furniture making business plan pdf

Furniture Manufacturing Business Plans

Drapery fabricator business plan.

Cutting Edge Drapery serves professional interior designers, producing custom order soft textile treatments.

Furniture Import Business Plan

Poppi Designs' mission is to supply imported Spanish chairs and other furniture items to certain market niches which are not well served by the large domestic manufacturers.

Furniture Manufacturer Business Plan

Trestle Creek Cabinets is a cabinet company specializing in custom cabinets for the high-end residential, resort, and commercial markets.

Garden Furniture Maker Business Plan

Garden Crafts will create a business based on a single product, the Sit N' Caddy, a combination garden caddy/gardening stool made of wood.

Office Furniture Manufacturer Business Plan

Willamette Furniture is an ongoing manufacturing company specializing in furniture for computer-related office designs.

Pet Supplies Business Plan

Tall Drink of Water designs and sells elevated pet feeders in a number of styles to pet care professionals, government agencies, and the public.

Retail Furniture Manufacturer Business Plan

The House of Pine will offer custom, hand made, ready-to-finish pine furniture in a variety of styles and designs and at affordable prices.

UK Furniture Manufacturer Business Plan

Fulham Furniture Manufacturer--UK is based in the United Kingdom and specializes in high-end computer-specific office furniture. Note: This plan created in Business Plan Pro UK Edition.

Take your passion for elegant furniture design and turn it into a full-fledged furniture manufacturing business. Download one of our manufacturing sample business plans today and get started on your own plan.

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

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.

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 .

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.

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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Sample Furniture Store Business Plan

Writing a business plan is a crucial step in starting a furniture store. Not only does it provide structure and guidance for the future, but it also helps to create funding opportunities and attract potential investors. For aspiring furniture store owners, having access to a sample furniture store business plan can be especially helpful in providing direction and gaining insight into how to draft their own furniture store business plan.

Download our Ultimate Furniture Store Business Plan Template

Having a thorough business plan in place is critical for any successful furniture store venture. It will serve as the foundation for your operations, setting out the goals and objectives that will help guide your decisions and actions. A well-written business plan can give you clarity on realistic financial projections and help you secure financing from lenders or investors. A furniture store business plan example can be a great resource to draw upon when creating your own plan, making sure that all the key components are included in your document.

The furniture store business plan sample below will give you an idea of what one should look like. It is not as comprehensive and successful in raising capital for your furniture store as Growthink’s Ultimate Furniture Store Business Plan Template , but it can help you write a furniture store business plan of your own.

Furniture Store Business Plan Example – HomeElegance Furnishings

Table of contents, executive summary, company overview, industry analysis, customer analysis, competitive analysis, marketing plan, operations plan, management team, financial plan.

Welcome to HomeElegance Furnishings, our newly opened furniture store located in the heart of Baltimore, MD. We are thrilled to serve our community by offering high-quality, aesthetically pleasing, and functional furniture that caters to the discerning tastes of Baltimore residents. With a carefully curated product range including sofas, dining sets, bedroom furniture, office setups, and exquisite accent pieces, we’re committed to filling the market gap for superior home decor. Our store is positioned to be the go-to destination for all furnishing needs, providing a unique shopping experience with the help of our friendly staff. As a local business, we are proud to elevate the standard of living spaces in our area, making homes more elegant one piece of furniture at a time.

Our unique position in the market is attributed to several key factors that set us apart from the competition. With invaluable experience from our founder’s previous successful furniture store, we have a deep understanding of the business. Our commitment to producing furniture that exceeds expectations in quality, uniqueness, and functionality is at the core of our success. Since our launch on January 1, 2024, we’ve achieved significant milestones including developing a distinctive logo, securing a prime location for high visibility, and carefully selecting our brand name. These accomplishments lay the groundwork for our future growth and success, ensuring HomeElegance Furnishings becomes a leader in the Baltimore furniture market.

The Furniture Store industry in the United States, currently valued at over $100 billion, is experiencing steady growth due to consumers’ increasing interest in enhancing their living spaces. A notable trend is the shift towards online furniture shopping, providing convenience and broader selection for consumers. Additionally, the demand for sustainable and eco-friendly furniture is rising, as customers become more environmentally conscious. HomeElegance Furnishings is well-positioned to capitalize on these trends with our online presence and selection of eco-friendly options, setting us apart in the competitive landscape and appealing to a broader range of customers.

Our target customers include Baltimore residents seeking premium furniture that combines quality, design, and durability. We aim to serve discerning homeowners, interior designers, and real estate agents with our curated selection of elegant furniture. Additionally, we cater to young professionals moving into their first home or apartment, offering contemporary pieces that fit their budget and lifestyle. Our understanding of these customer segments enables us to tailor our offerings effectively, ensuring satisfaction and loyalty among our clients.

Key competitors in our market include Second Chance, specializing in reclaimed furniture, Urban Interiors with a focus on modern designs, and Sofas Etc., known for their extensive seating options. Our competitive advantages lie in our commitment to quality, innovation, and customer-centric design. We offer unique and functional furniture pieces that not only meet but exceed our customers’ expectations. Our ability to create customized solutions and provide exceptional customer service further distinguishes HomeElegance Furnishings from our competitors, ensuring we remain a preferred choice for furniture in Baltimore.

HomeElegance Furnishings boasts an extensive product line that emphasizes quality, style, and comfort, aimed at transforming living spaces into elegant havens. Our pricing strategy ensures a wide range of options for every budget, enhancing customer satisfaction. Our promotional strategy focuses on a strong online presence, leveraging SEO, social media engagement, and email marketing to attract and retain customers. Additionally, local advertising and in-store events will complement our online efforts, creating a comprehensive marketing approach. Implementing a loyalty program and utilizing customer feedback will further cement our relationship with our clients, driving growth and establishing our brand in the market.

Key operational processes include inventory management, exceptional customer service, effective sales strategies, and maintaining a visually appealing store. We will also focus on smooth order fulfillment, targeted marketing campaigns, diligent financial management, and strong supplier relations. Our staff will be well-trained to ensure high productivity and morale. Compliance with safety standards and regulations will be a priority to ensure a safe shopping experience. Upcoming milestones include securing a prime location, acquiring necessary permits, launching our store, and reaching our revenue goals within the first 12 to 18 months. These efforts will ensure the successful operation and growth of HomeElegance Furnishings.

Under the leadership of Madison Nelson, our President, HomeElegance Furnishings is poised for success. Madison’s extensive experience and successful track record in the furniture industry provide the strategic vision and commitment to excellence necessary to guide our company. Her leadership will be instrumental in achieving our long-term goals and ensuring that HomeElegance Furnishings becomes a leading name in the furniture market.

Welcome to HomeElegance Furnishings, a new furniture store that has recently opened its doors to serve the residents of Baltimore, MD. As a local business, we’re proud to offer a unique shopping experience catered to the discerning tastes of our community. Recognizing the gap in the market for high-quality furniture, we’re here to fill that void and elevate the standard of home decor in our area.

At HomeElegance Furnishings, our product range is carefully curated to meet the diverse needs of our customers. We offer a wide selection of sofas and couches, dining sets, bedroom furniture, office setups, and exquisite accent pieces to complement any space. Our commitment to quality and design ensures that each piece is not only aesthetically pleasing but also functional and durable, making our store the go-to destination for all your furnishing needs.

Located in the heart of Baltimore, MD, HomeElegance Furnishings is ideally positioned to serve our community. Our store is easily accessible, providing a convenient shopping experience for customers in and around Baltimore. Whether you’re looking for that perfect sofa to complete your living room or a dining set that speaks to your style, our doors are open, and our friendly staff is here to assist you.

HomeElegance Furnishings is uniquely positioned for success, thanks to a combination of factors. Our founder brings invaluable experience from successfully running a previous furniture store, ensuring we understand the ins and outs of the business. Moreover, we pride ourselves on crafting furniture that stands out from the competition in terms of quality, uniqueness, and functionality. This commitment to excellence is what we believe will set us apart and secure our place as a leader in the local market.

Since our establishment on January 1, 2024, as a Sole Proprietorship, we have hit several key milestones that mark the beginning of our journey. We’ve developed a distinctive logo that represents our brand’s ethos, carefully chosen our company name to reflect our commitment to elegance in home furnishing, and secured a prime location that promises high foot traffic and visibility. These accomplishments lay the foundation for our future growth and success in serving the Baltimore community.

The Furniture Store industry in the United States is a significant market with a current size of over $100 billion. This industry includes a wide range of retailers selling furniture for homes, offices, and outdoor spaces. With an increasing number of consumers investing in home decor and furniture to enhance their living spaces, the Furniture Store industry is expected to experience steady growth in the coming years.

One of the trends in the Furniture Store industry is the rising demand for online furniture shopping. With the convenience of browsing and purchasing furniture from the comfort of their own homes, more consumers are turning to online retailers for their furniture needs. This trend bodes well for HomeElegance Furnishings, as they can leverage their online presence to reach a wider customer base beyond Baltimore, MD.

Additionally, there is a growing trend towards sustainable and eco-friendly furniture options in the Furniture Store industry. Consumers are becoming more conscious of the environmental impact of their purchases and are seeking furniture made from sustainable materials. HomeElegance Furnishings can capitalize on this trend by offering a selection of eco-friendly furniture options, attracting environmentally-conscious customers and setting themselves apart in the market.

Below is a description of our target customers and their core needs.

Target Customers

HomeElegance Furnishings will target local residents in Baltimore who are in the market for premium furniture that enhances their living spaces. This customer segment is likely to value quality and design, seeking pieces that reflect their personal style and offer lasting durability. The store will tailor its offerings to meet the aesthetic and functional needs of these individuals, ensuring a curated selection that appeals to discerning homeowners.

Aside from local residents, HomeElegance Furnishings will also cater to interior designers and real estate agents looking for high-quality furnishings for their projects and listings. This customer segment will appreciate the store’s range of elegant and sophisticated furniture options that can help elevate any space. The store will provide professional consultation services to assist these customers in selecting the perfect pieces that meet their specific project requirements.

