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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

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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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Table of contents, crafting your furniture store business plan.

• 30 March, 2024

Starting a Furniture Store Business

Before diving into the world of furniture retail, it’s essential to have a solid foundation in place. This section explores the key steps involved in starting a furniture store business, including understanding the furniture market, developing a business plan, and conducting market research.

Understanding the Furniture Market

To establish a successful furniture store, it’s crucial to have a deep understanding of the furniture market. This involves researching industry trends, customer demographics, and competitors in the local area. Understanding market demand and consumer behavior is vital for identifying opportunities and tailoring your store’s offerings to meet customer needs. This information can help you make informed decisions about the types of furniture and styles to carry, as well as pricing strategies and marketing efforts. For a comprehensive guide on conducting market research for your furniture store, refer to Regional Business .

Developing a Business Plan

Crafting a well-defined business plan is essential for starting a furniture store. A business plan serves as a roadmap, outlining your goals, strategies, and financial projections for the next 3 to 5 years. It helps you evaluate the viability of your idea, set objectives, and make informed decisions about various aspects of your business. The plan should include a detailed description of your target market, competitive analysis, marketing strategies, and financial forecasts. Investors and financial institutions may review your business plan when considering funding options. For guidance on writing a comprehensive business plan for your furniture store, refer to The Business Plan Shop .

Conducting Market Research

Market research is a critical component of starting a furniture store business. It provides valuable insights into customer preferences, purchasing behavior, and market trends. By conducting thorough research, you can identify your target market, understand their needs and preferences, and tailor your product offerings and marketing strategies accordingly. Market research also helps you assess the competition, identify gaps in the market, and differentiate your store from others. This information is crucial for making informed decisions about inventory management, pricing strategies, and marketing campaigns. For a comprehensive understanding of how market research can benefit your furniture store, refer to Regional Business .

By understanding the furniture market, developing a comprehensive business plan, and conducting thorough market research, you can lay a strong foundation for your furniture store business. These steps will help you identify opportunities, make informed decisions, and set realistic goals for success in the competitive furniture industry.

Marketing Strategies for Furniture Stores

When it comes to running a successful furniture store, implementing effective marketing strategies is crucial for attracting customers and driving sales. In this section, we will explore three key marketing strategies for furniture stores: targeting the right audience, utilizing traditional advertising methods, and leveraging social media platforms.

Targeting the Right Audience

Understanding your target audience is fundamental to developing effective marketing strategies. Conducting thorough market research, as outlined in the furniture store business plan , can provide valuable insights into customer demographics, preferences, and buying behaviors. Identifying your target market allows you to tailor your marketing efforts to reach the right audience.

For furniture stores, the target audience can vary depending on the store’s specialization and offerings. It may include homeowners, interior designers, commercial establishments, or individuals with specific style preferences. By understanding your target audience, you can craft targeted messages and promotions that resonate with their needs and preferences.

Traditional Advertising Methods

While the digital landscape has revolutionized marketing, traditional advertising methods still hold value in reaching potential furniture buyers. Television, radio, and print advertising are effective ways to showcase your furniture store to a wider audience. Many consumers still utilize offline channels for research and purchase decisions, making traditional advertising a viable option.

To make the most of traditional advertising, it’s important to develop compelling visuals and messaging that highlight your unique selling points. Emphasize the quality, craftsmanship, and style of your furniture to capture the attention of potential customers. Utilize catchy slogans and memorable jingles to create brand recognition and recall.

Leveraging Social Media Platforms

In today’s digital age, social media platforms have become powerful tools for marketing furniture stores. Platforms like Instagram, Facebook, and Pinterest offer a visually appealing way to showcase your furniture inventory and connect with potential customers. Identifying your target market and understanding which platforms they frequent can help you reach potential customers where they already spend time ( Plytix ).

When utilizing social media, create engaging content that showcases your furniture collections, provides interior design inspiration, and encourages customer interaction. Incorporate user-generated content, such as customer testimonials and photos of your furniture in customers’ homes, to build social proof and trust. Implement targeted advertising campaigns to reach specific demographics and promote special offers or new arrivals.

Remember to include links to your website and online store in your social media profiles, making it easy for potential customers to explore and purchase your furniture.

By targeting the right audience, utilizing traditional advertising methods, and leveraging social media platforms, you can effectively market your furniture store and attract customers. However, it’s important to continuously evaluate and adapt your marketing strategies based on market trends and customer feedback. Keep an eye on industry trends and consumer preferences to stay ahead of the competition and ensure the long-term success of your furniture store.

Key Factors for Success in the Furniture Industry

To thrive in the competitive furniture industry, furniture stores must adapt to changing consumer preferences and market trends. Here are three key factors that contribute to success in the furniture industry:

Online Sales and E-commerce

In today’s digital age, the importance of e-commerce cannot be overstated. The furniture industry has experienced a significant shift towards online sales, with projected online furniture sales reaching $294 billion by 2022 ( Magestore ). To stay competitive, furniture stores must establish a strong online presence and offer a seamless e-commerce experience.

By integrating e-commerce into their business model, furniture stores can reach a broader customer base and provide convenient shopping options. Online platforms allow customers to browse and purchase furniture from the comfort of their homes. It is crucial for furniture stores to invest in user-friendly websites, secure online payment systems, and efficient delivery services to ensure a positive customer experience.

Personalization and Customization

Consumers today seek unique and personalized products, and the furniture industry is no exception. Furniture stores need to prioritize personalization and customization options to cater to individual customer preferences. By offering customizable features, such as fabric choices, finishes, or sizing options, furniture stores can provide a more tailored and memorable experience for their customers.

Incorporating personalization into the furniture store’s business model can foster customer loyalty and satisfaction. It allows customers to express their individuality and create furniture pieces that align with their specific needs and style preferences. By leveraging technology and embracing customization, furniture stores can differentiate themselves from competitors and attract a loyal customer base.

Embracing Sustainability

Sustainability is a growing concern in the furniture industry, with environmentally conscious consumers seeking eco-friendly and sustainable furniture options. Furniture stores should consider incorporating sustainable practices and materials in their business model to align with evolving customer values and expectations.

By sourcing sustainable materials, implementing eco-friendly production processes, and offering environmentally friendly furniture options, furniture stores can appeal to a broader customer base. Additionally, promoting sustainability initiatives through marketing efforts can further enhance the store’s reputation and attract environmentally conscious consumers.

Adopting sustainable practices not only benefits the environment but also positions furniture stores as responsible and forward-thinking businesses. It is essential to communicate the store’s commitment to sustainability through various channels, such as website content, social media, and in-store signage.

Incorporating online sales and e-commerce, prioritizing personalization and customization, and embracing sustainability are key factors for success in the furniture industry. By adapting to changing consumer preferences and market trends, furniture stores can position themselves as leaders in the industry and build lasting relationships with their customers.

For more insights on starting a furniture store business and industry trends, visit our article on how to start a furniture store business and furniture store industry trends .

Financial Considerations for Furniture Store Business

When starting a furniture store business, careful financial planning is essential for long-term success. This section explores key financial considerations, including startup costs and budgeting, inventory management, and pricing strategy.

Startup Costs and Budgeting

Starting a furniture store business requires a significant investment. On average, the startup costs for a furniture store range from around $200,000 to $500,000. These costs encompass various expenses such as rent, inventory, utilities, insurance, marketing, and employee salaries ( FinModelsLab ).

To effectively budget for your furniture store, it is crucial to carefully analyze and estimate each cost category. Consider conducting thorough market research to understand the local market conditions, competitors, and customer preferences. This information will help you determine the appropriate allocation of funds across different aspects of your business, ensuring a well-balanced budget.

Remember to allocate a portion of your budget to marketing efforts. It is recommended for furniture store owners to invest around 20% of the total budget into marketing activities, such as digital marketing, social media campaigns, website development, and traditional advertising methods ( FinModelsLab ). These initiatives will help you establish brand awareness, attract customers, and drive sales.

Inventory Management

Effective inventory management is crucial for the success of a furniture store. It involves maintaining the right balance of inventory to meet customer demands without holding excessive stock. Analyzing industry trends and understanding customer preferences can guide your inventory purchasing decisions.

The furniture store industry has an average inventory turnover rate of about 2.5 to 3 times per year. This means that furniture is sold and replenished 2.5 to 3 times annually ( FinModelsLab ). Monitoring and tracking sales data, customer feedback, and market trends will help you optimize your inventory levels and avoid overstocking or understocking.

