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executive summary of furniture business plan in nigeria, executive summary of furniture business plan in nigeria.
Patilad Ltd is a thriving and dynamic furniture manufacturing firm located in the heart of Abuja. We specialize in the manufacture of household furniture, outdoor and office furniture. We use the very best materials available including post formed wood (MDF or HDF) which comes in colors or from seasoned wood which is treated to make the products and sprayed to a color afterwards. Technically the bulk of our work can be categorized into upholstery, mortising, tenour and installation for clients like wooden floors, doors and their locks, post-made cabinets etc. We also do maintenance services on existing furniture products.
Patilad Ltd. is an Abuja-based company, located in Area 10 Abuja; in an ideal location highly suitable for this kind of business. We are seeking to have an expansion of our facilities and procure new machines and equipment that will help us satisfy our teeming clients and customers better, faster and more cost-effective.
Patilad Ltd. will manufacture a wide range of household furniture (living room, dining room and bedroom furniture, upholstered, coffee tables, sofa tables, end tables, sofas, love seats, chairs, bookshelves, ottomans, display cabinets, consoles and TV stands and otherwise), outdoor and office furniture (Desks and home office goods, lamps, recliners, rugs and outdoor furniture). We are set to services a wide range of clientele in and around Abuja – Nigeria.
Patilad Ltd.’s management team is led by Dayo Adetiloye as Chief Executive Officer/Managing Director, who has extensive knowledge of the industry. The 6 years old company presently has five temporary employees, three permanent employees and three trainees. Upon reception of funds, we intend to double this figure. More details present under personnel plan.
Patilad Ltd. is in the furniture manufacturing industry to manufacture home, office and outdoor furniture to service a wide range of clients and of course to make profits, which is why we will ensure we go all the way to give our clients and potential clients options.
Our product offerings includes;
- Manufacturing of household furniture (living room, dining room and bedroom furniture, upholstered, coffee tables, sofa tables, end tables, sofas, love seats, chairs, bookshelves, ottomans, display cabinets, consoles and TV stands and otherwise),
- Manufacturing stationary sofas/sofa-sleepers
- Manufacturing metal household and office furniture
Read Also: executive-summary-of-general-cleaning-business-plan-in-nigeria
In Nigeria it is no gain saying the furniture manufacturing industry has the widest range of customers; almost everybody on planet earth has one or more things that they would need in their houses or offices from a furniture retail store. It is difficult to find households and office facilities without one form of furniture or the other.
In view of that, we have positioned our furniture manufacturing company to service the residence of Abuja – Nigeria and every other location where showroom with outlets will be located all over key cities in the Nigeria. We have conducted our market research and feasibility studies and we have ideas of what our target market would be expecting from us.
We are in business to manufacture a wide range of furniture to the following groups of people and corporate organizations;
- Bachelors and Spinsters
- Corporate Executives
- Business Owners
- About to wed couples
- Corporate Organizations / Offices
- Government Offices
- Schools and Students (Library inclusive)
- Churches and other religious centers
- Studios, Showbiz Business owners
Management will be responsible for supervising and participating in the daily operations of the facility. Management consists of:
- Dayo Adetiloye Chief Executive Officer/ Managing Director (Administration), Full Time
- Jumobi Oyebade, Managing Director (Production), Full Time
The company is seeking Five million Naira (N5 000 000.00) in both short-term and long-term loans to finance the purchase of Patilad Ltd.’s new farm, upgrade the facilities, and cover start-up expenses and first year losses. The company will make a profit of N3 843 950 in the first year of its operations. We do not expect to have any cash flow problems in the next four years of operations.
To buy the remaining part of this business plan, including the detailed financial analysis, call any of our business plan consultants on 08105636015, 08076359735 and 08113205312. You can send a WhatsApp message or email us either at [email protected] or [email protected] .
We help institutions and organizations write concepts, implement Business plans, and train on business Plan writing in Nigeria.
We can help you write a detailed, bankable and comprehensive business plan for your business idea.
Call any of our business plan consultants on 08105636015, 08076359735 and 08113205312
Or send a WhatsApp message or email us either at [email protected] or [email protected] .
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Complete Furniture Work Business Plan Download In Nigeria (Loan and Grant)
In case you are into wood work like furniture business and would like to secure a loan or grant from the bank or government, here is a complete Furniture business plan.
For those who want to apply for NIRSAL Microfinance loan, BOI, or TEF grant, here is the complete business plan for furniture work.