Lastly, HomeElegance Furnishings will target young professionals moving into their first home or apartment in Baltimore. This group is interested in modern, stylish furniture that fits their budget and lifestyle. The store will offer a variety of contemporary pieces that are both functional and fashionable, making it easier for young professionals to create a comfortable and stylish living environment.

Customer Needs

HomeElegance Furnishings caters to the discerning tastes of Baltimore residents who demand high-quality furniture for their living spaces. Customers expect durable, stylish, and comfortable pieces that can elevate the aesthetic of their homes. This store meets these expectations by curating a selection of furniture that combines both form and function, ensuring each piece not only looks good but also stands the test of time.

In addition to quality, consumers seek a personalized shopping experience where their unique needs and preferences are understood and respected. HomeElegance Furnishings provides expert guidance and bespoke services, allowing customers to find or customize furniture that perfectly fits their space and style. This level of service ensures that every purchase is not just a transaction but a step towards creating a dream home.

Moreover, convenience and reliability are paramount for furniture shoppers. HomeElegance Furnishings understands this and offers seamless purchase processes, from browsing to delivery. Customers can trust in an efficient, hassle-free experience that respects their time and investment. By addressing these core needs, HomeElegance Furnishings positions itself as a go-to destination for quality, service, and convenience in the Baltimore furniture market.

HomeElegance Furnishings’s competitors include the following companies:

Second Chance is a unique entity in the Baltimore area that specializes in the sale of reclaimed, refurbished, and repurposed furniture pieces. Their product range extends from vintage and antique furniture to home decor and architectural salvage. Price points at Second Chance are variable, appealing to both budget-conscious consumers and those looking for unique, higher-end items. The company generates revenue through direct sales and special projects that involve restoration or customization of pieces. Second Chance operates from a single, large warehouse facility in Baltimore, making it easily accessible to local customers. Their customer segment is quite broad, including eco-conscious shoppers, interior designers, and homeowners seeking unique pieces for their spaces. A key strength is their sustainable business model and the uniqueness of their inventory. A potential weakness is the unpredictability of inventory, which can vary greatly in style and quantity.

Urban Interiors offers a contemporary approach to furniture retail, focusing on modern, sleek designs suited to urban living spaces. They provide a wide range of furniture and home accessories, including sofas, dining sets, beds, and lighting fixtures. Price points at Urban Interiors tend to be mid-range to high-end, catering to customers looking for quality and design. The company boasts significant revenue from its well-positioned store in Baltimore and an online platform that extends its reach beyond the local area. Urban Interiors targets a customer segment that values aesthetics and modern design, often appealing to young professionals and modern families. Its key strengths include a strong brand identity and an extensive online presence. However, a potential weakness is its focus on a specific design aesthetic, which may not appeal to all customers.

Sofas Etc. is specialized in providing a wide range of seating options, including sofas, recliners, and sectionals, catering to a variety of tastes and budgets. Their products range from budget-friendly pieces to more luxurious, custom-designed options. Price points vary accordingly, allowing them to attract a diverse customer base. Sofas Etc. generates revenue through both its showroom sales and a robust online presence, which enables them to serve customers beyond the Baltimore area. They operate two locations within Maryland, making their products accessible to a wide geographic segment. The customer segments they serve include budget shoppers, families, and individuals looking for custom furniture solutions. A key strength of Sofas Etc. is their focus on customer service and customization options. However, their specialization in seating could be seen as a weakness, as it limits the range of products they offer compared to more comprehensive furniture stores.

Competitive Advantages

At HomeElegance Furnishings, we pride ourselves on crafting furniture that stands out in the crowded market of home decor. Our competitive edge lies in our ability to create products that are not only superior in quality but also unparalleled in uniqueness and functionality. We understand the evolving needs of modern living spaces, which drives our commitment to innovation. Our design team constantly explores new materials and techniques to ensure that our furniture is not just a piece of art but also a practical addition to your home. This focus on quality and innovation enables us to offer furniture that not only meets but exceeds our customers’ expectations, setting us apart from the competition.

Furthermore, our deep understanding of the aesthetic and functional needs of our customers allows us to curate a collection that is both diverse and distinctive. We believe that every piece of furniture should reflect the personality and lifestyle of its owner, which is why we offer customized solutions tailored to individual preferences. This level of personalization, combined with our commitment to customer service, ensures a shopping experience that is as unique as our furniture. By choosing HomeElegance Furnishings, customers gain access to a world of elegance, creativity, and innovation that enriches their living spaces and enhances their quality of life.

Our marketing plan, included below, details our products/services, pricing and promotions plan.

Products and Services

HomeElegance Furnishings offers an extensive array of furniture that caters to the varied needs and preferences of its customers. With an emphasis on quality, style, and comfort, the store ensures that each piece not only enhances the aesthetic appeal of your space but also provides unparalleled comfort and utility. From plush sofas and couches to elegant dining sets, sophisticated bedroom collections, functional office furniture, and charming accent pieces, HomeElegance Furnishings is poised to transform your living spaces into havens of elegance and comfort.

For those looking to revamp their living rooms, the store presents a wide selection of sofas and couches. Customers can expect to find everything from traditional designs to contemporary and minimalist styles, catering to various tastes and room layouts. The average selling price for these plush seating options ranges from $500 to $2,500, ensuring there’s something for every budget without compromising on quality or design.

Dining sets are another forte at HomeElegance Furnishings. Whether you’re in the market for a cozy table for two or a sprawling set to accommodate large family gatherings, there’s an option for you. Crafted from premium materials and available in a range of finishes, these dining sets promise durability and style. Prices for dining sets start at around $800 and can go up to $3,000, reflecting the diversity in design and materials.

The bedroom is your personal sanctuary, and HomeElegance Furnishings understands the importance of creating a space that reflects your style and meets your comfort needs. The bedroom furniture collection includes beds, dressers, nightstands, and more, with prices typically ranging from $400 for individual pieces to $5,000 for luxurious, high-end sets. This range ensures that you can furnish your entire bedroom in a cohesive style that suits your budget.

For the home office or professional workspace, the store offers a variety of office furniture that combines functionality with aesthetic appeal. From ergonomic chairs that ensure comfort during long working hours to desks that cater to various spatial requirements, HomeElegance Furnishings helps you create a productive and stylish workspace. Office furniture items are priced from $150 for chairs to around $1,000 for larger desks and storage solutions.

Accent pieces at HomeElegance Furnishings add the finishing touches to any room. These pieces, which include lamps, rugs, artwork, and more, help to personalize and complete the look of your space. With prices ranging from $50 to $500, adding these unique touches to your home is both accessible and affordable.

In summary, HomeElegance Furnishings offers a comprehensive range of furniture and home décor items that cater to a wide variety of tastes, needs, and budgets. With a commitment to quality, style, and customer satisfaction, the store is set to become a go-to destination for those looking to enhance the beauty and functionality of their living spaces.

Promotions Plan

HomeElegance Furnishings utilizes a comprehensive promotional strategy to attract customers in Baltimore, MD. This strategy encompasses a variety of methods, focusing on online marketing as a cornerstone. Through a dynamic online presence, the store ensures that potential customers find them easily and receive a compelling introduction to their offerings.

Online marketing starts with a user-friendly, visually appealing website that showcases the wide range of furniture available. The website acts as a digital showroom, providing detailed information on products, including high-quality images, descriptions, pricing, and customer reviews. To enhance the online experience, HomeElegance Furnishings will implement SEO strategies to improve search engine rankings, making it easier for customers to discover them when searching for furniture stores in Baltimore.

Social media platforms are another vital component of their online marketing efforts. By actively engaging on platforms like Instagram, Facebook, and Pinterest, HomeElegance Furnishings will connect with customers by sharing the latest trends, new arrivals, and special promotions. This engagement helps to build a community around the brand, encouraging interaction and feedback.

Email marketing campaigns are tailored to keep subscribers informed about upcoming sales, exclusive offers, and new collections. This direct form of communication fosters a personal connection with customers, encouraging repeat business and word-of-mouth referrals.

In addition to online marketing, HomeElegance Furnishings will explore local advertising in Baltimore. Participating in community events, sponsoring local sports teams, or partnering with other businesses for joint promotions are effective ways to increase visibility and attract local customers. Furthermore, in-store events, such as design workshops or product launch parties, will provide unique experiences that draw people into the store, allowing them to explore the furniture collections firsthand.

Implementing a loyalty program is another tactic that will benefit HomeElegance Furnishings. By rewarding repeat customers with discounts, early access to sales, or exclusive products, the store fosters a sense of loyalty and appreciation among its customer base. This program not only encourages repeat business but also turns satisfied customers into brand ambassadors who share their positive experiences with others.

Finally, HomeElegance Furnishings will leverage customer feedback and testimonials in their promotional efforts. Showcasing real customer experiences and stories on the website and social media platforms will build trust with potential customers and provide valuable social proof of the quality and service the store offers.

By employing these diverse promotional methods and tactics, HomeElegance Furnishings expects to establish a strong market presence in Baltimore, attract a steady stream of customers, and build a reputation for quality, style, and exceptional service.

Our Operations Plan details:

• The key day-to-day processes that our business performs to serve our customers
• The key business milestones that our company expects to accomplish as we grow

Key Operational Processes

To ensure the success of HomeElegance Furnishings, there are several key day-to-day operational processes that we will perform.

