furniture producing companies of America within next 10 years by providing highest-quality wooden products within affordable prices. At our company, we will provide a top-notch customer service. Our every employee and salesperson will treat our customers with utmost respect so as to build a long-lasting relationship with them.

5.3 Product Pricing

Setting the prices of products is the most challenging part of any startup because it is very difficult to achieve the MARR (minimum attractive rate of return) while also attracting the customers towards it. Considering all restraints and aspects, we have priced our products in the similar ranges as of our competitors except the compact furniture which include foldable desks, tables, and chairs. These products are slightly expensive because they cost more to produce.

Rick carried out an extensive research and also hired financial experts to help him develop an effective sales strategy for the company. Although he knew how to start a furniture business yet he took help of experts from various fields so as to make this venture successful. The sales strategy of The Wood House developed by our experts is as follows:

Business plan for investors

6.1 competitive analysis:.

We have a really tough competition ahead of us because there are hundreds of other established furniture companies in the United States. That’s why Rick has thought through everything to make his company stand out among others. Although we will produce supreme-quality furniture with latest design but our main competitive edge is our concept of space-efficient foldable furniture, designed to fit in the limited space available in compact American homes. We believe that if marketed properly this concept can revolutionize the world of furniture and give us unparalleled superiority in this business.

6.2 Sales Strategy

We will introduce our startup to our target customers and stake holders by sending brochures and introductory letters about us. We will carry out a large-scale social media campaign for our advertisement. We will offer discounts and gifts on our products present in several retail stores to encourage sales.

6.3 Sales Forecast

We believe that people will use our products for the rest of their lives, if they try them even for one. Considering the market demand and the quality of our products, our sales pattern is expected to increase with years. By analyzing our market segmentation strategy, our experts have forecasted the following sales on yearly basis which are summarized in the column charts.

The detailed information about sales forecast, total unit sales, total sales is given in the following table:

Personnel Plan

Rick hired a Human Resource Manager for helping him develop a personnel plan for starting a furniture making business . He developed the following personnel plan for the staff needed for the company along with their average salaries with the help of experts.

7.1 Company Staff

Rick will act as the Chief Operating Officer of the company. The company will initially hire following people:

  • 1 General Manager to manage the operations in the production unit.
  • 2 Administrators / Accountants to maintain financial records.
  • 2 Engineers responsible for operating and maintaining production unit.
  • 4 Sales and Marketing Executives responsible for delivering products to retailers and discover new ventures.
  • 3 Mangers to operate display centers.
  • 30 Field Employees for operating the production unit and display centers.
  • 10 Drivers to transport furniture to display centers, departmental stores, institutions and companies.
  • 1 Front Desk Officer to act as a receptionist in the company Charlotte office.

To ensure the best quality service, all employees will be selected through vigorous testing and will be trained for a month before starting their jobs.

7.2 Average Salary of Employees

The following table shows the forecasted data about employees and their salaries for next three years.

Financial Plan

Rick has developed the following financial plan for starting a custom furniture business with the help of financial experts. The plan outlines the financial development of The Wood House over the next three years. Rick had been saving up for this business for the last couple of years. That’s why the company will be solely financed by him and he will also control the direction of business to make sure that it is expanding at the forecasted rate. No equity funding or outside loan will be required unless the company expands faster than forecasted.

8.1 Important Assumptions

The company’s financial projections are forecasted on the basis of following assumptions. These assumptions are quite conservative and are also expected to show deviation but to a limited level such that the company’s major financial strategy will not be affected.

8.2 Brake-even Analysis

The following graph shows the company’s Brake-even Analysis.

The following table shows the company’s Brake-even Analysis.

8.3 Projected Profit and Losss

The following charts show the company’s expected Profit and Loss situation on the monthly and yearly basis.

8.3.1 Profit Monthly

8.3.2 profit yearly, 8.3.3 gross margin monthly, 8.3.4 gross margin yearly.

The following table shows detailed information about profit and loss, and total cost of sales.

8.4 Projected Cash Flow

The following column diagram shows the projected cash flow.

The following table shows detailed data about pro forma cash flow, subtotal cash from operations, subtotal cash received, sub-total spent on operations, subtotal cash spent.

8.5 Projected Balance Sheet

The following projected balance sheet shows data about total current assets, total long-term assets, total assets, subtotal current liabilities, total liabilities, total capital, total liabilities and capital.

8.6 Business Ratios

The following table shows data about business ratios, ratio analysis, total assets, net worth.

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Furniture Manufacturer Business Plan

Start your own furniture manufacturer business plan

Trestle Creek Cabinets

Executive summary executive summary is a brief introduction to your business plan. it describes your business, the problem that it solves, your target market, and financial highlights.">.

Trestle Creek Cabinets will be formed as a cabinet company specializing in custom cabinets for the high-end residential, resort, and commercial market. Its founders have extensive experience in the construction and cabinet industry. Trestle Creek Cabinets will operate under the umbrella of Trestle Creek, Inc., a construction company sharing staff, office space, and administration costs. However, for the purpose of business planning, we are treating Trestle Creek Cabinets as a separate company.

