furniture retail store business plan

Furniture Store Business Plan [Sample Template]

By: Author Tony Martins Ajaero

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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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How to write a business plan for your furniture retail shop.

Starting a furniture shop is a great way to capitalize on the ever-growing demand for quality, stylish furniture.

It also offers a great opportunity to build relationships with customers by providing them with personalized service and advice.

Don't start without having built a business plan though.

A business plan is essential for any new project, as it helps to provide clarity and direction by outlining the objectives, strategies, and financials of the venture. Developing a business plan before launching a furniture shop can help to ensure its success.

In short, a good business plan will help ensure the profitability of your furniture retail business .

What should be included in the business plan of a furniture shop? What's the ideal arrangement for the structure? What are the key financial ratios to consider? What techniques can I use to simplify the task of writing a business plan?

Exciting news! The forthcoming article holds all the answers to these questions!

Also, please note that starting your business plan from scratch is not mandatory.

Instead, you can download our business plan for a furniture shop and modify it to meet your specifications.

How to craft an elaborate business plan for a furniture shop

Will a business plan be beneficial for your furniture retail store business.

Yes, you should create a business plan to help guide your furniture retail store business.

Crafting a well-structured business plan will help you to:

• get familiar with the furniture retail store market
• catch up with the new industry developments
• pinpoint what makes a furniture shop successful
• understand the furniture styles, material preferences, and home decor needs of customers
• come up with a winning value proposition for your home furnishings store
• monitor competitor activities and tactics
• find competitive advantages for your furniture retail store business
• find a business model that will lead to a positive bottom line
• craft and execute a winning strategy that encompasses short and long-term objectives
• assess potential risks involved in operating a furniture retail store, such as inventory management, customer satisfaction, and market competition

Our team has drafted a business plan for a furniture shop that is designed to make it easier for you to achieve all the elements listed.

How to structure a business plan for a furniture shop?

Your business plan encompasses plenty of useful information and details. It needs to be organized so that it can be easily read and understood.

When we built and designed our business plan for a furniture shop , we took care to arrange it appropriately.

There are 5 separate sections (Opportunity, Project, Market Research, Strategy and Finances).

1. Market Opportunity

The section at the beginning is called "Market Opportunity."

Our team has compiled vital data and metrics about the furniture retail store business, providing insights and trends for entrepreneurs in the home furnishing industry.

We constantly update all the data to ensure freshness.

2. Project Presentation

In the "Project" section, you can describe your furniture retail store business, including the range of furniture styles and categories you offer, quality craftsmanship, sustainable sourcing practices, personalized design assistance, delivery and assembly services, and the unique value proposition that creates stylish and functional living spaces for customers.

Also, provide a self-introduction at the end of this section.

Discuss your understanding of the furniture industry, your ability to curate stylish and high-quality furniture collections, and how you plan to create a delightful shopping experience for customers. Highlight your commitment to offering diverse furniture options, your expertise in interior design and space planning, and your dedication to exceptional customer service that helps customers find the perfect pieces to enhance their homes or spaces.

We've written descriptions for you. You can keep them as is or customize them to match your business idea perfectly.

3. Market Research

Moving on, there's the "Market Research" section.

This section describes the target audience for your furniture retail store business.

It includes a comprehensive analysis of competitors in the furniture industry and emphasizes your store's unique furniture selections and competitive advantages.

A tailored SWOT analysis is provided as well.

4. Strategy

In the "Strategy" section, you will find a detailed growth plan for your furniture retail store business, outlining all the necessary steps and initiatives to ensure its high profitability.

Additionally, this section encompasses a comprehensive marketing plan for a furniture shop, a strategy to handle risks, and a filled-in Business Model Canvas.

5. Finances

Ultimately, the "Finances" section provides a comprehensive view of the financial aspects and metrics of your project.

How to draft an Executive Summary for a furniture shop?

The Executive Summary provides an initial glimpse into the business plan of your furniture retail store business.

Don't go beyond 2 pages; emphasize only the significant points.

This document is meant to get the reader interested in your business plan.

In the Executive Summary of your furniture retail store business, address the following queries: what types of furniture do you sell in your retail store? who is your target market? who are your competitors in the furniture industry? how do you differentiate from them? what is your budget?

How to do the market analysis for a furniture shop?

The market study of your furniture retail store business helps you understand external factors such as customer preferences for furniture styles, competition within the furniture industry, and emerging trends in interior design.

By conducting an extensive market study, a furniture shop can understand consumer preferences, offer a diverse selection of high-quality furniture, optimize pricing strategies, and execute targeted marketing campaigns, ultimately leading to a loyal customer base, increased sales, and a prominent position in the local furniture market.

Here is what what we've put in the "Market Research" section of our business plan for a furniture shop :

• interesting data points and market insights about furniture retail stores, including furniture sales trends, home decor preferences, and the growth of online furniture shopping
• a list of potential customer segments for a furniture shop
• the competitor analysis
• the competitive advantages to build for a furniture shop

The key points of the business plan for a furniture shop

What's the business model of a furniture shop, business model of a furniture shop.

A furniture retail store's business model centers around selling a range of furniture and home decor items to consumers. Revenue is generated through product sales, potentially offering delivery services or interior design consultations.

The business model focuses on curating a stylish and diverse furniture selection, providing a visually appealing store layout, effective marketing and merchandising strategies, knowledgeable sales staff, and building strong customer relationships through exceptional service and product recommendations.

Success depends on understanding customer preferences and interior design trends, establishing relationships with furniture suppliers or manufacturers, maintaining competitive pricing, and creating an engaging and comfortable shopping experience for customers.

Business model vs Business plan

Business plan and "business model" are not interchangeable, so be careful.

A business model outlines the way a company creates value, generates revenue, and operates.

In a business plan, you explain your business model utilizing a tool known as the Business Model Canvas.

Rest assured, we offer a completed Business Model Canvas in business plan for a furniture shop .

How do you identify the market segments of a furniture shop?

Market segmentation for your furniture retail store business involves dividing your potential customers into different groups based on their furniture needs, preferences, and budget.

These categories may include factors such as residential furniture, office furniture, affordable options, or customers seeking specific furniture styles (e.g., modern, traditional, Scandinavian).

By segmenting your market, you can offer a range of furniture products and services that cater to each segment's specific requirements. For example, you might provide a diverse selection of residential furniture for homeowners and renters, offer office furniture solutions for businesses and professional settings, focus on providing affordable furniture options for price-conscious customers, or develop curated collections of furniture in different styles to cater to various design preferences.

Market segmentation allows you to effectively target your marketing efforts, create inviting furniture displays, and provide a satisfying and personalized furniture shopping experience that meets the unique needs and preferences of each customer segment.

In the business plan for a furniture shop , you will find a comprehensive market segmentation that helps you know and understand your customers.

How to conduct a competitor analysis for a furniture shop?

It's clear that you won't be the only furniture retail store business in your market. There are other retailers offering a wide selection of furniture for homes and businesses.

To develop a successful business plan, it is crucial to conduct a thorough analysis of your competitors, assessing their attributes, strengths, and weaknesses.

Take note of their weaknesses (such as limited product range, poor customer service, or inadequate inventory management).

Why is it important to address these concerns? Because these weaknesses can impact the customer experience when shopping at furniture retail stores.

By focusing on these areas, you can offer a wide selection of quality furniture, provide personalized design assistance, and deliver seamless delivery and installation services, establishing your furniture retail store business as a one-stop destination for stylish and functional home furnishings.

It's what we call competitive advantages—develop them to make your business stand out.

Here are some examples of competitive advantages for a furniture shop: diverse selection of high-quality furniture, stylish and contemporary designs, competitive pricing, personalized furniture consultations, efficient delivery and assembly services, customer loyalty programs.