You can see the furniture business plan below make sure to read to the end so to download the complete business plan in msword or PDF.
2.0 EXECUTIVE SUMMARY for Furniture work
2.1 The project
2.2 Project Location
2.3 Preliminaries and Pre- Operational Expenses
2.4 Organization and management
2.5 Benefits of the project
3.0 THE MARKET
3.1 The Market
3.2 Our Target Market
3.3 Our Competitive Advantage
3.4 Marketing Strategy and Sales Strategy
3.5 Our Pricing Strategy
4.0 SWOT ANALYSIS for Furniture Business
5.0 RISK AND INCENTIVES
5.1 Insurable Risk
5.2 Non Insurable Risk
7.0 FINANCIAL ANALYSIS For Furniture Work
7.2 Projected Cash Flow Statements
7.3 Projected Profit and Loss Accounts
READ: You can Download Any Nature of Business Business Plan HERE
Furniture making used to be seen as a venture for illiterates. But evolving developments in the society seem to have changed that perception, as more enlightened people show interest in the business.
Of course, most of these new faces in the business have been telling tales of good fortune and success. With various modifications and creativity coming into play in the business, it is a noticeable trend that most of the successful furniture firms are city-based, indicating that the business has the prospect of thriving more in urban and semi-urban areas than rural areas.
The reason is that most of the people who have the financial capability to acquire appreciable works of furniture are in the urban centres.
In Nigeria, the business, which is seen more as an art than a vocation, has generally proven to be a lucrative venture, nevertheless. Its general appeal lies in the universality of its usage. Considered as a form of decorative art, the furniture maker, as an artist, thinks of a design and brings it to life by making furniture that can represent his idea.
This is the reason furniture business is often described as companion of relevance in homes, offices and occasions. Furniture making, which presently employs many globally, is said to have gradually improved through the ages. According to operators in the venture, the art of furniture making gives room for creativity.
This creativity and the expanse of marketing opportunities generated by the aesthetic appeals, operators say, allow skillful individuals in the trade to laugh all the way to the bank after having their works ‘heavily priced.’
From tables, chairs, wardrobes, cabinets and drawers making to artistic designing of woods, skilled furniture makers in the country say the business is money spinning. This underscores the description of operators as placid money makers by their clients. The implication is that expertise in the art, as operators say, enhances the chance of making good money from the venture.
According to them, a well grounded furniture maker in any location, to a large extent, enjoys the liberty of deciding his price for particular furniture, regardless of what may be obtainable elsewhere.
1.1 OUR PRODUCT OFFERING
T and T ENTERPRISES is in the furniture manufacturing industry to manufacture both home and office furniture; to service a wide range of clients and of course to make profits, which is why we will ensure we go all the way to give our clients and potential clients options.
We will do all that is permitted by the law of Nigeria to achieve our business goal, aim and ambition of starting the business. Our product offerings are listed below;
- Manufacturing of household furniture (living room, dining room and bedroom furniture, and TV stands and otherwise),
- Manufacturing stationary sofas/sofa-sleepers
- Manufacturing showcases, partitions, shelving and lockers
OUR VISION STATEMENT For Furniture Business Plan
Our vision is to become the leading brand in the furniture manufacturing industry in Kaduna State
OUR MISSION STATEMENT For Furniture Business Plan
Our mission is to establish a Standard furniture manufacturing business whose products will not only be retailed in Kaduna, Kaduna state, but in other neighboring states.
MARKET ANALYSIS for Furniture Business Plan
You need a showroom to be able to display your furniture to the public. Make sure it is by the roadside for passerby to see them. Advertising is everything in business, if your furniture is hidden, no one will see them and you wouldn’t make a sell. You must by all means get your product where people can see them for you to make sells.
Implement a local campaign with the Company’s targeted market via the use of flyers, local newspaper advertisements, and word of mouth advertising.
Develop an online presence by developing a website and placing the Company’s name and contact information with online directories.
The changes in disposable income, consumer sentiment, ever changing trends and of course the rate of homeownership is major growth drivers for this industry.
No doubt, a massive rise in consumer confidence has also contributed in helping the industry experience remarkable growth, but uneven performance in these drivers has led to slightly constrained revenue growth for the Furniture Manufacturing industry.
So also, the rising demand for both home and office furniture, as a result of increasing disposable income and consumer sentiment, will result in revenue growth, but profit margins will stagnate as furniture stores keep prices low to attract more sales amid growing competition.
