First Draft Business Plan

Business Plan

Executive Summary

This is a new business which upcycles old furniture and household accessories to bring them into the modern new home.

We specialise in printing graphics onto furniture and adding accessories to old pieces to modernise them.

We work by sourcing old pieces of furniture ourselves and by donations of unwanted furniture from the public. The services we offer are; ready to buy upcycled furniture and accessories available from instore and our online showroom, customers can bring in an old piece to be upcycled to their requirements or we can do the redesigning for them ourselves.

Our aim is to create new funky pieces of furniture and accessories to bring a touch of character to any room.

Market

The UK furniture and furnishings industry contributes £9.4 billion to the country’s GDP and the majority of the industry is made up of small to medium sized businesses.

Looking into where is the most popular for UK furniture exports, I found that the Republic of Ireland and the USA were the main destinations, followed by Germany and France. Having found this I will keep my focus on marketing my product solely in Ireland first and then move on to bigger exporting opportunities when the business becomes more known.

Target Market

My target market for this business is people looking for something unique and different to modernise their home. Environmentally conscious people furnishing their home could also be a large section of the market as they would value the recycling/ upcycling element of the business and could be more inclined to buy products like this for their homes.

Competitive Analysis 

Having researched similar businesses in my area, I have noticed that none of them have any products upcycled to the style that I will be using. Where a lot of what they have on offer is just repainted pieces, the products I will be creating will be a lot more creative and quirky, I think this gives my business and advantage point.

Management Plan

I plan to use a very small workforce with the start up of my business hiring a maximum of two employees. The majority of the design work will be done by myself and I can train the other workers in the techniques we will be using to create the products.

Financial Factors

The main spending from the business will be the cost of premises to work and sell from. Followed by the employees wages and the cost of materials. The cost of materials will be very low because of the sourcing methods we will use and any donations of unwanted furniture made by the public. The cost of materials needed to upcycle the furniture are very low costs to the business.