Home Furnishing Business Action Plan for London: Strategic Planning

This report outlines a strategic action plan for establishing a home furnishing business in London. It begins with an introduction highlighting the increasing demand for home furnishing products and the competitive market landscape. The report details the entrepreneur's background, objectives, and achievable goals, including a target of 10% annual growth and 200 prominent customers in the first year. It presents a business model focusing on product-focused designs and product-driven designs, with profit margins varying based on the services offered. The report includes a time frame for business establishment, emphasizing key activities such as market analysis, staff recruitment, and office space acquisition. The 5W1H model is utilized to define the business's core elements, including the entrepreneur's motivation, target audience (healthcare professionals), and the business's location. The report also discusses brainstorming ideas, brand name, strapline, and market segmentation, along with SWOT and PESTLE analyses. Finally, it offers measures to attract the target audience, such as workshops and one-on-one meetings, and concludes with a summary of the action plan's key components.

Strategic planning
STUDENT DETAILS
STUDENT DETAILS

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Table of Contents
Introduction................................................................................................................................3
Potentially achievable objectives through this action plan........................................................4
About entrepreneur.................................................................................................................4
Achievable..............................................................................................................................4
Business objectives................................................................................................................4
Overview of the business model............................................................................................5
Time frame.................................................................................................................................6
5W1H.........................................................................................................................................8
Brand name, Strapline and targeted market.............................................................................10
Brainstorming...........................................................................................................................12
Logo for the business...............................................................................................................14
Blue ocean concept..............................................................................................................15
Other similar business and their concept with implied changes..............................................16
Packages for clients..................................................................................................................17
Gold package membership...................................................................................................17
Silver package membership.................................................................................................18
Bronze package membership...............................................................................................18
Common factors and challenges faced by the potential audience in terms of stress and anxiety
issues........................................................................................................................................20
SWOT Analysis.......................................................................................................................21
PESTLE analysis......................................................................................................................22

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Measures to attract potential audience.....................................................................................23
Conclusion................................................................................................................................25
References……………………………………………………………………………………26

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Introduction
An action plan is an important portion of the business plan. It consists of business operations,
measures, marketing and tactics to set the business to fascinate the targeted audience (Yan,
2018). It also helps a business owner to forecast the financial and sales goals. An action plan
should be made by keeping a track of data and budget so that a business owner can
implement effective changes in order to establish their business effectively and efficiently
(Wilhide, 2016). In this report, action will be made for setting up a home furnishing business
in London. The demand for home furnishing products or ideas increases day by day, not only
in the United Kingdom but in all world. People are becoming more conscious about the
potential of their living space and people desire to adopt a well-defined lifestyle by investing
in their home decorations, homes furnishing, home furnishing accessories, products, etc.
People focus on homes furnishing in for improving their lifestyle values. Apart from this,
since the 2015 business of home furnishing becomes very competitive and it creates extreme
challenges for the business owner to fascinate the customers towards themselves. Nowadays,
customers have plenty of options in the field of home furnishing. The market for furniture
and home furnishings is growing at a rate of 8.5% and the current value of home furnishing
business can be estimated at around €19.1 Billion (Busing, 2019). In this report, an action
plan for establishing the business of home furnishing will be made. This action plan will
incorporate the forecasting of initial achievable goals, targeting the market, strapline,
brainstorm ideas, discussion about other similar business, internal and external analysis.

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Potentially achievable objectives through this action plan
About entrepreneur
Entrepreneur studied MSc Strategic leadership, BSc Health Science, Executive coach (ILM 7
cert), RN, Diploma in specialist Nursing, Price 2, Green Belt (Six Sigma). She has the
experience of over 25 years in the NHS and management consultant. She is thinking of
establishing the business of home furnishing because according to her home is the place
where people stay comfortably and home is heaven for the people. Thus, she thinks that home
furnishing is an effective way through which people can design their homes with all the
comforts and this will also enhance their lifestyle values. The fundamental idea behind
specifically thinking for establishing home furnishing business is to design a lifestyle through
which people can manage their stress and brings positive changes in their mind. According to
her, home furnishing will enable people to feel much more relaxed in their homes because of
a more comfortable atmosphere and unique decisions. She will process great home furnishing
ideas to the people so that their search for grace, elegance and class ends. Apart from this, my
values and principle will help me to establish this business effectively and efficiently.
Achievable
To achieve annual growth of 10%. In the initial year, the target will be to make 200
prominent customers for generating regular business revenue. Apart from this, below
business objectives and business models will contain detail of the achievable and usefulness
of this action plan. In 3-5 years, through this action plan, this business will effectively
establish in the market of London and it will also gain a reputable position in the home
furnishing industry (Busing, 2019).
Business objectives
Following are the objectives of this action plan:

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 This action will help the entrepreneur to establish a home furnishing business, until
March 2020.
 To incorporates, the norms of product-focused designs and product-driven design.
 Clients will have options for consulting and choosing a wide range of home designing
products.
 This action will find out the potential targets for the audience and their demands.
 This plan will also analysis the potential threat through the study of the external and
internal business environment.
Overview of the business model
This business model will involve product-focused designs and product-driven designs. This
will enable clients to have both the options either they can opt for home furnishing
consultancy or they can opt for choosing the selection of products as per their own idea of
home furnishing or they can opt for both (Syrjälä and Norrgrann, 2019). As per this business
model, when clients opt for a product-focused design or for consultancy about methods
through which his/her home can incorporate better home furnishing then this will drive 80%
profit in the business. This profit percentage is computed out of the amount, the business will
receive from the client. For example: 7 sessions with 1 follow up session for one hour each
(personal session) with the client, will cost the client around £2450* + Vat. Out of this 80%
amount will be the profit that means, £1960 will be the profit. The remaining 20% amount of
£490 will be transferred to expenses such as travel costs, brochure costs, etc. Product focused
design or product consultancy will be the most profitable segment of this home furnishing
business because, under consultancy, the entrepreneur will share with views and creative
ideas for home designing. Thus, this home furnishing consultancy will only cost of traveling,
brochure or other expenses (Cieraad, 2018).

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Apart from this, another segment will be product-driven designs or designers' product
selection. This is the second part of this business model. In this industry, it is noted that many
times clients have their own designs or it can be said that clients think themselves for the
creative designs (Cieraad, 2018). In such a case, clients approach the home furnishing houses
for the product selection, they effective look for those products which can match with their
own ideas. Thus, this action plan will suggest measures through which the entrepreneur can
select creative designer products that can fascinate clients. When a client approaches the
designer product then roughly it can be calculated that this will drive 30% to 40% profit in
the business. Here, profit will be equal to the margin in which the entrepreneur will be set for
their products (Goodchild, Ambrose and Maye-Banbury, 2017). For example: when a
particular selects a particular product for his/her home furnishing then it will drive 30% to
40% profit in the business. This profit percentage is computed on the following calculations:
The original cost of the product + showcasing 50% higher price (margin) = Cost price
(display price). When the client will pay cost price or display price then variable and fixed
expenses will de be deducted, let say 20% of the amount more is deducted. After that
remaining about will be computed towards the profit amount. Later on, this action plan will
also suggest that it is required to keep a certain portion of the profit towards retaining earning
(Goodchild, Ambrose and Maye-Banbury, 2017).
Time frame
It is estimating until the end of March 2020, this business will establish. In this period, the
main areas of focus will be
 Methods for fascinating potential audience
 Methods for gaining competitive advantage
 Selecting a source for advertising

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 Analyzing the demand of clients
 Searching for competent staff members
 Finding out space for office (Blunt and Sheringham, 2019)
 Analyzing the tactics that are being utilized by other similar business
 Product selection (Howes, 2015)
 Creatively making home furnishing designs
 Printing brochure or pamphlets (Hymers, 2016)
 Conducting a primary search for knowing the requirements or expectations of clients
that they keep while approaching to the home furnishing store.
All the above activities will be completed before this time frame. Before opening the store, it
is important to make sure about each point that is stated above (Graham, Gosling and Travis,
2015). All the points are effectively needed to monitor because any loophole in major activity
can create a major challenge for these business operations in the future. Thus, this action plan
has already given enough time to properly manage and implement each activity, in order to
avoid unnecessary challenges in the future (Khanna and Kaur, 2016). For example: in this
time frame, it is important to search for a competent workforce in order to give premium
class hospitality to the client. Before appointing the workforce, it is necessary to give them
effective training about client hospitality. If the workforce fails at giving good hospitality to
the client then it can put an adverse impact on the reputation of the business (Ismail and
Hassan, 2017).
Thus, through this action plan, it is suggested that to effectively follow each and every step so
that future complications can be avoided. Apart from this, the model for customer feedback
will also construct in this time frame. Through this customer feedback system, clients can
effectively provide their views about the growth of the business. Making time frames is a
critical part of the business because it is connected with the norms of time management. The

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mentioned steps in this time frame analyses are critical and every step holds specific
importance. It is important to complete each task within the specified deadline. It can also be
estimated that in future some activity may take longer then usual in this case I will have to act
patiently. For example: searching for office space and searching for an efficient workforce
may take a long time than usual (Kinley and Brandon, 2015).
5W1H
This model of 5WIH is the abbreviation of six questions – What? Who? Why? When?
Where? How? These 5W1H will demonstrate the answers to the business plan. “What” will
explain the reason behind the entrepreneur’s motivation for conducting this home furnishing
business. “Who” will explain about the targeted audience. “Why” will explain the reason
behind establishing this business. “When” will tell about the business incorporation data.
“Where” will tell about the place of business operation and “How” will state about methods
for setting up business operations (Lakämper, 2015). This 5W1H will answer the questions
regarding this business model. It is important for an entrepreneur to clear about the 5W1H of
their business plan in order to set up their business effectively and efficiently.
WHAT?
-Inspired
Living
Who?
-
Healthcare
profesionals
WHY?
- For
reducing
stress and
enhancing
comfort
level
When?
- March,
2020
Where?
- London
How?
- Through
workshops
and throgh
1-1 meeting
with client