Additionally, it is important to maintain healthy relationships with suppliers to ensure timely and reliable delivery of furniture items. Negotiating favorable terms, such as bulk discounts or extended payment terms, can help improve your profitability and cash flow.

Pricing Strategy

Developing a competitive pricing strategy is essential for a furniture store business. Pricing too high may deter potential customers, while pricing too low may compromise profitability.

When determining your pricing strategy, consider factors such as the cost of goods sold (COGS), operating expenses, and desired profit margins. The COGS for furniture stores typically represents about 50% to 60% of the total revenue. It is important to analyze your costs thoroughly and set prices that cover expenses while remaining competitive in the market.

Additionally, consider market demand, competitor pricing, and customer perceptions of value. Offering unique value propositions, such as personalized customer service or exclusive product lines, can justify premium prices.

Regularly review and adjust your pricing strategy based on market conditions, customer feedback, and industry trends. This flexibility will help you adapt to changes in the market and maintain a competitive edge.

By carefully managing your startup costs, implementing effective inventory management practices, and developing a well-considered pricing strategy, you can establish a solid financial foundation for your furniture store business. Remember to regularly monitor your financial performance, make necessary adjustments, and seek professional advice when needed to ensure long-term success.

Location and Store Setup

When starting a furniture store business, the location and setup of your store play a crucial role in its success. The right location can attract potential customers, while a well-designed store layout creates an inviting and efficient shopping experience. Let’s explore the importance of location and store design in more detail.

Importance of Location

Selecting the right location for your furniture store is essential for maximizing foot traffic and visibility. Ideally, your store should be in an area with high customer flow, good accessibility, and high visibility. This could be in a commercial district, shopping center, or a bustling urban area. Being in close proximity to complementary businesses, such as interior design studios or home decor stores, can also attract potential customers seeking furniture options.

It’s important to consider the cost implications of different locations as well. Renting a store in a high-traffic urban area can be significantly pricier compared to a suburban or rural setting. Prime locations in city centers are usually more expensive ( PlanBuildr ; Dojo Business ). Carefully assess your budget and target market to strike a balance between visibility and affordability.

Store Design and Layout

The design and layout of your furniture store significantly impact the overall shopping experience and customer satisfaction. A thoughtfully designed store enhances the presentation of your furniture and creates a pleasant environment for customers to explore and envision the pieces in their own homes.

Consider investing in a store design that complements your brand identity and target market. The layout should allow for easy navigation and provide ample space for customers to move around comfortably. Display units and storage solutions should be strategically placed to showcase furniture pieces effectively and accommodate a diverse inventory.

The cost of store design and layout can vary depending on the level of customization and the overall aesthetic you wish to achieve. Basic setups can range from a few thousand dollars, while luxurious and custom-designed interiors can exceed fifty thousand dollars. Evaluate your budget, target market, and brand image to determine the appropriate level of investment for your store’s design.

By carefully selecting the location and designing an appealing store layout, you can create a welcoming space that attracts customers and showcases your furniture offerings effectively. Remember to consider the costs associated with location and store setup, including rent, remodeling, and furniture inventory. A well-planned and visually appealing store can set the stage for a successful furniture store business.

Crafting a Comprehensive Business Plan

A well-crafted business plan is essential when starting a furniture store. It serves as a roadmap to guide the business and helps evaluate the viability of the idea. A comprehensive business plan should cover various aspects, including market research and competitor analysis, marketing strategy and customer service, as well as financial projections and funding.

Market Research and Competitor Analysis

Market research is a crucial step in developing a successful furniture store business plan. It provides valuable insights into the target market, customer demographics, and industry trends. By understanding market demand and consumer behavior, the business can tailor its offerings to meet customer needs. The business plan should include a detailed analysis of the local market, identifying key competitors, their strengths and weaknesses, and opportunities for differentiation. This information helps in positioning the furniture store effectively and developing strategies to gain a competitive edge ( The Business Plan Shop , Regional Business ).

Marketing Strategy and Customer Service

A well-defined marketing strategy is crucial to attract and retain customers in the furniture store industry. The business plan should outline the marketing tactics and channels that will be utilized to reach the target audience. This may include traditional advertising methods such as print media and radio, as well as leveraging social media platforms and online advertising to engage with potential customers ( The Business Plan Shop , Regional Business ). Additionally, the plan should emphasize the importance of exceptional customer service to build customer loyalty and generate positive word-of-mouth referrals. Strategies for providing a personalized and memorable customer experience should be outlined, including staff training and ongoing customer support initiatives.

Financial Projections and Funding

Financial projections play a crucial role in the furniture store business plan. They provide visibility on future cash flows, profitability, and funding requirements. The plan should include startup costs, such as lease expenses, inventory purchase, store setup, and marketing expenses. Accurate revenue forecasts and expense projections help in determining the breakeven point and assessing the financial feasibility of the business. Additionally, the plan should outline a funding strategy, whether through self-funding, loans, or investments, and demonstrate to potential investors or lenders the potential returns on their capital.

By crafting a comprehensive business plan that incorporates market research, competitor analysis, marketing strategy, customer service, and financial projections, a furniture store can set a clear path to success. This plan not only serves as a roadmap for the business owner but also provides credibility and insight for potential investors or financial institutions.

The Future of the Furniture Store Industry

As the furniture store industry continues to evolve, it is important for businesses to stay ahead of the curve and adapt to changing trends and consumer preferences. In this section, we will explore the growth potential and market outlook of the furniture store industry, as well as competition and differentiation strategies.

Growth Potential and Market Outlook

The furniture industry is highly competitive, with the top 50 furniture stores accounting for only 20% of the market share. This indicates that there is room for smaller furniture stores to establish themselves in the market and compete effectively. Additionally, the rise of e-commerce has significantly impacted the furniture industry. Online furniture sales are expected to reach $294 billion by 2022, highlighting the shift towards online shopping and the need for furniture stores to have a strong online presence.

To capitalize on the growth potential, furniture stores must adapt to the digital landscape and invest in e-commerce platforms. This allows them to reach a wider audience and provide customers with the convenience of online shopping. However, it is important to strike a balance between online and offline experiences, as customers still value the ability to see and feel furniture in person before making a purchase.

Competition and Differentiation Strategies

In a crowded marketplace, furniture stores must find ways to differentiate themselves and stand out from the competition. One effective strategy is to focus on personalization and customization. Customers today seek unique and customized products, so offering personalized experiences and products can help furniture stores attract and retain customers ( Magestore ). By allowing customers to customize their furniture through various options such as fabric, color, and design, furniture stores can create a sense of exclusivity and meet individual customer preferences.

Another important aspect of differentiation in the furniture industry is sustainability. Consumers are increasingly concerned about the environmental impact of their purchases and are more likely to choose eco-friendly and sustainable options. Furniture stores should consider incorporating sustainable practices and materials into their business model to appeal to environmentally conscious customers. This can include using responsibly sourced materials, offering furniture made from recycled materials, and implementing sustainable manufacturing processes ( Magestore ).

Examining successful differentiators in the industry can provide insights on effective strategies. For example, Ikea has differentiated itself by offering fashionable furniture at a reasonable price. By selling unassembled furniture, Ikea reduces the costs of transportation and provides customers with a clear idea of how the furniture would appear in their homes.

By understanding the growth potential, market outlook, and competition in the furniture store industry, businesses can position themselves for success. By embracing e-commerce, focusing on personalization and customization, and incorporating sustainable practices, furniture stores can differentiate themselves in the market and thrive in the ever-evolving furniture industry.

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Seventeen years ago we started writing business plans for entrepreneurs, executives and business owners like you.

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

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

Step 1. Understand furniture industry market and trends

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

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

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

Key market segments

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

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

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

Identify your niche

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

Define your target market

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

Do a market analysis to assess your furniture needs

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

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

Write an explanatory company description

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

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

Sketch business model canvas

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

Know budget components

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

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

Draft startup costs

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

Choose a business name

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

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

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

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

Choose your business type

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

Consult a CPA

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

Decide business structure to calculate tax

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

Apply for tax

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

Understand business account’s advantages

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

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

Find a trustworthy bank to open account

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

Check necessary permits and licenses

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

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

Get support from ASBA

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

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

What if I don’t buy business insurance?

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

Get started with basic coverage

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

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

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

Choose a friendly eCommerce platform

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

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

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

Find a suitable location

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

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

Build your team

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

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

Arrange store layout and visual merchandising

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

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

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

Is building furniture profitable?

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

What are the daily store operations of a furniture store?

Managing a furniture retail include the following tasks:

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

What are some skills to build a successful furniture store?

