George's Furniture: Business Plan for Personalized Furniture Startup

This document outlines a comprehensive business plan for George's Furniture, a new personalized furniture company based in Wolverhampton. The plan details the company's unique selling proposition (USP) of providing customized furniture with on-site measurements and assembly, targeting the upper-class market. It includes a SWOT analysis, market and industry analysis using Porter's Five Forces and PESTLE analysis, a description of products and services, a competitive analysis, operational and marketing strategies, financial projections, and a management team overview. The plan emphasizes the company's strengths in affordability and unique offerings, while addressing weaknesses, opportunities, and threats. The financial forecasts indicate positive cash flow, suggesting the viability of the business venture. The plan also details funding sources, including personal savings and equity capital, and includes a detailed reference list.

Entrepreneurship and
Leadership of business
ventures

Executive summary
George’s furniture is the new start-up which will be located in Wolverhampton. It offer best
variety of furniture items and its USP is to make measurement on the place and assemble the
same. The target market of the company will be higher upper class people and actually afford the
products because it provide unique and stylish customized furniture to their customers. The
marketing strategy opted by the quoted business will be modern form of tools which includes
social media and blog post. Moreover, as per the financial year forecasting it is analysed that the
company’s cash flow will be increases within next year and this reflect that investing in this
business cycle will be more beneficial. Also, there are three sources of funds which can be used
by the company which includes personal savings, borrowing, equity capital etc. Thus, it reflect
that new business is feasible and able to meet the demand and wants of customers.

Table of Contents
Executive summary..........................................................................................................................2
Business details......................................................................................................................1
Location..................................................................................................................................2
Market/industry analysis........................................................................................................2
Pestle analysis:........................................................................................................................4
Industry analysis.....................................................................................................................5
Product and service description..............................................................................................8
USP and competitor analysis..................................................................................................9
Competition analysis and Competitive advantage.................................................................9
Porter generic strategy..........................................................................................................10
Operation plan......................................................................................................................11
Segmentation analysis..........................................................................................................11
Risk and contingency plans..................................................................................................11
Sales and marketing strategy................................................................................................12
Finance and funding plans....................................................................................................13
Management teams...............................................................................................................16
REFERENCES..............................................................................................................................17

