Everand Logo

Welcome to Everand!

  • Discover millions of ebooks, audiobooks, and so much more with a free trial

    Only $11.99/month after trial. Cancel anytime.

    Business Plans Handbook: Furniture Businesses
    Business Plans Handbook: Furniture Businesses
    Business Plans Handbook: Furniture Businesses
    Ebook855 pages4 hours

    Business Plans Handbook: Furniture Businesses

    By Gale and Cengage

    4/5

    ()

    Read preview

    About this ebook

    Business Plans Handbooks are collections of actual business plans compiled by entrepreneurs seeking funding for small businesses throughout North America. For those looking for examples of how to approach, structure and compose their own business plans, this Handbook presents sample plans taken from businesses in the Furniture industry -- only the company names and addresses have been changed. Typical business plans include type of business; statement of purpose; executive summary; business/industry description; market; product and production; management/personnel; and, financial specifics.
    LanguageEnglish
    PublisherCengage Learning - Gale
    Release dateNov 3, 2013
    ISBN9781535820189
    Business Plans Handbook: Furniture Businesses

    Read more from Gale

    Related to Business Plans Handbook

    Related ebooks

    Study Guides For You

    View More
    View More

    Related podcast episodes

    Related articles

    • Article

      Be Your Own Boss

      Jul 10, 2020

      Be Your Own Boss
      4 min read

    • Article

      Take It Outside

      Feb 6, 2019

      Take It Outside
      6 min read

    • Article

      Your Business Needs a Succession Plan: Here Are the Basics

      Nov 11, 2020

      In Part 1 and Part 2 of this series on selling your business, we’ve examined the questions facing owners who entered 2020 ready to make their move, breaking down how the COVID-19 pandemic changes the situation and how to increase a business’s value i

      3 min read

    • Article

      Faster Financing for Small Businesses

      Dec 12, 2018

      FOR SMALL BUSINESSES, it can be hard to secure a traditional loan unless you check a whole lot of boxes. But without working capital, how can you grow? Lendr was founded in 2011 to address this familiar challenge. It helps businesses obtain business

      2 min read

    • Article

      4 Steps to Effectively Transition or Sell Your Business

      Jun 17, 2019

      Did you know 70% to 80% of middle-market, closely held businesses put on the market do not sell? And 83% of businesses lack a formal, written transition plan? I've had many discussions with middle-market business owners about planning for the future

      3 min read

    • Article

      Biz Start-Up Guide: Step 3 Make Plans Think Through Important Aspects of Your Future Home Business

      Sep 29, 2022

      Order at https://homebusinessmag.com/home-based-business-guide/ You know what type of business you want to go into, and that's a great start. You probably can't wait to begin. But before you do, it's essential to make plans. You need to think through

      11 min read

    • Article

      An Aggressive Growth Plan

      Nov 1, 2019

      In late August of this year, Presidio Investors provided a $75 million private equity investment that merged 15 independent smart home design-build firms across the United States, creating Bravas LLC. The investment launched a national network of lux

      4 min read

    • Article

      A Profitable Venture

      Dec 31, 2019

      A Profitable Venture
      3 min read

    • Article

      What Is A Finance Function?

      Jun 12, 2023

      What Is A Finance Function?
      4 min read

    • Article

      How a Startup Company Can Succeed

      Sep 29, 2022

      How a Startup Company Can Succeed
      2 min read

    • Article

      Grow Your Remote Business

      Jun 30, 2020

      Grow Your Remote Business
      4 min read

    • Article

      From Cost To Value

      Jun 27, 2019

      Your client is the newly hired director of facility management and administration at a large law firm with a total of 60,400 square metres of leased space in multi-tenant buildings located in Sydney, Melbourne, Auckland and Singapore. In the short ti

      6 min read

    • Article

      Planning in your Business Should Be Easy

      Sep 29, 2022

      In this Fall 22 issue, we offer a “sneak-peak” of the chapter on “Business Planning” in the HomeBased Business Start-Up Guide. This chapter discusses making plans for important objectives in your business. This would be a good time for a short “refre

      2 min read

    • Article

      3 Ways to Increase the Enterprise Value of Your Family Business

      Aug 31, 2022

      Many entrepreneurs focus on revenue, innovation and people to lead their enterprise forward in the future – but business tends to get in the way.  Finding, recruiting and hiring talent, maintaining relationships with key customers and vendors, dealin