Over some years of being involved with the construction of luxury homes, the company owners have seen a need for a cabinet line with a broad selection of design choices, high-end finishes, along with top of the line organization, customer service, and quality. Trestle Creek Cabinets will meet those customers needs. Building a strong market position in the high-end residential, resort, and commercial development segments, the company projects revenues to grow substantially between FY1 and FY3. By maintaining an average gross margin of over 25%, the company estimates handsome net profits by FY3.

The company owners have provided the capital to cover the start-up expenses. The company currently seeks a 3-year commercial loan to cover the operating expenses.

1.1 Objectives

The company objectives are:

  • To have a showroom within 3 months in a prominent retail space.

1.2 Mission

To deliver a high-quality product, on time and within budget while also providing a fast, error free ordering system.

Furniture manufacturer business plan, executive summary chart image

Company Summary company overview ) is an overview of the most important points about your company—your history, management team, location, mission statement and legal structure.">

Trestle Creek Cabinets is a new company that will provide expertise and quality in the cabinet supplier market while meeting the demanding organizational, scheduling, and quality needs of architects, owners, and construction professionals.

2.1 Start-up Summary

Total start-up expenses, including tools, software, stationery, and related expensesare shown below. Two co-owners, Martin Kribs and Brent Palmer, will provide the bulk of the start-up financing. At the same time, the company plans to receive a 3-year commercial loan facility, which will help meet the cash flow requirements.

Furniture manufacturer business plan, company summary chart image

Our product is essentially made with two main components.

  • The boxes and shelves will be ordered from two different suppliers (Cab Parts, Scheers), and will be delivered in kitset form. They can be finished with custom veneers.
  • The doors, panels, and drawer fronts will come from four different suppliers: Bergmeyer Manufacturing, Homestead Woods, Decore, and Southwest Door Company. We will have 4-6 custom designs, with unlimited different custom finishes, available from Bergmeyer Manufacturing. The other suppliers will provide their stock products.

Market Analysis Summary how to do a market analysis for your business plan.">

Trestle Creek Cabinets will be focusing on architects, owners, and contractors in the regional area who are involved in high-end residential, resort, and commercial development segments.

In 2000, a total of 219 new residential homes worth $168 million were constructed in the Teton County, WY. If we take an average of $40,000 per kitchen, (probably conservative), and multiply that by the 219 homes, that gives us a total of $8,760,000 in kitchens installed for the year. We plan to acquire 4-5% of the market share of this residential segment in our first year. We do not think this is unreachable, especially in a still growing market.

Teton County, Idaho has great potential as three new resort developments, Teton Springs Golf & Fishing Club, Grand Targhee Resort Expansion, and Teton Country Club, come on line.

The following table outlines to total market potential of the three major customer segments in the Teton County.

4.1 Target Market Segment Strategy

Trestle Creek Cabinets will be focusing on contacting contractors and architects that deal with the luxury home market. Making ourselves known to these entities will generate some strong leads, along with getting personal recommendations to the home owners.

There are plans to upgrade office space to a showroom in a high visibility location. This will give us exposure to new home builders that are looking for our product.

Furniture manufacturer business plan, market analysis summary chart image

4.2 Industry Analysis

There are two main types of cabinet suppliers in the industry.

  • Resellers of complete cabinet sets using stock items where the cabinets turn up completely built. Usually have no shop facilities but do have show rooms.
  • Custom shops with full, in-house fabrication facilities. They are usually very product orientated and under-perform with customer support.

Trestle Creek Cabinets can provide high volume work, superior project management, and excellent quality while maintaining a low overhead.

4.2.1 Competition and Buying Patterns

The high-end cabinet market understands the concept of service and support, and is more likely to pay for it when the offering is clearly stated.

There are many competitors in the local market. Although each of them deliver a quality product, we feel they fail to deliver a full turnkey package. There are four factors that govern the cost of all kitchen projects: Scope, Product, Design, and Services. Most people mistakenly think that the size of the project and the choice of brand name products will make for the best results. But it is the design and a company’s services that will have the greatest impact on the quality and value of the customers investment.

Strategy and Implementation Summary

Teton County, Wyoming and Idaho are experiencing steady growth in the high-end residential markets and there is a general consensus of continued growth in the area. Taking part in this growth, while providing attention to the design development, ordering process, project management, and installation will put us on the road to success.

5.1 Competitive Edge

Our competitive edge is our ability to provide high volumes and flexibility in style, while maintaining a quality product backed by excellent service.

5.2 Sales Strategy

Our sales strategy is to make ourselves known through mailings, print advertising, and personal contact to architects and contractors who are primarily involved with the design/construction of commercial development and luxury homes.

Having a showroom will be a sales tool in itself. A showroom will give us exposure to the general public, new arrivals to the area, and construction professionals.