There are 6 skills to build a successful furniture store:

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

How to market a furniture business?

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

Final thoughts

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

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Join the discussion 9 Comments

Thank you, Jackie, this is insightful

This article is a complete piece, very detailed.

Great Information shared.

The information was helpful. Thank you

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

nice post. thanks for sharing with us.

Nice information thanks

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

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

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3. What you'll get

• A LIVE DEMO SESSION to see how Magestore POS works
• A FREE DEMO SITE personalized for your business to explore every product feature
• A FREE CONSULTATION with our experts to discuss the best-fit solution for your business

4. Additional information

• A demo session typically lasts for 45 minutes, but we can adjust the duration based on your needs
• No preparation is required but it’s nice to have your requirements clear
• Additional team members are welcome to join
• If you want to see how Magestore POS works in reality, you can request to contact one of our customers and ask about their experience.
• Magestore doesn’t do cold-calling, we only contact you on requests

How to check if your website is on Magento?

To determine the framework of your website, you have two methods to choose from:

• Method 1: Use BuiltWith, a popular web service that provides valuable insights into your website’s technology stack, including the framework it is built on. To access BuiltWith, click to visit their website .
• Method 2: Log in to the backend (admin panel) of your website. If you see the Magento logo displayed at the top of the left sidebar, there is a strong indication that your website is built on the Magento framework.

About the Magento platform

1. what is magento.

Magento is an open-source platform that helps retailers create eCommerce websites, released on March 31, 2008, by Varien and developed on Zend Framework. In 2018, Adobe acquired Magento with a price of $1.68 billion. There are currently about 270,000 eCommerce websites running on Magento in 2022.

2. Why eCommerce retailers choose Magento?

Most of our customers say Magento is speedy and more customizable than others; it is suitable for medium and large enterprises or fast-growing businesses with complex requirements/customizations.

Not sure if you’re using Magento, check your website here!

3. What to do next?

• If you are new to Magento or searching for eCommerce platforms, you can explore more about Magento in this article .
• If you are looking for Magento website development services , please reach our dedicated service team here .
• If you’ve already had a Magento website and are searching for a retail POS or inventory management system , please close this pop-up and continue exploring.

It’s worth noting that Magestore POS for other platforms like WooCommerce and Shopify is currently unavailable, but Magestore POS for Shopify is estimated to release in late 2023.

What is Magento POS?

A Magento POS (point of sale) system can be seamlessly integrated with your Magento website(s) to synchronize data between your online and offline stores, streamlining retail operations.

Magestore is a web-based and Magento-native POS, so it requires at least one Magento website to work. One of the key advantages of Magestore is its lifetime license , which means you won’t be burdened with recurring fees.

1. Who needs a Magento POS system?

A Magento POS system is designed for retailers who operate both Magento eCommerce website(s) and physical stores. It allows them to centralize all sales data and serve customers both online and offline.

2. Some features of Magento POS system

A basic Magento POS system functions as a cash register, allowing you to create orders, apply discounts and taxes, print receipts, and manage sales.

On the other hand, a complete Magento POS system offers more advanced capabilities, including inventory control, supplier management, loyalty programs, and more.

3. Why use Magento POS?

• Magento POS such as Magestore is often native to Magento and is installed directly on your Magento backend without third-party plugins, to inherit all of Magento’s power.
• With our Magento POS, you can enjoy the flexibility of using it on multiple devices and web browsers.
• All data stays safely on your server, and your POS system doesn’t have to rely on third-party servers like cloud POS.
• With its lifetime license, you only have to pay once, enabling you to create unlimited accounts and locations with no recurring fees.

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Office Furniture Store Business Plan

Start your own office furniture store business plan

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

WorkChairs is an ergonomic product business located in Studio City, California that focuses on selling hard-to-find ergonomic products to both the local community and through their website online. WorkChairs is owned by Jake and Lisa Wilson, and is a corporation with one other employee, Peter Wilson.

WorkChairs will use two sales channels and focus on selling niche products that solve ergonomic health problems that have become more common as people use computers more and more in their daily work days. By using traditional local marketing and sales techniques, WorkChairs will establish a solid local customer base in the home office, small business, and large business communities. To supplement the business and take advantage of manufacturer relationships that include drop-shipping, WorkChairs will have a website that has both an online store and an educational section to teach people about ergonomic problems.

WorkChairs has a conservative financial plan with low expenses, low payroll, and a conservative sales forecast. WorkChairs will always maintain a positive cash balance while slowly growing the total cash and company net worth.

1.1 Mission

WorkChairs is a specialty ergonomic product retailer in both the local market and in the online space. We aim to provide quality products to satisfy our customers desire to work in a healthy work environment that keeps them injury and pain-free. Keeping our customers happy and solving their problems by providing great products at an affordable price is our goal.

We also take pride in educating our customers on ergonomic issues that they might not be aware of, to prevent them from experiencing pain and discomfort in the future as well. We find doing this is rewarding in a personal and business sense.

1.2 Keys to Success

• Provide specialty products that can’t be found at “large box” retailers such as Office Max, Office Depot, Staples, Costco, Ikea, and others. We want niche products that can’t be found at these stores, because we can’t compete with them on price.
• Provide excellent customer service. It’s difficult to find customers who are aware enough of the health issues of standard office work to actually realize they need ergonomic products. So once we find these customers, we need to keep them happy and keep them coming back to us for future products they need.
• Keep our growth slow and organic so we can make sure we keep expenses low and operate efficiently.
• Build an easy-to-use website that educates our customers and potential customers while also selling our products effectively.

1.3 Objectives

• Becoming profitable after six months of operation.
• Be the market share leader of specialty ergonomic products in the local market. There is no official measurement, but it should be relatively easy to guess how our few competitors are doing.
• Have our website be one of the top five websites for specialty ergonomic products measured by both traffic and sales. Unfortunately, we can’t get sales statistics for other competing sites, but we can judge by their traffic levels based on their search engine placement, pay per click advertising, links in to their site, and Google Pagerank. From there we can guess at how well their site converts visitors into sales.
• Have fun helping our customers work in a safer and more comfortable work environment.

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

2.1 company ownership.

Workchairs is a private C corporation owned by Jake and Lisa Wilson. They each own 50% of the company.

2.2 Start-up Summary

WorkChairs will require total start-up expenses which include legal fees in setting up the business, stationery, sales brochures and collateral, insurance, expensed computer equipment, and a domain name.

Jake and Lisa Wilson will be providing the investment which will cover the start-up expenses while also leaving a cash reserve. We have no start-up liabilities to be considered in our start-up phase. We will purchase examples of our products, as Current Assets, for customers to test-sit, but we will have very little inventory on hand.

WorkChairs sells niche ergonomic products that are hard to find at standard office furniture or office supply stores. Our primary products include:

• Chairs – There is a large number of specialty chairs that are built to solve various physical problems caused by sitting in an office chair all day. These chairs aim to solve back, hip, leg, neck, shoulder, arm, and wrist problems.
• Workstations – Computer and regular workstations that are specially designed to be ergonomically correct.
• Computer Accessories – Special mice, keyboards, glare screens, keyboard trays, wrist rests, monitor supports, and other computer accessories.
• Document Holders – Copy holders to allow the head to stay looking up at eye level.
• Foot Rests – A proper foot rest complements an ergonomic chair for better posture alignment.
• Lighting – Various types of lighting to make things easier on the eyes while working.
• Back/Arm/Wrist Supports – Various supports for various reasons.
• Headsets/Microphones – For phone-related problems.

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

As computer and office jobs get more and more common, the general working population will experience more health problems caused by improper office working environments. It may be it’s their wrists aching from typing, their back hurting from their chair being bad, or their eyes damaged from staring at a computer screen. Ergonomic products focus on solving these problems. Unfortunately, these products are often hard to find at general furniture stores or office supply stores. WorkChairs aims to supply these products to both our local market and in the online space.

Specifically, we’ll target a few different types of worker:

• The home office user.
• The small business office manager.
• The large organization purchasing manager.

4.1 Market Segmentation

We have broken down our target market into the following categories:

• Home Office – This segment is the huge market of people running businesses from their home. We estimate there to be about 20,000,000 home office businesses in the United States, with about a 5% growth rate. Since we can reach the whole United States with our website, we can, potentially, reach the entire market.
• Small Office Managers – The small office market is also quite large, with a 5% growth rate. Most of these businesses have office workers who would be in need of ergonomic products.
• Large Office Purchase Managers – This market segment is much smaller in size, but has huge potential for sales as purchase managers usually make bulk buying decisions for multiple workers. It has a slower 2% growth rate due to fewer large businesses being created.