      3 min read

    • Article

      This Is The End Of The Financial Year

      Jun 6, 2018

      This Is The End Of The Financial Year
      4 min read

    • Article

      Time To Roll Up Your Sleeves

      Jan 17, 2023

      What will 2023 bring? Should we be excited or concerned? We know the economy is tough, but what does that mean for your business? While there may be factors outside of your control, there are also many things you can do to have a strong year ahead. F

      3 min read

    • Article

      The Start-Up Dilemma: How Entrepreneurs Can Thrive in Today's Economic Climate

      Dec 17, 2019

      With economic uncertainty continuing to rise, the American entrepreneur may feel discouraged when it comes to starting, owning or running a small business. There are a multitude of factors that play into these feelings of doubt, such as the probabili

      4 min read

    • Article

      Make a Funding Plan Part of Your Start-up Capital Quest

      Oct 18, 2019

      Our cover story this issue will help you get the funding needed to launch and build your business. Make sure that you include a funding plan as part of start-up funding. A funding plan will help you to maximize scarce startup dollars. There is never

      1 min read

    Related categories

    Reviews for Business Plans Handbook

    4/5

    1 rating0 reviews

    What did you think?

    Tap to rate

    Review must be at least 10 words

      Book preview

      Business Plans Handbook - Gale

      Business Plans Handbook

      Business Plans Handbook, A Compilation of Business Plans Developed by Individuals Throughout North America

      ISBN-13: 9781410365361

      © 2017 Gale, Cengage Learning

      While every effort has been made to ensure the reliability of the information presented in this publication, Gale, a part of Cengage Learning, does not guarantee the accuracy of the data contained herein. Gale accepts no payment for listing; and inclusion in the publication of any organization, agency, institution, publication, service, or individual does not imply endorsement of the editors or publisher. Errors brought to the attention of the publisher and verified to the satisfaction of the publisher will be corrected in future editions.

      ALL RIGHTS RESERVED. No part of this work covered by the copyright herein may be reproduced or distributed in any form or by any means, except as permitted by U.S. copyright law, without the prior written permission of the copyright owner.

      This publication is a creative work fully protected by all applicable copyright laws, as well as by misappropriation, trade secret, unfair competition, and other applicable laws. The authors and editors of this work have added value to the underlying factual material herein through one or more of the following: unique and original selection, coordination, expression, arrangement, and classification of the information.

      For product information and technology assistance, contact us at Gale Customer Support, 1-800-877-4253.

      For permission to use material from this text or product, submit all requests online at www.cengage.com/permissions.

      Further permissions questions can be emailed to permissionrequest@cengage.com

      Gale, a part of Cengage Learning

      27500 Drake Rd.

      Farmington Hills, MI 48331-3535

      Printed in the United States of America

      1 2 3 4 5 6 7 20 19 18 17 16

      Contents

      Highlights

      Introduction

      Business Plans

      Powerline of Northern Minnesota

      Nashville Furniture

      Furniture Restoration Business

      Furniture xCHANGE

      Baby, Baby

      Noble's Custom Creations Inc.

      Appendixes

      Appendix A

      Business Plan Template

      Appendix B

      Associations

      Consultants

      SBA Regional Offices

      Small Business Development Centers

      Service Corps of Retired Executives Offices

      Venture Capital & Financing Companies

      Appendix C

      Glossary of Small Business Terms

      Highlights

      Business Plans Handbook (BPH) is a collection of business plans compiled by entrepreneurs seeking funding for small businesses throughout North America. For those looking for examples of how to approach, structure, and compose their own business plans, this volume presents sample plans for the following businesses:

      Powerline of Northern Minnesota

      Nashville Furniture

      Furniture Restoration Business

      Furniture xCHANGE

      Baby, Baby

      Noble's Custom Creations Inc.

      Features and Benefits

      This volume offers many features not provided by other business planning references including:

      Business plans that represent an attempt at clarifying (for themselves and others) the reasons that the business should exist or expand and why a lender should fund the enterprise.

      Extensive financial documentation required to solicit funding from small business lenders. You will find examples of Cash Flows, Balance Sheets, Income Projections, and other financial information included with the textual portions of the business plans.

      A directory section that includes listings for venture capital and finance companies, which specialize in funding start-up and second-stage small business ventures, and a comprehensive listing of Service Corps of Retired Executives (SCORE) offices. In addition, the Appendix also contains updated listings of all Small Business Development Centers (SBDCs); associations of interest to entrepreneurs; Small Business Administration (SBA) Regional Offices; and consultants specializing in small business planning and advice. It is strongly advised that you consult supporting organizations while planning your business, as they can provide a wealth of useful information.

      A Small Business Term Glossary to help you decipher the sometimes confusing terminology used by lenders and others in the financial and small business communities.