How to draft a SWOT analysis for a furniture store?

A SWOT analysis can help identify strengths, weaknesses, opportunities, and threats in order to better plan and strategize for a successful furniture retail store business.

As you can guess, there is indeed a completed and editable SWOT matrix in our business plan for a furniture shop

The strengths for a furniture shop

The letter "S" denotes Strengths in SWOT, signifying the project's internal advantages or areas of expertise.

For a furniture shop, potential strengths could include an experienced sales team, a wide variety of furniture styles, a convenient location, and competitive pricing.

The weaknesses for a furniture shop

The "W" in this context stands for Weaknesses, which are the parts of the project that could be better.

For a furniture shop, potential weaknesses include high overhead costs, limited customer base, lack of online presence, and difficulty competing with large chain stores.

The opportunities for a furniture shop

The letter "O" in SWOT stands for Opportunities, signifying the potential advantages or favorable conditions for the project.

In the case of a furniture shop, potential opportunities could include offering online sales, partnering with interior designers, developing a loyalty program, and providing rental services.

The threats for a furniture shop

T represents Threats in SWOT, referring to the external factors or circumstances that can pose risks or challenges to the project's goals.

How to elaborate a marketing strategy for a furniture store?

A marketing strategy is a key element of a business plan as it explains how a business will capture customers and achieve sales targets.

Developing an effective marketing plan will help your furniture retail store business reach potential customers in search of stylish and high-quality furniture pieces.

Furniture shoppers won't visit your retail store business without effective promotion; showcasing the quality, style, and affordability of your products is necessary.

Have you considered creative marketing initiatives to promote your furniture retail store business? Organize interior design workshops or seminars, collaborate with local home decor influencers for brand partnerships, and utilize social media platforms to showcase your stylish furniture collections.

No need to worry if you have no understanding of marketing and communication.

How to build a solid financial plan for a furniture store?

A successful business plan requires comprehensive financial data in order to accurately forecast future performance.

When constructing your business plan, it is crucial to incorporate revenue projections for your furniture retail store business.

Potential investors will feel more confident in your business plan if the revenue projections are based on sensible and well-founded assumptions that they can understand.

Our financial plan for a furniture shop is easy to use and includes built-in checks to help you identify and correct any assumptions, ensuring you create reliable projections with confidence.

It goes without saying that you should create a preliminary budget for launching your furniture retail store business. Don't overlook any expense. By the way, we've listed them all in our financial plan!

The break-even analysis is an essential component of your financial plan, as it provides an indication of whether your furniture retail store business will be profitable or not.

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How to write a business plan for a furniture store?

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

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

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

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

Ready? Let’s get started!

In this guide:

Why write a business plan for a furniture store?

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

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

To draw up a roadmap

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

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

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

To keep an eye on future cash flows

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

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

To raise funding

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

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

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

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

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

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

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

Create your furniture business plan online!

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

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

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

Carrying out market research for a furniture store

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

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

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

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

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

Developing the marketing plan for a furniture store

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

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

The staffing and equipment needs of a furniture store

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

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

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

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

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

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

The projected P&L statement

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

The projected balance sheet of your furniture store

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

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

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

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

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

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

The projected cash flow statement

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

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

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

The initial financing plan

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

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

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

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

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

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

1. The executive summary

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

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

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

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

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

2. The presentation of the company

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

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

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

Finally, you should include details about the management team. Discuss the relevant experience and qualifications of each team member as well as any other applicable information about them. 

3. The products and services section

When drafting your business plan for a furniture store, it is important to include an in-depth section on the products and services being offered. 

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

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

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

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

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

4. The market research analysis

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

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

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

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

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

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

5. The strategy section

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

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

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

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

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

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

6. The operations section

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

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

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

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

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

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

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

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

7. The presentation of the financial plan

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Another alternative is to use online business plan software .

There are several advantages to using specialized software:

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

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

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

Also on The Business Plan Shop

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

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

Founder & CEO at The Business Plan Shop Ltd

Guillaume Le Brouster is a seasoned entrepreneur and financier.

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

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

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

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How To Write a Business Plan for Furniture Retail Store in 9 Steps: Checklist

By henry sheykin, resources on furniture store.

• Financial Model
• Business Plan
• Value Proposition
• One-Page Business Plan
• SWOT Analysis
• Business Model
• Marketing Plan

Are you dreaming of opening a furniture retail store? With the growing demand for stylish and high-quality furniture, now is the perfect time to turn your passion into a profitable business. But before you dive in, it's crucial to have a well-crafted business plan that will guide you every step of the way. In this blog post, we will take you through the nine essential steps to writing a business plan for your furniture retail store.

According to recent statistics, the furniture retail industry has been experiencing steady growth, with an annual revenue of over $111 billion in the United States alone. This promising growth trend indicates a high demand for quality furniture, presenting a lucrative opportunity for aspiring entrepreneurs like you.

Now let's dive into the steps you need to take to write an effective business plan for your furniture retail store.

• Conduct Market Research: Understand your target market's preferences, purchasing habits, and trends to identify opportunities and tailor your offerings accordingly.
• Define Your Target Audience: Determine the specific demographics, interests, and needs of the customers you want to attract.
• Identify Your Competitors: Analyze the competition in your area to understand their strengths and weaknesses and find ways to differentiate yourself.
• Determine Your Unique Selling Proposition: Highlight what sets your furniture retail store apart from others, whether it's personalized customization options, top-notch customer service, or exclusive partnerships with designers.
• Develop a Pricing Strategy: Consider factors like customer affordability, competitor pricing, and profit margins to set competitive and sustainable prices for your furniture pieces.
• Analyze Your Operational Needs: Determine your inventory management, staff requirements, and store layout to ensure smooth day-to-day operations.
• Estimate Startup Costs and Create a Budget: Calculate the expenses involved, such as store lease, inventory, equipment, marketing, and staff salaries, and create a detailed budget to help you stay on track.
• Secure Funding Options: Explore different financing options, such as loans, investors, or personal savings, to cover your startup costs and future growth.
• Create a Marketing and Sales Plan: Outline your strategies to attract customers, whether through social media advertising, local partnerships, or word-of-mouth referrals, as well as how you will convert leads into sales.

By following these nine steps, you'll have a comprehensive business plan that will set you up for success in the furniture retail industry. Remember, your business plan is not set in stone and can be adjusted as needed. So, get ready to embark on your entrepreneurial journey and bring stylish furniture to the homes of your customers!

Conduct Market Research

Market research is an essential step in starting a furniture retail store. It involves gathering information about your target market, understanding industry trends, and identifying potential opportunities and challenges. By conducting thorough market research, you can make informed decisions about your business strategy and better position yourself in the market.

Here are some important considerations when conducting market research for your furniture retail store:

• Identify your target audience: Determine the demographics and characteristics of your ideal customers. Consider factors such as age, income, lifestyle, and preferences when defining your target audience.
• Understand industry trends: Stay updated on the latest trends in the furniture industry, including popular styles, materials, and design preferences. This knowledge will help you offer products that are in demand and appeal to your target market.
• Analyze customer needs and preferences: Conduct surveys, interviews, or focus groups to gather insights on what customers look for in furniture, including their preferred features, price range, and purchasing habits.
• Identify your competitors: Research existing furniture retail stores in your area and analyze their offerings, pricing strategies, and customer reviews. This will help you identify gaps in the market and differentiate your store from the competition.
• Evaluate market size and potential: Determine the size of your target market and assess its growth potential. This will help you estimate the demand for your products and make projections for future sales.
• Utilize online resources, such as industry reports, market analysis websites, and social media platforms, to gather market data and insights.
• Visit furniture trade shows and exhibitions to observe current trends and connect with suppliers and manufacturers.
• Consider conducting a pilot test or soft launch to gather feedback from potential customers before fully launching your store.

