Enterprise and Entrepreneurial Management: Décor Ideas Business Plan

This document presents a comprehensive business plan for "Décor Ideas," a small business venture offering interior decorating services across England. The plan details the business concept, which focuses on providing consulting services for home and office decor, requiring an initial capital of £15,000. It includes an executive summary outlining the services offered, target market, and marketing strategy. The business details section elaborates on the company's objectives, mission, and product offerings, including art pieces, fabrics, and furniture. A market analysis identifies the competitive landscape and the power of suppliers and buyers. The marketing strategy focuses on generating awareness and interest through referrals, promotions, and seminars, while the operational plan describes a simple organizational structure. Financial projections, including breakeven analysis and cash flow statements, are presented, along with an assessment of potential risks and strategic options. The plan concludes with key milestones for growth and profitability, including client base expansion and continuous evaluation.

ENTERPRISE AND ENTREPRENEURIAL
MANAGEMENT
1

Table of Contents
INTRODUCTION..........................................................................................................3
EXECUTIVE SUMMARY..............................................................................................4
BUSINESS DETAILS....................................................................................................5
MARKET ANALYSIS....................................................................................................6
MARKETING STRATEGY............................................................................................7
OPERATIONAL PLAN AND STRUCTURE..................................................................8
FINANCIAL PROJECTIONS........................................................................................9
RISKS AND STRATEGIC OPTIONS.........................................................................10
MILESTONES.............................................................................................................11
REFERENCES...........................................................................................................12
2

INTRODUCTION
In this assignment plan, all the key concepts of the comprehensive business plan on
"Décor Ideas” will be covered upon that is a small business venture in interior
decorating services that will operate in every part of England,
The basic understanding of the business plan will be laid upon that will cover the
understanding of the business idea and will also shed some light on the elements
that will be required for a comprehensive business plan of interior decorating
services that need a starting capital of £15,000.
3

EXECUTIVE SUMMARY
Décor Ideas is a proposed business venture that will offer a wide range of decorating
services across England for Homes and the offices. This will render the services of
consulting too in the areas of furniture decorating, fabric decorating and accessories
of offices and Home Decorating. This idea was generated due to the rising need for
the consulting services in the interior decorating services that will offer this proposed
business plan wide market to serve. The market strategy will be based on the cost-
effective approach and will have clearly defined the target market. Through referral
activities, the promotion will be carried out and client base will be established.
4

BUSINESS DETAILS
Décor Ideas is a business that is into consulting services of interior decorating and
will cover the areas of England. The target audience will be the homes and offices
that need interior decoration ideas. The key success areas of Décor Ideas will
include the high-quality interior design consulting services and to meet the
specialized needs of the clients some special products will be rendered. Through the
use of websites, clients will be well communicated and will help in retaining the
clients through referrals and quality service experiences rendered to them
(Gonzalez, 2017).
Objectives
For the first three years Décor Ideas will have the following objectives:
 To establish a client base on the basis of revenue that accounts for 15% of
the total revenues in next three years.
 To establish a service based company that will aim to serve customer’s
expectations
 To extend the client base by 20% every year through creative consulting
solutions
Mission
Décor Ideas is a venture that seeks to render assistance to the quality conscious
clients for their residences and office spaces and vacation homes. Through
transformation, the experience is provided to inform, assist and inspire the people to
make their place a really enjoyable and amiable one (McMurray, 2016).
Products and services
The products and services will be complements by the consulting services and will
render special art pieces, fabrics, furniture and other accessories for office and home
use.
5

MARKET ANALYSIS
Through the market analysis of Décor Ideas, it is quite clear that it has a defined
target market and covers the office spaces and the residential homes.
Service business analysis
According to the service business analysis there exists competitive in this industry in
terms of commodity and designers of the same skills and backgrounds. There are
many designers in England and follows the similar approach. When we grasp about
the supplier's power there is moderately high power as everyone has purchase
license. But in case of bargaining power of buyers, this will have a very low power.
The availability of the substitute products is high but the area of art pieces and
antiques have low substitutes. The rivalry is moderately low in this industry as there
are easy entry and exits (Kunz and Dow III, 2015).
6