4.2 Target Market Segment Strategy

The following are our market segments along with our reasoning for targeting each segment:

• Home Office – This segment is very large, and because most home offices now involve people spending long hours on a computer, these people are prime targets for needing ergonomic equipment. Since these offices are also in their home, they’re more likely to spend some money on nicer furniture and equipment they can use for both home and work purposes.
• Small Business Managers – Most small businesses have a manager in charge of equipment purchasing decisions. At some point, most of these managers usually have an employee who suffers from a problem that can be solved with ergonomic equipment. Even if they haven’t, these people can usually be educated on the benefits of an ergonomically-sound workplace. They are usually pretty careful with their money though, as most small businesses try to keep their costs low. It’s a good market, especially locally, because these business often support other local small businesses.
• Large Business Purchase Managers – Large businesses usually have a purchase manager who’s sole job is making equipment and supply purchasers. It’s usually harder to reach these managers, and there are fewer large businesses, but they make for very lucrative accounts. Once you can build a good relationship with a purchase manager, they can be responsible for a lot of sales. Most purchasers buy equipment in bulk, and they usually have budgets that allow them to buy good equipment.

4.3 Industry Analysis

The ergonomic industry is growing by leaps and bounds. As the use of computers increases in offices, people are experiencing lots of health problems from repetitious use of computers all day long. The ailments can really vary, but knowledge of ergonomic products is growing as people realize these problems exist.

The ergonomic product manufacturing industry is also growing as more companies are putting out new products for cheaper prices.

WorkChairs aims to sell locally to small and large businesses, while also serving those two markets and the home office market on the Web. We believe this combination of local and nationwide sales will provide a solid base for a business.

4.3.1 Competition and Buying Patterns

People shopping for ergonomic products choose their retailer based on the following criteria:

Product selection : They want to work with a company that provides a number of ergonomic products to choose from, including competing brands.

Price : Nobody wants to pay more than they have to, and generally ergonomic products are more expensive than people anticipate, so price is usually a big issue.

Customer Service : People usually have questions before purchasing an ergonomic product because, for the most part, they have never seen or worked with the product before. This means that our website must explain things well and make it easy to contact us. We also must provide great customer service locally to keep our clients educated and happy.

Strategy and Implementation Summary

The primary strategies of WorkChairs are:

• Sell niche ergonomic products that are hard to find in normal sales channels and usually take some education to understand and use.
• Educate our customers and nurture relationships with them by providing superior customer service.
• Sell locally and online to maximize two different sales channels.

5.1 Competitive Edge

The primary competitive edge of WorkChairs is our product selection and how we educate our customers. We carry hard-to-find products that solve specific ergonomic needs. These are products you can’t find at local office furniture stores or superstores such as Office Depot, Staples, etc. These products are only carried by a few ergonomic specialty retailers both locally and online. In our local market, there are only a few small office supply stores that carry these products, and they aren’t very active in selling them or educating their customers about them.

We will have samples of a range of our products on hand for our local customers to test-sit. Part of the education process is give people the kinesthetic experience of using properly designed and sized chairs, workstations, etc. Purchases will be drop-shipped directly from the manufacturers to the customers, or to us, as our customers prefer. 

Online, we hope to educate our customers better than anyone else and show why they need our products and how these will help solve their problems. There are lots of websites that carry ergonomic products, but most of them just list the products and don’t give much information about them.

5.2 Marketing Strategy

Our marketing strategy has two categories that both hit our three target markets:

Local Marketing Strategy – We intend to hit our three target markets locally “the old fashioned way.” 

• Cold Calls – Jake Wilson will call on local businesses both small and large to educate them on our company and our ergonomic products.
• Yellow Pages – We will be listed in the local yellow pages under office products, office furniture, etc.
• Business Groups – Jake and Lisa Wilson will each be joining a number of local business groups in order to network and make contacts at local companies. We will use these contacts to get a foot in the door to build relationships with new customers.

Online Marketing Strategy – Our online marketing strategy will be run by Peter Wilson who is in charge of our website.

• Search Engines – We will pay to be listed in all the paid inclusion search engines and directories, as well as submitting to all the free search engines. Peter Wilson is an expert in this area, and will have our site optimized to do well in the engines.
• Pay-per-click Advertising – We will be spending a limited monthly budget on pay-per-click advertising on Overture and Google for targeted ergonomic keywords.
• Link-building Campaign – Our website will be more than just an online store. We will provide tons of information about ergonomics that will be educational for people trying to solve health problems. This will make our site an ergonomic resource worth linking to from other websites. We will have an ergonomic resources directory that will allow us to do link exchanges with other websites.
• Affiliate Program – We will have an affiliate program for other websites to sign up and earn a 10% commission on sales they refer to us.
• Word of Mouth – We will have features on our site to allow users to send pages from our site to their friends or co-workers.

5.3 Sales Strategy

Our sales strategy is broken down into two different areas:

• Local Sales – We will sell to local customers and employ a traditional local business sales strategy. Jake Wilson will be our primary salesman, and he’ll work in a normal fashion of calling on local businesses and informing them about our company and our products. Mr. Wilson will also join local business groups to network, and try to be the kind of salesman people refer to others. He does not earn a commission, as he will be working on salary as part owner. It’s possible that an additional local salesperson will be brought onto the team in the future.
• Online Sales – Obviously, selling online is different from selling locally. We’ll rely on our website to provide product information and answer the questions customers have about their products. Jake and Lisa Wilson will be available by phone and email to answer questions the site alone can’t answer. Otherwise, it’s a traditional e-commerce setup where the customer orders the product and WorkChairs either ships out the product themselves if it’s in inventory, or alerts the manufacturer who will drop ship the product.

5.3.1 Sales Forecast

Each product category has a different growth rate for the first year based on our projections for how much growth there is in each area. We feel Chairs and Other will each see a 20% growth rate. We feel that the growth rate of Workstations and Computer Accessories will be slower at 15%.

After year one, we anticipate an overall growth rate of about 20%.

5.4 Milestones

The accompanying table is a list of our initial milestones for the launch of WorkChairs. It lists the actual milestone, date that we start working on the milestone, the date the milestone should be accomplished, the employee in charge, and the department. We are not rushed to get this business going, but we still feel it’s crucial to hit our milestones on time to get the business going before the slow summer season hits. We’d like to use the summer season to fine tune our website and make sure our relationships with our manufacturers are all solid and working well. We will use the Plan vs. Actual feature of Business Plan Pro® PREMIER to track our progress in getting everything done on time.

Web Plan Summary

The WorkChairs’ website will be more than just a brochure for our local business, it will be a huge sales channel to the online world.

The focus of our site will be a combination of a store for our products and an ergonomic educational resource.

The store section of our site will be a very clean design that is similar to most e-commerce sites so users are familiar with the way things work. We’ll provide lots of information about our products and how they help solve people’s problems. We’ll also make it very clear to users how they can contact us for individual sales support and customer service. We think users might need some hand holding to choose the right product.

The ergonomic information section of our site will provide information about all the most common health problems caused by office working conditions. It will outline the health problems, the causes, and provide solutions in the form of positioning and posture, as well as links to products that can be purchased. We feel this section of our site will validate WorkChairs as experts in the field, and provide incentive for other websites to link to our website.

6.1 Website Marketing Strategy

Our overall online marketing strategy falls into the following strategies:

• Search Engines – We will be paying for listings in the paid inclusion engines as well as submitting to free engines like Google. Peter Wilson is an expert in this field and he will be designing our site from the start to have keywords built into the copy and give the site an overall search-engine friendly design.
• Pay-per-click Advertising – We’ll have a limited monthly budget for pay-per-click advertising on Google and Overture for selected targeted ergonomic keywords that fit our products. We will monitor our return on investment closely here to make sure we’re profitable with this advertising.
• Link-building Campaign – The educational aspect of our site along with our resources section will allow us to get links from other sites either through the quality of our content or in a link exchange manner. We will try to get links from good sites in ergonomics, furniture, office supplies, and other related areas.
• Affiliate Program – We will have an affiliate program that pays other websites 10% for sales that they refer to our website. This will get us more links, and provide incentive for other sites to market our products to their visitors.
• Word of Mouth – Our site will be set up so that’s it’s easy for visitors to send pages of our site to their friends and co-workers. We also hope their satisfaction with our products will lead them to tell others about us.

6.2 Development Requirements

The development of the WorkChairs website will start on January 1st of 2002. The estimated finish date of the website will be February 15, 2002. Peter Wilson will be developing all aspects of the website.