By conducting comprehensive market research, you will gain valuable knowledge about your target market, competitors, and industry trends. This information will serve as a foundation for developing an effective business strategy and positioning your furniture retail store for success.

Define Your Target Audience

Defining your target audience is a crucial step in creating a successful business plan for your furniture retail store. Knowing who your customers are will allow you to tailor your products and services to meet their specific needs and preferences, ultimately increasing your chances of attracting and retaining loyal customers.

When defining your target audience, consider factors such as demographics, psychographics, and buying behaviors. Demographics include characteristics such as age, gender, income, and location, while psychographics focus on customers' interests, values, and habits. Understand what motivates your customers to buy furniture and how they make purchasing decisions.

Tips for Defining Your Target Audience:

• Research existing customers and analyze their characteristics and preferences.
• Utilize market research tools to gather data on consumer trends and preferences.
• Consider conducting surveys or focus groups to gain additional insights about your target audience.
• Identify any gaps or untapped opportunities in the market that align with your products and services.
• Stay up-to-date with industry trends and changes in consumer behavior to ensure your target audience remains well-defined.

By clearly defining your target audience, you can develop effective marketing strategies, create compelling advertising campaigns, and offer products and services that resonate with your customers. This understanding will also help you refine your brand's messaging and positioning, ensuring your retail store stands out in a competitive market.

Identify Your Competitors

Identifying your competitors is an essential step in creating a successful business plan for your furniture retail store. By understanding who your competitors are and what they offer, you can position your store to stand out in the market and attract customers.

When identifying your competitors, consider both direct and indirect competitors. Direct competitors are other furniture retail stores that offer similar products and target the same customer base as your store. Indirect competitors may include online furniture retailers, home decor stores, or even secondhand furniture sellers. By considering all types of competitors, you can gain a comprehensive understanding of the market landscape and adjust your strategies accordingly.

Here are a few tips to help you identify your competitors:

Online research:

Visit competitors' stores:, talk to customers:, attend trade shows and industry events:, utilize social media:.

Once you have identified your competitors, analyze their strengths and weaknesses. This analysis will help you determine how you can differentiate your furniture retail store and provide unique value to your target audience. Use this information to develop strategies to position your store in the market and attract customers.

Determine Your Unique Selling Proposition

Once you have conducted market research and identified your target audience and competitors, it's crucial to determine your unique selling proposition (USP) for your furniture retail store. Your USP sets you apart from your competitors and helps you attract customers by offering something different or better than what is available in the market. Here are some important factors to consider in determining your USP:

• Quality and Variety: Highlight the high-quality and wide range of furniture pieces you offer in your store. Emphasize the durability and craftsmanship that sets your furniture apart from others.
• Customization Options: Stand out by offering customers the ability to customize their furniture. This could include selecting different styles, fabrics, and colors to create a unique and personalized piece.
• Design Consultation Services: Differentiate yourself by providing design consultation services to assist customers in finding the perfect furniture for their home. Offer expert advice on choosing the right pieces that complement their style and space.
• Convenience: Highlight the convenience factor by offering delivery and installation services. Make the furniture buying experience as easy and hassle-free as possible for your customers.
• Conduct customer surveys to understand what features or benefits they find most valuable in a furniture retail store. Use this feedback to refine and enhance your USP.
• Keep an eye on the latest industry trends and incorporate them into your USP to stay ahead of the competition.
• Consider offering exclusive discounts or promotions to further differentiate your store from others.
• Emphasize exceptional customer service as a part of your USP. Make sure customers feel valued and appreciated throughout their shopping experience.

By determining your unique selling proposition and effectively communicating it to your target audience, you will be able to attract customers and establish a strong presence in the furniture retail market.

Develop A Pricing Strategy

Developing a pricing strategy for your furniture retail store is crucial for both attracting customers and maximizing your profitability. Here are some important steps to consider when developing your pricing strategy:

• Research your target market: Before setting your prices, it's essential to understand the purchasing power and preferences of your target audience. Look into their income levels, spending habits, and what they are willing to pay for quality furniture.
• Analyze competitors' pricing: Take the time to research and analyze the pricing strategies of your competitors. This will give you a better sense of the market benchmark and help you position your prices competitively.
• Determine your costs: Calculate all your costs, including inventory, rent, utilities, salaries, and any other expenses associated with running your furniture retail store. This will help you establish a baseline for setting prices that cover your expenses and ensure profitability.
• Evaluate your value proposition: Consider the unique features and benefits your furniture store offers. Are you providing high-quality, customizable furniture options? Do you offer exceptional customer service? Determine how these factors contribute to the value you provide to customers and adjust your pricing accordingly.
• Establish pricing tiers: Segment your furniture offerings into different price tiers to cater to a variety of customer budgets. This will allow you to target different customer segments and provide options that align with their price expectations.
• Consider discounts and promotions: Decide whether or not to offer discounts or promotions to attract customers and create a sense of urgency. Determine if you can absorb the discount within your profit margins and ensure it doesn't devalue your furniture brand.
• Regularly review and adjust prices: As your business evolves and market dynamics change, it's crucial to regularly review and adjust your prices. Monitor customer feedback, sales performance, and industry trends to stay competitive and maximize profitability.
• Offer bundle pricing: Create attractive packages or bundles that offer a discount when customers purchase multiple furniture pieces together.
• Consider a value-based pricing approach: Instead of solely relying on costs, set prices based on the perceived value your furniture brings to customers' homes.
• Monitor competitor pricing regularly: Keep an eye on your competitors' pricing strategies to ensure your prices remain competitive.

Analyze Your Operational Needs

Before opening your furniture retail store, it is crucial to analyze your operational needs to ensure smooth and efficient business operations. This step involves assessing various aspects of your business, including:

• Inventory Management: Determine how you will manage and track your inventory to ensure you have the right furniture pieces in stock for your customers. Consider investing in reliable inventory management software to streamline this process.
• Supplier Relationships: Establish strong relationships with reliable suppliers who can provide you with high-quality furniture pieces at competitive prices. Conduct thorough research to find suppliers that align with your business goals and values.
• Staffing Needs: Determine the number and type of staff members you will need to effectively run your store. Consider hiring knowledgeable sales associates who can provide excellent customer service and design consultants who can assist customers in finding the perfect furniture pieces.
• Store Layout and Design: Create a functional and visually appealing store layout that allows customers to easily navigate and view the furniture options. Consider the placement of displays, checkout counters, and fitting rooms, if applicable.
• Operating Hours: Decide on your store's operating hours based on your target audience's preferences and habits. Consider offering extended hours on weekends or during busy shopping seasons to accommodate customer needs.
• Delivery and Installation Services: Determine how you will handle the delivery and installation of furniture for your customers. Consider offering these services in-house or partnering with reputable third-party companies to ensure a seamless customer experience.
• Regularly monitor and analyze your inventory to identify popular furniture pieces and adjust your stock accordingly.
• Train your staff to provide expert product knowledge and excellent customer service to enhance the overall shopping experience.
• Continuously evaluate and optimize your store layout to maximize space utilization and create an inviting atmosphere.
• Consider offering additional services such as furniture assembly or furniture customization to attract more customers.