• Inventory Management: We will maintain an accurate inventory system to track stock levels, re-order products, and manage supplier relationships. This includes conducting regular inventory audits and using software to predict inventory needs.
• Customer Service: We will provide exceptional customer service by training staff on product knowledge, handling inquiries promptly, and resolving issues efficiently. This involves having a dedicated customer service team available through multiple channels, such as phone, email, and social media.
• Sales Management: We will employ effective sales strategies, including upselling and cross-selling, to enhance customer purchases. Sales staff will be trained to understand customer needs and recommend suitable products.
• Store Presentation and Merchandising: We will ensure the store is visually appealing and products are well-displayed to attract customers. This includes regular updates to store layout based on seasonality and trends.
• Order Fulfillment: We will manage a smooth order fulfillment process, from the point of sale to delivery. This includes efficient processing of sales transactions, arranging delivery or pickup options, and ensuring orders are fulfilled accurately and timely.
• Marketing and Promotions: We will execute targeted marketing campaigns and promotions to attract new customers and retain existing ones. This involves leveraging social media, email marketing, and local advertising.
• Financial Management: We will conduct daily financial tasks, including processing payments, managing cash flow, and preparing financial reports. This ensures the business remains profitable and can make informed decisions.
• Supplier Relations: We will maintain strong relationships with suppliers to ensure timely procurement of high-quality products. This involves negotiating favorable terms and regularly communicating with suppliers to address any issues.
• Staff Management: We will oversee staff scheduling, training, and performance evaluations to ensure high productivity and morale. This includes providing regular feedback and creating a positive work environment.
• Compliance and Safety: We will adhere to all local regulations and safety standards to ensure a safe shopping and work environment. This includes regular safety drills, equipment checks, and updating policies as needed.
• Technology and Systems Management: We will utilize technology to improve operational efficiency, such as POS systems for sales transactions, inventory management software, and customer relationship management (CRM) systems.

HomeElegance Furnishings expects to complete the following milestones in the coming months in order to ensure its success:

• Secure a Prime Location: Find and secure a lease for a retail space in a high-traffic area of Baltimore, MD, that aligns with our target market’s demographics and shopping habits.
• Acquire Necessary Permits and Licenses: Complete all local, state, and federal requirements for operating a retail furniture store, including sales tax permits, business operation licenses, and any specific permits required for furniture sales.
• Build Out and Furnish Store: Design and execute a store layout that maximizes the shopping experience, showcasing our furniture in appealing settings that highlight quality and design. This includes installing proper lighting, display units, and signage.
• Inventory Acquisition: Establish relationships with furniture manufacturers and wholesalers to curate a selection of products that meet the quality and style expectations of our target customers. Ensure a diverse inventory that appeals to different tastes and budgets.
• Implement an Omni-channel Sales Strategy: Develop an online presence through an e-commerce website to complement our physical store, enabling customers to browse and purchase products online. Integrate systems for inventory management across both channels.
• Launch Our Furniture Store: Execute a grand opening event to generate buzz and attract initial customers. Utilize local advertising, social media marketing, and promotional offers to drive traffic to the store and website.
• Hire and Train Staff: Recruit employees who are passionate about home decor and customer service. Provide comprehensive training on product knowledge, sales techniques, and customer service best practices to ensure a high-quality shopping experience.
• Establish a Customer Loyalty Program: Develop a program that rewards repeat customers with discounts, early access to new products, or other incentives to encourage repeat business and word-of-mouth referrals.
• Reach $15,000/Month in Revenue: Implement aggressive sales and marketing strategies to steadily increase customer base and sales volume, with the goal of achieving $15,000 in monthly revenue within the first 12 to 18 months.
• Evaluate and Expand Product Offerings: Regularly review sales data, customer feedback, and market trends to adjust our inventory, introducing new products or phasing out less popular items, ensuring our offerings remain competitive and appealing to our target market.

HomeElegance Furnishings management team, which includes the following members, has the experience and expertise to successfully execute on our business plan:

Madison Nelson, President

Madison Nelson, President of HomeElegance Furnishings, brings a wealth of experience and a proven track record of success to the team. Madison’s background as a successful furniture store owner provides a solid foundation for understanding the intricacies of the furniture business. Her leadership experience, combined with her firsthand knowledge of the industry’s challenges and opportunities, positions her excellently to guide HomeElegance Furnishings towards achieving its long-term goals. Madison’s strategic vision and commitment to excellence are vital assets that will undoubtedly contribute to the company’s success and growth.

To achieve our growth goals, HomeElegance Furnishings requires $192,000 in funding. This investment will be allocated towards capital investments such as location buildout, furniture, equipment, and computers, as well as non-capital investments including working capital, initial rent, staff salaries, marketing, supplies, and insurance. These funds are critical for establishing our operations, securing our market position, and ensuring long-term profitability and success.

Financial Statements

Balance sheet.

[insert balance sheet]

Income Statement

[insert income statement]

Cash Flow Statement

[insert cash flow statement]

Furniture Store Business Plan Example PDF

Download our Furniture Store Business Plan PDF here. This is a free furniture store business plan example to help you get started on your own furniture store plan.  

How to Finish Your Furniture Store Business Plan in 1 Day!

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

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

How to write a business plan for a furniture store?

A business plan for a furniture store is an essential tool that can help entrepreneurs evaluate whether their idea is viable and decide how best to move forward with it.

Unsurprisingly, it forms the cornerstone of success for any furniture store, no matter the size or complexity.

Despite this, entrepreneurs often find writing a furniture store business plan a daunting task. But it doesn’t have to be!

This in-depth guide discusses why it's important to have one, what should be included in your plan, and which tools you can use when writing it. 

Ready? Let’s get started!

In this guide:

Why write a business plan for a furniture store?

Information needed to create a business plan for a furniture store, what goes into your furniture store's financial forecast, the written part of a furniture store business plan, what tool should i use to write my furniture store business plan.

There are several reasons to write a furniture store business plan. Below, we cover some of the most important ones!

To draw up a roadmap

Writing a business plan for a furniture store is an essential part of starting or running a business. It forces entrepreneurs to look ahead and set objectives for the next 3 to 5 years. 

This helps ensure that they are taking into account all aspects of their business, from financials to marketing strategies, so they can make informed decisions about how best to move forward. 

For existing businesses, it also provides an opportunity to reassess current operations and adjust goals accordingly. By having a clear vision and direction in mind, entrepreneurs can better prepare themselves for whatever challenges may come their way as they strive towards success.

To keep an eye on future cash flows

The business plan for a furniture store will contain a financial forecast. Creating this is essential because it provides visibility on your future cash flows and cash position whih allows you to anticipate any cash shortfall or funding requirements.

Comparing your actual financial performance to what was planned in the forecast provides the opportunity to update your forecasts as times goes by in order to maintain visibility on your future cash flows. 

To raise funding

Writing a business plan is crucial for any furniture store that wants to secure financing from a bank or investor. 

Banks use your business plan to assess your store's borrowing capacity and to decide whether or not your company can afford the loan. 

A comprehensive, well-written business plan will demonstrate that you understand all aspects of running a successful furniture store, including marketing strategies and financial projections. 

With this information in hand, banks can make an informed decision about whether or not it makes sense to lend money to your business.

Similarly, investors will carefully review the business plan in order to decide whether or not their investment could generate a good return on their capital.

They need to see evidence of healthy growth, profitability and cash flow in the business plan of your furniture store.

Now that you know why it's important to write a business plan for your furniture store, let's look at the information needed to create such a plan.

Create your furniture business plan online!

Think your furniture store could be profitable? Find out how with a business plan!

Writing a furniture store business plan requires research so that you can project sales, investments and cost accurately in your financial forecast.

In this section, we cover three key pieces of information you should gather before drafting your plan!

Carrying out market research for a furniture store

Market research helps you to accurately forecast revenues, giving you the data needed to make informed decisions about how best to move forward with your business. 

It also allows you to identify target markets and understand their needs, enabling you to create products or services that meet those needs. 

For example, you might find that customers are becoming increasingly interested in sustainable furniture, such as pieces made from recycled materials. 

Additionally, modern designs with clean lines and a minimal aesthetic may be growing in popularity among your target demographic.

In short, market research provides invaluable insights into what will be necessary for a successful furniture store launch or expansion.

Developing the marketing plan for a furniture store

A comprehensive marketing plan provides insight into the budget needed for sales and marketing activities. 

This budget should include expenses associated with advertising, promotions, customer outreach strategies, and any other costs related to targeting potential customers effectively. 

The staffing and equipment needs of a furniture store

Before writing a furniture store business plan, it is essential to take into account the budget that needs to be allocated for recruitment and investments. 

Be sure to assess what equipment and personnel are required for your store to operate smoothly, and how much it will all cost.

Once you have gathered the necessary information to create a business plan for your furniture store, it is time to start working on your financial forecast.

The financial forecast for a furniture store must contain 4 important tables:

• The profit and loss statement
• The balance sheet lists
• The cash flow statement
• The sources & uses table

Let's have a look at each of these in a bit more details.

The projected P&L statement

The projected P&L statement for a furniture store shows how fast the store is expected to grow and how profitable the store should be in the next 3 to 5 year.

The projected balance sheet of your furniture store

Your balance sheet provides a snapshot of your business’s financial health at a given point in time.

It includes three main components: assets, liabilities and equity:

• Assets: are resources owned by the store, such as cash, inventory, and accounts receivable.
• Liabilities: are debts owed to creditors and other entities, such as accounts payable and loans.
• Equity: is a proxy for the value of the owner's stake in the business.

Examining the balance sheet is important for lenders, investors, or other stakeholders who are interested in assessing your furniture store’s solvency and liquidity. 

Solvency assesses whether or not your business has the capacity to repay its debt over the medium term.

Liquidity assesses whether or not your business has sufficient cash and short terms assets to repay its debt over the next 12 months. 

The projected cash flow statement

Your projected cash flow statement shows how much cash the furniture store will have coming in and going out over time. 

This is helpful because it helps you plan ahead and know how much money you’ll have to use for growth. 

It also makes it easier to spot any problems before they happen, so that you can fix it as quickly as possible (for example, a shortfall in cash can be negated by an overdraft).

The initial financing plan

When starting a furniture store or when seeking funding, it is also useful to include an initial financing plan in your forecast.

This plan, also called a sources and uses table, gives an overview of the items that need to be financed and where the money is coming from.

Now that we have seen what goes in the financial forecast of your furniture store business plan, let's have a look at the written part of the business plan which provides the reader with the context needed to juge whether your numbers are plausible.