5.2.1 Sales Forecast

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Furniture manufacturer business plan, strategy and implementation summary chart image

5.3 Milestones

The accompanying table lists important program milestones, with dates and managers in charge, and budgets for each. The milestone schedule indicates our emphasis on planning for implementation.

Management Summary management summary will include information about who's on your team and why they're the right people for the job, as well as your future hiring plans.">

Martin Kribs, President, has 20 years of construction experience, from general contracting, construction management, and having his own cabinet business.

Brent Palmer, V. President, has three years of construction experience and spent the last six years in management within the hospitality industry.

As the company grows, we will take on an administration/showroom assistant.

6.1 Personnel Plan

This table shows salaries for the whole company. Salary increases are kept to a minimum to help the growth of the company. An administrative assistant will be hired later in the year.

Monthly details for this year can be found in the appendix.

Financial Plan investor-ready personnel plan .">

Below are the initial financial goals for the company:

  • Obtain an operating line of credit from a financial institution.
  • Operate on a 25-30% gross margin.

The financial plan for Trestle Creek Cabinets is outlined in the following sections.

7.1 Important Assumptions

The financial plan depends on important assumptions, most of which are shown in the following table as annual assumptions.

7.2 Break-even Analysis

As the business settles in and start-up/showroom costs are met, average monthly operating costs will increase and then stabilize. The average per unit price is for a 24″ base unit. This table shows we need to sell 16 units or 32 lineal feet of cabinets a month to break even.

Furniture manufacturer business plan, financial plan chart image

7.3 Projected Profit and Loss

Our projected profit and loss is shown in the following table.

7.4 Projected Cash Flow

We do not expect to have major problems with cash flow as most of our contracts will require a 50% deposit upon signing.

Furniture manufacturer business plan, financial plan chart image

7.5 Projected Balance Sheet

The balance sheet shows a healthy growth of net worth and a strong financial position.

7.6 Business Ratios

The following table contains important ratios for the woodworking industry, as determined by the Standard Industry Classification (SIC) Code, #1751, .

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Here is a free business plan sample for a furniture shop.

furniture retail profitability

Are you passionate about interior design and eager to launch your own furniture retail business but unsure where to start?

In the following paragraphs, we will guide you through a comprehensive business plan tailored for a furniture retail store.

As an aspiring entrepreneur, you're likely aware that a strategic business plan is crucial for laying the foundation of a successful venture. It serves as a roadmap, outlining your business objectives, market analysis, and operational strategies.

To jumpstart your planning process with ease and precision, you can utilize our furniture retail business plan template. Our team is also available to provide a free review and offer feedback on your completed plan.

business plan furniture store

How to draft a great business plan for your furniture retail store business?

A good business plan for a furniture retail store must cater to the unique aspects of selling home furnishings and decor.

Initially, it's crucial to provide a comprehensive overview of the furniture market. This should include current statistics and also pinpoint emerging trends in the industry, as illustrated in our furniture retail business plan template .

Then, articulate your business concept effectively. This encompasses your vision, identifying your target market (such as homeowners, interior designers, or real estate developers), and the distinctive positioning of your furniture store (luxury, budget-friendly, custom designs, etc.).

The subsequent section should delve into market analysis. This requires a thorough understanding of local competitors, industry trends, and consumer buying habits.

For a furniture retail business, particular emphasis should be placed on the product selection you plan to carry. Detail your product lines - sofas, dining sets, bedroom furniture, decorative items - and discuss how they cater to the preferences and requirements of your target customers.

The operational plan is equally vital. It should outline the location of your store, the layout of the showroom, supplier relationships for furniture and home accessories, and inventory management practices.

In the furniture retail industry, it is important to highlight the quality and durability of products, the variety of styles offered, and the level of customer service provided.

Then, address your marketing and sales strategy. How will you draw in and keep customers? Consider advertising tactics, customer loyalty programs, and value-added services (such as delivery and assembly).

Adopting digital strategies, like maintaining an e-commerce website or an active social media presence, is also crucial in the modern marketplace.

The financial framework is another critical component. This includes the initial investment, sales projections, operating expenses, and the point at which the business will become profitable.

In a furniture retail store, inventory management is key due to the high cost of goods and the need for space; therefore, it is essential to plan carefully and have a solid grasp of your financials. For assistance, you can refer to our financial forecast for a furniture retail business .

Compared to other business plans, a furniture retail store must pay special attention to aspects such as inventory turnover, delivery logistics, and the potential for custom orders or services.

A well-crafted business plan will not only help the entrepreneur to define their strategy and approach but also to attract investors or secure loans.

Lenders and investors are looking for comprehensive market research, realistic financial projections, and a clear understanding of the day-to-day operations of a furniture retail store.

By presenting a thorough and substantiated plan, you showcase your professionalism and dedication to the success of your enterprise.

To achieve these goals while saving time, feel free to complete our furniture retail business plan template .

business plan furniture retail store business

A free example of business plan for a furniture shop

Here, we will provide a concise and illustrative example of a business plan for a specific project.