Estimate Startup Costs And Create A Budget

Estimating your startup costs and creating a comprehensive budget is a critical step in starting your furniture retail store. This process will help you determine the amount of funding you will need and ensure that you have enough resources to get your business up and running smoothly. Here are some important considerations to keep in mind:

• 1. Identify your initial costs: Start by identifying all the necessary expenses to launch your furniture retail store. These may include costs such as store lease or purchase, renovations or remodeling, initial inventory, fixtures and displays, technology and equipment, licensing and permits, and professional services fees.
• 2. Research ongoing expenses: Consider the ongoing expenses that you will need to cover on a monthly basis. These may include rent or mortgage payments, utilities, insurance, employee salaries, marketing and advertising costs, inventory replenishment, and maintenance expenses.
• 3. Seek competitive quotes: When estimating your startup costs, it's important to seek competitive quotes from vendors and suppliers. Compare prices and negotiate to get the best possible deals. This will help you keep your costs in check and maximize your budget.
• 4. Allocate contingency funds: It's essential to factor in contingency funds to cover unexpected expenses or emergencies. Aim to set aside around 10-20% of your total startup costs as a contingency reserve. This will provide a safety net and prevent any major financial setbacks.
• 5. Create a detailed budget: Once you have estimated your startup costs and ongoing expenses, create a detailed budget. Break down your costs into different categories, such as marketing, operations, inventory, and staffing. Assign a realistic budget to each category and ensure that your total expenses do not exceed your projected revenue.

Tips for estimating startup costs and creating a budget:

• Research industry benchmarks and average costs to ensure your estimates are accurate.
• Consider seeking guidance from a financial advisor or accountant to help you create a realistic budget.
• Regularly review and update your budget as your business grows and evolves.
• Explore cost-saving measures, such as leasing equipment instead of purchasing or negotiating favorable terms with suppliers.

Estimating your startup costs and creating a budget is a vital part of starting a furniture retail store. It will not only help you secure funding but also enable you to proactively manage your finances and make informed business decisions. By carefully considering all your expenses and creating a comprehensive budget, you'll set yourself up for success in the competitive furniture retail market.

Secure Funding Options

Once you have estimated your startup costs and created a budget for your furniture retail store, the next step is to secure funding options. This is a crucial step in starting your business, as it will determine how you will finance your startup costs and ongoing expenses.

Here are some important funding options to consider:

• Personal Savings: Using your own savings is a common method for funding a new business. It allows you to have full control over your financial decisions and avoids the need for external investors.
• Bank Loans: Approach banks or financial institutions to explore the possibility of obtaining a business loan. Be prepared to provide a detailed business plan and financial projections to demonstrate the viability of your business.
• Investors: Seek out potential investors who may be interested in your furniture retail store concept. This may include friends, family members, or angel investors who believe in your business idea and are willing to provide the necessary funding.
• Crowdfunding: Consider utilizing crowdfunding platforms, such as Kickstarter or Indiegogo, to raise funds from a larger pool of individual contributors who are passionate about supporting businesses like yours.
• Grants and Government Programs: Research and apply for grants and government programs that provide funding specifically for small businesses in the retail sector. These funding options often come with specific eligibility criteria and requirements, so make sure to carefully review the application process.
• Prepare a comprehensive business plan and financial forecast to present to potential investors and lenders. This will help them understand the potential return on investment and the viability of your business.
• Consider seeking expert advice from financial professionals or business consultants to assist you in navigating the funding options available and determining the best fit for your business.
• Be prepared for potential rejections or delays in securing funding. It is common for businesses to face obstacles when seeking funding, so persistence and strategic planning are key.

Securing funding options for your furniture retail store is a critical step in turning your business idea into a reality. By exploring different avenues and choosing the right funding option for your specific needs, you can ensure that you have the necessary resources to successfully launch and operate your store.

Create A Marketing And Sales Plan

Once you have identified your target audience and established your unique selling proposition, it's time to create a comprehensive marketing and sales plan to promote and sell your furniture.

1. Develop a branding strategy: Start by creating a strong and memorable brand identity for your furniture retail store. This includes designing a logo, choosing a color scheme, and developing a brand message that resonates with your target audience.

• Consider hiring a professional graphic designer to create a visually appealing and cohesive brand identity.
• Ensure that your branding is consistent across all marketing materials, including your website, social media profiles, and physical store.

2. Create a marketing plan: Outline the different marketing strategies you will utilize to reach your target audience and promote your furniture store. This may include online marketing tactics such as search engine optimization (SEO), social media marketing, email marketing, and online advertising. It can also include offline marketing strategies like print advertisements, direct mail campaigns, and participating in local events or trade shows.

• Focus on digital marketing channels as they provide a cost-effective way to reach a large audience.
• Leverage social media platforms like Facebook, Instagram, and Pinterest to showcase your furniture pieces and engage with potential customers.
• Consider partnering with local home decor influencers or interior designers to promote your store.

3. Implement a sales strategy: Determine the sales channels and tactics you will employ to sell your furniture. This may include selling through your physical store, launching an e-commerce website, or partnering with other retailers to reach a broader customer base.

• Train your sales team to provide exceptional customer service and product knowledge.
• Offer promotional deals or discounts to incentivize customers to make a purchase.
• Consider implementing a customer loyalty program to encourage repeat business.

4. Measure and analyze results: Regularly track and analyze the effectiveness of your marketing and sales efforts. Monitor key performance indicators such as website traffic, conversion rates, customer feedback, and sales data. Use this data to make data-driven decisions and optimize your marketing and sales strategies.

• Utilize analytics tools like Google Analytics to gain insights into your website performance and user behavior.
• Collect customer feedback through surveys or reviews to understand their preferences and improve your offerings.

By creating a well-thought-out marketing and sales plan, you can effectively promote and sell your high-quality furniture pieces, attract your target audience, and ultimately drive business success.

In conclusion, writing a business plan for a furniture retail store is an essential step in ensuring your success in this competitive industry. By following the 9 steps outlined in this checklist, you can lay a solid foundation for your business and increase your chances of attracting and retaining customers. Remember to conduct thorough market research, identify your target audience, and analyze your competition to develop a unique selling proposition that sets your store apart. Additionally, developing a pricing strategy, estimating startup costs, and securing funding options are crucial for financial success. Finally, creating a comprehensive marketing and sales plan will help you promote your store and generate sales. With proper planning and execution, your furniture retail store can thrive in today's market.

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Furniture Store Business Plan Template

🛋️ furniture store business plan template: crafting your path to retail success 🏠.

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

📄 Overview of the Template

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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"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:

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

How to Start a Furniture Store

Your furniture store may focus on less expensive pieces created by massive factories or cater to an wealthier customer seeking unique designs built specifically for their home or business. Some stores include lighting fixtures, electronics, appliances, and outdoor furniture, and they may offer design services.

Learn how to start your own Furniture Store and whether it is the right fit for you.

Ready to form your LLC? Check out the Top LLC Formation Services .

Start a furniture store by following these 10 steps:

• Plan your Furniture Store
• Form your Furniture Store into a Legal Entity
• Register your Furniture Store for Taxes
• Open a Business Bank Account & Credit Card
• Set up Accounting for your Furniture Store
• Get the Necessary Permits & Licenses for your Furniture Store
• Get Furniture Store Insurance
• Define your Furniture Store Brand
• Create your Furniture Store Website
• Set up your Business Phone System

We have put together this simple guide to starting your furniture store. These steps will ensure that your new business is well planned out, registered properly and legally compliant.

Exploring your options? Check out other small business ideas .

STEP 1: Plan your business

A clear plan is essential for success as an entrepreneur. It will help you map out the specifics of your business and discover some unknowns. A few important topics to consider are:

What will you name your business?

• What are the startup and ongoing costs?
• Who is your target market?

How much can you charge customers?

Luckily we have done a lot of this research for you.

Choosing the right name is important and challenging. If you don’t already have a name in mind, visit our How to Name a Business guide or get help brainstorming a name with our Furniture Store Name Generator

If you operate a sole proprietorship , you might want to operate under a business name other than your own name. Visit our DBA guide to learn more.