• Front End – The front end of the website is the graphic user design and interface that will be designed by Peter Wilson. The design will be simple with bland colors and feature a similar interface of popular e-commerce websites.
• Back End – The back end of our system is also being developed by Peter Wilson. It will feature a mySQL database and will use PHP as the programming language for the site logic. The e-commerce package is in PHP and is a combination of a base package and custom programming by Peter Wilson. The advantage of this setup is that we can customize it, it’s free, and it’s extremely fast. The product information will be stored in the database.
• Administration – It will be easy to add and edit content and product information on the website due to the administrative interface programmed by Peter Wilson. Both Jake and Lisa Wilson will be able to add/edit/delete products and content at any time.
• Future Development – As an employee of WorkChairs, Peter will be working part-time developing new features for the website and marketing it online.

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

WorkChairs is owned and managed by Jake and Lisa Wilson. The only other employee is our manager of the website, Peter Wilson. We don’t initially plan on hiring any additional employees, but there is a possibility of adding a local salesperson in the future.

• Jake Wilson – Jake has over 30 years experience in the office supply/furniture and ergonomics industry. He owned his own local store for 25 years and worked as President and the head of the sales division. Jake built up a huge knowledge of products, developed relationships with manufacturers, and made many valuable local contacts at businesses in the area which WorkChairs can use. Jake will work as the President of WorkChairs as well as being the primary local salesperson and expert on products.
• Lisa Wilson – Lisa also has over 30 years experience as she ran the local office store with her husband Jake. Lisa has more experience in the accounting and organizational aspects of the business, so she’ll be taking that role with WorkChairs.
• Peter Wilson – Peter grew up working in the office store, but has since left that industry and became a seasoned expert in Web development, online sales, and online marketing. Peter will be in charge of the website and it’s marketing for WorkChairs.

7.1 Personnel Plan

Financial Plan investor-ready personnel plan .">

The financial plan of WorkChairs is very simple and conservative. We aim to keep our expenses low while growing sales very slowly and under control. Because we don’t have any major expenditures to make, we don’t need to have huge amounts of cash on hand. We just need enough to pay our bills and our salary, and provide additional cushion to our account.

We expect to have a positive cash balance at all times.

We expect to be profitable in 2002 and 2004 while losing a little bit of money in 2003 as our payroll growth jumps up.

We expect our cash on hand to be stable and growing steadily by 2004.

8.1 Important Assumptions

We assume that interest rates and tax rates will stay the same as can be seen in our general assumptions table. We assume the economy will not become much worse than it is right now. At the current level of the economy we believe our goals and projections are attainable.

8.2 Break-even Analysis

Our Break-even Analysis is based on an average revenue per sale. This is an average because although we sell high-priced chairs that range from $200-$2,000, we also sell a larger number of cheaper products like copy holders, mice, wrist rests, keyboards, keyboard trays, monitor glare screens, and other products.

We aim to take a keystone mark-up on our products, i.e. 100%.

Our monthly fixed costs consist of three salaries and operating expenses.

The table and chart below calculate our break-even point in revenue per month.

8.3 Projected Profit and Loss

The accompanying Profit and Loss table is a good example of how we will be keeping our expenses and payroll low while we grow sales. This will cause us to lose a little money in 2003, but we’ll be profitable from 2004 on. Our sales projections are very conservative, so we’re actually hoping that we’ll be profitable in 2003 as well, but we’re going with the conservative estimates shown in the table.

We aim to keep our gross margin up, and we think we can improve this over time as we gain more customers because we won’t have to battle on price with other retailers.

8.4 Projected Cash Flow

Our Projected Cash Flow table and chart show that we have little risk in this business as we’ll always keep a sizeable cash balance. We have a projected period of three months in the slow summer period were we’ll see a negative net cash flow, but our balance will stay positive so we’ll be able to pay our bills and stay in the positive.

8.5 Projected Balance Sheet

WorkChairs is not looking to grow at a super-fast pace, but we do project to grow our net-worth and cash slowly as time goes on. By 2004 we project to have a cushion of cash on hand while still paying our three employees decent salaries for their work.

8.6 Business Ratios

The following table outlines some of the more important ratios from the Office Furniture industry. The final column, Industry Profile, details specific ratios based on the industry as it is classified by the Standard Industry Classification (SIC) code, 5712.9904. Our Gross Margin will increase from 2002-2004 as well are our profit ratio. Both will dip in 2003 as our expense ratio grows from a payroll increase.

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Furniture Store Business Plan Template

Written by Dave Lavinsky

Furniture Store Business Plan Outline

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

Start Your Furniture Store Plan Here

Furniture Store Business Operations Plan

The operations plan for Modern Mode Furniture Store is as follows.

Operation Functions:

• Richard DeBluff will be the store Director. He will hire, train, and manage all staff as well as carry out administrative functions for the store.
• 2-4 part time hourly employees to assist with inventory, product display, and customer service.
• 2 Interior Designers who will handle large design projects and store design and staging.
• Richard will hire a third party accounting firm to handle all bookkeeping, payroll, tax payments, and permitting.

Milestones:

Modern Mode Furniture Store will have the following milestones complete in the next six months.

6/1/202X – Finalize lease agreement for 4,000 square foot furniture store location.

6/15/202X – Begin build out of leased space.

6/30/201X – Finalize agreements with furniture distributors to schedule their upcoming product deliveries to the store.

7/1/202X – Richard will meet with the chosen advertising agency to hire them to begin brand image, logo design, website, and social media platforms.

8/1/202X – Final walk through and approval of built out furniture store.

8/15/202X – First shipment of inventory arrives

8/16/202X – Hire employees and begin training

8/18/202X – Stocking and display of product inventory in anticipation of the Grand Opening

9/1/202X – Grand Opening of Modern Mode Furniture Store

Furniture Center

Home of the ”Big Red Rocker”, located on the Pullman Road in Moscow, Idaho. Locally owned home furnishings store with the largest selection of sofas, recliners, bedroom, dining, matresses, bookcases, home office, and decor on the Palouse. Furniture Center has been in business since 1970 and still has the same great customer service that has kept patrons coming back for the last 42 years.

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How to Start a Furniture Business

Starting a furniture business can be very profitable. With proper planning, execution and hard work, you can enjoy great success. Below you will learn the keys to launching a successful furniture business.

Importantly, a critical step in starting a furniture business is to complete your business plan. To help you out, you should download Growthink’s Ultimate Business Plan Template here .

Download our Ultimate Business Plan Template here

14 Steps To Start a Furniture Business :

• Choose the Name for Your Furniture Business
• Develop Your Furniture Business Plan
• Choose the Legal Structure for Your Furniture Business
• Secure Startup Funding for Your Furniture Business (If Needed)
• Secure a Location for Your Business
• Register Your Furniture Business with the IRS
• Open a Business Bank Account
• Get a Business Credit Card
• Get the Required Business Licenses and Permits
• Get Business Insurance for Your Furniture Business
• Buy or Lease the Right Furniture Business Equipment
• Develop Your Furniture Business Marketing Materials
• Purchase and Setup the Software Needed to Run Your Furniture Business
• Open for Business

1. Choose the Name for Your Furniture Business

The first step to starting a furniture business is to choose your business’ name.  

This is a very important choice since your company name is your brand and will last for the lifetime of your business. Ideally you choose a name that is meaningful and memorable. Here are some tips for choosing a name for your furniture business:

• Make sure the name is available . Check your desired name against trademark databases and your state’s list of registered business names to see if it’s available. Also check to see if a suitable domain name is available.
• Keep it simple . The best names are usually ones that are easy to remember, pronounce and spell.
• Think about marketing . Come up with a name that reflects the desired brand and/or focus of your furniture business.

2. Develop Your Furniture Business Plan

One of the most important steps in starting a furniture business is to develop your furniture business plan . The process of creating your plan ensures that you fully understand your local market and your business strategy. The plan also provides you with a roadmap to follow and if needed, to present to funding sources to raise capital for your business.

To enhance your planning process, incorporating insights from a  sample furniture store business plan  can be beneficial. This can provide you with a clearer perspective on industry standards and effective strategies, helping to solidify your own business approach.