      A Business Plan Template which serves as a model to help you construct your own business plan. This generic outline lists all the essential elements of a complete business plan and their components, including the Summary, Business History and Industry Outlook, Market Examination, Competition, Marketing, Administration and Management, Financial Information, and other key sections. Use this guide as a starting point for compiling your plan.

      Introduction

      Perhaps the most important aspect of business planning is simply doing it. More and more business owners are beginning to compile business plans even if they don't need a bank loan. Others discover the value of planning when they must provide a business plan for the bank. The sheer act of putting thoughts on paper seems to clarify priorities and provide focus. Sometimes business owners completely change strategies when compiling their plan, deciding on a different product mix or advertising scheme after finding that their assumptions were incorrect. This kind of healthy thinking and re-thinking via business planning is becoming the norm. The editors of Business Plans Handbook (BPH) sincerely hope that this publication is a helpful tool in the successful completion of your business plan, no matter what the reason for creating it.

      New Business Opportunities

      This publication offers business plans created by real people. BPH provides actual business plans written by entrepreneurs engaged in creative endeavors within the same industry. The business and personal names and addresses and general locations have been changed to protect the privacy of the plan authors.

      Comprehensive financial documentation has become increasingly important as today's entrepreneurs compete for the finite resources of business lenders. Our plans illustrate the financial data generally required of loan applicants, including Income Statements, Financial Projections, Cash Flows, and Balance Sheets.

      Enhanced Appendixes

      In an effort to provide the most relevant and valuable information for our readers, we have updated the coverage of small business resources. For instance, you will find a directory section, which includes listings of all of the Service Corps of Retired Executives (SCORE) offices; Small Business Development Centers (SBDCs); Small Business Administration Regional Offices; venture capital and finance companies, which specialize in funding start-up and second-stage small business enterprises; associations of interest to entrepreneurs; and consultants, specializing in small business advice and planning. In addition, you will find a comprehensive glossary of business terms to help the small business planner navigate the sometimes confusing language of entrepreneurship. For your reference, we have also reprinted a business plan template used by small business counselors, which provides a comprehensive overview of the essential components of a business plan.

      Comments Welcome

      Your comments on Business Plans Handbook are appreciated. Please direct all correspondence, suggestions for future volumes of BPH, and other recommendations to the following:

      Project Editor

      Business Plans Handbook

      Gale, a part of Cengage Learning

      27500 Drake Rd.

      Farmington Hills, MI 48331-3535

      Phone: (248)699-4253

      Toll-Free: 800-877-GALE

      www.gale.com

      Powerline of Northern Minnesota

      982 Delaney Circle

      Johnsonville MN 77821

      This business plan garnered it's owner the loan it requests. Should a business owner compile a business plan in advance of requesting a loan, it can help the loan process go more smoothly. This plan, in addition to its succinctness, has a very comprehensive consideration of the marketplace.

      STATEMENT OF PURPOSE

      PowerLine of Northern Minnesota, dba of Habitat, Inc., is a PowerLine studio providing design services and a selection of PowerLine furniture and cabinetry in a showroom environment. Studio products and services focus on general business and health care markets in a territory north of Garnet including most of Minnesota's northern regions, based in Petoskey.

      The company requires start up capital in the amount of $60,000, to be used for leasehold improvements, displays and accessories, inventory, office equipment, tools, forms, signage, opening costs and operating capital. Funding is needed for a projected opening of April 1995. Two months are necessary for ordering and set up of displays.

      The operation of PowerLine of Northern Minnesota will result in a net profit sufficient to repay the loan and interest within five years. The loan can be secured with home equity funds in the amount of $30,000 and retirement.and stock funds of the pricipals.

      EXECUTIVE SUMMARY

      PowerLine of Northern Minnesota is a PowerLine Studio. The studio concept was developed in 1966 by Mitchell Camden and Associates, the manufacturers of PowerLine furniture and cabinetry. PowerLine studios are the distribution system for their product to the general business and health care markets. PowerLine of Northern Minnesota joins a network of 50 independently owned Studios located throughout the United States. .

      The PowerLine of Northern Minnesota Studio provides design assistance and sales of Tachline components for furniture, cabinetry, office systems, seating and closet systems. The success of PowerLine of Northern Minnesota is in providing high quality, adaptable, moderately pricedproducts paired with design expertise to customize each client's storage needs.

      The PowerLine Studio's mix of products targets two market niches within the general business and health care markets. In the general business market, the focus is professional home offices and small businesses. PowerLine' provides attractive and functional office organization in a variety of sized components for maximum space utilization at a lower cost than traditional steel office furniture.