The written part of a furniture store plan is composed of the 7 main sections:

• The executive summary
• The presentation of the company
• The products and services section
• The market research analysis
• The strategy section
• The operations section
• The financial plan

We will now cover each section in-depth, explaining what information needs to be included.

1. The executive summary

The executive summary for a furniture store business plan, should provide a detailed overview of the business, market, key financials, and funding requirements. 

The business overview should outline essential information such as the type of furniture being sold, the target customers, the store location and the management team.

The market overview should present a summary of the current furniture market, including trends, competition, customer preferences, and potential growth opportunities. 

It is also important to provide key financials such as startup costs, projected revenues, and expected profits.

Finally, the 'our ask' section should concisely explain how much money is sought from investors or lenders.

2. The presentation of the company

The presentation of the company should start with the structure and ownership. 

This would include outlining the legal entity chosen to operate the business, such as an LLC or partnership. It would also include describing the ownership breakdown, including any investors involved in the project.

Once you covered the structure, the next step is to introduce the location: you should state where the store is located - using a map of the area if possible - and the layout of the premises. Also mention available amenities and services that may be beneficial for customers (parking spaces, transport links, etc.).

Finally, you should include details about the management team. 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. 

This section should be tailored to the needs of the reader - whether that is a bank or investor - as they need to understand exactly what your business will provide.

Be sure to provide in-depth descriptions of the categories of furniture pieces you intend to offer, including their materials, dimensions, colors, styles and any other features that may be relevant. 

Additionally, it’s important to clearly outline any special services you plan on providing such as delivery options or installation assistance. 

Make sure to also mention if you are offering custom designs so that potential customers know right away what kind of flexibility they can expect from your store. 

By properly outlining all these elements in your business plan's product and service section, readers will have a clear understanding of what makes your furniture store unique and how it stands out from competitors.

4. The market research analysis

When presenting the conclusion of your market analysis in a business plan, you should include important information about demographics and segmentation, target market, competition, barriers to entry and any regulations that may apply.

The demographics and segmentation subsection should focus on identifying and quantifying the different potential customer segments and their purchasing habits, in order to understand who is likely to be interested in purchasing furniture from you.

The target market subsection should zoom on the customer segements you intend to focus on given the positioning of your store.

For example, if you sale entry price furniture, your target market might include first-time buyers who recently bought their first property. They need furniture to outfit the new house or apartment but don't want to spend too much money on quality pieces that will last them for years.

You should also include a detailed presentation of the competitive landscape, by assessing what other furniture stores in the area offer.

Finally you should also include a presentation of the main rules applicable to your business. For example, your furniture store might be subject to local zoning regulations which set the rules for where you may and may not put furniture displays.

5. The strategy section

When writing the strategy section of a business plan for a furniture store, it is essential to include details about your competitive edge, pricing strategies, marketing plans, milestones as well as key risks and mitigants.

When presenting your competitive edge, focus on the factors that make you different from your competitors in order to demonstrate why customers might come to you instead of them.

Then you should detail your pricing strategy. There is no right or wrong pricing strategy per se as long as yours is competitive and viable with healthy margins.

After the pricing, comes the sales and marketing plan which should outline how the store will reach potential customers including advertising campaigns and promotions.

Then comes the milestones subsection where you will be able to showcase the progress you achieved so far and your targets for the years to come. 

Finally, any known risks to the survival of your furniture store and proposed mitigants must be addressed in the risk and mittigants subsection.

6. The operations section

In order to present the operations of a furniture store in a business plan, it is important to include information about the staffing team, opening hours, key assets and intellectual property needed to operate, and the suppliers that will be utilized.

The staffing team should include a breakdown of the roles and responsibilities of each staff member. The number of staff members needed to be hired should also be included. 

Additionally, the business plan should include a recruitment plan which details how the hiring process will take place and how long it will take.

The opening hours of the store should also be listed in the operations section of the business plan. It is important to note if there are any special hours or planned closures due to holidays or other reasons.

You should also include a list of key assets and intellectual property that the store needs in order to operate. This could include things like equipment, furniture, software, lease, and any other items needed for daily operations.

Finally, detail which suppliers you plan to utilize. It is important to include the type of products each supplier provides, as well as their cost, delivery times, and payment terms. If you’ve chosen a particular supplier because of past experience, be sure to mention this too.

This will give potential investors confidence in your furniture store’s ability to source necessary items.

Including these details in the operations section of a furniture store business plan, it will help provide a comprehensive overview of how the store will be run and ensure that potential investors have all the necessary information to make an informed decision.

7. The presentation of the financial plan

The financial plan section of the guide is where you should include the financial forecast that we talked about earlier.

Now that we have a better understanding of the content and structure of a furniture store business plan, let's look at some of the tools available to help you create it.

In this section, we will review three solutions for creating a business plan for your furniture store: using Word and Excel, hiring a consultant to write the plan, or using an online business plan software.

Create your furniture store's business plan using Word or Excel

Creating a furniture store business plan using Word and Excel is an outdated solution that has more cons than pros.

The two advantages are the using these programs is relatively cheap and that Excel gives you a lot of flexibility to model you forecast.

The main issue is that you need serious knowledge of accounting and financial modelling in order to create a forecast without errors on Excel. And as a result, lenders and investors are unlikely to trust forecasts created by people that don't have a degree in finance or accounting.

Writing your business plan with Word is also inefficient: it requires you to start from a blank page and spend hours formatting the document after it is written. There are no templates, samples or examples to guide you through.

Overall, while Word or Excel may be viable options for creating a furniture store business plan for some entrepreneurs, it is by far not the best or most efficient solution.

Hire a consultant to write your furniture store's business plan

Outsourcing to a consultant is a popular solution for entrepreneurs looking to write a comprehensive business plan. 

Consultants are experienced in writing business plans and can create accurate financial forecasts without errors. This means that the legibility of the plan can be trusted much more than if you were to create one yourself using Word or Excel.

However, there are some drawbacks to outsourcing the business plan. The cost of hiring a consultant is usually quite expensive: budget at least £1.5k ($2.0k) for a complete business plan, more if you need to make changes after the initial version (which happens frequently after the initial meetings with lenders).

Additionally, you’ll probably have less control over the final product with this approach compared to writing it yourself. And while consultants may have expertise in the field, they may not have the same level of knowledge and understanding fo the market as you.

Overall, when deciding whether to outsource a furniture store plan to a consultant, you should weigh both sides carefully and make an informed decision based on your individual situation.

Use an online business plan software for your furniture store business plan

Another alternative is to use online business plan software .

There are several advantages to using specialized software:

• You are guided through the writing process by detailed instructions and examples for each part of the plan
• You can be inspired by already written business plan templates
• You can easily make your financial forecast by letting the software take care of the financial calculations for you without errors
• You get a professional document, formatted and ready to be sent to your bank
• The software will enable you to easily track your actual financial performance against your forecast and update your forecast as time goes by

If you're interested in using this type of solution, you can try our software for free by signing up here .

We hope that this article has helped you to better understand how to write the business plan for a furniture store. If you still have questions, do not hesitate to contact us.

Also on The Business Plan Shop

• How much does a business plan cost?
• How to right an internal business plan?
• Business plan myths

Know someone in the furniture industry? Share this article with them!

Founder & CEO at The Business Plan Shop Ltd

Guillaume Le Brouster is a seasoned entrepreneur and financier.

Guillaume has been an entrepreneur for more than a decade and has first-hand experience of starting, running, and growing a successful business.

Prior to being a business owner, Guillaume worked in investment banking and private equity, where he spent most of his time creating complex financial forecasts, writing business plans, and analysing financial statements to make financing and investment decisions.

Guillaume holds a Master's Degree in Finance from ESCP Business School and a Bachelor of Science in Business & Management from Paris Dauphine University.

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DOWNLOAD A FURNITURE MANUFACTURING BUSINESS PLAN

Looking for a solid Furniture manufacturing business plan for your new or existing enterprise?

Download this Furniture manufacturing business plan, which you can download to present to NIRSAL, BOI, BOA, and other investors.

The lucrativeness of the furniture manufacturing industry is undebatable, the need for exquisite furniture that matches individual tastes is not likely to diminish. But it is a capital intensive business, not only does it require a lot of money but also it needs a huge amount of manpower to get it running.

Check out how to start a furniture-making business plan .

A Sample Furniture Manufacturing Business Plan and Feasibility Template

• Industry Overview

Furniture is a part of our lives, this fact sounds awkward but it is very true! There is nowhere you will go where you will not need or see the furniture. This is the reason why the furniture-making industry is lucrative as the importance of furniture cannot be undermined, hence the need for it makes the industry a lucrative one.

Businesses in this industry mainly manufacture or make a household, outdoor, and office furniture.

The furniture manufacturing industry is a profitable industry and it is open to any aspiring entrepreneur or investor to come in and establish his or her business or invest

2. Executive Summary

WoodKraft Inc. is a standard and registered furniture manufacturing that will be located in Ikeja, Lagos, an ideal location highly suitable for the kind of business we want to establish. We have been able to lease a space that is big enough to fit the kind of standard furniture manufacturing company that we intend to start. WoodKraft Inc. will manufacture a wide range of household furniture, outdoor and office furniture. We are aware that there are several large and small furniture manufacturing companies all around Lagos, which is why we conducted a thorough feasibility study and market survey so as to be well poised to compete with all our competitors

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.

3. Our Products and Services

WoodKraft Inc. is in the furniture manufacturing industry to manufacture both home and office furniture; to provide value (our service) to a wide range of clients and to definitely make profits, which is why we will ensure we go all the way to give our clients and potential clients options. We will do all that is permitted by the law of the United States to achieve our business goal, aim, and ambition of starting the business. Our product offerings are listed below;

• Manufacturing of household furniture
• Manufacturing stationary sofas/sofa-sleepers
• Manufacturing metal household and office furniture
• Manufacturing custom architectural woodwork and other fixtures
• Manufacturing showcases, partitions, shelving, and lockers

4. Our Mission and Vision Statement

Our vision is to become the go-to option whenever the need for furniture arises and also to become one of the leading brands in the furniture manufacturing industry in Lagos.