When registering a business name , we recommend researching your business name by checking:

• Your state's business records
• Federal and state trademark records
• Social media platforms
• Web domain availability .

It's very important to secure your domain name before someone else does.

Want some help naming your furniture store?

Business name generator, what are the costs involved in opening a furniture store.

Your largest costs for opening a start-up furniture store will be invested in the store front and your display inventory. In order to create the most attractive displays, you need at least 50,000 square feet. You may need a large warehouse in order to deliver furniture in a timely manner to your customers. Your store should be centrally located in order to provide the most convenient service to as many people as possible. Design consultants will garner the highest salaries. Expect to invest between $1 million and $20 million depending on the size and complexity of your furniture store showroom and warehouse.

What are the ongoing expenses for a furniture store?

Payroll will be a significant part of daily expenses for your sales, design, and delivery crews. You will change out your displays twice a year, and that will be a major line item on your annual budget, but some of those pieces can be sold as-is at a later date. You will need to keep some inventory in your warehouse, but most items ship straight from the factory to your customers' homes.

Who is the target market?

Some clients change out their furniture as home fashion changes, ordering a new sofa every few years.Your return clients will generate the most income. At the same time, everybody needs to buy beds, so creating a welcoming environment that appeals to most people is crucial. Colleges and property maintenance companies will purchase large quantities of inexpensive furniture on a regular basis.

How does a furniture store make money?

You will generate income by selling a large quantity of furniture to as many people as possible. You buy the furniture from factories at wholesale prices and sell at a higher price, netting a profit.

Bargain furniture can be priced starting at $50 for an end table. Custom orders of silk upholstered sofas and mahogany dining sets climb up to $10,000. Mid-line pieces tend to average between $1,000 and $2,000.

How much profit can a furniture store make?

While your furniture store can bring in well over $1 million in annual sales, the furniture industry boasts one of the smallest profit margins in the retail industry. Your profit over wholesale will be about 40%. However, most stores anticipate a 2% net profit after operating expenses and payroll is covered. As the business owner, you may enjoy an annual income of between $150,000 and $300,000.

How can you make your business more profitable?

Pre-fabbed furniture is becoming more popular with Americans. The bookcases, tables, and even pull-out sofas are delivered in a flat-pack box and the customer assembles it themselves. The profit margin on pre-fabbed furniture is much higher and costs considerably less to deliver to a customer, increasing your take home pay.

Want a more guided approach? Access TRUiC's free Small Business Startup Guide - a step-by-step course for turning your business idea into reality. Get started today!

STEP 2: Form a legal entity

The most common business structure types are the sole proprietorship , partnership , limited liability company (LLC) , and corporation .

Establishing a legal business entity such as an LLC or corporation protects you from being held personally liable if your furniture store is sued.

Form Your LLC

Read our Guide to Form Your Own LLC

Have a Professional Service Form your LLC for You

Two such reliable services:

You can form an LLC yourself and pay only the minimal state LLC costs or hire one of the Best LLC Services for a small, additional fee.

Recommended: You will need to elect a registered agent for your LLC. LLC formation packages usually include a free year of registered agent services . You can choose to hire a registered agent or act as your own.

STEP 3: Register for taxes

You will need to register for a variety of state and federal taxes before you can open for business.

In order to register for taxes you will need to apply for an EIN. It's really easy and free!

You can acquire your EIN through the IRS website . If you would like to learn more about EINs, read our article, What is an EIN?

There are specific state taxes that might apply to your business. Learn more about state sales tax and franchise taxes in our state sales tax guides.

STEP 4: Open a business bank account & credit card

Using dedicated business banking and credit accounts is essential for personal asset protection.

When your personal and business accounts are mixed, your personal assets (your home, car, and other valuables) are at risk in the event your business is sued. In business law, this is referred to as piercing your corporate veil .

Open a business bank account

Besides being a requirement when applying for business loans, opening a business bank account:

• Separates your personal assets from your company's assets, which is necessary for personal asset protection.
• Makes accounting and tax filing easier.

Recommended: Read our Best Banks for Small Business review to find the best national bank or credit union.

Get a business credit card

Getting a business credit card helps you:

• Separate personal and business expenses by putting your business' expenses all in one place.
• Build your company's credit history , which can be useful to raise money later on.

Recommended: Apply for an easy approval business credit card from BILL and build your business credit quickly.

STEP 5: Set up business accounting

Recording your various expenses and sources of income is critical to understanding the financial performance of your business. Keeping accurate and detailed accounts also greatly simplifies your annual tax filing.

Make LLC accounting easy with our LLC Expenses Cheat Sheet.

STEP 6: Obtain necessary permits and licenses

Failure to acquire necessary permits and licenses can result in hefty fines, or even cause your business to be shut down.

State & Local Business Licensing Requirements

Certain state permits and licenses may be needed to operate a furniture store business. Learn more about licensing requirements in your state by visiting SBA’s reference to state licenses and permits .

Most businesses are required to collect sales tax on the goods or services they provide. To learn more about how sales tax will affect your business, read our article, Sales Tax for Small Businesses .

Certificate of Occupancy

A furniture store business is generally run out of a storefront. Businesses operating out of a physical location typically require a Certificate of Occupancy (CO).  A CO confirms that all building codes, zoning laws and government regulations have been met.

• If you plan to lease a location :
• It is generally the landlord’s responsibility to obtain a CO.
• Before leasing, confirm that your landlord has or can obtain a valid CO that is applicable to a furniture store business.
• After a major renovation, a new CO often needs to be issued. If your place of business will be renovated before opening, it is recommended to include language in your lease agreement stating that lease payments will not commence until a valid CO is issued.
• If you plan to purchase or build a location :
• You will be responsible for obtaining a valid CO from a local government authority.
• Review all building codes and zoning requirements for your business’ location to ensure your furniture store business will be in compliance and able to obtain a CO.

STEP 7: Get business insurance

Just as with licenses and permits, your business needs insurance in order to operate safely and lawfully. Business Insurance protects your company’s financial wellbeing in the event of a covered loss.

There are several types of insurance policies created for different types of businesses with different risks. If you’re unsure of the types of risks that your business may face, begin with General Liability Insurance . This is the most common coverage that small businesses need, so it’s a great place to start for your business.

Another notable insurance policy that many businesses need is Workers’ Compensation Insurance . If your business will have employees, it’s a good chance that your state will require you to carry Workers' Compensation Coverage.

FInd out what types of insurance your Furniture Store needs and how much it will cost you by reading our guide Business Insurance for Furniture Store.

STEP 8: Define your brand

Your brand is what your company stands for, as well as how your business is perceived by the public. A strong brand will help your business stand out from competitors.

If you aren't feeling confident about designing your small business logo, then check out our Design Guides for Beginners , we'll give you helpful tips and advice for creating the best unique logo for your business.

Recommended : Get a logo using Truic's free logo Generator no email or sign up required, or use a Premium Logo Maker .

If you already have a logo, you can also add it to a QR code with our Free QR Code Generator . Choose from 13 QR code types to create a code for your business cards and publications, or to help spread awareness for your new website.

How to promote & market a furniture store

In the early days you will need to focus on drawing new customers into your beautiful showroom. You will need to saturate your local market. Get involved in the local Chamber of Commerce, rent out tables at local fairs, and sign up as a supporter for local charity events. Regular marketing will involve promoting seasonal items such as outdoor furniture in the summer, dining sets for the holidays, and office furniture in the fall. You will need to constantly update your ads and sales.

How to keep customers coming back

Your first customers will come to visit when they think that you will offer a comfortable and fun shopping experience. It isn't everyday that you buy a bed, so when you do it should be something of an occasion. They will come back for the living room set when they received attentive service, a fair price, timely delivery, and a sense that you valued their business.

