Furniture Store Business Plan
Producing and selling furniture is a $12 billion industry. The focus of the industry is on the affluent customer who can spend upwards to $3, 000 on furniture purchases. In Richmond, there are fifteen furniture stores that are competing for these customers with deep pockets. Those customers who can't afford these high prices are left with a poor selection of inferior products.
In the Richmond Metro area, there are approximately 50, 000 residents with modest incomes that do not have a furniture store to caters to their needs for affordable quality furniture. This income demographic has grown tremendously over the past five years but has not been responded to by the area furniture stores. Targeting customers with modest incomes is good business. They are expected to make up half of metro population by 2020-making them the fastest-growing segment of the city's housing market.
There are three modest-income housing renovation projects underway in Richmond with a combined total of 1, 500 units that will be sold as affordable housing.
As the Richmond Metro section revives, The House of Pine will offer customized, ready-to-finish pine furniture that's hand made and surprisingly affordable. We offer:
- Truly Custom Furniture: An unfinished furniture piece that is crafted for the customer. We'll customize any piece or create a whole new piece from a customer's rough sketch.
- Heirloom Quality Furniture: The furniture is made to last for generations. It's hand crafted, so each piece is unique.
- Handmade from Quality Pine: Every piece is made by a professional craftsman from the finest pine available. Every piece of pine is checked for grain and texture before it's used.
The House of Pine's Mission is simple. The customer gets what he/she wants; furniture (one piece or a whole house full) that fits the customer's space, taste, budget and style preference, from top to bottom!
1.2 Keys to Success
The Keys to Success for The House of Pine are as follows:
- Offer our customers affordable quality furniture that will last.
- Customize any piece as requested by a customer.