Your business plan should include the following sections:

• Executive Summary – this section should summarize your entire business plan so readers can quickly understand the key details of your own store.
• Company Overview – this section tells the reader about the history of your furniture business and what type of furniture business you operate. For example, are you a furniture manufacturer, furniture retailer, furniture designer, custom furniture maker, furniture restoration business, or an upholstery business?
• Industry Analysis – here you will document key information about the furniture industry. Conduct market research and document how big the industry is and what trends are affecting it.
• Customer Analysis – in this section, you will document who your ideal or target customers are and their demographics. For example, how old are they? Where do they live? What do they find important when purchasing products like the ones you will offer?
• Competitive Analysis – here you will document the key direct and indirect competitors you will face and how you will build competitive advantage.
• Marketing Plan – your marketing plan should address the 4Ps: Product, Price, Promotions and Place.
• Product : Determine and document what products/services you will offer 
• Prices : Document the prices of your products/services
• Place : Where will your business be located and how will that location help you increase sales?
• Promotions : What promotional methods will you use to attract customers to your furniture business? For example, you might decide to use pay-per-click advertising, public relations, search engine optimization and/or social media marketing.
• Operations Plan – here you will determine the key processes you will need to run your day-to-day operations. You will also determine your staffing needs. Finally, in this section of your plan, you will create a projected growth timeline showing the milestones you hope to achieve in the coming years.
• Management Team – this section details the background of your company’s management team.
• Financial Plan – finally, the financial plan answers questions including the following:
• What startup costs will you incur?
• How will your furniture business make money?
• What are your projected sales and expenses for the next five years?
• Do you need to raise funding to launch your business?

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3. choose the legal structure for your furniture business.

Next you need to choose a legal structure for your own furniture store and register it and your business name with the Secretary of State in each state where you operate your business.

Below are the five most common legal structures:

1) Sole proprietorship

A sole proprietorship is a business entity in which the owner of the furniture business and the business are the same legal person. The owner of a sole proprietorship is responsible for all debts and obligations of the business. There are no formalities required to establish a sole proprietorship, and it is easy to set up and operate. The main advantage of a sole proprietorship is that it is simple and inexpensive to establish. The main disadvantage is that the owner is liable for all debts and obligations of the business.

2) Partnerships

A partnership is a legal structure that is popular among small business owners. It is an agreement between two or more people who want to start a furniture business together. The partners share in the profits and losses of the business. 

The advantages of a partnership are that it is easy to set up, and the partners share in the profits and losses of the business. The disadvantages of a partnership are that the partners are jointly liable for the debts of the business, and disagreements between partners can be difficult to resolve.

3) Limited Liability Company (LLC)

A limited liability company, or LLC, is a type of business entity that provides limited liability to its owners. This means that the owners of an LLC are not personally responsible for the debts and liabilities of the business. The advantages of an LLC for a furniture business include flexibility in management, pass-through taxation (avoids double taxation as explained below), and limited personal liability. The disadvantages of an LLC include lack of availability in some states and self-employment taxes.

4) C Corporation

A C Corporation is a business entity that is separate from its owners. It has its own tax ID and can have shareholders. The main advantage of a C Corporation for a furniture business is that it offers limited liability to its owners. This means that the owners are not personally responsible for the debts and liabilities of the business. The disadvantage is that C Corporations are subject to double taxation. This means that the corporation pays taxes on its profits, and the shareholders also pay taxes on their dividends.

5) S Corporation

An S Corporation is a type of corporation that provides its owners with limited liability protection and allows them to pass their business income through to their personal income tax returns, thus avoiding double taxation. There are several limitations on S Corporations including the number of shareholders they can have among others.

Once you register your furniture business, your state will send you your official “Articles of Incorporation.” You will need this among other documentation when establishing your banking account (see below). We recommend that you consult an attorney in determining which legal structure is best suited for your company.

4. Secure Startup Funding for Your Furniture Business (If Needed)

In developing your furniture business plan, you might have determined that you need to raise funding to launch your business. 

If so, the main sources of funding for a furniture business to consider are personal savings, family and friends, credit card financing, bank loans, crowdfunding and angel investors. Angel investors are individuals who provide capital to early-stage businesses. Angel investors typically will invest in a furniture business that they believe has high potential for growth.

A business plan maker can help you craft your financial projections and determine the amount of funding you need to get started.

5. Secure a Location for Your Business

A good location for a furniture store is a commercial area that many people frequent. Situate the business in a place that is easy to find with plenty of parking. It is also essential to consider the cost of running the company from the chosen location. Keep your budget in mind and stick with something you know you’ll be able to afford. 

6. Register Your Furniture Business with the IRS

Next, you need to register your business with the Internal Revenue Service (IRS) which will result in the IRS issuing you an Employer Identification Number (EIN).

Most banks will require you to have an EIN in order to open up an account. In addition, in order to hire employees, you will need an EIN since that is how the IRS tracks your payroll tax payments.

Note that if you are a sole proprietor without employees, you generally do not need to get an EIN. Rather, you would use your social security number (instead of your EIN) as your taxpayer identification number.

7. Open a Business Bank Account

It is important to establish a bank account in your furniture business’ name. This process is fairly simple and involves the following steps:

• Identify and contact the bank you want to use
• Gather and present the required documents (generally include your company’s Articles of Incorporation, driver’s license or passport, and proof of address)
• Complete the bank’s application form and provide all relevant information
• Meet with a banker to discuss your business needs and establish a relationship with them

8. Get a Business Credit Card

You should get a business credit card for your furniture business to help you separate personal and business expenses.

You can either apply for a business credit card through your bank or apply for one through a credit card company.

When you’re applying for a business credit card, you’ll need to provide some information about your business. This includes the name of your business, the address of your business, and the type of business you’re running. You’ll also need to provide some information about yourself, including your name, Social Security number, and date of birth.

Once you’ve been approved for a business credit card, you’ll be able to use it to make purchases for your business. You can also use it to build your credit history which could be very important in securing loans and getting credit lines for your business in the future.

9. Get the Required Business Licenses and Permits

Before starting a furniture business, you’ll need to obtain the required licenses and permits. The most important license is a business license, which allows you to legally operate the business. You may also need a permit to sell furniture, which is issued by your state. Other permits and licenses may be required depending on your state and the type of furniture business you plan to operate.

10. Get Business Insurance for Your Furniture Business

The type of insurance you need to operate a furniture business depends on the specific type of furniture business.

Some business insurance policies you should consider for your furniture business include:

• General liability insurance : This covers accidents and injuries that occur on your property. It also covers damages caused by your employees or products.
• Auto insurance : If a vehicle is used in your business, this type of insurance will cover if a vehicle is damaged or stolen.
• Workers’ compensation insurance : If you have employees, this type of policy works with your general liability policy to protect against workplace injuries and accidents. It also covers medical expenses and lost wages.
• Commercial property insurance : This covers damage to your property caused by fire, theft, or vandalism.
• Business interruption insurance : This covers lost income and expenses if your business is forced to close due to a covered event.
• Professional liability insurance : This protects your business against claims of professional negligence.

Find an insurance agent, tell them about your business and its needs, and they will recommend policies that fit those needs. 

11. Buy or Lease the Right Furniture Business Equipment

You will need a few pieces of essential equipment to run your furniture business. If your operations include making or refurbishing furniture, you’ll need a saw, drill, hammer, and screwdriver. You may also want to invest in a power tool such as a jigsaw or a lathe. If you plan to deliver furniture, you’ll need a van to transport the furniture. You may also need office essentials such as a phone to take orders and a computer with internet access. 

12. Develop Your Furniture Business Marketing Materials

Marketing materials will be required to attract and retain customers to your furniture business.

The key marketing materials you will need are as follows:

• Logo : Spend some time developing a good logo for your furniture business. Your logo will be printed on company stationery, business cards, marketing materials and so forth. The right logo can increase customer trust and awareness of your brand.
• Website : Likewise, a professional furniture business website provides potential customers with information about the products you offer, your company’s history, and contact information. Importantly, remember that the look and feel of your website will affect how customers perceive you.
• Social Media Accounts : establish social media accounts in your company’s name. Accounts on Facebook, Twitter, LinkedIn and/or other social media networks will help customers and others find and interact with your furniture business.

13. Purchase and Setup the Software Needed to Run Your Furniture Business

The software you need to run a furniture business can vary depending on the type of business. However, some of the most essential software for any furniture business would likely include a computer-aided design (CAD) program for designing furniture, a woodworking program for creating prototypes, and a marketing program for advertising your products.

14. Open for Business

You are now ready to open your furniture business. If you followed the steps above, you should be in a great position to build a successful business. Below are answers to frequently asked questions that might further help you.

How to Finish Your Ultimate Business Plan in 1 Day!

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

How to Start a Furniture Store Business FAQs

Is it hard to start a furniture business.