This example aims to provide an overview of the essential components of a business plan. It is important to note that this version is only a summary. As it stands, this business plan is not sufficiently developed to support a profitability strategy or convince a bank to provide financing.

To be effective, the business plan should be significantly more detailed, including up-to-date market data, more persuasive arguments, a thorough market study, a three-year action plan, as well as detailed financial tables such as a projected income statement, projected balance sheet, cash flow budget, and break-even analysis.

All these elements have been thoroughly included by our experts in the business plan template they have designed for a furniture retail .

Here, we will follow the same structure as in our business plan template.

business plan furniture retail store business

Market Opportunity

Market overview and statistics.

The furniture retail industry is a significant segment of the global retail market.

As of recent estimates, the global furniture market is valued at over 500 billion dollars, with projections indicating steady growth in the coming years. This growth is driven by factors such as increasing urbanization, a rise in disposable incomes, and the growing demand for residential and commercial furnishings.

In the United States alone, there are over 25,000 furniture retail establishments, generating an annual revenue of approximately 120 billion dollars. This underscores the critical role furniture retail plays in the American economy and the housing market.

These statistics highlight the robust nature of the furniture retail industry and its potential for continued expansion.

Industry Trends

The furniture retail sector is experiencing several key trends that are shaping the future of the industry.

One of the most significant trends is the increasing consumer preference for eco-friendly and sustainable furniture, reflecting a broader societal shift towards environmental responsibility.

Technological advancements are also influencing the industry, with augmented reality (AR) and virtual reality (VR) being used to offer customers immersive shopping experiences, allowing them to visualize furniture in their own spaces before making a purchase.

Customization and personalization are becoming more prevalent, with consumers seeking unique pieces that reflect their individual style and meet specific needs.

E-commerce continues to grow, with online furniture sales gaining momentum as consumers appreciate the convenience of shopping from home.

Lastly, the demand for multi-functional and space-saving furniture is on the rise, particularly in urban areas where living spaces are often smaller.

These trends are indicative of a dynamic industry that is adapting to the evolving preferences and lifestyles of modern consumers.

Key Success Factors

Several factors contribute to the success of a furniture retail business.

Product variety and quality are paramount. Retailers that offer a wide range of high-quality furniture are more likely to attract and retain a diverse customer base.

Innovative design and customization options can also set a retailer apart in a crowded marketplace.

The location of the retail store plays a critical role, with accessible and high-traffic areas being more conducive to higher sales volumes.

Exceptional customer service is essential for building customer loyalty and encouraging repeat business.

Efficient inventory management and cost control are crucial for maintaining profitability in a competitive industry.

Lastly, embracing current industry trends, such as sustainability and technological integration, is vital for staying relevant and appealing to contemporary consumers.

The Project

Project presentation.

Our furniture retail project is designed to cater to the contemporary consumer seeking stylish, durable, and affordable furniture. Strategically located in a high-traffic shopping district, our store will feature a diverse range of furniture items, from sofas and dining sets to bedroom furniture and home accessories, all crafted to meet the highest standards of quality and design.

We will emphasize the uniqueness, functionality, and aesthetic appeal of our furniture, ensuring that each piece not only complements our customers' living spaces but also enhances their overall lifestyle.

Our furniture retail store aims to become a go-to destination for homeowners and interior designers alike, offering a carefully curated selection that aligns with current trends and timeless styles.

Value Proposition

The value proposition of our furniture retail project lies in providing an exceptional selection of furniture that combines modern design, functionality, and affordability. We understand the importance of creating a home that reflects one's personal style and comfort.

Our commitment to offering a variety of high-quality furniture pieces at competitive prices positions us as a leader in the home furnishing market, catering to the needs of budget-conscious and design-savvy customers.

We are dedicated to enhancing the shopping experience through personalized customer service, design consultations, and a user-friendly online presence, making it easy for customers to find the perfect pieces for their homes.

Our furniture retail store is set to become a cornerstone in the community, providing furniture solutions that make stylish living accessible to everyone.

Project Owner

The project owner is an experienced entrepreneur with a passion for interior design and a keen eye for emerging furniture trends.

With a background in retail management and a strong network within the furniture industry, he is well-equipped to launch a furniture retail store that stands out for its quality, variety, and affordability.

Driven by a vision of furnishing beautiful homes without breaking the bank, he is committed to sourcing furniture that meets the needs of modern consumers, from functionality and comfort to sustainability and innovation.

His dedication to customer satisfaction and his expertise in the furniture market make him the ideal leader for this project, aiming to transform living spaces and enhance the comfort of customers through a superior furniture shopping experience.

The Market Study

Market segments.

The market segments for this furniture retail business are diverse and cater to a wide range of customers.

Firstly, there are homeowners looking to furnish their new or existing homes with stylish and functional pieces.

Secondly, the market includes apartment dwellers seeking space-saving and multi-functional furniture to maximize their living space.