Business details
“George's Furniture” a new personalized furniture company who provide best experience
to their customers with regard to home décor. The business will be successful because now a
days, most of the people demands for unique or personalized furniture. Thus, quoted company
does not only create the furniture but assemble it as well, which is generally different from the
big companies. Majority of the big furniture companies provide their own catalog in which
customer have to finalize. Whereas, George Furniture will make the measurements on the place
and understand the need of the customers and then offer the same as well.
SWOT analysis:
Strength:
 Affordability is the key strength of George's Furniture that helps to maintain the same
level of cost-effectiveness that assists to keep customers coming back.
 The quoted firm also delivered clear concepts regarding own business products and
services. This in turn helps the business to sustain the goodwill within a market and also
generate the best outcomes.
 The unique concept within Wolverhampton also helps a business to attract range of new
customers towards it, so that the financial performance will be improved (Varelas and
Georgopoulos, 2017).
 George's Furniture also lay emphasized upon different advertisement in order to let
people know about new offers. This in turn also help them to be aware with new
offerings and stay connected within market. Also, by conducting proper market research,
company will develop product that helps to meet the defined aim of a company.
Weakness:
 The company need to invest more upon the advance technology, otherwise it might
hamper the overall performance of a company. This is because of current era, there is a
need to focused upon the advance technology that assists to stay ahead within a market.
 Due to low quality of products, company needs to ensure that they must provide the best
quality products. If George's Furniture may not focus upon the quality, then it might
affect the overall performance in adverse manner.
Opportunities:
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 The new business idea is unique, so it is an opportunity for the company to start their
business online and this in turn helps to improve he profitability of a company. This in
turn helps a business to improve the performance and attract new customers as well.
 Further, another opportunity for the company is to expand the business into emerging
markets and this in turn improve the financial performance of a business as well.
Currently the business is located within Wolverhampton, therefore, it can expand the
business at global level by offering range of products without compromising quality.
Threats:
 The biggest threat faced by the company is related to heavy competition from others.
Therefore, there are lot of companies who offered the same products at reasonable
manner, but it somehow does not consider the quality aspects (Bruijl, 2018). That is why,
George's Furniture should consider all the aspects in order to stay ahead within
competition.
 Another threat is related to external environment fluctuation, in this company might
faces issue with regard to not identify the trend which affect the business performance in
adverse manner.
Location
The business will located in Wolverhampton, UK where both online and offline furniture
shops available. Therefore, it will be a good competition in this area, if the same product will be
offered with price and quality variation.
Market/industry analysis
In order to examine the industry within Wolverhampton, UK Porter five force model has
been applied which in turn examine the overall performance and identify whether the new idea
is feasible or not.
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Threat of new entrants (high): The industry have strong threat of new entrants because
it does not require high capital investment and that is why, it can be easily affordable to
everyone. Moreover, there are no hurdles identified within a specific industry and that is why,
due to having talented human resources within an industry, it is successfully implemented within
an industry. Further, there is an exceptional growth and size of a company which also invites
new entrants towards an industry. So, the threat of new entrant is high.
Threat of substitute (weak): It has the weak threat of substitute because there is no
substitution for furniture product within a market. From ancient times, people use range of
furniture and which will belong lasting. Also, there is no substitution, even people prefer to use
innovative products and change their preference over others. Such that earlier most of the people
uses plastic chair, but now they used innovative chair either made of wood or any other material.
Thus, it can be stated that the furniture industry have a weak threat of substitute over others.
Bargaining power of suppliers (weak): Supplier within this industry is weak because of
two factors such that there are range of companies involve within this industry who have a tie up
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with different suppliers. Moreover, if they want to replace the same, then they can do easily with
any advance technology that is relatively equal. Another reason is, to find any substitution of
wood which they used to make furniture. For example, if any company uses teak then they can
transform the same into Sengon which is also used for making raw materials. Therefore, it is
reflected that the suppliers of the industry is weak and there are different products available
within a market.
Bargaining power of buyers (high): It is identified that the industry have a strong
bargaining power of buyers because of having high switching cost such that there are many
stores available within Wolverhampton. That is why, by switching to another product, consumer
have to pay more and this in turn increase the switching cost (Hopp and Greene, 2018). Also,
there are large number of buyers within a market and this in turn increases the competition.
Further, customer prefer those products which are high in quality and low in price. Along with
this they prefer the products as per their design preference and its price. That is why, the
bargaining power of buyers is high within UK.
Competitive rivalry (high): At global level, there is a high competition within a market
because there are range of companies available who offered the best design of furniture such that
Wayfair, American Wood, IKEA. Also, there is an increasing number of furniture demands that
also increases the competition. As a result it attracts so many people in order to enter within this
market and that is why, competitors increases. There are range of new shops open who provide
different products by considering the people's choice and this in turn attract customers along
with high competition. So, it can be stated that due to many choices, it leads to create low
switching cost for customer and makes strong competition.
Pestle analysis:
Macro business environment plays strong role for strengthening corporate scale growth
synergies functionally, bring on new rise towards untapped new specific business long ter, goals.
Furniture industry is productively expanding towards best paradigms competitively, where there
is wide scope for larger scale new diversification actively. George furniture macro business
environment analysis further bring detailed factored aspects where there is varied scope towards
new range of innovative business parameters which can be analyzed as follows:
 Political factors: High range of functional scale changes coming within political
instability factored structure within global aspects bring on functional rise, where George
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furniture need to further bring on stronger focus. Instable political factors bring on varied
range of complications in business parameters, where functional scale planning is
essential.
 Economic factors: The economic stability, rising structured aspects within taxes, bring
on rise for overall business structured parameters in business profitability standards.
 Social factors: Customized furniture as per new vivid range of complications need to be
worked on effectively, where social factors need stronger focus functionally to bring on
competent scale diversity worked on (David, David and David, 202).
 Technology factor: New technologies and innovation should be implemented as Georg
furniture brings on new technical rise, wider range of competent productivity factored on
force for larger expansion, George furniture need to implement best technical expertise
towards gaining best market parameters worked on, bring diversity on long term