      In the health care market, the niche is medical office buildings and outpatient facilities. PowerLine fills this market's need for specialty, modular, medical cabinetry that is code approved and can be installed and rearranged as required in this rapidly growing industry.

      Additionally, PowerLine of Northern Minnesota provides multipurpose storage components for residential home entertainment systems, home office and closets.

      PowerLine products are purchased factory direct and are shipped RTA (ready to assemble) or preassembled. The Studio maintains a protected sales territory and is assisted by extensive factory supported training, product updates, dealer networking and factory representative visits.

      To complete the office design, PowerLine of Northern Minnesota sells seating products, decorative accessories, lighting and desk storage accessories.

      MARKET ANALYSIS

      Northern Minnesota communities are peopled with small business owners and professionals. The greater Petoskey area, drawing from Landry, Caledonia and Holiday counties, is experiencing population growth and is becoming a destination point for consumers of goods and services.

      These two facts define the market focus for one product group of PowerLine of Northern Minnesota, Small office/Home office. This potential market numbers over 1200 in the surrounding area; physicians, dentists, accountants, attorneys, building contractors, insurance and real estate agents, allied medical professionals, college and local government officials, and home business owners are PowerLine customers.

      These business people require an uncomplicated system for organization of the reception area; work stations with computer equipment, phone, fax and filing; conference areas; manager's office; employee lounges. Priorities for the small business are adaptability for changing needs, reasonable cost and enduring style and colors. PowerLine fulfills each of these requirements.

      Another concern of the small business person is limited time to plan or make changes in an inadequate office or workspace. Doing the daily business takes precedence over how an office functions or what it looks like. Providing the service of analysis of storage needs, formulation of a workable plan, and the implementation of the design into the workplace, PowerLine of Northern Minnesota takes the time to personalize a business' storage needs. Assistance with installation, decorating and accessorizing completes the project.

      The PowerLine of Northern Minnesota professional will coordinate with the business' vendors of phone and business equipment to minimize disruption in the workplace and assure a smooth transition into the new office environment.

      Because of the uniformity of sizes and consistency of colors of the PowerLine products, as the business grows or relocates, their office fixtures can be moved, rearranged and added to. Repeat business becomes a reliable barometer for success.

      The most effective way to interact with the small business market is a face to face meeting. An introductory mailing to the 1200 professionals of a PowerLine color postcard targeted to the individual's type of business, will be followed up with a visit to the workplace by way of introduction. This personal expression is more welcome than a ringing telephone. At that time, a future appointment is made at the business person's convenience.

      PowerLine of Northern Minnesota has the territory to service small business from north of Garnet to the Minnesota border, and will market regionally to raise market awareness and market specifically to the greater Petoskey area.

      Business owners surveyed feel there is a void of product between the traditional, costly, steel office furniture and inexpensive, poor quality and selection, discount brand furniture. Local sources for the former, office supply stores, include Caledonia Office Supply, Franklin Office Supply, and Minnesota Officeways. They present themselves as purveyors of high end office furnishings-such as Steelcase, Herman Miller, Kimball, Haworth, and Knoll. While brand awareness is important, product suitability for the small business needs is overlooked.

      Some of the above mentioned sources do offer some lower priced alternatives, as do some furniture stores and mail order companies. A computer stand, a desk or a file cabinet purchased by itself is a start. The frustration occurs as a business needs an adjoining printer stand, another desk, or expansion of filing and storage systems. Are other pieces available to match that initial purchase? Was the original piece suggested with future needs in mind? Was help offered in planning for eventual storage and growth needs? The total office concept is addressed and provided for with PowerLine of Northern Minnesota's products and services.

      PowerLine is a highly versatile, quality casework system. No other manufacturer can meet PowerLine's range of products at an affordable cost. PowerLine of Northern Minnesota's competitive advantage is its expertise to assist the client in the design of the cabinetry and then deliver and install a quality product in a short time frame, approximately four weeks.

      PowerLine of Northern Minnesota's other market focus is health care. Petoskey, with its' Northern Minnesota Hospital, Benson Clinic, and TotalHealth Group subsidiaries, is a natural hub for health care services in this region. By the year 2000, health care is predicted to be 20% of the country's GNP. The trend toward ambulatory centers and outpatient services necessitates new building and remodeling of older ambulatory centers, physician's clinics, and group practice clinics. The Benson Clinic is expecting to expand its' physician staff to 140 in the coming year.

