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Jun 4 / Jitendra

Starting a Furniture Store

Starting a furniture store nowadays is a lucrative business plan. People, nowadays are looking for upscale lifestyle from all aspects and trendy furniture has lot to contribute in maintaining such standard. Therefore, opening a furniture shop is definitely a worthwhile idea, but all in vain, unless you do not have a structured business planning.

The first criteria to score success in this business are to have the eye for good finds. Visit the furniture manufacturers to check out the variety, uniqueness, quality, attractive design of different office furniture. In this way, you can give an edge over your competition.

To start with a furniture shop, your business plan should be divided into several sections.

image Executive Summary – The summary should include your business concept, financial features, financial requirements, and current business position.

Business Description – Get some research and write description of the furniture industry as a whole. Focus on the present and future outlook and the growing trends and developments in the industry, so that you can update your business accordingly. In this section, you should also look after your business concept or the manner and rate by which you can earn profit.

Market Strategy – Depending on the research about market, you have to develop your marketing strategy. Identify your position in the market share you gave to work on the profile of your target market. Consider your position in the market according to the growth prospects, sales potential, size, structure, and trends. Secondly, work on your pricing scheme. The price of your products must cover your operation expense plus a markup price relative to your desired profit. You should also take into account the demand, economic fluctuations, and distribution while planning to start a furniture shop. Finally, consider the proper promotional plan including product packaging, public relations, sales promotions, personal sales, and sales potential.

Business Development Plan – In this section, you have to work on the product development, market development, and organizational development. Consider your goals carefully for each area and think about the necessary steps by which you plan to reach these goals.

Operation and Management Plan – Here, you have to etch out the plans of day-to-day business functions and provide enough resources that meet the logistics and manpower requirements as well as take care of the tasks of each of your departments.

Financial Management – Check out the capital you can manage, and if it is enough for setting up the business. Calculate the amount of your assets and liabilities. Also, consider how you allocate your start-up capital and can garner income or cash flow.

When you complete etching out a business plan, focus your attention to retailing and all the aspects that comes with it. Retailing involves calls for purchasing merchandise from the manufacturer or wholesaler and then bending the merchandise to the customer at a mark-up price. With trendy and high quality furniture, you can get your furniture shop categorized under specialty retailing if you address a specific need or requirement of the customer.