fundamental operatives on constant goals rise. Legal factors: The legal factors should be worked on effectively to keep legal productive
strength goodwill worked on effectively, also up rise new rise towards informative
connectivity for wider goodwill.
 Environment factors: New CSR strategies and environmental friendly services will
further leverage new scale profound rise on varied scale functional targets and also bring
on keen overall growth factor.
Industry analysis
The industry analysis is tool that further connect to new aspects for strengthened
strategic growth rise, as per facilitating new position relative goals for producing competitive
goals and long term quality benchmarks. Industry analysis adds on strategic growth towards
keeping up new profound rise functionally, bring on best productive competencies for larger
scale determinants worked on specifically. This can be also analyzed to be widely crucial for
bringing external as well as best internal competencies towards informative growth, trained
expertise which further synchronizes new scope. George furniture specifically further will be
able to potentially expand towards strategic rise, revenue target rise and also determine best
goodwill potentialities for excelling towards new rise goals. Industry analysis will further gain
wider scale determinants rise, also potentially bring on customer satisfaction goals worked on
for longer time periods for imperative new goodwill arenas. George furniture, by using new
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raised up informative aspects for specific connective business targets heading towards
productive expansion rapidly which further synchronizes stronger scale connectivity. The
industry analysis further opens up business targets heading on towards competent scale
functional targets for bringing on fundamental growth functionally. This further also explains
furniture industry is widely expanding towards new raised up aspects, where keen new
innovation is demanded effectively (Köseoglu, Parnell and Yick, 2021).
The furniture industry in the UK is continuously increases because of changing demand
of customers, so companies have to meet the demand. Also, in 2018, it is also analyze d that
customer spend around 17 euro billion for purchasing furniture which in turn helps to increase
the market by 10% (Furnitue industry in UK, 2020). Apart from this, it is also examined that the
industry provide variety of jobs to their individuals that helps to improve the unemployment
rates within a country, This in turn reflect that company somehow, contribute their best in the
welfare of the economy. Tough in 2020, due to pandemic the entire market is badly hit and also
the demand of customer also decreases that direct affect the sales of a business in adverse
manner. However, the hare market of company dealing in this industry is high and always try to
provide best variety of products to their customers by offering innovative product. UK also
perform export trade that helps to increase the overall market and in 2017, it is consider the main
source of income for the people as well., but it decreases the market share after the year.
Ansoff growth vector matrix
The model is used to determine the strategies for the growth and also identify the best out
of four quadrant in order to establish within new market.
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 Market penetration: The focus of this quadrant is to increase the sales with existing
products to an existing market. This in turn helps to improve the overall market share and
make the people aware about new offering. This is one of the most common strategies
used by the company in order to raise the financial performance (Blackley, Resnick and
Cassidy, 2017).
 Product development: It helps to grab new customers by offering new product to an
existing market. This is mainly done by analyzing the market situation and to meet the
need of a customers, it is necessary to introduce new product that helps to increase the
overall performance.
 Market development: The strategy is focused upon entering new market with current
products. This is also performed by George’s Furniture in order to introduce personalized
furniture within new Wolverhampton in UK. Through such company is able to minimize
the need of customers and also introduced new variety of products as well.
 Diversification: It is considered one of the most risky strategy because it is focused upon
entering a new market with introduction of new products. In this situation, company
might not have strong base and as a result, it decreases the overall performance in
negative manner.
Overall, it is examined that investing within this industry will help the business to grow
further and this in turn assist to generate valid outcomes as well. Hence, George's Furniture will
also gain strong market presence by offering personalized furniture items to their customers.
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Product and service description
Great things takes time and with every stumbling block the company George's Furniture
has designed its business and the product model to a new level. The company is established for
designing the wood based furniture and the interiors. The products and services of the company
is unique in every sense as it has identified the need for the creative and personalized designs
pertaining to the furniture production. The products and services of the company is such that it
creates themselves with the distinctive product designs along with the production process and
the quality of material used. The organization has wide range of products and services helps in
effectively meeting up with the requirements of the home, industry and offices. It offers high
quality furniture which is specifically designed which is can be easily modified and put to use in
office as well as homes. In respect to the services, it involves the work of taking the
measurement by visiting the site or a place and in addition to this, the company will also the
furniture as per the specification given by the customers.
Products and services of the George's Furniture includes the following:
Products
 Modular interiors
 Smart interiors (automation) with the modern materials
 Internation quality materials with the warranty of upto 1 years
 Compact furniture
 Certified materials
 Wide range of accessories along with quick turnaround period
Services
Small scale production Large scale production
Compact furnishing Industrial housing
Solid wood furnishing Wooden homes
Varied material production Off-grid housing
Customized interiors and furnishing Furnished structures
Customized production and builds Warm shells
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Smart furniture Composite material structures
USP and competitor analysis
The main factor that distinguishes the George's Furniture from other is its USP. The
company with its USP will be able to create a unique position in the market as it has focused on
providing personalized furniture to its customers with the services which has never been
provided by the any of the large companies. This service part is the USP of the business which is
help in attracting more customers and this makes the brand stand apart from its opposition and is
basically concentrated on the energy to provided effective and distinguished services which will
be done in front of the customers and thus bringing transparency to its business (Scott, 2017).
This unique factor will help it in attaining a good market position which will result into grabbing
the customers of its competitors as instead of making things complex for the customers, it has
worked on simplifying the work by visiting the place of customers making customers to avoid
walk in to the office. Everything is done at one place involving the designing, creation and the
assembling part. Thus, the services of the George's Furniture is very attractive and new in the
market which will result into bringing greater advantage to the business pertaining to meeting
the needs and requirements of the business. This is the key uniqueness which George's Furniture
is bringing to the market and thus, distinguishing itself from others.
Competition analysis and Competitive advantage
Competitor analysis
Particulars George’s Furniture Turley’s office
furniture
Interiorsltalia
Products It offer personalized
furniture items to their
customer.
It offer different types
of furniture which
includes table,
furniture for corporate
business etc.
It uses best variety of
furniture product
which includes range
of furniture (Suong,
2017).
Price It uses penetration pricing
style in order to enhance the
base of customers (Sales-
Vivó, Gi-Saura and Gallarza,
It uses competitive
pricing style
It uses seasonal
pricing strategy.
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