      In the health care market, PowerLine is a well-known name. Mitchell Camden and Associates, the manufacturers of PowerLine, is an architectural firm specializing in the design and construction of medical facilities. PowerLine furniture and cabinetry is designed and manufactured to the exacting specifications of the health care industry and is used in all Mitchell Camden buildings. In the northern Minnesota area, Camden facilities in 21 locations. These facilities serve as a base of customers for additional PowerLine purchases.

      There is tremendous pressure to hold down costs in the health care market. This fast growing industry is constantly adapting to convert existing spaces to better uses and to construct satellite facilities to make health care more accessible, especially in the rural areas of northern Minnesota. PowerLine medical cabinetry utilizes a modular design that permits the product to be mass produced at a lower cost. This also allows for health care users to reconfigure and reuse cabinets as needs change. Over the long term, the cost of cabinets is lower because the life of the product is much longer.

      The decision makers in the health care market list cost and quality as important factors. Past experiences with local cabinet shops have produced lover quality and guarantees that outlived the cabinet business. Cabinetry manufacturers typically produce for residential udes that do not address the demands of the health care user. The only local cabinet maker that is capable of providing an acceptable quality and cost is Jordan Design. They are a business that has grown with the area and has reached the deciding point; further growth and a compromise of quality and service, or maintain its, market along with its' service to satisfy existing customers. Their focus is divided between kitchen design and commercial applications.

      The health care market is reached by direct contact to architects, administrators, purchasing'agents, general contractors, developers, and designers. The showroom is used as a tool to visually show and explain the product. PowerLine of Northern Minnesota's competitive advantage in this market is the expertise to assist the client in the design of the cabinetry and then deliver and install a quality product in a short time frame.

      Letters of introduction as this area's distributor of PowerLine cabinetry will go to existing facilities that are using PowerLine and color postcards to potential customers will be a visual introduction to the product. Follow up phone calls will determine if the information has gotten to the appropriate decision maker and appointments will be made.

      Marketing of the PowerLine of Northern Minnesota Studio is crucial in establishing brand recognition and community visibility. Target marketing to the two market niches, general business and health care, will focus on direct mailing of specialized color post cards featuring the aspect of PowerLine most suitable to the targeted customer's needs. Visits to these businesses will position PowerLine of Northern Minnesota as being there for the customer, when they are ready to purchase.

      Being an active participant in the community is key to a successful marketing plan. PowerLine of Northern Minnesota will be a member of the Chamber of Commerce and involved in community functions. Business after Hours, Business Expo and Studio Open Houses will acquaint potentialcustomers with products and services.

      Local newspaper publications will feature a press release upon opening and subsequent Studio seminars or newsworthy media events will be covered. Newspaper advertising will supplement direct mailings and announce special events or sales. Special interest publications put out by the newspaper, such as business or health related tabs, would be appropriate for advertising as well as features written by Colleen Jackson, an often quoted source for cabinetry and design articles.

      Cross merchandising with other related business merchants will produce additional exposure for both. PowerLine computer furniture can be displayed at a business selling computer hardware or office equipment. Electronics can be shown in a home entertainment setting.

      A data base of all PowerLine of Northern Minnesota customers will be maintained for mailings of product updates, special events and a newsletter of storage related information and trends. Mailings to new residents via Welcome Wagon lists will reach prospects for business or home office PowerLine users. A complementary letter opener with PowerLine of Northern Minnesota logo,can be distributed in the Welcome Wagon packet provided to newcomers.

      Yellow Pages advertising under headings of cabinetry and office furniture will provide an introduction to PowerLine of Northern Minnesota's products and services. Public radio underwriting will reach a discerning population likely to appreciate the style, value and service of PowerLine of Northern Minnesota.

      Business cards, stationery, presentation folders, signage and advertising will all feature the PowerLine style of printing and layout that signifies genuine PowerLine product. The mobility of the population means that more people coming into the area will have heard of or own PowerLine products. Familiarity with the product and satisfaction with both product and service will help to establish and grow PowerLine of Northern Minnesota. Studios report that after their second year, one-half of all sales are from previous customers.

      MANAGEMENT

      PowerLine of Northern Minnesota is incorporated as Habitat, Inc., and is headed by Colleen Jackson, president; Bill Jackson, vice president; Judy Farmer, secretary/treasurer.

      PowerLine of Northern Minnesota is a PowerLine Studio providing traditional design services along with a selection of PowerLine furniture and cabinetry in a showroom environment. The Studio is approved by Mitchell Camden and Associates to market and sell PowerLine products in an exclusive territory north of Garnet to the northern border. PowerLine furniture is sold on a non-exclusive basis.

      The Studio's market niches are general business and health care

      Enjoying the preview?
      Page 1 of 1