Our mission is to establish a world-class furniture manufacturing business whose products will not only be retailed in Lagos but in Nigeria at large.

5. Our Business Structure

WoodKraft Inc. does not intend to start a furniture manufacturing business as the usual carpenter shops around the street corner; our intention of starting a furniture manufacturing company is to build a standard and one-stop furniture manufacturing company in Lagos. We will make sure we make arrangements that will be in accord with the kind of growth that we have in mind while setting up the business. Our staff will comprise of creative artisans and qualified, honest, customer-centric, and are ready to work to help us mold our business to the heights we aspire which will in turn benefit all the stakeholders. We have decided to hire qualified and competent hands to occupy the following positions;

• Chief Executive Officer (Owner)
• Workshop Manager
• Human Resources and Admin Manager
• Merchandise Manager
• Sales and Marketing Manager
• Carpenters and Furniture Markers
• Accountants / Cashiers
• Customer Services
• Executive Cleaners
• SWOT Analysis

WoodKraft Inc. is in business to become one of the leading furniture manufacturing companies in the whole of Lagos and we are fully aware that it will take the right business concept, management and organization – structure to achieve our goal.

The presence of other several companies that are in the same industry as us and can also boast of impeccable and unique craft are located in the same area we are intending to kick off operations which is why we are following the due process of establishing a business. This is the summary of the SWOT analysis that was conducted for WoodKraft Inc.;

a. Strength: Our core strength lies in the quality of our furniture, the dedication and attitude to the work of our team, and the equipment of the furniture-making factory that we own. We are well-positioned geographically and demographically and we know we will attract loads of clients from the first day we open our furniture manufacturing company for business.

b. Weakness: The fact that we are a new furniture manufacturing company and we don’t have the financial capacity to compete with renowned furniture manufacturing companies. So also, we may not have enough cash reserve to promote our services and company the way we intend.

c. Opportunities: Operating in Lagos provides us with unlimited opportunities to sell our furniture to a large number of individuals and corporate organizations.; we are well-positioned to take on the opportunities that will come our way.

d. Threat: Just like any other business, one of the major threats that we are likely going to be faced with is an economic downturn. It is a fact that an economic downturn affects purchasing or spending power. Another threat that may likely confront us is the arrival of a new furniture manufacturing company in the same location where ours is located. So also, unfavorable government policies may also pose a threat to businesses such as ours.

We are in business to manufacture a wide range of furniture for 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

How To Download The Furniture Feasibility and Business Plan Template

Above is a part of the furniture business plan template in Nigeria. If you want the complete business plan with the full financial plan, calculations, and more, follow the procedures to download it. 

Pay the sum of N8000  ( eight thousand naira only) to the account detail below: Bank: GTBank Name: Oyewole Abidemi (I am putting my name and not our company account so you know we are real people and you can trust us) Ac/No: 0238933625 Type: Saving

Thereafter, send us your email address through text message to  +234 701 754 2853 .  The text must contain the title of the business plan you want and also your email address. Immediately after the confirmation of your payment, we will send the furniture feasibility business plan in Nigeria to your email address where you can easily download it.

Dr. Abi Demi is a skilled technical writer and author with specialties in the martech and fintech space. Featured on Tekedia, Coin Review, Business Insider, Fintechna, Cryptocoin.news, Date 360 and several other sterling online publications, Demi is an astute technical writer that specializes in finance, marketing and technology - with over 500 published pieces across the internet ecosystem. Contact Abi Demi - [email protected]

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Furniture Upholstery Business Plan

MAY.08, 2023

1. Furniture Upholstery Business Plan Sample and Template

Upholstery is an art form of transforming furniture into something beautiful and timeless. Starting a furniture upholstery business is a great way to tap into the potential of this industry. With the right business plan, you can succeed in this venture and make it a source of income for you. 

This business plan outlines the necessary steps to get started, including an overview of the market, a competitive analysis, financial projections, and a marketing strategy. This business can be used as a Furniture Business Plan Template . 

With this information, you will be well on your way to success!

2. Executive Summary

Business overview.

Upholstery Solutions is an innovative upholstery company in North Carolina specializing in custom-made furniture and high-end restoration. We are dedicated to providing superior-quality upholstery to residential and commercial clients. We can provide our clients with the finest upholstery services by utilizing our experience, decades of knowledge, and excellent craftsmanship. Our mission is to ensure our customers are 100% satisfied with their upholstery needs. 

We offer a wide range of services, including furniture upholstery, custom upholstery, furniture restoration, and fabric selection. Our upholstery services are available for both residential and commercial customers. We also offer a wide selection of fabrics and materials for our customers to choose from. We strive to provide our customers with the highest quality of service and ensure that the finished product meets their exact requirements. 

We have an experienced and talented team of upholstery professionals dedicated to providing our customers with the highest quality of upholstery services. Our team is highly knowledgeable in both the craft and the art of upholstery and can help our customers choose the best fabrics and materials for their needs. 

We are committed to providing superior customer service and ensuring our customers are completely satisfied with our services. We strive to provide our customers with the best quality of service and the highest level of customer satisfaction in the industry. 

Licensing organization in the Furniture Upholstery industry:

https://dbr.ri.gov/commercial-licensing/bedding-and-upholstered-furniture

Upholstery Solutions is a furniture upholstery business specializing in custom furniture upholstery services. We offer our clients a wide range of services, including furniture reupholstering, fabric selection, custom cushion design, and furniture repair. We create unique pieces of furniture that reflect the personality of each client. 

Our products include: 

• Upholstered furniture
• Custom cushions 
• Reupholstering of furniture 
• Furniture repair services 
• Fabric selection 
• Custom furniture design

Customer Focus

Our furniture upholstery business, Upholstery Solutions, is dedicated to providing our customers with quality upholstery services and products. We understand that customers have unique needs, and we strive to provide them with the best possible experience. Our staff is highly trained and experienced professionals committed to delivering excellent customer service. We use only high-quality materials and the latest techniques to ensure that our customers receive the highest quality product. We offer competitive prices and a wide range of services to meet the needs of our customers. We are committed to providing a personalized experience to ensure our customer’s satisfaction with their purchases.

Management Team

In the Woodworking Business Plan Example , our management team consists of experienced professionals passionate about upholstery design and customer service. Our team is led by our CEO, who has over 20 years of industry experience and a proven track record in developing successful upholstery businesses. Our team also includes a Creative Director, a Production Manager, and an Operations Manager, who are all highly skilled in the art of upholstery design and production. Together, our team is dedicated to providing our customers with the highest quality furniture upholstery services and products at competitive prices while ensuring customer satisfaction and loyalty.

Success Factors

The success of our furniture upholstery business will depend on several key factors. We will need to ensure that our products are of high quality, that we have a good understanding of the upholstery market and its trends, that we have access to the right suppliers of materials, and that we have a reliable customer service system. Additionally, we will need to create an effective marketing and advertising plan to ensure that our business stands out from the competition. Finally, we must have a strong team with the skills and knowledge necessary to make our business successful.

Financial Highlights

The company will initially be funded through a $50,000 loan from a bank, which will cover startup costs such as a new location, equipment, and materials. The company will also seek additional funding from private investors and from family members.

• Anticipated gross sales of $600,000 in the first year of operation
• Anticipated net profit of $125,000 in the first year of operation
• A gross profit margin of 20%
• Initial startup costs of $50,000
• Fixed costs estimated at $50,000 per year 
• The anticipated return on investment of 30% within 5 years

3. Company Overview

Who is upholstery solutions furniture upholstery, highly efficient service.

Highly Efficient Service! I am incredibly happy with the outcome; Alex and his team are highly efficient professionals with a diverse bank of knowledge.

Upholstery Solutions Furniture Upholstery is a professional upholstery service company in North Carolina. We specialize in providing custom, handcrafted upholstery services to our clients. Like Sewing Business Plan , our mission is to provide quality furniture upholstery services to our customers with the highest level of customer satisfaction.

We have an experienced team of upholstery professionals who have years of experience in the upholstery industry. Our team is highly trained in the latest upholstery techniques and technologies, and we are committed to providing our customers with the best possible service.

Our goal is to provide our clients with superior-quality upholstery services at competitive prices. We strive to provide our clients with the most up-to-date upholstery techniques and materials to ensure the best possible outcome. We understand that each customer has unique needs, and we strive to meet them with quality and satisfaction.

We offer various services, including furniture upholstery, upholstery repair, upholstery cleaning, and restoration. We also offer a variety of custom upholstery services, such as custom furniture upholstery, custom upholstery repair, and custom upholstery restoration.

To make our upholstery business profitable, we are committed to providing our clients with the highest level of customer service and satisfaction. We strive to ensure that our clients are satisfied with their projects from start to finish. We believe that our customers deserve the best, and we will do whatever we can to ensure that they receive it.

Upholstery Solutions Furniture Upholstery History

Upholstery Solutions Furniture Upholstery is a family-owned and operated business in North Carolina’s heart. We have provided quality upholstery services for residential and commercial customers since 1997.

In the early days, Upholstery Solutions primarily focused on custom upholstery services, focusing on making custom furniture pieces. Over the years, we have diversified our services to include a wide range of upholstery services, such as furniture refinishing, custom furniture design, and reupholstering.

Our customers continue to rely on us for our expertise in upholstery services and our commitment to providing excellent customer service. We strive to create a warm and welcoming atmosphere in our shop and take great pride in our craftsmanship.

4. Industry Analysis

The furniture upholstery industry is a highly fragmented industry, with small businesses focusing primarily on one region or local area.  In 2018, the value of the upholstered furniture market in the United States amounted to approximately 16.7 billion U.S. dollars. This market was forecast to reach a value of over 20 billion U.S. dollars by 2023.

Source: https://www.statista.com/statistics/1080589/upholstered-furniture-market-size-us/ .