STEP 9: Create your business website

After defining your brand and creating your logo the next step is to create a website for your business .

While creating a website is an essential step, some may fear that it’s out of their reach because they don’t have any website-building experience. While this may have been a reasonable fear back in 2015, web technology has seen huge advancements in the past few years that makes the lives of small business owners much simpler.

Here are the main reasons why you shouldn’t delay building your website:

• All legitimate businesses have websites - full stop. The size or industry of your business does not matter when it comes to getting your business online.
• Social media accounts like Facebook pages or LinkedIn business profiles are not a replacement for a business website that you own.
• Website builder tools like the GoDaddy Website Builder have made creating a basic website extremely simple. You don’t need to hire a web developer or designer to create a website that you can be proud of.

Recommended : Get started today using our recommended website builder or check out our review of the Best Website Builders .

Other popular website builders are: WordPress , WIX , Weebly , Squarespace , and Shopify .

STEP 10: Set up your business phone system

Getting a phone set up for your business is one of the best ways to help keep your personal life and business life separate and private. That’s not the only benefit; it also helps you make your business more automated, gives your business legitimacy, and makes it easier for potential customers to find and contact you.

There are many services available to entrepreneurs who want to set up a business phone system. We’ve reviewed the top companies and rated them based on price, features, and ease of use. Check out our review of the Best Business Phone Systems 2023 to find the best phone service for your small business.

Recommended Business Phone Service: Phone.com

Phone.com is our top choice for small business phone numbers because of all the features it offers for small businesses and it's fair pricing.

Is this Business Right For You?

If you enjoy the ever changing landscape of home design, working with the public, and enjoy the challenge of building a profitable business, a furniture store may be the right option for you.

Want to know if you are cut out to be an entrepreneur?

Take our Entrepreneurship Quiz to find out!

Entrepreneurship Quiz

What happens during a typical day at a furniture store?

If you operate a furniture store, on any given day you might be expected to:

• Ensure all the furniture displays are spotlessly clean and attractive
• Work with customers to find the right piece of furniture that matches their style and budget
• Review new collections of furniture and decide which ones your store will sell during the next season
• Place orders with furniture factories to meet customer orders or to have "in-stock" for immediate delivery
• Provide a welcoming environment for your shoppers which may include snacks, coffee, or extra entertainment
• Design new displays for incoming furniture collections
• Offer in-home consultations for customers seeking to develop a unified design
• Schedule furniture deliveries for customers

What are some skills and experiences that will help you build a successful furniture store?

The successful furniture store business owner will be able to:

• Select and display popular and beautiful pieces of furniture
• Provide a welcoming and exceptional shopping environment
• Deliver excellent customer service on every single sale
• Train a friendly and knowledgeable sales staff ready to support the shopping experience
• Maintain a good profit margin through use of good business skills
• Establish positive relationships with a variety of furniture manufacturers
• Suggest attractive combinations of furniture, carpeting, lighting, and other design elements for a more personalized experience

What is the growth potential for a furniture store?

The most successful furniture stores don't have unique furniture to sell, but create a shopping experience and atmosphere that encourages their shoppers to linger, test, and discover their favorite item among many options. When you build that unforgettable service experience combined with reasonable prices, it is possible to expand your furniture store into a chain.

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Take the Next Step

Find a business mentor.

One of the greatest resources an entrepreneur can have is quality mentorship. As you start planning your business, connect with a free business resource near you to get the help you need.

Having a support network in place to turn to during tough times is a major factor of success for new business owners.

Learn from other business owners

Want to learn more about starting a business from entrepreneurs themselves? Visit Startup Savant’s startup founder series to gain entrepreneurial insights, lessons, and advice from founders themselves.

Resources to Help Women in Business

There are many resources out there specifically for women entrepreneurs. We’ve gathered necessary and useful information to help you succeed both professionally and personally:

If you’re a woman looking for some guidance in entrepreneurship, check out this great new series Women in Business created by the women of our partner Startup Savant.

What are some insider tips for jump starting a furniture store?

Becoming a popular furniture store relies heavily on your ability to promote its opening as a massive party that happens to feature some great bargains. Make sure to have accounts set up with all your furniture makers such that orders placed will be filled quickly or at least as promised. You will need to do a media blitz using every available outlet to promote your new business. Your opening weeks should include extra sales staff such that no customer walks away without some personalized attention.

How and when to build a team

You will need to start working on building a team as soon as your business plan is accepted by the bank. Your display design team must submit their plans before the building goes up while your marketing team will start promoting your business a good 8-weeks before the doors open. Your sales team will be working with furniture makers six-months ahead of the first orders placed. Your floor sales team will come on board two weeks ahead and delivery can be hired at the last minute.

Useful Links

Industry opportunities.

• Home Furnishings Association
• American Home Furnishing Association
• Franchise Opportunity with Aaron’s

Real World Examples

• Michigan TYNER Furniture
• Atlanta Direct Furniture Modern Home
• Virginia BELFORT Furniture

Further Reading

• Interview with a Successful Business Owner
• Building a Successful Furniture Business from the Ground Up: Hellman-Chang

Have a Question? Leave a Comment!

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Office Furniture Store Business Plan

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

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

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

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

1.1 Mission

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

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

1.2 Keys to Success

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

1.3 Objectives

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

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

2.1 company ownership.

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

2.2 Start-up Summary

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

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

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

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

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

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

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

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

4.1 Market Segmentation

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

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

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4.2 Target Market Segment Strategy

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

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

4.3 Industry Analysis

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

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

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

4.3.1 Competition and Buying Patterns

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

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

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

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

Strategy and Implementation Summary

The primary strategies of WorkChairs are:

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

5.1 Competitive Edge

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

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

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

5.2 Marketing Strategy

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

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

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

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

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

5.3 Sales Strategy

Our sales strategy is broken down into two different areas:

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

5.3.1 Sales Forecast

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

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

5.4 Milestones

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

Web Plan Summary

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

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

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

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

6.1 Website Marketing Strategy

Our overall online marketing strategy falls into the following strategies:

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

6.2 Development Requirements

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

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

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

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

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

7.1 Personnel Plan

Financial plan investor-ready personnel plan .">.

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

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

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

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

8.1 Important Assumptions

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

8.2 Break-even Analysis

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

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

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

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

8.3 Projected Profit and Loss

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

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

8.4 Projected Cash Flow

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

8.5 Projected Balance Sheet

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

8.6 Business Ratios

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

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Moscow-City – The Moscow International Business Center

• 3 years ago

Moscow-City is an iconic location for life and work in Russia’s capital. Enormous skyscrapers, business centers, the best restaurants and retail spaces – all this is concentrated in one place. The ultramodern Moscow-City towers are truly striking in their outward appearance, and the layout of the apartments inside and the fantastic views that can be seen from the higher floors are nothing short of impressive.

This skyscraper compound, often referred to as Moskva-City, is the Russian take on Manhattan, where businessmen strike multi-million dollar deals daily while ordinary life goes on next door. Its state of the art spaces offer the ultimate convenience. The infrastructure of this business district is so well-developed that anyone can find something interesting for themselves here: from residential apartments to boutiques, clubs, exhibitions and more.

When the foundations for the Moscow-City skyscrapers were laid, a special kind of concrete was used, the properties of which are amplified by many times compared to standard concrete. Even in the event of a plane crashing into one of the buildings, the structural integrity of the towers will be preserved.

The architects of the Moscow-City Business Center have created a unique locality that has integrated into itself the hub of the capital’s business life and a whole ensemble of historical monuments. Anyone can admire the beauty of these skyscrapers from within or without the compound. There are also a number of apartments for sale or rent available in the MIBC itself. But first, let’s have a look at some more interesting facts about the financial core of Russia’s capital.