A close watch on the industry activities reveals that, the Retail Market for Home Furniture and Bedding was hit hard by the recent economic downturn and experienced a decline in revenue in recent time.
How to Download the Complete Furniture Business Plan Msword/PDF
The above is just the introductory part, the full business plan is 24 pages and you can download it for N5000. You can download the full pure Furniture business plan by following the procedures:
For you to download the complete business plan straight to your email address, kindly Click on the>> DOWNLOAD for immediate response.
You’ll pay the sum of N5000
BANK: UBA ACCOUNT NAME: AJETUNMOBI OLANIYI A ACCOUNT NUMBER: 2089760594
Immediately after the payment, send your email address through text message to 08133717775 and I will send you the full Furniture business plan.
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How To Start A Custom Design Furniture Business In Nigeria
- June 8, 2020
If you are looking for a business that has the potential to generate profit in no time, furniture business is one such business. Practically, there’s literally no home in Nigeria without a piece of furniture in it.
This goes a long way to confirm that furniture business is an essential industry that meets the need of many people in Nigeria. Let’s look past homes to offices, churches, mosques, and other establishments in Nigeria, these places cannot exist without furniture.
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To put together masterpiece furniture, it cost many resources. The good news is that you don’t need to learn furniture making before you can invest in the furniture business.
In addition, Nigerians are beginning are more willing to try new things. It’s a competition of how has the best furniture in their home, people want a masterpiece and luxury furniture unlike before. Hence, the furniture business has evolved beyond using cheap woods or inferior materials for production.
Most Nigerian furniture makers have woken up to these new realities and are beginning to equip themselves. They are learning how to make custom-design furniture to meet up and surpass international standards.
Also, you must note that there are several companies in Nigeria involved in furniture making and you need a good market penetration strategy to thrive. However, there’s always room for any businessman who knows his onion.
What does it take to start this business in Nigeria and how can you begin? These questions and more are what this article provides answers to. So, take your time to read between the lines and ask questions in the comment section if you have any.
Watch the full video tutorial on how to start the furniture business here. Also, subscribe to our channel to get more business ideas and insights.
Cost To Consider When Starting A Furniture Business
- Cost of structuring your business (registration, business consulting, etc)
- The cost of getting relevant license and permits from the government
- Cost of renting or acquiring a workshop and showroom
- The cost of equipment and raw materials
- Running cost
- Salary expenses
- Marketing and advertising expenses
- Cost of creating a website or drafting a business plan (if you cannot do them yourself)
- Cost of training
With 2-3 million Naira in place, you should be able to get your furniture business up and running.
How To Start Furniture Making Business In Nigeria
Step one – select a niche.
First and foremost, you need to identify the niche you want to focus on and be known for. And this includes the type of materials you want to use such as: metal, upholstery or the regular wood.
It’s also imperative to identify your target audience. Do you want to focus on residential, office, or resort furniture? If you have the capital and required resources, you can invest in all of them.
Part of selecting a niche is to also decide if you’ll only be serving your local market or both local and international market. This process will help you streamline your goals and objectives before starting out.
Before selecting a niche, do a proper market analysis of the most in-demand furniture and choose appropriately. Study your competitors to find out what they lack and include them in your designs.
See Also: How To Start A Fish Farming Business In Nigeria
Additionally, furniture business keeps evolving and there’s always a demand to move with the trend. Hence, ensure your decision is flexible so as to switch when the need arises.
After selecting your niche, choose the type of furniture business you want to explore.
Basically, there are two types of the furniture business in Nigeria:
1. Furniture Manufacturing
Here is the type of furniture business where you are making the furniture yourself and selling directly to your customers. If you don’t know how to make the furniture, you can hire skilled hands to make the furniture while you handle the marketing and sales.
In this type of furniture business, you purchase the materials yourself or get it supplied to your workshop. And, your employees come up with several custom designs requested by clients.
Alternatively, you could make different custom designs and then advertise to your target market. This type is better because it helps you make more profit and your creativity will not be restricted as you can always construct any design that comes to mind or requested for.
See Also: Recycling Business – How To Start Recycling Business In Nigeria
2. Buying And Selling Of Furniture
Here is another type of furniture business. Unlike the first one, this type of furniture business involves buying furniture from a manufacturer and reselling for a profit.
