Business Growth Plan for ComfortableHut

This report includes a business growth plan for ComfortableHut, covering aspects such as consumers, competitors, and financial resources needed by the company.

ENTERPRISE AND
ENTREPRENEURSHIP

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Description of the proposed business.....................................................................................3
Consumer................................................................................................................................3
Competitors............................................................................................................................4
Skills analysis.........................................................................................................................4
Required skills........................................................................................................................5
Profit and loss account for next two years..............................................................................5
Identification of funding sources............................................................................................7
Obtaining tangible and intangible resources..........................................................................8
Vision.....................................................................................................................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
It is important for new business enterprises to create a business plan covering various aspects
such as financial resources and consumer base of the company. This is because it sets clear
future direction of he company and helps the firm attain business objectives. The present report
includes a business growth plan for the new enterprise ComfortableHut. The business growth
plan includes information about consumers, competitors and financial resources needed by the
company.
MAIN BODY
Description of the proposed business
ComfortableHut is the proposed business firm which sells ready to move furniture. In addition to
this, ComfortableHut also offers services to shift furniture from place to place.
The product portfolio of this organisation includes ready to move furniture for every interior of
the house including bathroom, kitchen, living room and bedroom. If the consumers decide to
move shifting logistics to move the furniture are also provided by the company. The reason
behind this his is to attract consumers as they will get shifting solution and furniture under the
same roof.
The main innovation bought by ComfortableHut in the market is that it creates innovative
designs for every piece of furniture so that it can be easily moved from place to place. In addition
to this the firm provides logistics services for moving heavy furniture.
The Intellectual property right applicable to this business is the reformed section 74 of the
enterprise regulatory reform act, 2013. This act was commenced on April of 2020. The British
government repealed section 52 of the Copyright, Designs and Patents Act 1988 under this
reform (UK commercial furniture copyright laws to change in 2020, 2020) . This allows
manufacturing firms to protect unique furniture design which are commercially manufactured for
more than 70 years through copyright protection law similar to art pieces.
Consumer
This business deals with B2C consumers. The end users of the products and services offered by
the company are home owners who are looking for furniture which can be easily moved.

The USP of this the products offered by this business is that their unique design makes them easy
to move. Busy consumers which do not have time to assemble complicated furniture and shift
furnishings can use the products and services of ComfortableHut to meet their needs.
Target market: The target market of this business is middle income consumers looking for
affordable, stylish and easy to move furniture along with shifting logistic.
Positioning: The positioning of ComfortableHut is of an affordable option to purchase easy to
move furniture and shifting service.
Competitors
The main competitor of ComfortableHut in the UK furniture industry is DFS furniture which
specialises in upholstery furniture with 25% of upholstery market share. Wren kitchen which
offers kitchen furnishings and has 12% market share of kitchen furniture segment is rival of
ComfortableHut (WREN KITCHENS THE UK'S NUMBER 1 KITCHEN RETAILER, 2022) .
One feature ofComfortableHut that separates it from other rivals is that it provides upholstery,
kitchen and other type offurniture under one roof with easy to move designs. In addition to this
the company also provides logistics service to transport furniture which gives the company
competitive advantage. Consumer will pick ComfortableHut as the firm offers various furnishing
item under a single roof instead of their rivals which specialises in a sub-sector of the furniture
industry. In addition to this ComfortableHut has competitive advantage over furniture products
which need to be assembled by consumers as the products offered by respective firm are easy to
move and ready to use.
Skills analysis
Current skills
The skills which are helpful in taking this entrepreneurial endeavour forward are provided
below:
Business management skills: This skill is essential for running a business and creation of an
effective brand. This is because this skill enables entrepreneurs to delegate responsibilities to
suitable employees, enhances decision making and conduct (Herron, 2020). This is essential for
management of a ComfortableHut which offers wide variety of products and services to their
consumers.
Leadership skills: This is one of the most important skills required for creation of a successful
enterprises. It involves creation of a vision for a team of interior designers, furniture designers