• 1 How It All Began
• 2.1 Moscow-City Central Core
• 2.2 Tower 2000
• 2.3 Evolution Tower
• 2.4 Imperia Tower
• 2.5 Moscow Tower and St. Petersburg Tower
• 2.6 Steel Peak Tower
• 2.7 Federation Tower
• 2.8 Mercury City Tower
• 2.9 OKO Tower Complex
• 3.1 Afimall City Shopping Center
• 3.2 Bagration Bridge
• 3.3 Expocentre Fairgrounds
• 4 Renting and Buying Real Estate in Moscow-City

How It All Began

The history of Moscow-City goes all the way back to 1992. The government of Moscow at the time wanted to bring into existence its own skyscrapers like the ones in London or New York. And the idea caught on. In 1992 the project for the construction of the huge “Moscow-City” MIBC compound was enthusiastically approved, kick-starting the painstaking preparatory works. The original intention was that the skyscrapers would only house office space. However, as time went on, the towers began to welcome in ordinary residents who wanted to live on the territory of this business and finance hub.

Moscow-City is undoubtedly a city within a city. Its grandeur is mind-boggling. It is perfect in every way: from location to infrastructure. And today, anyone can get a feel of the atmosphere of the “capital city” of Russia’s business world – many of the apartments in Moscow-City are available for rent. Any citizen of Russia and even nationals of other countries can make use of these offers.

What It’s Like in 2021

Today Moscow-City is not just a magnificent and fascinating sight, but also a real hub for the work, life and leisure of thousands. Its infrastructure is organized in such a way that there is no need to leave the territory of the “city within a city” at all. This business district contains everything one may need for work and recreation. And if one does decide to venture out into the larger metropolis, the MIBC’s three subway stations make this remarkably simple to do.

Moscow-City stands on the Presnenskaya Embankment . Each of the buildings in the district has a name, which simplifies its identification. Some of the buildings form complexes that are united under one name, such as the Neva Towers and the Naberezhnaya Tower complex of two skyscrapers and one high rise. There are a total of 16 towers in the MIBC, of which the most popular are:

• Moscow-City Central Core;
• Tower 2000;
• Evolution Tower;
• Imperia Tower;
• City of Capitals (Moscow Tower and St. Petersburg Tower);
• Steel Peak Tower;
• Federation Tower;
• Mercury City Tower;
• OKO Tower Complex.

Moscow-City Central Core

This is the most complex building within the MIBC compound. Its total floor area is a whopping 1 476 378 sqft (450 000 m²). It consists of two massive parts, each of which boasts a truly impressive infrastructure. The underground part includes 3 Moscow Metro stations, a parking lot for automobiles and a shopping mall. The aboveground part houses a concert hall and a hotel.

Tower 2000 is a skyscraper having 34 stories. Its total floor area is 200 318 sqft (61 057 m²), most of which is office space. The key feature of this skyscraper is its direct connection to the Bagration Bridge, which has its own shopping arcade. The tower has everything one may need while working here, including a large parking lot and several restaurants.

Evolution Tower

This elegant structure is 836 feet (255 m) high – that’s a whole 54 stories! The total floor area here is 554 462 sqft (169 000 m²). The Evolution Tower’s key feature is that it has its own Wedding Hall. This skyscraper houses large office spaces, a parking lot and several restaurants.

Imperia Tower

MIBC’s Imperia Tower is the undeniable focal point of the MIBC’s business life. Its height is 784 feet (239 m), which means one can hold conferences and resolve key business matters on the 59 th floor! And that really is amazing! The tower has everything: offices, hotels, restaurants and parking lots. But if you want a truly unforgettable experience, visit the viewing platform! It is situated on the 58 th floor and a simply astounding view of Moscow can be seen from it.

Moscow Tower and St. Petersburg Tower

The Moscow and St. Petersburg Towers are the chief representatives of the MIBC. The Moscow Tower has 76 stories and is 990 feet (302 m) high, while the St. Petersburg Tower has 65 stories and stands 843 feet (257 m) tall. Both towers offer fantastic views of the capital city.

Most of the floors of these two skyscrapers are taken up by luxurious sky apartments. There are also several recreational and entertainment centers, office spaces, restaurants, etc.

Steel Peak Tower

Also known as the Eurasia Tower of Moscow-City, this supertall skyscraper has a total of 680 912 sqft (207 542 m²) of floor space. Most of this is taken up by offices, and the rest – by residential quarters (around 65 616 sqft or 20 000 m²). The tower also houses a number of the greatest restaurants, studios and shopping centers.

Federation Tower

The Federation Tower is a complex of two skyscrapers, known as Tower East and Tower West. Tower East is the second highest building in Europe (the first is a skyscraper recently erected in the city of St. Petersburg). Its height is a colossal 1 223 feet (373 m) and that makes 95 stories! Tower West, on the other hand, is noticeably shorter at 794 feet (242 m).

The Federation Tower is a multifunctional complex.

Mercury City Tower

The Mercury City Tower skyscraper is widely known as one of the tallest buildings in Europe. Its height is 1 112 feet (339 m) and it has 75 stories. It is multifunctional by concept, holding within its walls shopping centers, offices and all kinds of other spaces. It is also possible to rent apartments here.

OKO Tower Complex

The OKO Tower Complex consists of two towers – the North Tower (49 stories and 803 ft or 245 m in height) and the South Tower (85 stories and 1 155 ft or 352 m in height).

Each of the MIBC’s tower complexes has its own recreational and entertainment areas, restaurants and parking lots. The top floors of most of these buildings contain luxurious fully-furnished apartments. At night, the towers shine with bright lights, while inside them the panoramic windows reveal astounding views of Moscow. This breathtaking view of the capital of Russia is why visiting Moscow-City is a must!

What Not to Miss

There are many interesting landmarks within the Moscow-City compound, but three of them are truly deserving of special attention:

• The Afimall City Shopping Center;
• The Bagration Bridge with two galleries and a shopping arcade;
• The Expocentre Fairgrounds.

Afimall City Shopping Center

The Afimall City Shopping and Entertainment Center is located in Moscow-City’s Central Core. It is divided into 4 zones, each with its own theme – one for every season of the year. The shopping center houses the biggest indoor fountain found worldwide. The height of this watery wonder is 118 feet or 36 meters.

The shopping and entertainment center contains everything one might expect from one of the largest centers of its kind:

• Retail brand stores;
• Exhibitions;
• Game rooms;
• and Restaurants.

The main recreational space is roofed with a giant transparent dome, which is an impressive sight to behold.

Bagration Bridge

Bagration Bridge with its upper and lower galleries has a shopping center all of its own and was the first structure to be built as part of the Moscow-City business district. Its lower gallery is a shopping arcade and its upper gallery is an open-air viewing platform with a spectacular view of the MIBC and the Moskva River. The hall of the bridge houses the 23 foot tall sculpture called “Tree of Life”. Having gone through the bridge via either one of its two galleries, a pedestrian would find themselves standing right on the Kutuzovsky Prospekt.

Expocentre Fairgrounds

The Expocentre Fairgrounds exhibition venue is located at the very heart of the capital. The first exhibition held at the Expocentre happened all the way back in 1959, much earlier than the MIBC was erected. Today it is the venue of many interesting events.

Exhibitions with very diverse themes are regularly held at this complex. An up-to-date schedule can be found on the official webpage of the Expocentre. The events can be free or fixed-price entry, depending on their type.

