The House of Pine Retail Store Business Plan

Introduction

The House of Pine business plan has many components, which play a critical role in describing its existence. The first component of the plan is the introductory part, its mission statement, and objectives. In this part, the mission statement indicates that the company focuses towards satisfying their customers' needs as far as furniture is concerned. Additionally, the keys to success discussed in the plan include offering their customers affordable quality furniture that is long-lasting, make different designs as requested by customers, and importantly be creative enough to come up with new models. The second component that discussed is the company summary (Software, 2018). This part includes the company ownership, its location and facilities, its startup summary, and an overview of the start-up costs, which the company will incur. A weakness with both of the components is lack of a vision statement for the company. As a strength, the company has focused on satisfying the customer needs rather than making profits. The second component is critical in ensuring that they provide a brief but detailed description of the company and its operations.

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The third and vital component of the business plan is a description of the products and services that the company offers to the market. Products that they offer include ones that are used in the living room, bedroom, and even in a dining room. The house of pine furniture retail manufacturer provides beds, dressers, tables, chairs, and benches among others. Notably, anybody reading the through their product list can easily find what they have. A brief but detailed description makes it easy for customers to make decisions on whether to get the products. The plan has incorporated all their furniture products targeting young couples with rich pockets. In essence, this particular component forms one of an essential aspect of the plan as it gives an exact description of what the business will provide to the market. The part enjoys strength in its description as it allows customers to order their specified desirable designs.

Market analysis summary is another critical component of the plan as it focuses on the growth of the House of Pine. Under this component, market segmentation and possible consumer behavior both discussed in details. Market analysis is essential to know how to capture a larger share of the intended target group. A close study of the composition of the inhabitants in the region in the report indicates that by young adults who have high incomes occupy a larger share of the area. Young working families and students are also part of the target group that House of Pine intends to transact with. Market analysis as a component assures an investor that there is a likelihood of the business succeeding. A weakness with this component in the business plan is that it is only an estimate and a change in dynamics can render the plan non-viable (Yoo, Park & Choi, 2015). The market analysis in the plan is vital to help develop a better understanding of the business.

The fourth component in the plan is strategy and implementation summary. This part contains the competitive edge, which explains how the House of Pine will gain an advantage in the market over its competitors who are situated in the near suburbs. Additionally, the plan contains the sales forecast for the company for approximately three years. A sales strategy that is important towards increasing revenue and capturing a larger share of the market is outlined in the business plan. According to the plan, the sales should show an increasing trend in three years. It is essential to have such details in a business plan as it can enable one to decide on whether to invest or not wisely.

The fifth component in the business plan is a summary of the management of the House of Pine. Under this particular component, a personnel plan has been provided listing the manager, assistant manager, office manager, checkers, production staff and stockers. Additionally, the personnel list has offered possible estimates of salaries that their team are likely to get paid in 3 years. The last component of the plan is the financial plan, which is the most crucial part of a business plan. For instance, it contains the break-even point analysis of the business, the projected profit or loss, and the total cost of sales. Moreover, the financial component of the plan contains the expected cash-flows of the company, a possible balance sheet, and the critical business ratios.

Conclusion

The components of the business plan are arranged in a logical manner that helps one to read through and follow easily. A business plan should be simple to understand, and all its components should be arranged in a way that one easily traces. Additionally, it is essential to organize such processes as a sequence to avoid missing a crucial stage. Omitting or losing any stage might cripple the whole business hence a non-viable business plan. Mixing of various components without a specified logical sequence can result in more problems, which are difficult to handle. The House of Pine retail store can do better only if all components are arranged logically in accordance with the set resources.

References

Software, P. (2018). Retail Furniture Manufacturer Business Plan Sample - Executive Summary | Bplans. Retrieved from https://www.bplans.com/retail_furniture_manufacturer_business_plan/executive_summary_fc.php

Yoo, J., Park, Y., & Choi, K. (2015). A Study on the Living Furniture Utilizing Traditional Wooden Furniture Manufacturing Technics - Focused on Manufacturing Technique of Structural Aspects -. KOREA SCIENCE & ART FORUM, 21, 287. doi: 10.17548/ksaf.2015.09 .21.287