business plan about furniture

Furniture Store Business Plan Template & PDF Example

• September 4, 2024

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

This article not only breaks down the critical components of a furniture 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 furniture store concept into reality. Let’s dive in!

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

• Executive Summary : Offers an overview of your furniture shop’s business concept, market analysis , management, and financial strategy.
• Store & Location: Describes the shop’s design, layout, and why its location is appealing to potential customers.
• Products & Pricing: Lists the types of furniture offered by your shop, including pricing structure.
• Key Stats: Shares industry size , growth trends, and relevant statistics for the furniture market.
• Key Trends: Highlights recent trends affecting the furniture sector.
• Key Competitors: Analyzes main competitors in the area and how your shop differs from them.
• SWOT : 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 furniture shop and their roles.
• Financial Plan: Projects the shop’s 5-year financial performance, including revenue, profits, and expected expenses.

Furniture Store Business Plan Template (Download)

Fully editable 30+ slides Powerpoint presentation business plan template.

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Executive Summary

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

This section should also explore how your furniture 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 furniture store’s financial plan.

Furniture Store Business Plan Executive Summary Example

Business Overview

The  business overview  section of your executive summary serves as a window into your furniture store’s essence. It encapsulates pivotal details such as your store’s name, its strategic location, and an overview of the furniture selections it offers.

Moreover, this section serves as a platform to underscore your store’s  unique selling proposition  ( USP ), elucidating what distinguishes it from competitors. Whether your store specializes in sustainable materials, artisan-crafted pieces, or bespoke design solutions, articulating your USP captures the attention of stakeholders and underscores the distinct value proposition of your furniture store.

Example: For instance, “EcoLux Furniture,” nestled in the heart of [City/Area], occupies a spacious [X,000] sq ft showroom in [Describe the location’s characteristics]. Our store showcases an extensive array of contemporary furnishings, ranging from sleek sofas to elegant dining sets, with a distinct emphasis on sustainable materials and artisan craftsmanship. Our USP lies in curating furniture pieces that blend luxury with eco-consciousness, offering discerning customers the perfect blend of style and sustainability.

Market Overview

Understanding the broader market landscape is imperative for positioning your furniture store strategically. The market overview section of your executive summary delineates the size, growth trajectory, and local dynamics of the furniture retail sector.

Furthermore, it elucidates prevailing consumer trends and the  competitive landscape , providing a comprehensive outlook on where your furniture store fits within the market ecosystem.

Example: EcoLux Furniture operates in the burgeoning US furniture retail industry, valued at a staggering $147 billion, with a projected CAGR of +3.98% from 2024 to 2028. Situated in [City/Area], our store capitalizes on [Describe the local market dynamics], catering to a clientele that values premium craftsmanship and sustainable living. We anticipate tapping into the rising demand for customizable, eco-friendly furniture pieces, offering consumers a sophisticated yet conscientious shopping experience.

Management Team

The success of your furniture store hinges on the expertise and acumen of its leadership team. The management team section of your executive summary spotlights the key individuals driving your store’s vision and operations.

Highlighting their relevant qualifications, industry experience, and strategic contributions imbues confidence in potential investors and partners, assuring them of your furniture store’s capability to navigate the competitive landscape and achieve sustained growth.

Example: At EcoLux Furniture, our leadership team comprises seasoned professionals dedicated to excellence in every facet of our operations. With a background in [mention relevant fields], our team brings a wealth of experience in [describe pertinent areas, e.g., retail management, interior design], ensuring the seamless execution of our vision. Led by [Founder/CEO’s Name] and supported by a cadre of passionate experts, we are committed to pioneering sustainable luxury in the furniture retail sector.

Financial Plan

The financial plan section offers a glimpse into the fiscal roadmap of your furniture store, elucidating your revenue targets, profit margins, and strategic initiatives for financial growth.

By outlining your financial projections and delineating the strategies underpinning revenue generation, this section provides stakeholders with a comprehensive understanding of your furniture store’s financial viability and growth potential.

Example: EcoLux Furniture aims to achieve an annual revenue of $4.2 million with a commendable profit margin of 7% ( EBITDA ) by 2028. Our financial strategy encompasses prudent investments in inventory management,  marketing initiatives , and operational enhancements, poised to drive sustained revenue growth and profitability. With a focus on delivering exceptional value to our customers while upholding our commitment to sustainability, we are poised to emerge as a leading destination for discerning furniture enthusiasts seeking luxury with a conscience.

Store & Location

Briefly describe the furniture store’s physical environment, emphasizing its design, layout, and the welcoming atmosphere it offers to customers. Mention the store’s location, highlighting its accessibility and the convenience it offers to shoppers, such as proximity to popular shopping districts or ease of parking. Explain why this location is advantageous in attracting your target clientele.

Supply & Products

Detail the range of furniture and related products offered, from basic home furnishings to specialized items like custom-made pieces, home accessories, or eco-friendly furniture. Outline your pricing strategy , ensuring it reflects the quality of products provided and matches the market you’re targeting. Highlight any promotions, financing options, or loyalty programs that provide added value to your customers, encouraging repeat business and customer loyalty.

Industry Size & Growth

In the Market Overview of your furniture store business plan, start by examining the size of the furniture 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 personalized furniture solutions, sustainable and eco-friendly products, and innovative design styles. For example, highlight the demand for furniture that caters to specific lifestyle needs and preferences, alongside the rising popularity of environmentally conscious furniture stores.

Competitive Landscape

A  competitive analysis  is not just a tool for gauging the position of your furniture store in the market and its key competitors; it’s also a fundamental component of your business plan.

This analysis helps in identifying your furniture store’s unique selling points, essential for differentiating your business in a competitive market.

In addition, the competitive analysis is integral in laying a solid foundation for your business plan. By examining various operational aspects of your competitors, you gain valuable information that ensures your business plan is robust, informed, and tailored to succeed in the current market environment.

Identifying Your Competitors in the Furniture Industry

Start by mapping out your direct and indirect competitors in the furniture market. Direct competitors may include other furniture retailers in your area or online platforms offering similar products. Don’t overlook indirect competitors such as home decor stores, interior design firms, or DIY furniture assembly services, as they may cater to overlapping customer segments.

Utilize tools like Google Maps and industry directories to identify competitor locations and assess their market reach. Online platforms like social media, review sites, and industry forums can provide valuable insights into competitors’  strengths and weaknesses , helping you refine your competitive strategy.

Furniture Store Competitors’ Strategies

A thorough analysis of competitors’ strategies encompasses various dimensions:

• Product Offerings:  Evaluate the range, quality, and design aesthetics of competitors’ furniture offerings. Are they known for specific styles like minimalist, vintage, or contemporary designs? Understanding competitors’ product portfolios enables you to identify gaps in the market and capitalize on emerging trends.
•  Pricing Strategy:  Compare your  pricing strategy  with that of competitors to ensure competitiveness while maintaining profitability. Assess whether competitors position themselves as budget-friendly alternatives, luxury brands, or mid-range options, and adjust your pricing strategy accordingly to appeal to your  target market .
• Marketing Tactics:  Study competitors’ marketing tactics across different channels, including social media, email marketing, and traditional advertising. Analyze the effectiveness of their campaigns, branding initiatives, and customer engagement strategies to identify areas for improvement and innovation in your own marketing efforts.
• Customer Experience : Evaluate the overall customer experience provided by competitors, both online and offline. Consider factors such as website usability, store ambiance, customer service quality, and post-purchase support. Identify opportunities to differentiate your furniture store by delivering exceptional customer experiences that foster loyalty and advocacy.
• Operational Efficiency:  Assess competitors’ operational processes and technologies to streamline inventory management, order fulfillment, and customer service. Explore opportunities to leverage technology and automation to enhance efficiency, reduce costs, and improve the scalability of your furniture store operations.