No, it is easy to start a furniture business. There are many resources available to help you get started, and there are also many companies that offer support and advice to new furniture store owners .

How can I start a furniture business with no experience?

The best way to start a furniture store business with no experience is to do some research and get educated on the industry. Join some industry associations, read trade magazines, and attend trade shows. There are also many online resources with information on how to start a furniture business.

What type of furniture business is most profitable?

The most profitable furniture businesses are those that offer a unique product. This could be something like custom-made furniture, or furniture made from unusual materials. Businesses that offer a unique product that is not available at major retailers are likely to be more successful.

How much does it cost to start a furniture business?

To open a furniture store , it will cost you around $10,000-$50,000. This includes the cost of setting up your business, buying furniture, and marketing your new company. If you purchase a facility, costs will be higher.

What are the ongoing expenses for a furniture business?

One of the main ongoing expenses for a furniture business is inventory. Furniture businesses typically have to keep a large stock on hand to meet customer demand. Other regular expenses may include things like rent, employee salaries, and marketing costs.

If you plan to start an online furniture store, then you'll also need to factor in the cost of shipping and packaging supplies. Shipping furniture can be expensive, so you'll need to make sure that your prices are high enough to cover these costs.

Another important expense to consider when you sell furniture online is the cost of online marketing. While traditional marketing methods like print ads and television commercials can be expensive, there are many online marketing strategies that are relatively affordable. You'll need to invest in some type of online marketing in order to reach your target audience.

How does a furniture business make money?

When you open a furniture store, you make money by selling furniture. They may also make money by renting furniture, or by selling furniture parts or materials to other businesses. Furniture businesses may also make money through online furniture stores , or by selling other products related to furniture, such as home decor items. Another way a furniture business can make money is by providing services such as furniture assembly, delivery, or repair.

Is owning a furniture business profitable?

Yes, owning a furniture business can be profitable. Furniture is a necessity in most homes and businesses, so there is always a demand for it. Additionally, furniture is often a large purchase, so people are willing to pay more for high-quality pieces. This means there is great opportunity for profit in the furniture business. Selling furniture online can be one of the most profitable ways to sell furniture because it gives you a wider audience than brick-and-mortar locations , so you can reach more potential customers.

Why do furniture businesses fail?

There are many reasons furniture businesses can fail. One of the most common reasons is that the business owner does not have the necessary knowledge or experience. Other reasons include financial instability, lack of demand for the product, and poor marketing and advertising campaigns.

Where Can I Download a Furniture Business Plan PDF?

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

Other Helpful Business Plan Articles & Templates

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Fashion Store Business Plan PDF Example

• June 15, 2024
• Business Plan

Creating a comprehensive business plan is crucial for launching and running a successful fashion store. This plan serves as your roadmap, detailing your vision, operational strategies, and financial plan. It helps establish your fashion store’s identity, navigate the competitive market, and secure funding for growth.

This article not only breaks down the critical components of a fashion store business plan, but also provides an example of a business plan to help you craft your own.

Whether you’re an experienced entrepreneur or new to the retail industry, this guide, complete with a business plan example, lays the groundwork for turning your fashion store business concept into reality. Let’s dive in!

Our fashion store business plan is structured to cover all essential aspects needed for a comprehensive strategy. It outlines the store’s operations, marketing strategy , market environment, competitors, management team, and financial forecasts.

• Executive Summary : Offers an overview of your fashion store’s business concept, market analysis , management, and financial strategy.
• Services & Rates: Lists the clothing and accessories provided by your fashion store, including the pricing structure .
• Operations: Describes the store’s daily operations, inventory management, staffing, and customer service policies.
• Key Stats: Shares industry size , growth trends, and relevant statistics for the fashion market.
• Key Trends: Highlights recent trends affecting the fashion sector.
• Key Competitors : Analyzes main competitors nearby and how your store differs from them.
• SWOT Analysis : Strengths, weaknesses, opportunities, and threats analysis.
• Marketing Plan : Strategies for attracting and retaining customers.
• Timeline : Key milestones and objectives from start-up through the first year of operation.
• Management: Information on who manages the fashion store and their roles.
• Financial Plan: Projects the store’s 5-year financial performance, including revenue, profits, and expected expenses.

Fashion Store Business Plan

Fully editable 30+ slides Powerpoint presentation business plan template.

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Executive Summary

The Executive Summary introduces your fashion store’s business plan, offering a concise overview of your store and its offerings. It should detail your market positioning, the range of apparel and accessories you offer, its location, size, and an outline of day-to-day operations.

This section should also explore how your fashion store will integrate into the local market, including the number of direct competitors within the area, identifying who they are, along with your store’s unique selling points that differentiate it from these competitors.

Furthermore, you should include information about the management and co-founding team, detailing their roles and contributions to the store’s success. Additionally, a summary of your financial projections, including revenue and profits over the next five years, should be presented here to provide a clear picture of your store’s financial plan.

Make sure to cover here _ Business Overview _ Market Overview _ Management Team _ Financial Plan

Business Overview

For a Fashion Store, the Business Overview section can be concisely divided into 2 main slides:

Services & Rates

Detail the extensive array of fashion products available, including clothing, footwear, and accessories for various occasions and demographics. Outline your pricing structure, designed to cater to a range of customers, from budget-conscious shoppers to luxury seekers. Highlight promotional offers, seasonal discounts, and loyalty rewards programs that enhance customer retention and satisfaction.

Describe the store’s strategic location, emphasizing how its proximity to bustling shopping areas and ease of access, including public transportation and parking, makes it a prime choice for shoppers. Explain the thoughtful store layout and design that facilitates a seamless shopping experience, from product discovery to checkout. Discuss the well-trained staff that enhances the shopping experience with their expertise and customer service.

Make sure to cover here _ Service & Rates _ Operations

Market Overview

Industry size & growth.

In the Market Overview of your fashion store business plan, start by examining the size of the fashion retail industry and its growth potential. This analysis is crucial for understanding the market’s scope and identifying expansion opportunities.

Key Market Trends

Proceed to discuss recent market trends , such as the increasing consumer interest in sustainable fashion, the rise of e-commerce, and the demand for personalized shopping experiences. For example, highlight the popularity of eco-friendly and ethically sourced materials, as well as the integration of technology in personalizing customer interactions.

Key Competitors

Then, consider the competitive landscape, which includes a range of fashion retailers from luxury boutiques to budget-friendly stores, as well as online shopping platforms. For example, emphasize what makes your store distinctive, whether it’s through exclusive product offerings, a commitment to sustainability, or exceptional customer service. This section will help articulate the demand for fashion store services, the competitive environment, and how your store is positioned to thrive within this dynamic market.

Make sure to cover here _ Industry size & growth _ Key competitors _ Key market trends

Dive deeper into Key competitors

First, conduct a SWOT analysis for the fashion store , highlighting Strengths (such as a diverse product range and strong brand identity), Weaknesses (including reliance on seasonal trends or strong competition), Opportunities (for example, the growing interest in sustainable and ethically produced clothing), and Threats (such as economic downturns that may decrease consumer spending on non-essential goods).

Marketing Plan

Next, develop a marketing strategy that outlines how to attract and retain customers through targeted advertising, promotional discounts, an engaging social media presence, and community involvement. Focus on digital marketing campaigns, collaborations with fashion influencers, and hosting fashion events to increase brand visibility and customer engagement.

Finally, create a detailed timeline that outlines critical milestones for the fashion store’s opening, marketing efforts, customer base growth, and expansion objectives, ensuring the business moves forward with clear direction and purpose. Include key dates for product launches, seasonal sales, and strategic reviews to adapt to changing market conditions.

Make sure to cover here _ SWOT _ Marketing Plan _ Timeline

Dive deeper into SWOT

Dive deeper into Marketing Plan

The Management section focuses on the fashion store’s management and their direct roles in daily operations and strategic direction. This part is crucial for understanding who is responsible for making key decisions and driving the fashion store toward its financial and operational goals.

For your fashion store business plan, list the core team members, their specific responsibilities, and how their expertise supports the business.

Financial Plan

The Financial Plan section is a comprehensive analysis of your financial projections for revenue, expenses, and profitability. It lays out your fashion store’s approach to securing funding, managing cash flow, and achieving breakeven.

This section typically includes detailed forecasts for the first 5 years of operation, highlighting expected revenue, operating costs , and capital expenditures.

For your fashion store business plan, provide a snapshot of your financial statement (profit and loss, balance sheet, cash flow statement), as well as your key assumptions (e.g. number of customers and prices, expenses, etc.).

