Business Essential: Creating a Business Plan for a Furniture Shop in UK

Business essential

Table of Contents
2. TASK 1 MANDATORY........................................................................................................3
1. Part A...........................................................................................................................3
2. Part B...........................................................................................................................5
Task 2..............................................................................................................................................5
Task 3..............................................................................................................................................8
Part A.....................................................................................................................................8
Part B.....................................................................................................................................8
TASK 4............................................................................................................................................9
CONCLUSION.............................................................................................................................12

INTRODUCTION
In this contemporary era of business, a large number of organizations are thor-
oughly demanding to combat the increasing level of competition with several need base
measures. One of these measures is to undertake a planned approach to operate a
business with certain pioneering tactics that in turn depicts their creativity as well. This
not only gives them a contending position in the market but together enhances their
brand recognition with greater sales and profitability. This in turn indicates yet another
fundamental requisition of creating a business plan to specify all relative details in it
(Hair, 2015). This will begin by stating the initial requirements for starting up a business
with some later inclusions to note down the progressions in terms of noting down the
trading details, etc. This will together assist the concerned bodies of the organization to
compare their earned incomes with their targeted shares and revenues. The below re-
port is based upon a similar reflection of a business plan created to set up a furniture
shop in UK. It is supposedly named as Paraphernalia Shop where it will be a custom -
ized workshop. This report has together referred to analyze the present market environ-
ment of furniture industry over there where this business will be located in the industrial
area of London. This has together assisted them to carry out a market research on
whose basis, further strategies of marketing will be created at the end of this report.
TASK 1 MANDATORY
Part A
It is in context to start a new business organization in retail sector, a furniture
shop named Paraphernalia has been chosen that will be offering customized furniture’s
to the potential set of buyers. It will be situated in the posh area of London where this
will be targeting the trade businesses (Anderson and et. al., 2014). As a result to which,
it will be together established in London and will serve via both online and offline
means. Although, a mere business set up is not referred to fulfill the targeted business
goals until and unless backed up with some effective vision and missions. In context to
which, below stated are the vision and mission of the new business set of called Para -
phernalia-
 Vision- A foremost vision of this business is to acquire a contending position
in the retail industry of UK with specialization in customized furniture’s.

 Mission- To create a substantial recognition of their brand in the market by
combating the competitive state among some well-established retail organi-
zations in UK with a creative outlook to make customized furniture’s.
It is thus on the basis of above intended vision and mission of the business, it
has been ascertained that the cited firm will be operating with a pivotal considera-
tion of serving the clients in a way they exactly want to set up their workplace. It is
where most of the customers have been observed to search for some unique con-
cept to set up their work stations and often gets disillusioned when they do not
found it anywhere (Peteraf, Gamble and Thompson Jr, 2014). Paraphernalia shop
has thus aimed at satisfying the needs of such consumers who are already looking
for some sort of creativity to decorate their office. It is where most of the business
owners think it to be a fun filled way of engaging their potent set of employees by
providing them a considerable environment at work. In context to which, the quoted
entity will together consider to provide such type of furniture’s that will correspond
to a thematic set up as well. However, the raw materials from which the furniture’s
will be manufactured are light weighted timber wood that will be easily transported
from one place to another. In order to attain their long term desire and goals the
cited business unit can expand their market internationally. So that they can in -
crease its market share and profitability in the long run. There are various emerg-
ing market such as India, China which having large market. It can provide a good
opportunities for the company to provide consistent growth and development to
their business.
It will be good quality material that will require polishing to maintain its superiority
once in two to three years. It will be thus an affordable service to the clients where
initially they will be required to pay in accordance to the premium price strategy of
Paraphernalia Shop. This is mainly due to their all-inclusive services with no addi-
tive costs for home delivery and transportation, etc. It is where Paraphernalia Shop
will be a high street workshop where people can either visit themselves to choose
a commodity or they can also order it online by connecting to the customer service
representatives by discussing its price and other related details (Sherry and
Canon, 2014). Beside this, Paraphernalia will consist of all range of services from