Additionally, there are interior designers and decorators who source furniture for their clients' projects.

Real estate developers and property managers also form a segment, as they often need to furnish show homes and rental properties.

Lastly, businesses and offices require furniture for their workspaces, making them a significant segment of the market.

SWOT Analysis

A SWOT analysis of this furniture retail business highlights several key factors.

Strengths include a wide range of high-quality furniture, a strong online presence, and excellent customer service.

Weaknesses might involve the challenges of maintaining inventory diversity and the logistics of delivering large items.

Opportunities can be found in the growing trend towards home improvement and the increasing demand for eco-friendly and sustainable furniture.

Threats may include the competitive nature of the furniture retail market and the impact of economic downturns on consumer spending.

Competitor Analysis

Competitor analysis in the furniture retail industry indicates a highly competitive environment.

Direct competitors include other furniture stores, both brick-and-mortar and online, as well as large department stores with furniture departments.

These competitors vie for customers by offering a mix of quality, price, and design.

Potential competitive advantages for our business include exclusive collections, personalized customer service, and a strong focus on sustainability and eco-friendly products.

Understanding the strengths and weaknesses of competitors is crucial for carving out a unique market position and for customer acquisition and retention.

Competitive Advantages

Our furniture retail business stands out due to our commitment to offering a diverse selection of quality furniture that caters to various tastes and budgets.

We provide a unique shopping experience through personalized services such as design consultations and custom furniture options.

Our dedication to sustainability sets us apart, as we offer a range of eco-friendly and responsibly sourced products.

Moreover, our robust online platform and home delivery services ensure convenience and accessibility for all our customers, enhancing their overall shopping experience.

You can also read our articles about: - how to open a furniture shop: a complete guide - the customer segments of a furniture shop - the competition study for a furniture shop

The Strategy

Development plan.

Our three-year development plan for the furniture retail business is designed to establish a strong market presence.

In the first year, we aim to build a solid customer base by offering a diverse range of high-quality, stylish furniture that caters to various tastes and budgets. We will also focus on creating a strong online presence and an inviting in-store experience.

The second year will be focused on expanding our product lines, including eco-friendly and locally sourced options, and opening additional showrooms in key locations to increase accessibility for customers.

In the third year, we plan to enhance our customer service by offering interior design consultations and custom furniture options, further differentiating our brand in the market.

Throughout this period, we will prioritize customer satisfaction, sustainability, and innovative design to stay ahead of industry trends and meet the evolving preferences of our clientele.

Business Model Canvas

The Business Model Canvas for our furniture retail business targets a broad customer segment, including homeowners, renters, and interior designers looking for quality furniture and home decor.

Our value proposition is centered around providing a unique selection of furniture pieces that combine aesthetics, functionality, and affordability. We also emphasize customer service and a seamless shopping experience.

We sell our products through our physical showrooms and an e-commerce platform, utilizing key resources such as our supply chain relationships, inventory management systems, and knowledgeable sales staff.

Key activities include inventory curation, sales, and customer service.

Our revenue streams are generated from the sales of furniture and related home accessories, while our costs are mainly associated with purchasing inventory, marketing, and operations.

Access a complete and editable real Business Model Canvas in our business plan template .

Marketing Strategy

Our marketing strategy is centered on showcasing the quality and design of our furniture collections.

We plan to engage customers through immersive showroom experiences, interactive online platforms, and targeted advertising campaigns. We will also collaborate with interior design influencers and leverage social media to showcase our products in real-life settings.

Customer loyalty programs and seasonal promotions will be implemented to encourage repeat business and attract new customers.

Finally, we will participate in industry trade shows and community events to increase brand visibility and network with potential business partners.

Risk Policy

The risk policy for our furniture retail business focuses on mitigating risks associated with inventory management, supplier reliability, and market fluctuations.

We will implement robust inventory tracking and forecasting systems to prevent overstocking or stockouts. Building strong relationships with reliable suppliers will ensure consistent product quality and availability.

Our financial strategy includes careful budgeting and cost control measures to maintain healthy cash flow and profitability.

We will also secure comprehensive insurance coverage to protect against potential liabilities related to product warranties and customer service issues.

Why Our Project is Viable

We believe in the potential of our furniture retail business to meet the growing demand for quality, stylish, and affordable home furnishings.

With a focus on customer experience, sustainability, and design innovation, we are poised to capture a significant share of the market.

We are committed to adapting to consumer trends and market dynamics to ensure the long-term success of our business.

We are enthusiastic about the opportunity to enhance living spaces and look forward to the prosperous growth of our furniture retail venture.

You can also read our articles about: - the Business Model Canvas of a furniture shop - the marketing strategy for a furniture shop

The Financial Plan

Of course, the text presented below is far from sufficient to serve as a solid and credible financial analysis for a bank or potential investor. They expect specific numbers, financial statements, and charts demonstrating the profitability of your project.

All these elements are available in our business plan template for a furniture retail and our financial plan for a furniture retail .