What’s Your Furniture Store’s Value Proposition?

Based on your analysis of competitors and  market trends , refine your furniture store’s value proposition to resonate with your  target customers . Consider factors such as design aesthetics, material quality, sustainability practices, and customer service offerings when articulating your  unique value proposition .

Identify market gaps and unmet customer needs through customer feedback, industry research, and trend analysis. Whether it’s offering customizable furniture solutions, eco-friendly alternatives, or innovative financing options, leverage your insights to position your furniture store as a trusted partner in fulfilling customers’ lifestyle aspirations.

In conclusion, a comprehensive competitive analysis empowers your furniture store to understand its market position, capitalize on emerging trends, and differentiate itself from competitors. By leveraging insights from competitors’ strategies and customer preferences, you can develop a robust business plan that drives growth and sustains long-term success in the dynamic furniture industry.

First, conduct a SWOT analysis for the furniture store , highlighting Strengths (such as quality craftsmanship and a diverse product range), Weaknesses (including high operational costs or intense competition), Opportunities (for example, an increasing trend in home improvement and interior design), and Threats (such as economic downturns that may decrease consumer spending on non-essential items).

Marketing Plan

Next, develop a marketing strategy that outlines how to attract and retain customers through targeted advertising, promotional discounts, engaging social media presence, and community involvement. This could include collaborations with interior designers, staging partnerships with real estate companies, or hosting DIY furniture workshops to increase brand visibility and consumer engagement.

Marketing Channels

Leverage various marketing channels to reach potential customers and drive traffic to your furniture store.

Digital Marketing

• E-Commerce Website:  Build a user-friendly, visually appealing website showcasing your furniture collection. Ensure easy navigation, high-quality images, detailed product descriptions, and secure payment options.
• Social Media Marketing:  Besides showcasing your furniture range, engage your audience by collaborating with interior designers, influencers, or lifestyle bloggers. Organize live Q&A sessions or design challenges to foster community interaction and position your store as an authority in the furniture space.
• Content Marketing:  Develop a content strategy that educates customers on furniture care tips, interior design trends, or DIY home improvement projects. Engaging content not only establishes credibility but also drives organic traffic to your website and increases brand recall.

Local Advertising

• Local SEO:  Optimize your website for local search queries. List your furniture store on Google My Business and other online directories to improve local visibility.
• Community Engagement:  Participate in local events, home expos, or interior design workshops to connect with potential customers. Sponsor local home improvement seminars or collaborate with interior designers to enhance brand visibility.

Promotional Activities

Attract customers with appealing offers and promotions:

• Seasonal Sales:  Launch seasonal promotions such as ‘Spring Home Makeover Sale’ or ‘Holiday Furniture Discounts’ to entice customers during peak seasons.
• Referral Programs:  Incentivize existing customers to refer friends and family by offering discounts or store credits for successful referrals.
• Exclusive Deals:  Offer exclusive discounts or early access to new collections for subscribers to your email newsletter or loyalty program.

Sales Channels

Optimize  sales channels  within your store and online to maximize revenue and customer satisfaction.

In-Store Experience

• Customer Service:  Train staff to provide excellent customer service, guiding customers through the selection process and addressing their concerns or queries.
• Visual Merchandising:  Create visually appealing displays showcasing furniture arrangements to inspire customers and encourage purchases.
• Financing Options:  Offer flexible payment plans or financing options to accommodate various budgets and increase purchasing potential.

Online Sales and Services

• Online Catalog:  Enhance your online catalog by incorporating customer-generated content, such as user reviews or images showcasing furniture in real homes. Leverage technological advancements like artificial intelligence to provide chatbot assistance or personalized recommendations, replicating the in-store shopping experience online
• Virtual Consultations:  Offer virtual design consultations or interior design services to assist customers in making informed decisions about furniture selection and placement.
• Delivery and Assembly Services:  Streamline post-purchase processes by providing efficient delivery and assembly services. Emphasize convenience and reliability to ensure a positive end-to-end customer experience.

Membership and Loyalty Programs

• Membership Benefits:  Further diversify membership benefits by incorporating exclusive event invitations, early access to clearance sales, or personalized shopping assistance. Continuously update benefits to cater to evolving customer preferences.
• Loyalty Rewards:  Leverage customer data to personalize loyalty rewards and incentives. Offer surprise rewards or milestone celebrations for reaching certain purchase thresholds, fostering a sense of appreciation and loyalty among customers.

Finally, create a detailed timeline that outlines critical milestones for the furniture store’s opening, marketing efforts, customer base growth, and expansion objectives, ensuring the business moves forward with clear direction and purpose. This timeline should include key dates for product launches, seasonal sales campaigns, and potential entry into new markets or online expansion.

The Management section focuses on the furniture 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 furniture store toward its financial and operational goals.

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

The Financial Plan section is a comprehensive analysis of your financial projections for revenue, expenses, and profitability. It lays out your furniture 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 furniture 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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Furniture Store Business Plan Template

Written by Dave Lavinsky

Furniture Store Business Plan

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

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

Sample Business Plan For a Furniture Store

Below is a furniture store business plan example to help you create each section of your own furniture store business plan:

Executive Summary

Modern Mode Furniture Store is a locally established furniture store located in Seattle, Washington.

Modern Mode Furniture Store is owned by Richard DeBluff, an area entrepreneur and interior designer with a keen eye for quality craftsmanship and minimalist design. For the past five years, he has worked at Copenhagen as a salesman and interior decorator in Arizona. Upon returning to his hometown of Seattle, Richard has recognized that while there are a handful of quality furniture stores in Seattle, there are not very many quality modern furniture stores that offer unique designs and furnishings for reasonable prices. Richard found out that lots of his friends and customers were purchasing modern furniture online, but would’ve preferred to visit a showroom where they can touch and feel the quality to make sure they are placing their investment in a solid piece of furniture.

Modern Mode Furniture Store will carry quality pieces of modern-designed furniture that are moderately priced and will last for years. Whatever room you are outfitting, Modern Mode Furniture Store will have something for you.

Product Offering

The following are the products to be offered by Modern Mode Furniture Store:

• Living Room Furniture
• Bedroom Furniture
• Dining Room Furniture
• Office Furniture
• Art & Accessories

Customer Focus

The customer focus for Modern Mode Furniture Store will sell to the trendy, successful population of Seattle, Washington. The target market will be working professionals with disposable income who have a stylish, modern home. The target market will prefer contemporary designs but don’t want to spend an outlandish amount of money.

Management Team

Richard DeBluff will be the sole owner and Store Director. He will handle all aspects of the store including hiring and management of staff, customer service, client retention, marketing, and administrative functions. Richard has consulted with his former employer in Arizona and has learned the ins and outs of operating a furniture store to ensure success and profitability. He has decided to outsource the accounting, finance, payroll, and tax obligations of the business to a third-party accounting firm. He will also outsource the advertising and marketing duties to a local advertising firm.