and other employees so that they are connected to the company. Effective leadership will help
create a dedicated workforce for ComfortableHut which works to their highest potential. This
will give competitive advantage to ComfortableHut as high productivity and motivated staff have
positive experience on overall consumer experience. Consumers will be attracted to purchasing
from ComfortableHut due to the presence of skilled and driven employees in the company.
Creativity: This skill is an essential skill for starting an enterprise in the furniture industry. The
reason behind this is hat creation of unique piece of furnishings requires the presence of
creativity in the entrepreneurs. Consumers are looking for unique and creative furniture designs
that suits their needs. It is necessary to have creativity so that unique and comfortable products
are created to attract the most profitable clients for the organisation. ComfortableHut will be able
to reproduce high quality, affordable, easy to move and unique furniture with the help of this
skill. this will play a vital role in development of the firm.
Required skills
Time management skills: This skill is essential to provide consumer products in a timely manner.
In addition to this, as ComfortableHutoffers logistics services along with furniture items,
ensuring that every products is shifted to the chosen place of the consumer is necessary. This can
be accomplished by developing time management skills. This is because effective time
management skills ensure that the consumer gain various services and products in a timely
manner and daily business operations are completed according to predetermined schedule.
In order to address this skill, 4-D time management tool will be used. With the help of this tool,
creation of priorities and delegation of tasks is completed so that high priority tasks are
completed in a timely manner.
Communication and listening skill: This skill is essential for development of ComfortableHut as
it helps create strong relationships with the consumers. It is important for a business startup to
effectively communicate with the consumer so that loyal consumer base is constructed during the
initial years of the firm.
In order to address this skill gap training session to communicate with the consumer and other
stakeholders are required.
Profit and loss account for next two years.
The profit and loss account for the next two years of ComfortableHut is provided below:

Identification of funding sources
Personal Investment: This funding source is one of the most common source of funding used for
starting a business enterprise.
Advantage: The main advantage of this source is that it gives total control of enterprise to the
entrepreneur.
Disadvantage: Collecting huge capital required for establishment of ComfortableHut is difficult
to gather.
Bank loan: This source of funding focuses on gaining funding from financial institutions.
Advantages: Banks offers various advantages such as personalised loan services and customised
repayments.
Disadvantage: In orders to secure a bank loan it is important for business firms to showcase
proof of strong financial performance.

The most suitable funding source for establishment of ComfortableHut is securing a loan from
financial institutions. This will help gain required capital for establishing and growing furniture
enterprise.
Obtaining tangible and intangible resources.
In order to gain tangible resources such as machinery and delivery transportation, purchasing
required equipment. The plan for obtaining delivery transportation, is to contract with third party
logistics so that consumers gain delivery in a timely manner.
The plan for obtaining intangible resources such as human resources is to identify skilled
workers, designers and craftsmen to create unique furniture.
Management and information systems for ComfortableHut
ComfartableHut needs to utilise decision support systems as the primary information
management system.
Decision support system is cantered around enhancing the decision making process of the
mangers in semi structured and unstructured business conditions. This task is accomplished by
data analysis tool and models provided to the system by the manager. This information system
provides managers option for selecting input data tools of analysis, depth of analysis and
dependence on the results of the analysis for making various business decisions. Managers at
ComfartableHut will be able to take effective decisions and formulate strategies for varying
business scenarios with the help of decision support systems. This is because the decision
support system create an interactive environment where managers can experiment with data and
models to make decisions which are favourable for the company.
Vision
The vision of the company for future growth is to become the largest manufacturing company in
UK by building online as well as offline stores.

CONCLUSION
From the above report it is determined that in order to grow a business enterprise, it is essential
to determine consumer, competition and skills required for building the firm. In addition
identification of sources and ways to gain tangible and intangible resources of funding is
necessary to ensure growth of the company.

REFERENCES
Books and Journals
Duane, A. and O'Reilly, P., 2017. A conceptual stages-of-growth model for managing a social
media business profile. Irish Journal of Management, 36(2).pp.78-98.
Hague, D., 2018. Pricing in business (Vol. 23). Routledge.
Herron, L., 2020. Do Skills Predict Profits: A Study of Successful Entrepreneurship. Routledge.
Hosseinzadeh, O., 2019. Investigating the Status of Enterprise Entrepreneurship in Public and
Private Companies Furniture. Iranian Journal of Wood and Paper Science Research, 33(4).
pp.522-530.
Kraus and et. al., 2018. Digital
entrepreneurship: a research agenda on new business models for the twenty-first
century. International Journal of Entrepreneurial Behavior & Research.
Laurens, R., 2019. Get Fit for Digital Business: A Six-Step Workout Plan to Get Your
Organisation in Great Shape to Thrive in a Connected Commercial World. Routledge.
Online
UK commercial furniture copyright laws to change in 2020, 2020. [Online] Available through <
https://www.trentfurniture.co.uk/news/articles/uk-commercial-furniture-copyright-laws-to-
change-in-2020-291>
WREN KITCHENS THE UK'S NUMBER 1 KITCHEN RETAILER, 2022. [Online] Available
through < https://www.wrenkitchens.com/number1>