This type does not require much capital to begin and it’s a good way to start the business. Basically, you can purchase from a local manufacturer or company in Nigeria and resell it to your customers. You can also import the furniture from neighbouring countries and overseas and resell it to your customers.
A good way to begin this type of furniture business is to open an online store and several social media handles, take pictures of the furniture and post them. Once a customer shows interest in them, bargain a good price with them, then place an order for the furniture and make a profit.
See Also: How To Start A Rice Farming Business In Nigeria
Step Two: Draft A Business Plan
After selecting a niche, the next thing is to draft out your business plan. Basically, a business plan contains the long term goals and objectives of your business and how you intend to achieve them. You cannot underrate the power of a compelling business plan. Apart from the fact that a good business plan can help you secure funding, it also helps you stay focus on your long term goals.
You may ask, what if I cannot write a business plan by myself? Well, many aspiring entrepreneur always feel it is difficult to draft a business plan but that’s not true. Nevertheless, if you cannot draft it yourself, you can get the service of someone who can.
But, it is always better to write your business plan yourself because by doing so, you will be grounded on the information stated therein and follow it holistically.
Usually, below are the basic information that should appear in your business plan:
- An overview of your furniture business
- Executive summary
- General company description
- SWOT analysis
- Market research
- Your strategy
- A marketing plan
- An operational plan
- Financial projection
- An appendix
The best way to write a business plan is to study any business plan online and use it as a guide to write yours. You don’t have to write everything at once. Just resolve to write something every day and within a short period of time, your business plan will be ready.
See Also: How to write a business plan step-by-step for your business
Step Three – Learn How To Make Custom Design Furniture
If you would love to start making furniture by yourself probably because you can’t afford to pay people or you just want to have the basic knowledge, you will have to learn how to.
Normally, there are local furniture makers in Nigeria you can learn from. It will also interest you to know that some people actually learn furniture making online just by watching several YouTube videos and staying dedicated to practicing it.
Another way to learn is to attend a furniture making school anywhere in Nigeria or abroad, as you deem fit. Once you start learning, you will obviously have to purchase your own equipment to practice. The prices of these equipment varies due to quality.
Typically, there are numerous equipment used in a furniture manufacturing company.
But for starters, here are the major tools you’ll need to purchase.
- Circular Saw
- Tape Measure
- Power Drill
- Marker or Pencil
- Spoke Shave
- Screw Driver
The learning period is different and depends on who and where you are learning from. Basically, it takes a year or two to become perfect in the art of furniture making.
See Also: Palm Oil Business – How To Start Palm Oil Business In Nigeria
Step Four – Register Your Furniture Business With CAC
In Nigeria, the Corporate Affairs Commission (CAC) is the recognised body in charge of business registrations. You cannot run a structured business in Nigeria without having your business name on the CAC portal. So, what do you need to get your furniture business registered with CAC?
First and foremost, pick a name that best describe your business and head to CAC’s website to search if the name has not been registered by another person. If the name is available, reserve it.
Thereafter, provide the required information and begin the registration process proper. Some of the required information are your name, residential and office address, phone number, email address, etc. The information depends on the type of registration you are going for. You can either register as a business name or a limited liability company (LLC).
Over the years, aspiring entrepreneurs encounter challenges while registering their business themselves. Hence, it is advisable to get the service of an expert to help you out.
One of the firms Nigerians trust for business registration is ReDahlia. ReDahlia is located at 43B, Emina Crescent Off Toyin Street, Ikeja Lagos. Interestingly, you can register your business with them regardless of your location. Just send the requirements to them via email and your certificate will be delivered to your location within 3-10 working days.
See Also: The benefits of registering your business with CAC
Step Five – Get A Workshop And Showroom
The next step is to either rent or acquire a space where the manufacturing will be done. Preferably, get a space close to your showroom for easy movement of finished furniture.
Alternatively, you can get a bigger space that can occupy both your workshop and showroom. Basically, a showroom is a space where you showcase your furniture for prospective customers to see.
It is also advisable to get a space close to a busy road so that whoever passes by can see your work. As a matter of fact, you cannot afford to open your showroom in a remote area because the purpose of the showroom will be defeated.
Additionally, if you are importing furniture from abroad, you may only need to get a showroom because you wouldn’t need a workshop since you are only dealing in ready made furniture.