Success Factors

Modern Mode Furniture Store is primed for success by offering the following competitive advantages:

• Hip, trendy, contemporary furniture that is well-crafted and sustainable.
• Competitive pricing – it will be moderately priced in regards to the typical modern furniture retailer.
• All products come with a 3-year warranty and a money back guarantee.

Financial Highlights

Richard DeBluff is seeking $435,000 in debt financing to open its furniture store location in Seattle, Washington. The funding will be dedicated for product inventory, procurement, shipping, leasehold improvements, working capital, and marketing. The breakout of the funding is below:

• Store design/build: $50,000
• Opening inventory: $300,000
• Procurement & Shipping: $50,000
• Working capital: $25,000
• Marketing promotions: $10,000

The following graph below outlines the pro forma financial projections for Modern Mode Furniture Store.

Company Overview

Who is modern mode furniture store.

Modern Mode Furniture Store is a newly established furniture retail store focusing on modern and trendy furniture for the stylish individual. It is located in Seattle, Washington and will carry products from choice modern furniture designers and warehouses. Some of the furniture will come from overseas (Japan and Sweden).

Modern Mode Furniture Store will be owned by Richard DeBluff, an area entrepreneur with a keen eye for quality craftsmanship and minimalist design. For the past five years, he has worked at Copenhagen in Arizona as a salesman and interior decorator. Upon returning to his hometown of Seattle, Richard has recognized that while there are a handful of quality furniture stores in Seattle, there are not very many quality modern furniture stores that offer unique designs and furnishings for reasonable prices. Richard found out that lots of his friends and customers were purchasing modern furniture online, but would’ve preferred to visit a showroom where they can touch and feel the quality to make sure they are placing their investment in a solid piece of furniture.

Modern Mode Furniture Store History

Modern Mode Furniture Store will be owned and operated by Richard DeBluff, a local interior designer and furniture salesman that has a knack for minimalist, modern design. Richard has worked at Copenhagen Furniture Store for the past five years and has noticed that there are not a lot of quality, modern furniture stores in the area. He began researching well respected and reasonably priced furniture distributors and has decided on five to open his furniture store with. There are two Japanese manufacturers, one Swedish manufacturer, and two that are located in the United States. Upon doing extensive research, Richard found that much of the younger generation who are now working professionals purchase their modern furniture online, but would prefer to visit an actual store or warehouse, so they can see and feel the furniture before making a purchase.

Since incorporation, Modern Mode Furniture Store has achieved the following milestones:

• Located the store location and signed a Letter of Intent with the property management company.
• Registered Modern Mode Furniture, LLC to do business in the state of Washington.
• Contacted five furniture distributors and have soft agreements in place for the shipment and distribution of their products.
• Started working with an advertising company to develop brand image.

Modern Mode Furniture Store Products

Modern Mode Furniture Store will sell the following products:

Industry Analysis

The Furniture Stores industry will grow over the next five years to $69 billion.

Expected increases in consumer confidence over the next five years are expected to make consumers more willing to make big-ticket purchases, boosting revenue growth.

Per capita disposable income is also expected to grow during the outlook period. With more money, consumers are more likely to make furniture purchases. As interest rates remain relatively low and more consumers gain access to financing, an increasing number of individuals are expected to purchase homes. As a result, the housing market is anticipated to expand and housing starts will grow. Therefore, demand for furniture in the residential market will likely grow.

To remain competitive, operators will focus on improved customer service, brand awareness and financing capabilities.

Customer Analysis

Demographic profile of target market.

Modern Mode Furniture Store will target the trendy, successful population of Seattle, Washington. The target market will be working professionals with disposable income and have a stylish, modern home.

The precise demographics for Seattle, Washington are:

Customer Segmentation

Modern Mode Furniture Store will primarily target the following customer profiles:

• Working professionals
• Those with disposable income
• They live in a home or condo that has a modern architectural design.

Competitive Analysis

Modern Mode Furniture Store will face competition from other furniture stores in the area. A profile of the competitor companies are below.

Direct and Indirect Competitors

Room & board.

Founded in 1980, Room & Board is headquartered in Minneapolis and its Seattle location is located in University Village and is an open-air shopping destination just north of Seattle. Room & Board carries contemporary furnishings and unique home decor. Customers are able to complete room settings with the large selection of furniture layouts. There are tenured Design Associates that are ready to help with any design dream or dilemma. Room & Board won Seattle Magazine’s Readers Choice Poll for Best Furniture Store in 2015, 2016, and 2019 and was named a Fast Company Most Innovative Company in Retail in 2019. Room & Board delivers exceptional service, low prices, fast and easy returns, and a guarantee. They specialize in trend-proof style, American craft that is sustainable by design. American manufacturers make up more than 90% of the furniture and decor, which supports local communities, businesses, and craftspeople around the country.

Room & Board offers living, dining and kitchen, bedroom, bath, storage and entryway, kids, office, outdoor, lighting, rugs, and home decor.

Alchemy Collections

Alchemy Collections is located in downtown Seattle and is the western Washington source for modern and contemporary furniture. Sensing a void in the Seattle furniture landscape, Alchemy Collections opened in 2004 to bring a modern yet accessible and affordable venue to accommodate the everyday Seattleite.

Alchemy Collections sells everything from modern Italian furniture lines like Calligaris, Bontempi, Gamma and Saba to domestic contemporary brands like Chilewich, Focus One Home, and BDI. The staff is committed to making customer service their priority and not putting a sale before the customer’s needs. They work to make sure that each customer leaves with the perfect product for their modern lifestyle.

Alchemy Collections offer living, dining, bedroom, office, outdoor, and accessories. Customers are able to purchase by email, over the phone, or in person. Non-returnable items are custom orders, bedding, and sale items. Alchemy Collections also offers a 1-year warranty on most items.

Located in the historic Colman Auto Building in the heart of Capitol Hill, Blu Dot Seattle’s 5,800 square foot, timber-framed space highlights new furniture designs and bestsellers alike. The modern furniture store is home to a site specific collage that includes early sketches of products, images of prototypes, and references to things that inspire their work – music, architecture, and everyday objects.

Blu Dot was established in 1997 by two college friends who shared a passion for art, architecture, and design. After architecture school, they went looking for modern designs to furnish their first homes but couldn’t find anything they liked that was affordable. They collaborated with a sculptor and started Blu Dot soon after. Blu Dot is focused on creating products that are useful, affordable, and desirable. Today, Blu Dot has stores in the largest cities of the United States, as well as Mexico City, Monterrey, and Sydney.

Blu Dot offers living, bedroom, dining, office, lighting, outdoor, kids, and accessories.

Competitive Advantage

Modern Mode Furniture Store will be able to offer the following advantages over their competition:

• Trendy and contemporary furniture that is well-crafted and sustainable.
• Competitive pricing and money back guarantee.
• All products will come with a 3-year warranty.

Marketing Plan

Brand & value proposition.

Modern Mode Furniture Store will offer the unique value proposition to its clientele:

Promotions Strategy

The promotions strategy for Modern Mode Furniture Store is as follows:

Modern Mode Furniture Store will be located in a very convenient, highly-trafficked and popular location of Capitol Hill in Seattle. The area is known to be frequented by the hip, working professionals with disposable income. Numerous trendy stores, restaurants, and bars are within walking distance.