Renting and Buying Real Estate in Moscow-City

Moscow-City is not only a work and business hub, but also a residential neighborhood. Any citizen of Russia can rent or buy apartments or elite sky lounges here. The variety of residential real estate available inside the skyscrapers is impressive, including options for any pocket. The following buildings in the MIBC contain residential blocks:

This skyscraper has a mirror glass façade which reflects the passing clouds. Just imagine how beautiful that looks! Anyone can buy an apartment in the Federation Tower. Such properties are not only a good investment, but also a mark of prestige. The average price of residential real estate here is 45 million rubles for an apartment with a total floor area of 334 sqft (102 m²). The average price of a square meter (3.28 square feet) is in the range of 650 to 700 thousand rubles. There are two- and three-room apartments available in the Federation Tower, each with its own loggia. As for rent, the minimum price of one month’s stay in a three-room apartment in this skyscraper is 300 000 rubles per month.

The Mercury City Tower skyscraper welcomes citizens from all parts of Russia. This building is no less tall than the world-famous Dubai skyscrapers. Living in its apartments is a delight. The minimum cost of an apartment in the Mercury City Tower is 75 million rubles. The average price of a square meter (3.28 square feet) is 800 thousand rubles. And for those looking for a lower price point, some of the properties are also available for rent – in this case you will pay a minimum of 250 thousand rubles per month.

The Imperia Tower is a key cluster of interesting offers. The best options for buying and renting apartments within the MIBC can all be found in this skyscraper. The lowest price of a residential apartment here is 40 million rubles. A square meter (3.28 square feet) in a luxurious apartment in the Imperia Tower currently costs 600 thousand rubles, while the price range of the listings available for rent in this skyscraper is from 350 thousand all the way up to 1 million rubles per month.

This complex, standing on a faceted or “crystal” base, is an architectural engineering project boasting spectacular design. Behind its impressive façades is an abundance of penthouses and apartments having floor areas in the range of 262 sqft (80 m²) to 984 sqft (300 m²). The minimum price of an apartment in the OKO Tower Complex is 40 million rubles (the price of a square meter (3.28 square feet) is 500 thousand rubles). You can rent an apartment here starting from 400 thousand rubles per month.

City of Capitals

The City of Capitals is an exemplary architectural complex. Its sum appearance gives the impression of a huge city. Inside its walls are spacious apartments available for purchase and rent. This complex is considered to be especially prestigious. The prices of apartments here start from 50 million rubles, while the minimum cost of renting is 400 thousand rubles per month.

Please note! The price of real estate available for purchase or rent depends on: the tower, the floor, the total floor area, the furnishings and/or interior design, and other factors.

The key advantages of buying/purchasing real estate in Moscow-City are:

• Favorable location;
• Convenient transportation links;
• Well-developed infrastructure;
• High safety level;
• Efficient architecture;
• Panoramic windows.

Buying real estate in Moscow-City is very much a rational decision, most appealing to those who value the ultimate level of comfort. The residential apartments here boast impressive interior design solutions executed in the contemporary style.

Related posts

Property tax in russia, the best international schools in moscow.

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Furniture Store Business Plan Template

Written by Dave Lavinsky

Furniture Store Business Plan Outline

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

Start Your Furniture Store Plan Here

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

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Gluttony suspension lamp by Luis Luna

By retail design blog.

Runway store by CLS Architetti, Ho Chi Minh City – Vietnam

Ralph Lauren store by Michael Neumann Architecture, Moscow

Posted by retail design blog on 2011-11-19.

A new Flagship store for a luxury Retail brand- the First American brand in Russia. First floor – Accessories ; Second floor- Women’s Apparel; Third Floor- Men’s Apparel; Fit Rooms, and cash wraps. Polo Ralph Lauren’s brand is about life-style and aspiration.

The store design is meant to provide the stage set for that life-style, looking more like been granted access to a private mansion-with its attendant public and private rooms -than a store. For this first Flagship in Moscow, the interior was to evoke the luxurious interiors of turn-of-the-century Russia as the setting for an iconic American brand: Anna Karenina meets Ralph Lauren.

This three-level store for Polo Ralph Lauren’s first flagship store in Russia is located in an historic commercial building dating from the 1870’s. Located in Moscow’s city center, it is a short distance from Red Square. Known as ‘Tretyakovsky Passage,’ the building has a sculpted brick fade that is typical of turn of the century Russian buildings, including the red brick fortified walls of the nearby KremlinPalace.

The store fronts on a main thoroughfare, with its primary entrance on one side of an enormous arched portal that leads to an interior passage of additional luxury shops. Half dome awnings over arched display windows and main entry distinguish the Polo brand on the facade. Within the store, architectural details evoke “classic” Russian style, reminiscent of the turn of the century. The ground floor has 14′ high vaulted ceilings adorned with decorative plaster moldings of ropes, wreaths and festoons.

Arched doorways with custom antique silver frames reflect the arched window openings on the fade. The floors are made honed French limestone tiles with black marble insets. Custom display fixtures are detailed with in antique silver. Guests can travel to the two upper floors via a custom wrought iron and glass elevator or a French limestone staircase that wraps around the glass elevator shaft.

The stair has a custom wrought iron and antique silver railing that features motifs of vines and balls. The second floor is devoted to Women’s Collection with millwork of hand-painted white lacquer continuing the lighter, more feminine palette of limestone floors and white ceilings detailed with beams and crystal chandeliers. The third floor, which carries the Men’s Collection, evokes a more masculine feel created by the use of rich millwork of stained and ebonized. Accents of antique silver and leather accent the spaces throughout the store enhancing the exclusive ambience.

What were the principal design problems? Although intended as a commercial building, the existing foot print of this section of the Passage was anything but regular. Years of additions and renovations made for a highly irregular floor plan, with each floor a different footprint. The ground floor was a double height space with an existing storage room mezzanine. The top floor especially was a jumble of additive parts at odd angles, with a very low ceiling.

An additional challenge was that the plan on each floor was split in two by a massive structural wall that ran longitudinally through the space. The wall was punctured with several arched openings of varying widths in different locations on each floor. The client also stipulated that no supply air grilles be visible in the sales spaces.

How were these problems addressed? Ralph Lauren stores done in the traditional style are all about rooms; rooms that look like studies, boudoirs, parlors and great halls. The additive nature of the plan lent itself well to the creation of distinct rooms. Similarly, the longitudinal structural wall became an organizing element in the plan of each floor. Schemes using the arches of the openings were tried and rejected, but the location of the openings determined entrances and exits into rooms. Supply air was delivered in a continuous slot incorporated into the crown moldings of each room.

Designed by Michael Neumann Architecture

http://www.architizer.com/en_us/projects/view/ralph-lauren-tretyakovsky-passage/2354/

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• Moscow International Business Center

Moscow International Business Center: The Latest Architecture and News

Moscow's high rise bohemia: the international business district with no business.

The Moscow International Business Center (Also known as Moskva-City ) was meant to be Russia ’s ticket into the Western world. First conceived in 1992, the district at the edge of Moscow’s city center is intended to contain up to 300,000 inhabitants, employees and visitors at any given moment and, when completed, will house over 4 million square meters of prime retail, hotel and office space to create what the Russian government desired most from this project: an enormous financial district that could dwarf London’s Canary Wharf and challenge Manhattan . Twenty three years later though, Moscow-based real estate company Blackwood estimates that as much as 45% of this new space is entirely vacant and rents have plummeted far below the average for the rest of Moscow. The only press Moskva-City is attracting is for tenants like the High Level Hostel , a hostel catering to backpackers and other asset-poor tourists on the 43rd floor of the Imperia Tower , with prices starting at $25.50 for a bed in a six-person room. This is not the glittering world of western high finance that was envisioned back in the post-Soviet 90s; but what has it become instead?

• Read more »