Make sure to cover here _ Profit and Loss _ Cash Flow Statement _ Balance Sheet _ Use of Funds

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Ukraine war latest: Russian region hit in wave of strikes - as Moscow responds to NATO chief's nuclear comments

The Russian region of Rostov is hit in a second consecutive day of attacks. It comes as Kremlin figures respond to NATO chief Jens Stoltenberg's remarks on the alliance's nuclear preparedness - and with Vladimir Putin in North Korea today on a two-day summit.

Tuesday 18 June 2024 14:30, UK

• Russian region hit in wave of attacks
• NATO chief's nuclear comments prompt Kremlin response
• Putin thanks North Korea for supporting his actions in Ukraine
• 10 Russian drones downed overnight, says Ukraine's air force
• Your questions answered: Are there any signs of an underground resistance in Russia?
• Analysis: Putin's visit to North Korea is a diplomatic two-fingers to West
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• Live reporting from Mark Wyatt

Nearly two million Ukrainians have reportedly updated their military registration records since a new mobilisation law came into force on 18 May.

The law mandates that all eligible citizens aged between 18 and 60 update their registration data within 60 days.

The revised legislation aims to simplify the identification of conscripts nationwide in a bid to bolster Ukraine's forces on the battlefield.

Incentives such as cash bonuses and financial aid for housing or a car have been offered to those who join.

Ukrainians can update their information on a dedicated app called Reserve+ or go to an administrative service centre in person.

According to deputy defence minister Kateryna Chernohorenko, 1.5 million citizens have updated their data through the mobile app.

A further 233,000 have reportedly updated their records in person, while 208,000 have done so via military recruitment offices.

The highest number of updates from abroad came from Poland, Germany, the Czech Republic, Canada, and the United States.

The Kremlin has shared images of Vladimir Putin holding a meeting with Aisen Nikolayev, head of the Sakha Republic.

The Russian president is in the city of Yakutsk, some 3,000 miles to the east of Moscow.

Once his trip is finished, Mr Putin will leave Russia to begin his visit to North Korea. It will be the first time he has visited the country in 24 years.

It is not yet clear whether Mr Putin has left Yakutsk or what time he is due to arrive in Pyongyang.

Iraq and Rwanda are among the countries to have withdrawn their signatures from the communique signed at last weekend's Ukraine peace summit in Switzerland, it has emerged.

Over 90 countries attended the two-day talks at the behest of Ukrainian President Volodymyr Zelenskyy, billed as a peace summit. 

Russia was not invited, while China snubbed the event. Attendees were mostly from Europe, the US and other Western allies, but included countries from Latin America, the Middle East, Africa and Asia.

The communique, issued at the end of the conference in Burgenstock, supported Ukraine's territorial integrity in the face of Russia's invasion.

The document was signed by nations such as Australia, Canada, France, Germany, Israel, Japan, Ukraine, the UK and the US.

Also included on the list of signatories were Iraq and Jordan, though their names have since been struck off the list published on the Swiss Federal Department of Foreign Affairs website.

Jordan has also reportedly been taken off the list.

The process of making adjustments to the list is "still ongoing", according to Swiss foreign ministry spokesman Valentin Kliwa. 

Speaking to Russian state news agency TASS, he clarified that countries can withdraw their signatures or join the group of states until 18 June inclusive.

Earlier today, Mr Zelenskyy announced that the Ecumenical Patriarchate of Constantinople - one of the churches that helps make up the Eastern Orthodox Church - had joined the list.

Ukrainians will be guaranteed to have power restriction schedules for two winters, according to the director of the Energy Research Centre in Ukraine.

Russian missile and drone attacks on Ukraine's energy sector have intensified since March, resulting in blackouts in many regions as half of the country's power generating capacity has been knocked out.

Oleksandr Kharchenko said restrictions would not be necessary if the Zaporizhzhia nuclear power plant was back in Ukraine's hands.

The giant Russian-held nuclear plant is on the frontline of the Russia-Ukraine conflict and stopped generating power in 2022.

Both countries have accused each other of shelling the plant and risking a serious nuclear accident.

"The state of Ukraine's energy system currently stands at three working maximum capacity points out of 12," Mr Kharchenko told Ukrainian TV channel Kyiv24.

"If we could somehow get back to managing the Zaporizhzhia Nuclear Power Plant and put at least two to three units into operation, it would be a huge factor that would change the situation in the energy system. 

"Restrictions would be practically unnecessary or would be needed very rarely."

Russia's Pacific Fleet will hold exercises between 18-28 June in the waters of the Pacific Ocean, the Sea of Japan and the Sea of Okhotsk, the Tass state news agency has said.

The report says the exercises will include approximately 40 ships and vessels. Some 20 naval aircraft and helicopters, including anti-submarine and search and recue helicopters, will also be in the manoeuvres.

Yesterday, Russian navy vessels left Cuba after arriving in the Havana harbour in a move seen by many as a Russian show of force.

A Russian military court has sentenced a Ukrainian woman to 12 years in prison for "spreading disinformation" and "taking part in a terrorist organisation," according to independent Russian media outlet Mediazona.

Krystyna Liubashenko says she was tricked and blackmailed into coming to Moscow and carrying out the protest, which included playing a recording of an anti-war speech and a Ukrainian anthem and launching balloons with a Russian opposition flag.

Facing financial difficulties after fleeing Kyiv and moving to Switzerland following the Russian invasion of Ukraine in 2022, Ms Liubashenko reportedly met a neighbour who lent her money to go to Moscow and hold an anti-war protest.

The neighbour, identified in the report as Vitalii Yurchenko, is later said to have insisted that Ms Liubashenko fly the white-blue-white flag associated with the Freedom of Russia Legion group that opposes the Kremlin.

The legion was declared a terrorist group by Russia last March.

Ms Liubashenko initially refused the demands but was convinced when Mr Yurchenko reportedly threatened to report her to Swiss authorities, who would take her two daughters away.

At her trial in Russia, Ms Liubashenko's defence presented this as evidence of blackmail, though she was still sentenced to 12 years.

It is believed that Russia has detained more than 7,000 Ukrainian civilians since the start of its invasion.

An overnight attack on two oil depots in Russia's Rostov region was carried out by the Security Service of Ukraine (SBU), according to reports.

Russian authorities reported fires spread across 5,000 cubic metres in the town of Azov, with dozens of firefighters trying to tackle the blaze (see 08:30 post).

As we reported here earlier, it was the second wave of attacks on the Russian border region in the last two days.

According to the Kyiv Independent, the SBU's drone attack successfully targeted 22 oil storage tanks.

"The SBU will continue to implement 'drone sanctions' against the Russian oil refining complex and reduce the economic potential of the enemy, which provides the aggressor with resources for waging war against Ukraine," the source added.

Ukrainian President Volodymr Zelenskyy says the communique signed by more than 80 nations at last weekend's Swiss peace summit is still open for more to join.

The document, issued at the end of a Ukraine-led peace conference in Burgenstock, supported Ukraine's territorial integrity in the face of Russia's invasion.

About 100 countries took part in the conference, but Russia was not invited and China snubbed the event. Attenders were mostly from Europe, the US and other western allies, but included countries from Latin America, the Middle East, Africa and Asia.

Some key regional powers were among those not to sign the communique, including Brazil, India, South Africa and Saudi Arabia.

Addressing this at the end of the summit, Mr Zelenskyy said that "unfortunately, there are people who are still balancing". 

Today he announced that the Ecumenical Patriarchate of Constantinople - one of the churches that helps make up the Eastern Orthodox Church - had signed the communique.

Mr Zelenskyy added that the document would remain open for signatures and that he was "confident that more countries and international organisations will join". 

The streets of Pyongyang have been lined with images and flags of  Vladimir Putin.

The Russian president is due to touch down on North Korean soil for the first time in 24 years today where he will meet with the country's leader Kim Jong Un.

And the red carpet is being rolled out already for the visit of Mr Putin, with state television broadcaster KCTV showing concerts of Russian military while the streets have been lined with Russian flags and images of the president. 

Anton Gerashchenko, former Ukrainian advisor to the internal affairs minister, shared footage on X of Pyongyang's Russian-themed welcome.

Mr Putin and his entourage - set to include Russia's defence and security ministers - are expected to arrive in North Korea this evening local time.

Russian President Vladimir Putin arrived in the remote Siberian city of Yakutsk today ahead of his visit to North Korea. 

The Russian leader is heading to Pyongyang to meet North Korean leader Kim Jong Un. 

Mr Putin will meet regional governor Aisen Nikolayev in Yakutsk before travelling to North Korea later today.

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