Social Media

Modern Mode Furniture Store will have Instagram and Facebook business profiles where Richard will post professional photographs of the furniture and showroom. The posts will be inviting and show the modern design of the products, as well as upcoming Grand Opening announcements. The advertising firm will assist with the social media in regards to the photography and obtaining a large network of followers.

Website & SEO Marketing

The advertising agency will also design and manage a very comprehensive and attractive website for Modern Mode Furniture Store. The website will be easy to navigate and include the product catalog, contact information, and location. The SEO will also be managed to ensure that anyone searching “modern furniture near me” or “modern furniture store Seattle”, will see Modern Mode Furniture Store listed at the top of the Bing or Google search engine.

The pricing of Modern Mode Furniture Store will be moderate and on par with competitors, so customers feel they receive value when purchasing their items.

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

Modern Mode Furniture Store will be solely owned and operated by Richard DeBluff.

Richard DeBluff is an interior designer in Seattle, Washington that has worked at other modern contemporary stores such as Copenhagen when he lived in Arizona. Upon returning to his hometown of Seattle, Richard immediately recognized the lack of affordable and quality modern furnishings that caters to the trendy and professional individual that prefers modern, clean, simple designs.

Richard has consulted with his former employer in Arizona and has learned the ins and outs of operating a furniture store to ensure success and profitability. He has decided to outsource the accounting, finance, payroll, and tax obligations of the business to a third-party accounting firm. He will also outsource the advertising and marketing duties to a local advertising firm.

Financial Plan

Key revenue & costs.

The revenue drivers for Modern Mode Furniture Store will be the furniture items it will sell on location. The goods will have a small markup from the cost to procure the items and the revenue will come from the products sold at retail cost.

The cost drivers will be the cost of the furniture inventory. The main cost driver will be the cost for procurement and shipping. Other cost drivers will be the rent, payroll, and overhead costs.

Funding Requirements and Use of Funds

Key assumptions.

The following outlines the key assumptions required in order to achieve the revenue and cost numbers in the financials and in order to pay off the startup business loan.

• Number of Initial Customers Per Month: 20
• Average Item Cost: $1,500
• Annual Lease: $80,000

Financial Projections

Income statement, balance sheet, cash flow statement, furniture store business plan faqs, what is a furniture store business plan.

A furniture store business plan is a plan to start and/or grow your furniture store business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.

You can  easily complete your furniture store business plan using our Furniture Store Business Plan Template here .

What Are the Main Types of Furniture Stores?

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

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

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

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

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

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

What are the Steps To Start a Furniture Store Business?

Starting a furniture store business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.

1. Develop A Furniture Store Business Plan - The first step in starting a business is to create a detailed furniture store business plan that outlines all aspects of the venture. This should include potential market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast.  

2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your furniture store business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks, so it’s important to do research and choose wisely so that your furniture store business is in compliance with local laws.

3. Register Your Furniture Store Business - Once you have chosen a legal structure, the next step is to register your furniture store business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws. 

4. Identify Financing Options - It’s likely that you’ll need some capital to start your furniture store business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms. 

5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations. 

6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events. 

7. Acquire Necessary Furniture Store Equipment & Supplies - In order to start your furniture store business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation. 

8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your furniture store business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising. 

Learn more about how to start a successful furniture store business:

• How to Start a Furniture Store Business

Where Can I Get a Furniture Store Business Plan PDF?

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

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Here is a free business plan sample for a furniture shop

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

A free example of business plan for a furniture shop

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

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

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

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

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

Market Opportunity

Market overview and statistics.

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

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

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

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

Industry Trends

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

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

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

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

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

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

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

Key Success Factors

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

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

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

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

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

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

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

The Project

Project presentation.

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

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

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

Value Proposition

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

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

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

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

Project Owner

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

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

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

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

The Market Study

Market segments.

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

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

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

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

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

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

SWOT Analysis

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

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

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

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

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

Competitor Analysis

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

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

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

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

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

Competitive Advantages

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

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

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

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

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

The Strategy

Development plan.

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

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

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

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

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

Business Model Canvas

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

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

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

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

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

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

Marketing Strategy

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

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

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

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

Risk Policy

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

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

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

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

Why Our Project is Viable

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

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

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

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

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

The Financial Plan

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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Sample Furniture Store Business Plan

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

Download our Ultimate Furniture Store Business Plan Template

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

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

Furniture Store Business Plan Example – HomeElegance Furnishings

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Target Customers

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

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

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

Customer Needs

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

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

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

HomeElegance Furnishings’s competitors include the following companies:

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

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

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

Competitive Advantages

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

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

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

Products and Services

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

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

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

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

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

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

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

Promotions Plan

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

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

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

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

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

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

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

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

Our Operations Plan details:

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

Key Operational Processes

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

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

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

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

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

Madison Nelson, President

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

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

Financial Statements

Balance sheet.

[insert balance sheet]

Income Statement

[insert income statement]

Cash Flow Statement

[insert cash flow statement]

Furniture Store Business Plan Example PDF

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

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

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

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

• Sample Business Plans
• Manufacturing & Wholesale

Furniture Store Business Plan

If you are planning to start a new furniture store, the first thing you will need is a business plan. Use our sample business plan created using upmetrics business plan software to start writing your business plan in no time.

Before you start writing your business plan for your new furniture store business, spend as much time as you can reading through some examples of retail and online store business plans .

Reading sample business plans will give you a good idea of what you’re aiming for and also it will show you the different sections that different entrepreneurs include and the language they use to write about themselves and their business plans.

We have created this sample furniture store business plan for you to get a good idea about how perfect a business plan should look and what details you will need to include in your stunning business plan.

Furniture Store Business Plan Outline

This is the standard business plan outline which will cover all important sections that you should include in your business plan.

• Business Overview
• Success Factors
• 3 Year profit forecast
• Startup cost
• Funding Required
• Products and services
• Home Office
• Small Office Managers
• Large Office Purchase Managers
• Marketing Share
• Target Market Segment Strategy
• Competition and Buying Patterns
• Competitive Edge
• Marketing Strategy
• Sales Forecast
• Sales Yearly
• Detailed Sales Forecast
• Website Marketing Strategy
• Development Requirements
• Personnel Plan
• Important Assumptions
• Brake-even Analysis
• Profit Yearly
• Gross Margin Yearly
• Projected Cash Flow
• Projected Balance Sheet
• Business Ratios

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After  getting started with Upmetrics , you can copy this sample business plan into your business plan and modify the required information and download your furniture store business plan pdf and doc file . It’s the fastest and easiest way to start writing your business plan.

Download a sample furniture store business plan

Need help writing your business plan from scratch? Here you go;  download our free furniture store business plan pdf  to start.

It’s a modern business plan template specifically designed for your furniture store business. Use the example business plan as a guide for writing your own.

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About the Author

Upmetrics Team

Upmetrics is the #1 business planning software that helps entrepreneurs and business owners create investment-ready business plans using AI. We regularly share business planning insights on our blog. Check out the Upmetrics blog for such interesting reads. Read more

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Furniture Store Business Plan

Planning to start your own furniture business? Here's a sample business plan for a furniture business that you can use as a reference while preparing your own plan. You can also download a free template here to help you build an actionable furniture business plan customized to your needs.