Initial expenses for our furniture retail business include leasing a showroom space in a prime location, acquiring a diverse inventory of quality furniture pieces, investing in an efficient inventory management system, hiring knowledgeable sales staff, and costs related to brand creation and launching targeted marketing campaigns to reach our target demographic.

Our revenue assumptions are based on a thorough market analysis of consumer trends in home furnishings, taking into account the increasing interest in home decor and the demand for both luxury and affordable furniture options.

We anticipate a steady growth in sales, starting with a strong grand opening and building as our brand recognition and reputation for quality furniture and customer service strengthen.

The projected income statement indicates expected revenues from our furniture sales, cost of goods sold (purchase price of inventory, shipping, handling), and operating expenses (rent, marketing, salaries, utilities, etc.).

This results in a forecasted net profit that is essential for assessing the long-term viability of our furniture retail business.

The projected balance sheet reflects assets specific to our business, such as showroom fixtures, furniture inventory, and liabilities including loans and accounts payable.

It shows the overall financial health of our furniture retail business at the end of each fiscal period.

Our projected cash flow budget details the inflows from sales and outflows for inventory purchases and operating costs, allowing us to anticipate our cash needs throughout the year. This will enable us to manage our finances effectively and maintain a healthy cash reserve.

The projected financing plan outlines the specific financing sources we plan to use to cover our startup and operational expenses, such as bank loans, investor capital, or vendor credit terms.

The working capital requirement for our furniture retail business will be closely monitored to ensure we have the necessary funds to support our day-to-day operations, including inventory procurement, sales promotions, and staff wages.

The break-even point specific to our project is the level of sales needed to cover all our costs, including initial investments, and begin generating a profit.

It will signal when our business is on the path to financial sustainability.

Performance indicators we will track include the inventory turnover rate to measure the efficiency of our stock management, the gross profit margin to assess the profitability of our sales, and the return on investment to evaluate the effectiveness of the capital invested in our furniture retail business.

These indicators will assist us in gauging the financial performance and overall success of our venture.

If you want to know more about the financial analysis of this type of activity, please read our article about the financial plan for a furniture shop .

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4 music stars inspire Houzz Pro 3D floor plans

Dollhouse view of the Houzz Pro floor plan for the Taylor Swift-inspired room

Dollhouse view of the Houzz Pro floor plan for the Taylor Swift-inspired room

Vicky Jarrett // Managing Editor // April 30, 2024

PALO ALTO, Calif. — Home design and remodeling platform Houzz used the Houzz Pro business management and marketing software to create designs inspired by four musicians hot off the tour circuit: Taylor Swift, Beyoncé, Chris Stapleton and Madonna.

“Designing these spaces was like curating the perfect playlist, where every element — from the overall layout to the smallest accent details — was carefully selected to mirror each musician’s brand characteristics,” said Madison Holmlund, Houzz designer. “The Houzz Pro 3D Floor Planner tool makes it easy to create a personalized design that fits the unique needs of each homeowner, whether they’re looking for a room to inspire their next hit song or gather their loved ones together for a family dinner.”

Here are the designs inspired by these musicians:

Taylor Swift:  This home office (below) draws inspiration from Swift’s iconic “Midnights” music videos, blending upscale, modern elements with a touch of 1970s flair. The desk is positioned in front of a large window surrounded by built-in cabinets to showcase accolades and mementos. Get the look from this home office .

Taylor Swift Inspired Home Office_3D Render

Beyoncé:  This bathroom retreat (below) is where Cowboy Carter’s country roots meet the metallic allure of her Renaissance tour. Wood accents blend with sleek statement lighting, with a freestanding bathtub as a fire crackles in the background and a luxurious shower with a built-in bench. Get the look from this bathroom .

Beyonce Inspired Bathroom_3D Render

Chris Stapleton: This transitional kitchen (below), inspired by the rugged charm of the American heartland, draws inspiration from Chris Stapleton’s soulful music and down-to-earth persona, from the shaker-style wood cabinets to the copper-hammered range hood. Get the look from this kitchen .

Chris Stapleton Inspired Kitchen_3D Render

Madonna:  Inspired by a performer who has continued to reinvent herself and shape pop culture for decades, this dining room (below) includes high-impact design elements such as a fireplace adorned with flickering candles, a grand chandelier above the oversized dining table and a bank of floor-to-ceiling windows that frame the space. Get the look from this dining room .

Madonna Inspired Dining Room_3D Render

See also: Which 5 TV shows inspired Houzz Pro 3D floor plans?

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US poised to ease restrictions on marijuana in historic shift, but it’ll remain controlled substance

The U.S. Drug Enforcement Administration will move to reclassify marijuana as a less dangerous drug, a historic shift to generations of American drug policy that could have wide ripple effects across the country.