The furniture upholstery industry is highly dependent on consumer spending, as customers often purchase furniture upholstery services during significant life changes such as moving, redecorating, or purchasing new furniture. In addition, furniture upholstery services are often purchased as part of larger remodeling projects.

The furniture upholstery industry is highly competitive. A few large companies dominate the market, while small independent businesses compete with them by focusing on a narrow market segment or offering services of higher quality. As a result, the industry is characterized by low entry barriers and high competition levels.

The Furniture market in the United States is projected to grow by 3.95% (2023-2027), resulting in a market volume of US$295.10bn in 2027. This growth is expected to be driven by an increasing number of people moving into new homes and an increase in remodeling projects. Furthermore, the industry is expected to benefit from an increasing number of furniture stores offering upholstery services.

Source: https://www.statista.com/outlook/cmo/furniture/united-states

In order to remain competitive in this industry, it is important to focus on offering high-quality services, focusing on a specific target market, and marketing aggressively. It is also important to be able to distinguish oneself from competitors through superior customer service, innovative product offerings, and competitive pricing.

5. Customer Analysis

Demographic profile of target market.

The target market for starting an upholstery business is the local residential market. The target market comprises homeowners looking for new furniture or upholstery services for their existing furniture, similar to the Embroidery Business Plan . The demographic profile of this target market is as follows:

• Age: The target market is comprised of homeowners between the ages of 25-65.
• Income: The target market has an income level of $50,000-$150,000 annually.
• Education: The target market is educated with a college degree or equivalent.
• Family Status: The target market is comprised of married couples and families with children.
• Location: The target market is located in the local area.
• Interests: The target market is interested in home improvement projects and quality furniture.

The demographic profile of this target market will be used to inform the business’s marketing strategy. For example, to write an upholstery shop business plan, marketing efforts can be tailored to appeal to the interests and needs of this target market. Additionally, the demographic profile will help inform the type of products and services the business offers.

Customer Segmentation

Our customer segmentation for how to start an upholstery business will focus on three distinct groups:

• Residential customers: This segment consists of homeowners, apartment dwellers, and those who need furniture upholstery for their personal residences.
• Commercial customers: This segment consists of businesses, such as restaurants, hotels, retail stores, and office buildings, that require furniture upholstery services for their establishments.
• Designers: This segment consists of interior designers and decorators, who often require furniture upholstery services for their clients.

6. Competitive Analysis

The furniture upholstery and repair business is a highly competitive field. As such, a new business needs to understand the competitive environment to develop a successful upholstery business description and plan.

Direct and Indirect Competitors

Direct Competitors

• Beautifully Upholstered: Beautifully Upholstered is a full-service furniture upholstery business in New York City. They offer various services, including custom upholstery, reupholstery, and furniture repair. Their services are done by experienced and certified upholsterers, and the quality of their work is very high.
• Upholstery by Design: Upholstery by Design is a furniture upholstery business in Los Angeles. They specialize in custom upholstery, furniture repair, and antique restoration. They are known for their high-quality work and for their attention to detail.
• Advanced Upholstery: Advanced Upholstery is a furniture upholstery business in San Francisco. They specialize in custom upholstery, furniture repair, and antique restoration. They offer various services, including slipcovers, cushions, and more.

Indirect Competitors

• Furniture Stores: Furniture stores such as IKEA, Ashley Furniture, and other large retailers offer furniture at discounted prices. These stores do not offer upholstery services, but they offer furniture cheaper than upholstery shops.
• Interior Designers: Interior designers often offer upholstery services to their clients. These services are typically more expensive than upholstery services offered by upholstery shops, but they often offer unique and customized designs.
• Do-It-Yourselfers: Do-it-yourselfers can purchase furniture and upholstery materials and attempt to upholster the furniture themselves. This is often a cheaper alternative to hiring a professional upholsterer, but the quality of work is often lower.

Competitive Advantage

The competitive advantage of our company lies in our unique approach to upholstery. We specialize in custom upholstery, which allows us to create unique pieces that cannot be found elsewhere. We also use the highest quality materials available, and our attention to detail sets us apart from our competitors. 

Our team of experienced craftsmen can create and repair furniture quickly and efficiently, allowing us to offer competitive pricing. We also offer a wide selection of fabrics, allowing customers to choose from various colors, textures, and patterns. Finally, our commitment to customer service ensures that our customers are always satisfied with the outcome of their projects.

7. Marketing Plan

The marketing plan for the furniture upholstery business will use a mix of traditional and digital marketing techniques.

Traditional Marketing

We will utilize traditional marketing techniques to promote our business. These include:

• Networking: We will attend local business networking events and conferences in order to make connections and promote our business.
• Advertising: We will place ads in local newspapers and magazines, as well as online.
• Direct Mail: We will send out postcards and flyers to potential customers in our target market.
• Public Relations: We will leverage local media relationships to promote our business and products.

Digital Marketing

We will also use digital marketing techniques to reach potential customers. These include:

• Social Media: We will create accounts on Facebook, Twitter, Instagram, and other social media sites and use them to promote our business.
• SEO: We will optimize our website for search engine rankings and pay for targeted ads.
• Email Marketing: We will create a targeted email list and send out regular emails to promote our products and services.

Promotions Strategy

We will use a combination of promotions and discounts to attract customers. These include:

• Referral Programs: We will offer discounts to customers who refer us to their friends and family.
• Coupons: We will offer coupons in local publications and online to attract new customers.
• Free Trials: We will offer free trials of our services to potential customers.
• Contests: We will run occasional contests on our social media accounts, offering discounts or prizes to winners.

Mark-up: Our furniture upholstery business will have a markup of 50% on all products. This will help us to cover our overhead costs and make a profit.

Labor: We will charge an hourly rate of $25 per hour plus labor materials.

Materials: We will purchase all materials from reputable vendors at competitive prices. We will also purchase in bulk to help reduce costs.

Shipping: We will add a flat fee of $10 per order for shipping and handling.

Discounts: We will offer a 5% discount for orders over $500 and a 10% discount for orders over $1000.

Payment: We will accept cash, credit card, and PayPal payments. We will also offer a 30-day payment plan for larger orders.

8. Operations Plan

The operations plan is the core of our business plan, as it outlines how we will run the furniture upholstery business. This plan will include the functions of operations, including the organizational structure of our team, the production process and supply chain management, the product delivery process, and the financial and operational costs associated with this business.

Operation Functions

Organizational Structure: We will establish a team of experienced professionals, including a manager and a team of upholsterers, to handle the business’s day-to-day operations.

Production Process: We will use the latest technology to ensure the highest quality of upholstery and the quickest turnaround times.

Supply Chain Management: We will use our network of suppliers to ensure the availability of the necessary materials and components for our business.

Product Delivery: We will use our own vehicles to deliver our products to customers and third-party services to deliver products to customers outside of our region.

Financial & Operational Costs: We will track our costs and expenses to ensure we are operating the business efficiently and that our costs are in line with our revenue.

3/15/202X – Develop and implement an organizational structure.

3/22/202X – Establish a supply chain network.

4/1/202X – Develop a production process.

4/8/202X – Finalize a delivery system.

4/15/202X –Track operational and financial costs.

4/22/202X – Launch the business.

9. Management Team 

The management team at Furniture Upholstery is comprised of experienced professionals from a variety of industries, united in delivering quality service and craftsmanship to our customers. Our team is focused on providing an outstanding customer experience and creating a workplace that encourages collaboration and innovation.

• Vice President
• Chief Financial Officer
• Chief Operating Officer
• Chief Marketing Officer
• Director of Sales
• Director of Operations
• Director of Human Resources
• Director of Quality Assurance
• Director of Customer Service

10. Financial Plan 

We estimate our upholstery business start-up costs to be approximately $20,000. This includes the cost of our equipment, furniture, materials, and supplies. We also expect our monthly operating costs to be approximately $8,000. This includes rent, utilities, insurance, wages, and other overhead expenses.

Key Revenue & Costs

Key Revenue  

• Retail sales of custom-made furniture: $50,000
• Upholstery services: $34,000
• Repairs and maintenance: $16,000
• Equipment, furniture, materials, and supplies: $20,000
• Rent: $2,500
• Utilities: $1,500
• Insurance: $1,000
• Wages: $4,000
• Advertising and marketing: $2,000
• Other overhead expenses: $2,500

Funding Requirements and Use of Funds

Funding Requirements 

We require $20,000 in startup capital for running an upholstery business to cover the cost of our equipment, furniture, materials, and supplies.

Use of Funds

The funds will be used to purchase the necessary equipment, furniture, materials, and supplies needed to launch our business. The funds will also cover rent, utilities, insurance, wages, and other overhead expenses. Any remaining funds will be used for advertising and marketing costs.

Key Assumptions

Market growth: The furniture upholstery industry is estimated to grow 6.5% annually over the next 5 years.

Customers: The furniture upholstery business plan assumes a base of 1,000 customers in year 1, increasing to 1,200 in year 5.

Revenue: Revenues are projected to grow from $500,000 in Year 1 to $800,000 in Year 5.

Operating Expenses: Operating expenses are projected to grow from $300,000 in Year 1 to $500,000 in Year 5.

Profitability: The furniture upholstery business plan projects a profit margin of 25% in Year 1 and 30% in Year 5.

Investment: The furniture upholstery business plan assumes an investment of $150,000 in Year 1 and $200,000 in Year 5.

Employees: The furniture upholstery business plan estimates the number of employees to be 10 in Year 1, growing to 15 in Year 5.

Financial Projections

Income statement.

All tables in Furniture Upholstery Business Plan PDF .

Is upholstery profitable?

Upholstery can be a profitable business, depending on the type of upholstery services you offer and how you market and manage your business. Many successful upholstery businesses specialize in creating custom pieces or restoring antique furniture. Others focus on producing furniture and other items for commercial clients. With a combination of the right skills, marketing efforts, and business management, upholstery can be a lucrative business.

What type of industry is upholstery?