MARKETING STRATEGY
The marketing strategy will be to generate the awareness, interest and the appeal
from the target market. There is a rise in the National economic health. Design
trends transformation, new construction of homes and office spaces which will
impact the success of Décor Ideas. Décor Ideas renders opportunity to the client
base to create an expressive environment where they reside and work in a unique
and tasteful manner (Boiko, 2016). Through optimal product offering and marketing,
the success and profitability will be ensured. The market segmentation will be
performed on the basis of geographic, demographic, behaviour, and psychographic
factors.
The main strategy that will be practised is generating referrals, promotion of antiques
and art pieces product sales through promotions and seminars (Armstrong, et al.
2015).
The pricing strategy will be focused on offering high value to clients and will be
accompanied by the promotion strategy of generating referrals, advertisements,
websites and postcards (Lazányi, 2015).
7

OPERATIONAL PLAN AND STRUCTURE
Décor Ideas will have a simplistic structure and will have a sole proprietor that will
manage all employees. The resources requirement and the monitoring will be
performed by the sole owner with a modest salary base of $1,000 per month that is
projected to be increased to $200 per quarter. The services will be delivered to
doorsteps or through the online medium (E. Dobbs, 2014).
8

FINANCIAL PROJECTIONS
For financial projections breakeven point will be utilized by Décor Ideas that will
show how many products and services will be sold by Décor Ideas so as to make
profit exactly zero by paying all the expenses. Another method that will be used is
the projected cash flow statement that will help to predict the sales, fixed costs,
variable costs and the purchases and will highlight if there is surplus or deficit
(Armstrong, et al. 2015).
9

RISKS AND STRATEGIC OPTIONS
Some of the financial risks that might emerge are the slow sales as projected in the
cash flow statement. There may involve excessive cost increment as compared to
the planned expenses. There may also emerge a potential risk of a new competitor
that will lead to the reduction in revenue generation (High, et al. 2017).
10

MILESTONES
The growth plan for Décor Ideas in coming years will include the key activities that
will ensure the success of Décor Ideas. The major milestones will include from the
initial year of the buying program and will be followed by the membership strategy.
Another milestone that it will cover is to grab maximum client base through the
seminars and to continuously undertake client review analysis that will help to bridge
the gaps and meet the needs of the clients. Continuous yearly evaluation will be
undertaken to ensure the growth and profitability of the business venture and to take
benefits from the competitive edge (McMurray, 2016).
11

REFERENCES
Armstrong, G., Kotler, P., Harker, M. and Brennan, R., 2015. Marketing: an
introduction. Pearson Education.
Boiko, V.I., 2016. METHODS OF DESIGNING AND IMPLEMENTING A BUSINESS
PLAN IN THE CULTURAL SECTOR OF THE REGIONS OF THE COUNTRY. In
PERSPECTIVE DIRECTIONS OF SCIENTIFIC RESEARCHES (pp. 169-172).
E. Dobbs, M., 2014. Guidelines for applying Porter's five forces framework: a set of
industry analysis templates. Competitiveness Review, 24(1), pp.32-45.
Gonzalez, G., 2017. Risk Analysis for Initial Needs (RAIN): Im-proving a Time Zero
Startup Plan through Resource Based Auditing (RBA) and a Launch Focused
Strategy. Risk Analysis, 1(8).
High, D.R., Atchley, M.D. and Winkle, D.C., Wal Mart Stores Inc, 2017. Interior
decorating system using three-dimensional and other properties of a space. U.S.
Patent Application 15/367,894.
Kunz, D.A. and Dow III, B.L., 2015. Organizing and financing a new business
venture. Journal of the International Academy for Case Studies, 21(1), p.24.
Lazányi, K., 2015. WHAT MAKES A START-UP SUCCESSFUL?-SMALL
BUSINESS VENTURES IN FOCUS. On-line Journal Modelling the New Europe,
(16), p.68.
McMurray, D., 2016. 4. Business Plans.
12