FILE - In this Friday, March 22, 2019, file photo, a marijuana plant is visible at Compassionate Care Foundation's medical marijuana dispensary in Egg Harbor Township, N.J. The U.S. Drug Enforcement Administration will move to reclassify marijuana as a less dangerous drug, a historic shift to generations of American drug policy that could have wide ripple-effects across the country. The DEA’s proposal still must be reviewed by the White House Office of Management and Budget. (AP Photo/Julio Cortez, File)

FILE - In this Friday, March 22, 2019, file photo, a marijuana plant is visible at Compassionate Care Foundation’s medical marijuana dispensary in Egg Harbor Township, N.J. The U.S. Drug Enforcement Administration will move to reclassify marijuana as a less dangerous drug, a historic shift to generations of American drug policy that could have wide ripple-effects across the country. The DEA’s proposal still must be reviewed by the White House Office of Management and Budget. (AP Photo/Julio Cortez, File)

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WASHINGTON (AP) — The U.S. Drug Enforcement Administration will move to reclassify marijuana as a less dangerous drug, The Associated Press has learned, a historic shift to generations of American drug policy that could have wide ripple effects across the country.

The proposal, which still must be reviewed by the White House Office of Management and Budget, would recognize the medical uses of cannabis and acknowledge it has less potential for abuse than some of the nation’s most dangerous drugs. However, it would not legalize marijuana outright for recreational use.

The agency’s move, confirmed to the AP on Tuesday by five people familiar with the matter who spoke on the condition of anonymity to discuss the sensitive regulatory review, clears the last significant regulatory hurdle before the agency’s biggest policy change in more than 50 years can take effect.

Budtender Rey Cruz weighs cannabis for a customer at the Marijuana Paradise on Friday, April 19, 2024, in Portland, Ore. (AP Photo/Jenny Kane)

Once OMB signs off, the DEA will take public comment on the plan to move marijuana from its current classification as a Schedule I drug, alongside heroin and LSD. It moves pot to Schedule III, alongside ketamine and some anabolic steroids, following a recommendation from the federal Health and Human Services Department. After the public comment period and a review by an administrative judge, the agency would eventually publish the final rule.

“Today, the Attorney General circulated a proposal to reclassify marijuana from Schedule I to Schedule III,” Justice Department director of public affairs Xochitl Hinojosa said in a statement. The DEA is a component of the Department of Justice. “Once published by the Federal Register, it will initiate a formal rulemaking process as prescribed by Congress in the Controlled Substances Act.”

Attorney General Merrick Garland’s signature throws the full weight of the Justice Department behind the move and appears to signal its importance to the Biden administration.

It comes after President Joe Biden called for a review of federal marijuana law in October 2022 and moved to pardon thousands of Americans convicted federally of simple possession of the drug. He has also called on governors and local leaders to take similar steps to erase marijuana convictions.

“Criminal records for marijuana use and possession have imposed needless barriers to employment, housing, and educational opportunities,” Biden said in December. “Too many lives have been upended because of our failed approach to marijuana. It’s time that we right these wrongs.”

The election year announcement could help Biden, a Democrat, boost flagging support, particularly among younger voters .

Biden and a growing number of lawmakers from both major political parties have been pushing for the DEA decision as marijuana has become increasingly decriminalized and accepted, particularly by younger people. A Gallup poll last fall found 70% of adults support legalization, the highest level yet recorded by the polling firm and more than double the roughly 30% who backed it in 2000.

The DEA didn’t respond to repeated requests for comment.

Schedule III drugs are still controlled substances and subject to rules and regulations, and people who traffic in them without permission could still face federal criminal prosecution.

Some critics argue the DEA shouldn’t change course on marijuana, saying rescheduling isn’t necessary and could lead to harmful side effects.

Jack Riley, a former deputy administrator of the DEA, said he had concerns about the proposed change because he thinks marijuana remains a possible “gateway drug,” one that may lead to the use of other drugs.

“But in terms of us getting clear to use our resources to combat other major drugs, that’s a positive,” Riley said, noting that fentanyl alone accounts for more than 100,000 deaths in the U.S. a year.

On the other end of the spectrum, others argue marijuana should be treated the way alcohol is.

“While this rescheduling announcement is a historic step forward, I remain strongly committed to continuing to work on legislation like the SAFER Banking Act as well as the Cannabis Administration and Opportunity Act, which federally deschedules cannabis by removing it from the Controlled Substances Act,” Senate Majority Leader Sen. Chuck Schumer of New York said in a statement. “Congress must do everything we can to end the federal prohibition on cannabis and address longstanding harms caused by the War on Drugs.”

Federal drug policy has lagged behind many states in recent years, with 38 having already legalized medical marijuana and 24 legalizing its recreational use .

That’s helped fuel fast growth in the marijuana industry, with an estimated worth of nearly $30 billion. Easing federal regulations could reduce the tax burden that can be 70% or more for businesses, according to industry groups. It could also make it easier to research marijuana, since it’s very difficult to conduct authorized clinical studies on Schedule I substances.

The immediate effect of rescheduling on the nation’s criminal justice system would likely be more muted, since federal prosecutions for simple possession have been fairly rare in recent years.