Upholstery is a trade and craft industry that involves the repairing and refurbishment of furniture, as well as the creation of new furniture using fabrics, leather, and other materials.

Download Furniture Upholstery Business Plan Sample in PDF

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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.

7. MARKET ANALYSIS

• 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.

9. SALES AND MARKETING STRATEGY

• 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

More on Wholesale & Retail

Free Furniture Business Plan PDF Download

How to Start a Furniture Store Business - Furniture Business Plan PDF

Are you considering starting a Furniture Store Business and are in need of a furniture business plan pdf? if yes, you'll find this free book to be extremely helpful.

This is a practical guide that will walk you step by step through all the essentials of starting your business. The book is packed with guides, worksheets and checklists. These strategies are absolutely crucial to your business' success yet are simple and easy to apply.

Don’t Start a New Furniture Business Unless You Watch This Video First!

Checklist for Starting a Business: Essential Ingredients for Success

If you are thinking about going into business, it is imperative that you watch this video first! it will take you by the hand and walk you through each and every phase of starting a business. It features all the essential aspects you must consider BEFORE you start a business. This will allow you to predict problems before they happen and keep you from losing your shirt on dog business ideas. Ignore it at your own peril!

Here’s a Valuable Free Gift for You This is a high quality, full blown business plan template complete with detailed instructions and all related spreadsheets. You can download it to your PC and easily prepare a professional business plan for your business. Click Here! To get your free business plan template

The Single Most Important Ingredient for Business Success

The first and most important thing you need to acquire in order to succeed in a small business is... knowledge.

Sounds exaggerated? Listen to this...

According to research conducted by Dun & Bradstreet, 90% of all small business failures can be traced to poor management resulting from lack of knowledge.

This is backed up by my own personal observations. In my 31 years as a business coach and consultant to small businesses, I've seen practically dozens of small business owners go under and lose their businesses -- not because they weren't talented or smart enough -- but because they were trying to re-invent the wheel rather than rely on proven, tested methods that work.

Conclusion: if you are really serious about succeeding in a business... If you want to avoid the common traps and mistakes... it is absolutely imperative that you acquire the right knowledge.

"Why Invent Mediocrity, When You Can Copy Genius?"

That's an excellent quote I picked up from a fellow business owner a few years back. What this means is that you should see what is working and try to duplicate it. Why go through all the trouble of inventing something new, that you don't even know will ever work, when you can easily learn from and duplicate something that has been a proven success?

[ Note: One of the BIGGEST mistakes almost all new businesses make is that they WASTE tons of valuable time, energy and money on trying to create something "new", that has never been tested or proven... only to find out later that it was a total loss. Don't make the same mistake! ]

Hi! My name is Meir. I'm the founder and president of BizMove.com, a successful Internet based information business. I'm also the author of numerous books, mostly in the area of small business management.

I've been involved in small business for the past 31 years of my life, as a business coach, manager of a Furniture Store firm, a seminar leader and as the owner of five successful businesses.

During my career as a business coach and consultant I've helped dozens of business owners start their businesses, market, expand, get out of troubles, sell their businesses and do practically every other small business activity you can think of. You see, I have been there .... done it ... and bought the Small Business t-shirt! -- This free book contains techniques and strategies I've learned during my 31 year small business career.

Here's what you'll discover in the 'How to Start a Furniture Store Business' book:

Success Tip: Setting Goals

Good management is the key to success and good management starts with setting goals. Set goals for yourself for the accomplishment of the many tasks necessary in starting and managing your business successfully. Be specific. Write down the goals in measurable terms of performance. Break major goals down into sub-goals, showing what you expect to achieve in the next two to three months, the next six months, the next year, and the next five years. Beside each goal and sub-goal place a specific date showing when it is to be achieved.

Plan the action you must take to attain the goals. While the effort required to reach each sub-goal should be great enough to challenge you, it should not be so great or unreasonable as to discourage you. Do not plan to reach too many goals all at one time.

Establish priorities. Plan in advance how to measure results so you can know exactly how well you are doing. This is what is meant by "measurable" goals. If you can’t keep score as you go along you are likely to lose motivation. Re-work your plan of action to allow for obstacles which may stand in your way. Try to foresee obstacles and plan ways to avert or minimize them.

Click here! to download your Furniture Store Business plan PDF book for free

Here're other free books in the "how to start a business" series that may interest you:

Here's a Sample 'Executive Summary' for a Furniture Store Business plan :

COMPANY NAME , in business since 1991, designs and custom builds in home offices with Murphy beds, kitchens and baths.  The owner and sole operator of the company, INSERT NAME, has hands on experience with everything from the general contracting, meeting with clients and record keeping.  COMPANY NAME is currently operated from Eveleth, Minnesota and proudly resides in a preserved schoolhouse built in the early 1900s. 

1.1 Objectives

• Increase sales by expanding the business.
• Restore and preserve historic building where the business is currently stationed.
• Increase visibility by implementing an advertising campaign.
• Expansion of services by the end of 2010.

1.2 Mission

To provide excellent service in custom cabinet refacing, custom cabinet building, finishing, installing and remodeling in addition to custom home and office furniture specializing in real wood veneers and custom Murphy wall beds.

1.3 Keys to Success

The keys to success in our business are:

• Superior Customer Service: High-quality care and service.
• Convenience: offering clients a wide range of services and options.
• Location: provide an easily accessible location for customer convenience and preserve a historic building where the company resides.
• Reputation: credibility, integrity, and 100% dedication.

COMPANY NAME is a sole proprietor small home and office decor contracting and supply business located in Eveleth, Minnesota which began business in February of 1991.  The owner of COMPANY NAME, INSERT NAME, has been in construction and designs his whole life. He has hands-on experience in all aspects of the trade from record keeping to design, finishing and installing. He has an electrical background, a contracting license for buildings, a lead license, an advertising background, sales experience and people management skills. He also takes continuing education courses in construction, lead, design, advertizing and people management yearly to keep up with changes in the industry.

2.1 Company Ownership

COMPANY NAME /Murphy Wall Beds a Minnesota Sole Proprietor business based in St. Louis County, privately owned by its principal operator.

2.2 Company History

COMPANY NAME has done custom cabinet refacing, custom cabinet building, finishing, installing and remodeling custom furniture (Home and Office) since 1991.  The company specializes in real wood veneers as well and custom Murphy Wall beds.  COMPANY NAME has successfully been in business still to this day in a depressed economy and totes itself as being the "Cadillac of Refacers". The more detailed numbers in the Past Performance table include other indicators of some concern.  The gross margin % has been declining steadily due to the economy, as we see in the chart.  This concern is part of the general trend affecting all small business owners. The margin squeeze is happening throughout all industries worldwide.

Table: Past Performance

3.0 Products and Services

The following subtopics discuss COMPANY NAME services and an overview of competitors in the vicinity.

How to Be Successful in Business

1. Customer-base Ask yourself: If I just bought this company, how would I sell more/expand what I sell to this customer base?

2. Cash Ask yourself: If I could invest this cash in any one part of this business/niche/product line for the biggest cumulative return/profit over the next 5 years, where would I invest it all?

3. Market Leadership Ask yourself: To remain the market leader for the next 25 years, where should I invest my time and company's resources right now?

4. Reputation Ask yourself: What can I do to double the strength of our current reputation, within the next 6 months?

5. Momentum Ask yourself: What's working well right now and how can I keep it working well?

6. Key Staff Ask yourself: Who are the 5 key people in my organization and what game/plan can I create with them so they'll stick around for a long time?

7. Systems Ask yourself: What systems work so well that we take them for granted? How could we improve them?

8. Responsiveness Ask yourself; How quickly and completely do we respond to changes in our customers, market, technology, staff needs or economic conditions?

9. Intellectual Property Ask yourself: What do we have, IP-wise, that just isn't being as leveraged as it could be?

10. The X Factor What do we have that's very, very special and that we could really maximize, just for the pleasure of it?

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The AUX1 and PIN auxin influx and efflux facilitators are key regulators of root growth and development. For root gravitropism to occur, AUX1 and PIN2 must transport auxin via the lateral root cap to elongating epidermal cells. Genetic studies suggest that AXR4 functions in the same pathway as AUX1. Here we show that AXR4 is a previously unidentified accessory protein of the endoplasmic reticulum (ER) that regulates localization of AUX1 but not of PIN proteins. Loss of AXR4 resulted in abnormal accumulation of AUX1 in the ER of epidermal cells, indicating that the axr4 agravitropic phenotype is caused by defective AUX1 trafficking in the root epidermis.

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Sample Furniture Manufacturing Shop Business Plan

Furniture shop business plan sample.

Are you interested in setting up a furniture business ? Do you enjoy making things out of wood?

If you have always had a passion for looking at the office or home furniture, buying them, and have a great design of any furniture in mind that you would love made for you, you can always turn that passion into a lucrative business by starting a successful furniture business in your city.

SEE: BEST FURNITURE BUSINESS IDEAS

Starting a furniture business is one of the greatest things that you can do from home and not just for the fun that comes with the art, but also for economic gains. Another special part is that your potential earnings are completely up to you.

If you’re feeling lazy and just want to build a couple of chairs, tables, or any woodwork designs for a $200 profit, you can decide to build 10 beautiful tables for a nice $2000 profit. Obviously, the profit you earn will also depend on the quality of your work.

MORE: MOST PROFITABLE WOODWORKING PROJECTS TO BUILD AND SELL

I want to share with you some tips on starting a furniture business with little to no overhead. Wow, a business with little or no overhead and loving what I do! That’s right, your very own business at home, making money.

You don’t need a degree in furniture in starting a furniture business. You can learn this art either by watching YouTube videos, learning from books, or a mentor.

Opening Your Own Furniture Business: Steps and Requirements

• Define your Niche

The word, “furniture” comprises many wood products. You have to decide the niche you want to focus on and be known for. You can decide to focus on everything that has to do with the business of furniture but this means you will need to get good and experienced carpenters for that.