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This process of 5W1H is knowns as the critical and constructive analysis process which
drives the compile exhaustive quality data results. This 5W1H also improves the business
penetrating strategies and it also helps an organization during the brainstorming process.
Apart from this, the strength of the 5W1H method lies in four major key attributes that are
simple, systematic, versatile and comprehensive. Apart from this, this model has stated that
the entrepreneur's reason behind setting up the business of home furnishing arises from the
inspired living, it means to give people more comfort and to enhance their lifestyle. This
business model will mainly focus on healthcare professionals (Leach, 2017). The
fundamental reason for developing this business idea is to reduce stress and enhance a more
comfortable level in people's lives by making their homes more comfortable and decorates
place through creative designs. An entrepreneur is estimating that this business will start by
March 2020. The place of incorporation of a business is in London. The suggested method
for the fascinating targeted audience is to conduct a workshop and arranging one on one
meetings with clients (Lewis, et. al., 2018).
This 5W1H model states the answers about the business setting up data, location, targeted
audience, the reason behind developing the business idea, etc. All these answers will help the
entrepreneur to conduct level 2 study for setting up their business operations. After all these
questions, an entrepreneur can think for appointing an efficient workforce, can start the
search for a place in London for setting office space, marketing study methods, measures to
implement the business idea, determining the need of a targeted audience, etc (Lyons, 2016).
Thus, it can be said that 5W1H is the part of level 1 study, after conducting this study it
pushes the entrepreneur towards level 2 study. In the initial phase, it is important for the
business owner to stay clear on these questions. After that, it is important to focus on level 2
study in order to establish effective and efficient business operations (Manovich, 2017). This
5W1H is not the final stage, these are the part of the initial stage which empowers an

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entrepreneur to conduct a study on further stages. However, this is an important part of this
action plan because it answers the important question regarding setting up the business of
home furnishing (McCormack, 2015).
Brand name, Strapline and targeted market
The selected brand name for the business of home furnishing is “Home Titan – Home
Décor”. This brand name incorporates the idea about the business operations, thus even by
listening to the name of the business for the first time, clients can understand that this
particular brand operates in the home furnishing industry. In the future, this brand name can
also be used by mouth-to-mouth publicity by clients (Fehérváry, 2012). According to the
view of marketers, brand name plays an important role in engaging the interest of the clients,
if clients do not show their valuable interest in the brand then it can be concluded that
business fails at selling the brand. In the field of home furnishing, over 40% of the clients
only focus on purchase products and take consultancies to which they can effectively
recognize because of their reputable state in the market (Miller, et. al., 2016). Thus, it can be
concluded that brand name plays an important role in convincing the interest of the clients.
However, it is also important to advertise the brand name before March 2020, so that
customers become familiar with the business operations.
People who belong to health care professionals will be the targeting audience in this action
plan. London will be the targeting location. It has been noted depression and anxiety are
common issues among all the age groups and among the majority of the working population.
Depression and anxiety-related problem creates adverse challenges for the people and it also
affects the mental health of the people in an adverse way (Muninger, Hammedi and Mahr,
2019). The entrepreneur has thought the idea of home furnishing business because this will
be the appropriate solution for that people can feel comfortable and relax in their homes.

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Apart from this, the fundamental reason behind targeting the healthcare professional is that
the entrepreneur itself belongs from this field and she is familiar with the challenges people
faces who belong from this profession. This action plan will suggest the measures through
which the entrepreneur can create the strategies through for fascinating the targeting audience
in an effective and efficient way. The entrepreneur is selecting the audience who belongs
from the age group of 30 to 80 years. People who are looking for interior designers and home
furnishing products. Apart from this, people who enjoy social gatherings and people should
have value for comforts at home. These people will be the targeted audience (Munnukka,
Karjaluoto and Tikkanen, 2015).
In London, various firms sell the online home furnishing products including textiles,
upholstery and accessories for decoration. In the UK, the industry of home furnishing is
incorporating an annual growth of 8.1% from 2015 to 2019 (Researchandmarkets.com,
2019). Currently, in the UK's market, the home furnishing business is valued at €19.1 Billion.
Apart from this, the entrepreneur can incorporate the advertising strategy to promote their
ideas or business in the major lifestyle magazines of London. The famous lifestyle magazines
of London are TNT Magazine, Absolutely Magazine, The Resident, etc. in these famous
lifestyle magazines, the entrepreneur can use attractive strapline for fascinating the interest of
consumers (Robinson, 2019).
However, this action plan is only focusing on healthcare professionals but by having a name
in any of these popular magazines, clients from all categories can be effectively fascinated.
Through this analysis, it is also suggested to approach the popular healthcare magazines for
advertisement. Popular health care magazines in London are: HSJ – Health Service Journal,
The BMJ, etc. In these magazines, an entrepreneur needs to advertise their brand with the
core values that home furnishing ideas will bring stress to relieve changes at your home