People are always looking for quality furniture that balances style and comfort, whether it's finding the perfect piece for their home or furnishing their office. To no surprise, the furniture industry is booming as a result, offering solutions for every need.

That’s why, now is the ideal time to consider starting your own furniture business. With the global furniture market valued at $516.66 billion in 2022 and expected to grow to $780.43 billion by 2030, the industry is a gold mine.

However, to make your mark in this profitable yet competitive space, a well-thought-out business plan is essential.

But how do you create one?

Dive into this business plan template that will walk you through the essential steps to building a strong and effective furniture store business plan .

But first...

Why do you need a furniture store business plan?

Whether you’re an established furniture maker aiming to grow your brand or a newcomer looking to enter the market, a well-structured business plan is vital.

A furniture business plan is more than just a formal document; it’s a strategic guide for building, managing, and scaling your furniture business.

Here are some key reasons why you need a furniture business plan:

• It defines your business objectives, target customers, ownership structure, and marketing strategies to help ensure long-term success.
• It attracts potential investors or lenders by presenting how your business will generate revenue and sustain profitability.
• It helps you set SMART goals (specific, measurable, achievable, relevant, and time-bound), monitor progress, and adjust strategies as necessary.
• It allows you to showcase your unique value proposition and differentiate your products from competitors.
• It provides a structured framework for making informed decisions, whether expanding product lines, entering new markets, or adjusting pricing strategies .

Ultimately, a furniture business plan serves as a comprehensive blueprint that guides your business through every stage of growth and success.

How to write a profitable furniture store business plan?

When writing a furniture business plan, it’s essential to cover all the critical elements that will help guide the success of your business. Here’s a detailed outline of what to include:

1) Executive summary

The executive summary provides a concise overview of your furniture business plan, creating a positive first impression for potential investors or stakeholders. Although this section appears at the beginning, it's best to write it last to summarize the key points from the rest of your plan.

Key points to include in your executive summary:

• Business name, location, and concept: Define what sets your furniture business apart.
• Ownership structure: Specify who owns and runs the business.
• Mission and vision statements: Share your brand’s purpose and long-term vision.
• Unique value proposition: Highlight what differentiates your furniture products from competitors.
• Business goals and objectives: Outline your short-term and long-term goals.
• Financial overview: Include a brief snapshot of financial forecasts, including expected revenue and profitability.

Make this section simple, concise, and jargon-free, aiming to cover the essence of your business in 1-2 pages .

2) Business overview

The business overview section of your furniture business plan provides a comprehensive look at your business, from its foundational elements to future aspirations. This is where you can showcase your vision and provide a clear picture of what your furniture business is all about.

Here are the key components to include in this section:

• Business concept and product lines
• Founders and key partners
• Business history
• Key achievements

This section gives potential investors and partners an in-depth understanding of your business concept and future direction. Be clear, specific, and engaging to make your business stand out.

3) Market analysis

The market analysis section of your furniture business plan offers a detailed understanding of the furniture industry, its trends, and your target audience. Here are the key components to include in your market analysis:

• An introduction to the furniture business, recent important developments in the Industry such as the growing market for sustainable furniture, increasing online purchases, etc.
• Specify the size of the global and local furniture market at present and future. A global furniture market size is $516.66 billion in 2022 and expected to be $780.43 billion by 2030
• From homeowners and businesses to millennials in search of modern furniture—you must define your ideal customers. Tell them who they are, how they buy, and what they like.
• Analyze the competitive landscape by identifying both direct competitors (other furniture manufacturers or retailers) and indirect competitors (DIY furniture options or import brands). Compare their strengths and weaknesses.
• Conduct a SWOT analysis to highlight your furniture business’s strengths, weaknesses, opportunities, and threats. This will show investors that you’re aware of your position and the challenges you may face.

Here is the sample SWOT analysis:

Also, consider developing a buyer persona to understand your ideal customer's needs and preferences. For example, your target persona could be a young professional seeking stylish yet affordable furniture that compliments small living spaces.

4) Sales and marketing plan

Your sales and marketing plan outlines how you’ll promote your furniture business, generate sales, and grow your customer base.

So make sure to include the following strategies (if applicable) in your business plan:

• Promoting your furniture on social media to showcase your designs.
• Participating in local furniture fairs to let customers experience your products.
• Engaging in direct sales or collaborate with local retailers to expand your reach.
• Developing an SEO-friendly website to attract online buyers. Partner with influencers or interior designers for more visibility.
• Advertising in local newspapers or magazines to attract regional customers.
• Offering special discounts, loyalty programs, and seasonal promotions to encourage repeat purchases and attract new customers.

5) Products and service offerings

This section explains what your furniture business offers and how it meets your customers' needs.

Start with a clear description of your main furniture products, including their benefits, unique features, and the value they provide. List the different types of furniture you plan to offer, such as:

• Living room furniture
• Office furniture
• Outdoor furniture
• Custom-made pieces
• Eco-friendly collections

Also, mention any additional products (home decor items, accessories) or services (customization, delivery, assembly) that you plan to offer.

If available, include product images or design mockups to make your plan more engaging.

7) Management team

A skilled and experienced management team is crucial to the success of your furniture business. It shows how the company will be led, how tasks will be managed, and how the team will collaborate to achieve business goals.

In this section, introduce your key team members, such as the founder, production manager, operations executive, and sales director. Briefly describe their experience and specific roles within the company.

Finally, present your organizational structure, outlining how responsibilities are divided and how each team member contributes to the overall success of the business.

Organizational structure

The organizational structure of the furniture business defines how roles and responsibilities are allocated. Here’s a simple representation:

8) Financial plan

The financial plan is a crucial part of your furniture business plan as it provides a detailed view of your financial health and sustainability.

This section includes several financial statements and projections, typically broken down monthly or quarterly. It outlines how your furniture business will achieve its financial goals in the coming years.

Your financial plan should cover:

• Startup costs
• Sales and revenue forecasts
• Operating expenses
• Profit and loss statement
• Cash flow projections
• Balance sheets
• Break-even analysis

Additionally, summarize any sensitivity analyses for different scenarios, and clearly state how much funding you need and how you plan to use it.

Here’s an example of a few financial projections that you may refer to create yours:

Assumptions:

1. Revenue: The furniture business sells 500 units in the first year, increasing by 20% per year.

• Average price per unit: $500
• Revenue growth rate: 20% per year

2. Cost of Goods Sold (COGS): The cost to produce one unit is 60% of the sales price.

3. Operating Expenses:

• Rent: $24,000 annually (fixed)
• Salaries: $100,000 in year 1, increasing by 5% each year.
• Utilities and other expenses: $15,000 annually.
• Marketing expenses: 5% of total revenue.

4. Initial Investment: $200,000.

5. Loan: No loan is assumed in this scenario.

6. Depreciation: $5,000 per year (for equipment and furniture).

7. Tax rate: 25%.

8. Inventory growth: Inventory increases by 10% annually to support business growth.

Income Statement (Year 1-3)

Balance sheet (end of year 1-3), cash flow statement (year 1-3), download the furniture store business plan template.

Ready to start drafting your own furniture business plan but need some help? No worries! Here’s our furniture store business plan PDF , a template to get you started.

This advanced template is designed specifically for entrepreneurs in the furniture industry who need extra guidance in business planning. You can import the data into your editor and easily customize it to fit your unique business needs.