But loosening restrictions could carry a host of unintended consequences in the drug war and beyond.

Critics point out that as a Schedule III drug, marijuana would remain regulated by the DEA. That means the roughly 15,000 cannabis dispensaries in the U.S. would have to register with the DEA like regular pharmacies and fulfill strict reporting requirements, something that they are loath to do and that the DEA is ill equipped to handle.

Then there’s the United States’ international treaty obligations, chief among them the 1961 Single Convention on Narcotic Drugs, which requires the criminalization of cannabis. In 2016, during the Obama administration, the DEA cited the U.S.’ international obligations and the findings of a federal court of appeals in Washington in denying a similar request to reschedule marijuana.

Goodman reported from Miami, Mustian from New Orleans. AP writer Colleen Long contributed.



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  1. Furniture Store Business Plan Template [Updated 2024]

    Furniture Store Business Plan Template. Over the past 20+ years, we have helped over 2,500 entrepreneurs and business owners create business plans to start and grow their furniture 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 furniture ...

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    Step 2: Create a Business Plan. As you continue your exciting journey to build your own furniture store, the next milestone is to design a detailed business plan. Think of this plan as your architectural blueprint, your guiding star that keeps you on the correct course toward your dream.

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    Starting a furniture 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 Furniture Store Business Plan - The first step in starting a business is to create a detailed furniture store business plan that outlines all aspects of the venture.

  5. How to Sell Furniture Online

    Learn how to create an online store, set up product pages, choose apps, and market your furniture business with Shopify. Find tips, guides, and resources to help you sell furniture online in 5 steps.

  6. How to Sell Furniture Online: 7 Steps to Success

    Renting a climate-controlled storage area (best for materials like wood and natural fabrics that are susceptible to fluctuations in humidity) Sharing warehouse space with a business large bulky items like furniture. Buying your own dedicated warehouse/storage space. 5. Create your online store.

  7. How to start a furniture business in 2022 (Ultimate guide)

    Build your team. You'll need to start building your team, including: Showcase design team: Submit the plan as the building goes up. Marketing team: Start promoting your business 8 weeks before opening a furniture store. Purchasing team: Work with furniture manufacturers 6 months before the first orders are placed.

  8. How to Start Your Furniture Business and Sell Online with Success

    For furniture web stores, you can integrate video content types to showcase items (often in different interiors), convey every detail to a viewer and provide some assembly guidelines. Alternatively, you can achieve an equal effect with 3D visualizations, which are used extensively in the interior design and architecture spheres.

  9. Furniture Store Business Plan Template [2024 Updated]

    If you are planning to start a new furniture store, the first thing you will need is a business plan. Use our sample business plan created using upmetrics business plan software to start writing your business plan in no time.. Before you start writing your business plan for your new furniture store business, spend as much time as you can reading through some examples of retail and online store ...

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    Discuss the relevant experience and qualifications of each team member as well as any other applicable information about them. 3. The products and services section. When drafting your business plan for a furniture store, it is important to include an in-depth section on the products and services being offered.

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    6. Open a business bank account and secure funding as needed. Opening a business bank account is a critical step in establishing your furniture business's financial foundation, while securing funding ensures you have the necessary capital to grow. Here's a guide to help you navigate these crucial steps:

  12. PDF Furniture Store Business Plan Example

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    1. Conduct Furniture Market Research. Market research is an important aspect of the furniture design industry. It offers information on other furniture manufacturers, market saturation, services, your target market, and other information important to developing a business plan. Source.

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    Conclusion. In summary, starting a furniture business in 2024 involves balancing innovative ideas with practical strategies. Embrace technology and sustainability to stay ahead. Focus on quality, customer experience, and a solid business plan. Whether online, in-store, or both, adapt to market changes and keep learning.

  15. Furniture Store Business Plan [Sample Template for 2022]

    Below is the sales projection for Lord Gabby™ Furniture Store, Inc., it is based on the location of our business and other factors as it relates to furniture retail stores start - ups in the United States; First Fiscal Year-: $150,000. Second Fiscal Year-: $450,000. Third Fiscal Year-: $1 million.

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    Our three-year development plan for the furniture retail business is designed to establish a strong market presence. In the first year, we aim to build a solid customer base by offering a diverse range of high-quality, stylish furniture that caters to various tastes and budgets. We will also focus on creating a strong online presence and an ...

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    Vicky Jarrett // Managing Editor // April 30, 2024. PALO ALTO, Calif. — Home design and remodeling platform Houzz used the Houzz Pro business management and marketing software to create designs ...

  23. US DEA will reclassify marijuana, ease restrictions, AP sources say

    Updated 4:51 PM PDT, April 30, 2024. WASHINGTON (AP) — The U.S. Drug Enforcement Administration will move to reclassify marijuana as a less dangerous drug, The Associated Press has learned, a historic shift to generations of American drug policy that could have wide ripple effects across the country. The proposal, which still must be reviewed ...