For instance, if you are going to be making wood toys or carvings then you need to make up your mind. Knowing where you want to specialize can mean anything from fixing up kitchen cabinets to producing wood furniture for business, and even making wooden toys. Knowing what kind of product you’re going to specialize in will also give you an idea of what equipment you’ll need to produce your product.

Identify your target market and use that as a map to defining your niche. Decide if you want to go for kitchen furnishing, office furnishing, home furnishing, etc. I will advise that you first research to see if your chosen niche has a high demand in your kinds of business office furniture. All these should be well captured in your furniture business plan.

• Find the Right Location

A modern furniture design business needs the right location to operate successfully. Find a location that will be suitable for your products (so you can display them), suppliers (so they can ship in woods for you), and your customers. Have in mind that the location for your workshop can be different from your showroom.

So, pick a convenient place for your showroom where you can display your office business furniture for sale. If you don’t have the finance, you can use your backyard as your workshop and only rent space in a good location for your showroom. Depending on the materials you will be using, you might also need a warehouse space too.

• Obtain License and Permits

Every state requires some form of business license and permit to run some small furniture businesses legally. A business license is the first thing that you will need when starting your manufacturing or retail furniture business.

Where you plan to start your furniture manufacturing business depends on what kind of license, permits, etc. if any, that you will need. There is usually a small fee for this license and permits.

You may also want to hire an accountant to keep track of your books or you may choose to do this yourself. Starting a business at your home will require a lot less money and required permits, etc., to get started.

• High-Quality Tools

Whether you are into the used or refurbished furniture business as a hobby or for a serious money-making business, you need to have good tools depending on your niche of furniture. Tools are a must in the furniture business.

You will need power tools, such as a router, jigsaw, sander, drill, table saw, etc. Once your business takes off you may want to invest in a nail gun and compressor. You will also need some hand tools, such as tape measure, screwdrivers, hammer, T-square, clamps, hand saw, etc.

Once again, we are talking about starting a furniture business on a budget, so if you don’t have all the tools needed to start a furniture business then ask a neighbor, relative, or friend to borrow them.

• Advertise your Business Online and Offline

Now that you are ready to start building your furniture business, it’s time to advertise. You can advertise through fliers, garage sale ads, yellow book listings, or even your own website. I have heard of so many people in the American furniture business that used social media platforms, Facebook, and Twitter to promote their custom furniture business before they could afford expensive advertising.

You should have already built samples of work from your furniture business so that you can take pictures that you can put on your website, flyers, etc.

How to Start a Furniture Store Business

The sole purpose of a furniture store business is to produce and distribute furniture and get income in return.

Opening a retail furniture store business requires various procedures and necessities. It does not matter if you have a degree in furniture making or a self-thought skill on how to produce extraordinary modern and vintage furniture, you will also be required to know how to properly plan a business and run it smoothly.

The important factors in opening a new or used furniture store business are listed below;

• Business Niche

Furniture making is of various types, you may decide you want to produce seats, tables, beds, storage furniture, office furniture, or entertainment furniture.

Different materials are required in opening a repurpose furniture store business. Indicate the materials to be used in making your furniture, materials such as wood, plastic, metal, concrete, or glass are mostly used.

• Choose your Target Market

Do you want to sell to residential buyers, hotels, and resorts, or commercial customers? Carry out a market study on your competitors and the products you can offer that they don’t. Also, determine the target customer’s demands and suitable pricing for your furniture.

• Business Location

A resale furniture business would require enough space which will allow you to make furniture conveniently and display it to customers. If you want to produce residential furniture, your location should have enough space for parents and children to easily move around. Your location should also be easily accessible by your suppliers.

It is advisable to have warehouse space to store materials, choose a space that’s convenient for you and your suppliers to pick up and drop materials. Your location shouldn’t be based on the cheapest site, but pick the best affordable location as space is very important in opening a furniture store business.

Gather information on laws and regulations in your area restricting some locations for your workshop.

• Suitable Business Structure and Registration

Conscientiously decide your business structure. In opening a furniture store business, your business structure would affect the filing of assets tax. Get a lawyer or a business consultant to guide you in deciding the most suitable business structure.

Business structures include; sole proprietorship, partnership, corporation, and Limited Liability Company (LLC).

In opening a furniture store business, any structure or business would require business registration register your furniture business with your state’s Secretary of State, choose a furniture store name and secure a tax identification number from the IRS. Regulations and laws demand that furniture producers adhere to rules placed on the production and disposal of hazardous wastes from wood and metal regarding customer’s safety.

A Properly Written Furniture Store Business Plan

A business plan contains company information and strategic success plans. Drafting a business plan is very important when opening a furniture store business as it’ll give a clear understanding of the business to investors and is also used to house important information on your business.

Write a description of the types of furniture you want to produce in your company, the type of materials needed, and the manpower necessary for opening a furniture store business. Also, write on strategies to distinguish yourself from competitors and do better.

Explain your market strategy, not just how you want to market your products but also how you want to further expand your company.

Include your financial prominence in your business plan, it’ll explain to investors how you intend to finance the company and basic information such as company name, agents name, location, and operational data.

• Startup Budget

Your startup business budget should account for expenses in opening a furniture store business such as;

• Equipment purchase or lease.
• Employees’ salaries and earnings.
• Marketing and advertising expenditure.
• Purchase of items for a business startup such as wood, plastic metal, and any other material you will need.
• Acquisition of business location or rent dues.
• Expenses involved in obtaining license and permit, such as registration, tax identification number, and lawyer or consultant charges.
• Source of Funding

If you do not have enough funds in opening a furniture store business, there are various ways to get investors and finance.

• Loans can be requested from the Small Business Administration and banks.
• You may also seek financial assistance from family and friends, through home equity loans or crowdfunding platforms and partnership with investors.

You may decide to sell your furniture online, open a website to exhibit your furniture to the public. Get an experienced web designer to give your website a professional look, and the website should be updated when new products are available. Photography may also be required, to raise the aesthetics of your furniture.

Furniture prices should be placed after a proper survey of the price range of other producers.

Have you decided to open a furniture store business? It is not a difficult task with proper planning and self-commitment. Every successful business starts from a point, a good startup and management plan would fetch your targeted profit.

FURNITURE MANUFACTURING BUSINESS PLAN EXAMPLE

Here is a sample business plan for starting a retail furniture store business.

BUSINESS NAME:  Gozad Furniture Store

TABLE OF CONTENT

• Executive Summary
• Business Description
• Vision Statement
• Mission Statement
• Product and Services
• Market Analysis
• Business Structure
• Sales and Marketing Strategy
• Financial Plan
• Competitive Advantage

EXECUTIVE SUMMARY

Second Hand Furniture store business is a business that thrives in all communities in as much as the residents make use of furniture in their homes. No home does not have or need at least one piece of furniture no matter the economic situation of the family.

This business is the type that does not require any special training or educational qualifications, all you need is a basic knowledge of how a business should be run. It can either be started as a small scale or large scale business depending on what the owner can start with. You can even start on a small scale and build the business to a large one as time goes on.

BUSINESS DESCRIPTION

Gozad Furniture Store is a family business owned by Daniel Tchale and his family members. He is a graduate of Business Administration and has great leadership and business skills which he is determined to use for the growth and success of the business.

Gozad Furniture Store will be located in the urban side of Ghana especially in the area where there are newly constructed buildings. The business will focus basically on its growth and success through the provision of excellent customer service. The business will ensure that both a solid local customer base and an online customer base are established.

VISION STATEMENT

The vision of the business is to be a one-stop-shop and the best furniture store in Ghana. Also, the business wants to be the number one furniture supplier.

MISSION STATEMENT

The mission of the business is to go beyond the customers’ expectations through the products and services we offer to them. We are looking to achieve the following goals:

• Creation of an efficient and loyal program to our customers.
• Provision of quality products at a reasonable price that satisfies our customers’ desire.
• The constant growth of sales in the first two years of operation.

PRODUCTS AND SERVICES

Gozad Furniture Store will operate a large scale business that deals with all types of furniture, some of these products are:

MARKET ANALYSIS TARGET MARKET

Gozad Furniture Store is a business that will be available to all residents of Ghana irrespective of their level in social class. Regardless of who you are, you can always get your furniture from our store. Some of the people we will be offering our services to are:

• Business people
• Organizations/offices
• Celebrities
• Government Officials
• Sportspeople
• Individuals
• Every household in the neighborhood

MARKET TRENDS

Since every business now has a presence in the online world, it will also do a lot of favor to our business to have an online presence via website, social media; Facebook, Twitter, Instagram, and so on.

BUSINESS STRUCTURE

Perfect Furniture Store is focused on getting the right structure for the business to grow well and make profits. Given this, we will ensure that only hardworking, decent, honest, reliable, and goal centric people are hired. Most importantly, people with leadership and business skills will be employed to occupy the following positions:

• Chief Executive Officer (owner)
• Business Development Strategist
• Operation Manager
• Sales Manager
• Store Manager

SALES AND MARKETING STRATEGY

Since we are just going into the furniture business, we have decided to offer the following services to achieve profitable sales:

• Our customers will be provided with excellent and reliable services to keep them happy and keep coming back.
• An easy to use the website will be created to educate our customers on the right choice to make concerning furniture.
• Products that tend to be difficult to find will be made available in our store.
• Advertisement on both local and online media will be done.

FINANCIAL PLAN

Gozad Furniture Store needs about $150,000 to start the business out of which 60% of it is ready. The business has decided to get the remaining 40% from banks as loans. We plan to have a conservative financial plan with a low payroll, low expenses, and conservative sales forecast.

COMPETITIVE ADVANTAGE

Studies show that there is minimal competition in the furniture industry but we have decided to use aggressive marketing strategies to make our business stand out and also gain more customers as time goes on.

Also, the business will have a constant and adequate presence online to create awareness among the users of social media.

This is a retail furniture store business plan sample that can serve as a guide in writing a business plan. This business is owned by Daniel Tchale and will be located in Ghana.

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