Now that you have a clear understanding of the key sections in a furniture business plan and how to craft them, this will make it easier for you to develop a comprehensive plan tailored to your business.

However, if you're unsure about presenting your plan or need extra guidance, consider using Bizplanr . It’s an AI-powered business plan generator that can help you draft an actionable furniture business plan efficiently and effectively.

So, don't wait any longer—start planning your furniture business today!

Get Your Business Plan Ready In Minutes

Answer a few questions, and AI will generate a detailed business plan.

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Frequently Asked Questions

What are the key components of a furniture store business plan?

Key components of a  furniture store business plan:

• Executive summary
• Business description
• Industry and Market Overview
• Competitive analysis
• Sales and marketing plan
• Products or services
• Leadership team
• Funding request
• Financial projections

What should be included in the financial projections of my business plan?

In the furniture business plan, you should consider including the following key financial projections:

• Revenue projections
• Cash flow estimates
• Balance sheet
• Funding requirements

Do I need a business plan for a furniture company?

Yes, a business plan is crucial for a furniture company as it helps you clearly outline your business goals, define your product offerings, and organize your operations. A well-structured plan provides a roadmap for growth, guiding your business through different stages of development.

A business plan also becomes critical if you’re seeking funding or investment. Banks and investors need a far more detailed plan that includes financial projections, market research, as well as your strategy. Moreover, it lets you track progress, stay focused, and ensure data-driven decisions as your furniture business grows!

As the founder and CEO of Upmetrics, Vinay Kevadiya has over 12 years of experience in business planning. He provides valuable insights to help entrepreneurs build and manage successful business plans.

Follow Vinay Kevadiya

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Furniture Store Business Plan Template

🛋️ dr. paul's furniture store business plan template 🏠.

Design a Solid Foundation for Your Furniture Business with Our Customized Business Plan Template!

📄 Overview of the Furniture Store Business Plan Template by Dr. Paul Borosky, MBA.

Introducing our Furniture Store Business Plan Template, an essential tool for entrepreneurs aiming to venture into or expand within the furniture retail sector. This comprehensive template is specifically tailored to the nuances of the furniture store industry, blending retail insights with strategic business planning.

🌟 Features of the Template

• Word Document Template A versatile, editable template that can be customized to align with your specific furniture store's vision and strategy.
• Executive Summary A succinct and engaging overview of your business plan, crucial for capturing the interest of potential investors and partners.
• Company Description A detailed section to define your furniture store's concept, mission, and unique selling points within the specialty furniture market.
• Specialty Furniture Store Industry Analysis (INCLUDED!) An analysis of the specialty furniture store sector, providing insights into market trends, consumer behaviors, and competitive dynamics.
• Organizational Structure A clear depiction of your store’s internal organization and the management framework.
• Marketing Strategies Tailored marketing plans designed specifically for the furniture retail industry, aimed at attracting and retaining customers.
• Funding Request Expert guidance on formulating a persuasive funding proposal to secure the necessary investment for your store.
• 12-month profit and loss statement.
• 5-year pro forma income statement.
• A basic, customizable Excel File.
• Flexibility to adjust revenues, costs, and staffing.
• Detailed 12-month Profit and Loss.
• 5-Year Annual Projections.

🛠️ Tailored for Your Retail Ambitions

Our template is crafted to offer maximum flexibility, enabling you to adjust every aspect to fit the specific needs of your furniture store. With our user-friendly Excel model, you can efficiently manage your finances, adapting to changes in the retail landscape.

🏢 Build a Thriving Furniture Store

Embark on your furniture retail journey with a comprehensive and strategic plan. Our Furniture Store Business Plan Template is more than a document; it's a blueprint for success in the world of furniture retail.

📥 Ready to Furnish Your Business Dreams?

Take the first step towards building your furniture store empire. Click HERE to access this vital planning tool and start crafting your business's future.

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All of our business plans come with FREE business plan writing tutorials.  Business plan writing tutorials range from customizing your executive summary section to using our proprietary financial model!!

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"Free" Business Plan Templates

• Pretty Cool - Business Plan Structure
• Excellent - Industry-Related Research
• Awesome - Customized Financial Projections for your Industry
• Even MORE Awesome -Template Written by Paul Borosky, MBA.
• - Fill-in-the-highlighted-areas Format
• - Completed Pricing Strategy
• - SWOT Analysis Completed
• - Organizational Chart
• - Funding Request Section
• - Step-by-Step Tutorial for Business Plan Doc.
• - Step-by-Step Tutorial for Financial Projections Model

Quality Business Plan Templates

• Excellent - Industry-Related Research ($100 value)
• Awesome - Customized Financial Projections for your Industry ($300 value)
• Even MORE Awesome - Template Written by Paul Borosky, MBA.
• Plus... - Fill-in-the-highlighted-areas Format
• Plus... - Completed Pricing Strategy
• Plus... - SWOT Analysis Completed
• Plus... - Organizational Chart... Done!
• Plus... - Funding Request Section... Yes!
• Plus... - Step-by-Step Tutorial for Business Plan Doc.
• Plus... - Step-by-Step Tutorial for Financial Projections Model

Furniture Store Business Plan Templates Include:

• Executive Summary
• Company Description
• Specialty Furniture Store Industry Analysis INCLUDED!
• Organizational Structure.
• Funding Request
• 12-month profit and loss statement
• 5-year pro forma income statement
• Basic customizable Excel File
• Ability to change revenues, costs, and labor.
• 12 Profit and Loss
• 5 Yr Annual Projections.

Instructional Video by Dr. Paul, MBA:

Retail Store Word doc Tutorial

Retail Store Excel Financial Model Tutorial

Three Pillars of Prosperity with Our Furniture Store Business Plan Template

Are you ready to transform your furniture store vision into a reality? Our Furniture Store Business Plan Template is the cornerstone you need for a robust business launch. With this template, you can lay a strong foundation, navigate through the financial thicket, and construct a profitable business without the frustration of missing pieces. Here are three compelling reasons to choose our template for your furniture empire.

Construct on a Concrete Foundation: Sturdy Strategies from the Ground Up

Imagine assembling a bookcase without a guide—every piece feels precarious. That's a business without a plan—unstable and risky. Our Furniture Store Business Plan Template is the missing manual, providing step-by-step guidance to ensure your business structure is as solid as oak. No more guessing games or unstable beginnings. With our blueprint, your path will be clear and your base robust, ready to support the weight of your business aspirations. Secure your future on a foundation that's built to last and watch as your business stands tall and unwavering.

Tailor Your Financial Fit: Precision Planning for Fiscal Flourish

Navigating your store's finances without a plan can feel like threading a needle in the dark. Our template is the guiding light, offering sharp financial insights to cut through complexity. It's the difference between a patchwork quilt and a finely woven tapestry. Envision your financial projections and marketing strategies as perfectly aligned as the joints in artisanal woodwork. With our plan, your financial roadmap will be cushioned with clarity and precision. Elevate your aspirations from the flimsy fabric of uncertainty to the resilience of a financial plan that supports every step towards success.

Assemble Your Empire: Seamless Strategy, No Tools Required

Forget the frustration of confusing manuals and elusive Allen keys. Our Furniture Store Business Plan Template aligns every piece of your business puzzle without the sweat and tears. It's the equivalent of snapping together a stunning display cabinet—no extra screws, no hassle. We provide a streamlined process that ensures your business model is as sturdy and elegant as a handcrafted armoire. Embrace the ease of a template that brings together your vision with the finesse of expert craftsmanship. With our template, you're not just building a business—you're crafting a legacy.

Our Furniture Store Business Plan Template is a toolkit for the ambitious entrepreneur, a compass for the financially savvy, and a blueprint for the future business mogul. It's not just about avoiding the pitfalls of assembly—it's about constructing a future as timeless as classic furniture design. Choose our template to carve out your niche in the furniture world with confidence and precision. The blueprint to your business's future is one click away—no intricate instructions, just a clear path to success.

Date: 12/23

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Home » Sample Business Plans » Wholesale & Retail

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

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

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

A Sample Furniture Retail Store Business Plan Template

1. industry overview.

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

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

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

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

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

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

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

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

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

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

2. Executive Summary

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

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

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

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

We have a CRM software that will enable us manage a one on one relationship with our customers no matter how large the numbers of our customers’ base may grow to. We will ensure that we get our customers involved in the selection of brands that will be on our store and also when making some business decisions.

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

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

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

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

3. Our Products and Services

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

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

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

4. Our Mission and Vision Statement

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

Our Business Structure

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

Although our furniture retail store business might not be as big as Ashley Furniture Industries, Inc. and Inter IKEA System BV, but will ensure that we put the right structure in place that will support the kind of growth that we have in mind while setting up the business.

We will ensure that we hire people that are qualified, honest, customer centric and are ready to work to help us build a prosperous business that will benefit all the stake holders (the owners, workforce, and customers).

As a matter of fact, profit-sharing arrangement will be made available to all our senior management staff and it will be based on their performance for a period of ten years or more. In view of that, we have decided to hire qualified and competent hands to occupy the following positions;

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

Merchandize Manager

Sales and Marketing Manager

Information Technologist

• Accountants / Cashiers
• Customer Services Executive

5. Job Roles and Responsibilities

Chief Executive Officer – CEO:

• Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results; developing incentives; developing a climate for offering information and opinions; providing educational opportunities.
• Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
• Responsible for fixing prices and signing business deals
• Responsible for providing direction for the business
• Responsible for signing checks and documents on behalf of the company
• Evaluates the success of the organization
• Reports to the board

Admin and HR Manager

• Responsible for overseeing the smooth running of HR and administrative tasks for the organization
• Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
• Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
• Updates job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations.
• Enhances department and organization reputation by accepting ownership for accomplishing new and different requests; exploring opportunities to add value to job accomplishments.
• Defines job positions for recruitment and managing interviewing process
• Carries out staff induction for new team members
• Responsible for training, evaluation and assessment of employees
• Responsible for arranging travel, meetings and appointments
• Oversees the smooth running of the daily office activities.

Store Manager:

• Responsible for managing the daily activities in the store
• Ensures that proper records of furniture are kept and warehouse does not run out of products
• Ensures that the store facility is in tip top shape and goods are properly arranged and easy to locate
• Interfaces with third – party suppliers (vendors)
• Controls furniture distribution and supply inventory
• Supervises the workforce in the furniture sales floor.
• Manages vendor relations, market visits, and the ongoing education and development of the organizations’ buying teams
• Helps to ensure consistent quality of furniture are purchased and retailed in good price that will ensure we make good profit
• Responsible for the purchase of furniture for the organizations
• Responsible for planning sales, monitoring inventory, selecting the merchandise, and writing and pricing orders to vendors
• Ensures that the organization operates within stipulated budget.
• Manages external research and coordinate all the internal sources of information to retain the organizations’ best customers and attract new ones
• Models demographic information and analyze the volumes of transactional data generated by customer purchases
• Identify, prioritize, and reach out to new partners, and business opportunities et al
• Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects; assures the completion of development projects.
• Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
• Develops, executes and evaluates new plans for expanding increase sales
• Documents all customer contact and information
• Represents the company in strategic meetings
• Helps to increase sales and growth for the company
• Manages the organization website
• Handles ecommerce aspect of the business
• Responsible for installing and maintenance of computer software and hardware for the organization
• Manages logistics and supply chain software, Web servers, e-commerce software and POS (point of sale) systems
• Manages the organization’s CCTV
• Handles any other technological and IT related duties.

Accountant / Cashier:

• Responsible for preparing financial reports, budgets, and financial statements for the organization
• Provides managements with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
• Responsible for financial forecasting and risks analysis.
• Performs cash management, general ledger accounting, and financial reporting
• Responsible for developing and managing financial systems and policies
• Responsible for administering payrolls
• Ensuring compliance with taxation legislation
• Handles all financial transactions for the organization
• Serves as internal auditor for the organization

Client Service Executive

• Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
• Through interaction with customers on the phone, uses every opportunity to build client’s interest in the company’s products and services
• Manages administrative duties assigned by the human resources and admin manager in an effective and timely manner
• Consistently stays abreast of any new information on the organizations’ products, promotional campaigns etc. to ensure accurate and helpful information is supplied to customers when they make enquiries
• Responsible for cleaning all the furniture and the store facility at all times
• Ensures that toiletries and supplies don’t run out of stock
• Cleans both the interior and exterior of the store facility
• Handles any other duty as assigned by the store manager.

6. SWOT Analysis

Our intention of starting just one outlet of our furniture retail store in Oklahoma City – Oklahoma is to test run the business for a period of 2 to 5 years to know if we will invest more money, expand the business and then open other outlets all over major towns in Oklahoma and key cities in the United States and Canada.

We are quite aware that there are several furniture retail stores all over Oklahoma City and even in the same location where we intend locating ours, which is why we are following the due process of establishing a business. We know that if a proper SWOT analysis is conducted for our business, we will be able to position our business to maximize our strength, leverage on the opportunities that will be available to us, mitigate our risks and be welled equipped to confront our threats.

Lord Gabby™ Furniture Store, Inc. employed the services of an expert HR and Business Analyst with bias in retailing to help us conduct a thorough SWOT analysis and to help us create a Business model that will help us achieve our business goals and objectives. This is the summary of the SWOT analysis that was conducted for Lord Gabby™ Furniture Store, Inc.;

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

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

• Opportunities:

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

We have been able to conduct thorough feasibility studies and market survey and we know what our potential clients will be looking for when they visit our furniture store outlets; we are well positioned to take on the opportunities that will come our way.

Just like any other business, one of the major threats that we are likely going to face is economic downturn. It is a fact that economic downturn affects purchasing / spending power. Another threat that may likely confront us is the arrival of a new furniture retail outlet in same location where ours is located. So also, unfavorable government policies may also pose a threat for businesses such as ours.

7. MARKET ANALYSIS

• Market Trends

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

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

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

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

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

8. Our Target Market

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

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

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

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

Our Competitive Advantage

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

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

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

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

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

Our excellent customer service culture, online store, various payment options and highly secured facility will serve as a competitive advantage for us.

Lastly, our employees will be well taken care of, and their welfare package will be among the best within our category (startups furniture retail stores) in the industry meaning that they will be more than willing to build the business with us and help deliver our set goals and achieve all our aims and objectives. We will also give good working conditions and commissions to freelance sales agents that we will recruit from time to time.

9. SALES AND MARKETING STRATEGY

• Sources of Income

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

10. Sales Forecast

One thing is certain when it comes to furniture retail stores, if your store is well stocked with various types of home and office furniture and centrally positioned, you will always attract customers cum sales and that will sure translate to increase in revenue generation for the business.

We are well positioned to take on the available market in Oklahoma City – Oklahoma and we are quite optimistic that we will meet our set target of generating enough income / profits from the first six month of operations and grow the business and our clientele base.

We have been able to critically examine the furniture retail stores industry and we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The sales projection is based on information gathered on the field and some assumptions that are peculiar to startups in Oklahoma City, Oklahoma.

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

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

N.B : This projection is done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and there won’t be any major competitor retailing same furniture products and customer care services as we do within same location. Please note that the above projection might be lower and at the same time it might be higher.

• Marketing Strategy and Sales Strategy

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

We hired experts who have good understanding of the furniture retail stores industry to help us develop marketing strategies that will help us achieve our business goal of winning a larger percentage of the available market in Oklahoma City – Oklahoma.

In order to continue to be in business and grow, we must continue to sell the furniture that are available in our store which is why we will go all out to empower or sales and marketing team to deliver. In summary, Lord Gabby™ Furniture Store, Inc. will adopt the following sales and marketing approach to win customers over;

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

11. Publicity and Advertising Strategy

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

Lord Gabby™ Furniture Store, Inc. has a long term plan of opening outlets in various locations all around Oklahoma and key cities in the United States and Canada which is why we will deliberately build our brand to be well accepted in Oklahoma City before venturing out.

As a matter of fact, our publicity and advertising strategy is not solely for winning customers over but to effectively communicate our brand. Here are the platforms we intend leveraging on to promote and advertise Lord Gabby™ Furniture Store, Inc.;

• Place adverts on community based newspapers, radio stations and TV stations.
• Encourage the use of word of mouth publicity from our loyal customers
• Leverage on the internet and social media platforms like; YouTube, Instagram, Facebook ,Twitter, LinkedIn, Snapchat, Badoo, Google+  and other platforms to promote our business.
• Ensure that our we position our banners and billboards in strategic positions all around Oklahoma City – Oklahoma
• Distribute our fliers and handbills in target areas in and around our neighborhood
• Contact corporate organizations, households, landlord associations and schools by calling them up and informing them of Lord Gabby™ Furniture Store, Inc. and the products we sell
• Advertise our furniture store business in our official website and employ strategies that will help us pull traffic to the site
• Brand all our official cars and trucks and ensure that all our staff members and management staff wears our branded shirt or cap at regular intervals.

12. Our Pricing Strategy

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

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

• Payment Options

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

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

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

13. Startup Expenditure (Budget)

In setting up any business, the amount or cost will depend on the approach and scale you want to undertake. If you intend to go big by renting / leasing a big facility, then you would need a good amount of capital as you would need to ensure that your employees are well taken care of, and that your facility is conducive enough for workers to be creative and productive.

This means that the start-up can either be low or high depending on your goals, vision and aspirations for your business. The tools and equipment that will be used are nearly the same cost everywhere, and any difference in prices would be minimal and can be overlooked.

As for the detailed cost analysis for starting a furniture store business; it might differ in other countries due to the value of their money. This is the key areas where we will spend our start – up capital;

• The Total Fee for Registering the Business in Oklahoma City – Oklahoma – $750.
• Legal expenses for obtaining licenses and permits as well as the accounting services (software, P.O.S machines and other software) – $3,300.
• Marketing promotion expenses for the grand opening of Lord Gabby™ Furniture Store, Inc. in the amount of $3,500 and as well as flyer printing (2,000 flyers at $0.04 per copy) for the total amount of $3,580.
• Cost for hiring Business Consultant – $2,500.
• Insurance (general liability, workers’ compensation and property casualty) coverage at a total premium – $2,400.
• Cost for payment of rent for 12 month at $1.76 per square feet in the total amount of $105,600.
• Cost for Shop remodeling (construction of racks and shelves) – $20,000.
• Other start-up expenses including stationery ( $500 ) and phone and utility deposits ( $2,500 ).
• Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $60,000
• The cost for Start-up inventory (stocking with a wide range of home and office furniture) – $250,000
• The cost for counter area equipment – $9,500
• Cost for store equipment (cash register, security, ventilation, signage) – $13,750
• Cost of purchase and installation of CCTVs: $10,000
• The cost for the purchase of office furniture and gadgets (Computers, Printers, Telephone, TVs, Sound System, tables and chairs et al): $4,000.
• The cost of launching a Website: $600
• The cost for our opening party: $7,000
• Miscellaneous: $10,000

We would need an estimate of $750,000 to successfully set up our furniture retail store in Oklahoma City – Oklahoma. Please note that this amount includes the salaries of all the staff for the first month of operation.

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

Lord Gabby™ Furniture Store, Inc. is a private business that is solely owned and financed by Lord Gabby Marcus and his immediate family members. We do not intend to welcome any external business partner, which is why he has decided to restrict the sourcing of the start – up capital to 3 major sources.

These are the areas we intend generating our start – up capital;

• Generate part of the start – up capital from personal savings
• Source for soft loans from family members and friends
• Apply for loan from my Bank

N.B: We have been able to generate about $250,000 ( Personal savings $200,000 and soft loan from family members $50,000 ) and we are at the final stages of obtaining a loan facility of $500,000 from our bank. All the papers and document have been signed and submitted, the loan has been approved and any moment from now our account will be credited with the amount.

14. Sustainability and Expansion Strategy

The future of a business lies in the numbers of loyal customers that they have the capacity and competence of the employees, their investment strategy and the business structure. If all of these factors are missing from a business (company), then it won’t be too long before the business close shop.

One of our major goals of starting Lord Gabby™ Furniture Store, Inc. is to build a business that will survive off its own cash flow without the need of injecting finance from external sources once the business is officially running.

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

Lord Gabby™ Furniture Store, Inc. will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare is well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and re – training of our workforce is at the top burner.

As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of six years or more. We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.

Check List / Milestone

• Business Name Availability Check:>Completed
• Business Registration: Completed
• Opening of Corporate Bank Accounts: Completed
• Securing Point of Sales (POS) Machines: Completed
• Opening Mobile Money Accounts: Completed
• Opening Online Payment Platforms: Completed
• Application and Obtaining Tax Payer’s ID: In Progress
• Application for business license and permit: Completed
• Purchase of Insurance for the Business: Completed
• Leasing of facility and remodeling the shop: In Progress
• Conducting Feasibility Studies: Completed
• Generating capital from family members: Completed
• Applications for Loan from the bank: In Progress
• Writing of Business Plan: Completed
• Drafting of Employee’s Handbook: Completed
• Drafting of Contract Documents and other relevant Legal Documents: In Progress
• Design of The Company’s Logo: Completed
• Graphic Designs and Printing of Packaging Marketing / Promotional Materials: In Progress
• Recruitment of employees: In Progress
• Purchase of the Needed furniture, racks, shelves, computers, electronic appliances, office appliances and CCTV: In Progress
• Creating Official Website for the Company: In Progress
• Creating Awareness for the business both online and around the community: In Progress
• Health and Safety and Fire Safety Arrangement (License): Secured
• Opening party / launching party planning: In Progress
• Compilation of our list of products that will be available in our store: Completed
• Establishing business relationship with vendors – manufacturers and suppliers of home and office furniture: In Progress

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