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Step Six – Hire Competent Furniture Makers
This step is necessary depending on the type and size of your furniture business. If you don’t have a furniture-making skill, you will certainly have to hire skilled furniture makers to make your furniture.
On the other hand, if you are a furniture maker yourself, you may start alone but as your business grows, hire the service of competent furniture makers to work with you. Obviously, you need to put different beautiful designs in your showroom and you need skilled furniture makers to join you as you grow.
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Step Seven – Brand Your Furniture
Gone are the days where you don’t find imprint on furniture. Today, furniture makers now add their company name and phone number to their furniture.
By doing this, you are differentiating your brand from others. Actually, someone can see one of the pieces of furniture you made and indicate interest in having one.
So, rather than looking for someone to give them your contact details, they can easily get your contact just by looking at the furniture. Usually, the branding is done with gold ink and stamped where people can easily find it.
See Also: How To Start A Successful Supermarket Business In Nigeria
Step Seven – Market Your Furniture
It’s very likely that you will not be the first furniture business in your area, hence you need to find something extra that will differentiate you. Find a unique spot in the market and penetrate it.
Also, devise a good marketing strategy that will make your target market begin to look your way. There are several ways to market your furniture to attract your target customers.
Here are some of the ways to market your finished furniture:
1. Connect With Different Establishments
Organizations, hotels , government parastatals, churches, schools, and mosques are good places to start. Design a brochure that contains your designs, then distribute it across these establishments.
Don’t just drop off your brochure with these establishments. The best thing to do is to get the contact of someone when you visit these places and follow up with them.
Furthermore, if any of your friends or family member works in a reputable organisation, tell them to introduce you to their bosses because recommendations are highly effective.
See Also: Proven Way To Validate Your Business Idea With Customers
2. Attend Big Events And Network
If you want to grow fast in your business, it is usually good, to begin with, people that can pay for your furniture and have the potential of buying larger quantities.
When you attend such events, don’t be afraid to talk to people about your business, hand them your business card and receive theirs as well.
In the furniture business, your customers cut across different stratum of people. You deal with low, middle, and high-class people. Hence, devise a means to connect with them all.
On the other hand, if you only provide luxury furniture, your target audience should be high profile and wealthy people.
See Also: 10 Ways To Improve Customer Engagement And Increase Your Revenue
3. Take Advantage Of Internet And Social Media
Social media has become a world of its own. Most of your customers are on either one or two of the social media platforms. Hence, you need to put yourself out there for them to see.
On social media, you need to be both social and business-driven. You can begin with Instagram, Facebook, Twitter, Tumblr, and YouTube.
Another way to take advantage of the internet is to create a website for your furniture business. With WordPress or Wix.com, you can get your website running in no time.
On your website, upload your designs with their prices. Don’t also forget to include your contact information so that whoever visits can reach out to you from there. You can also run a Google ad that directs people to your website.
See Also: How To Optimise Your Customer Experience Using Social Media And Boost Revenue
4. Sell Your Furniture On Jumia, Konga, Etsy, and Jiji
Create an online store on these platforms. You will have access to their wide range of audiences. However, they always collect a percentage of the fee for providing the platform. Besides, there are lots of competition so, you have to price your furniture competitively.
Many businesses only sell their products on these platforms and are making millions monthly. Take advantage of every opportunity to get paying customers.
See Also: 21 Ways To Acquire New Customers For Your Small Business
5. Partner With Other Furniture-Making Businesses
You obviously need to connect with people already in the industry especially if you plan to be buying from established brands to resell.
Besides, some companies can direct customers to you when you have what they need and they don’t. Actually, collaboration is the new competition. You could partner with these brands to push your furniture business.
In conclusion, the furniture business in Nigeria has come a long way and it keeps evolving. Therefore, regardless of how you start, always grow with the trend so you won’t get outdated or become complacent in the business.
Do you have additional ideas that can help an aspiring furniture business owner become successful? Feel free to drop your insights in the comment section. If you found this content useful, please share it with your audience.
Dear entrepreneur, gone are the days where social media is enough to push your brand. Today, you need a reputable site to mention and put you on the world map. This is what we offer you at Entrepreneurs.ng. Reach out to us today to tell your story.
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Standard Furniture Business Plan With 3 Years Financial Analysis
This business plan focuses on furniture design, making and selling. Furniture is one business that has been there many centuries ago and still very relevant and lucrative today.
Many homes, offices, various centres and public places can’t do with good furniture. beautifully design furniture makes our home more beautiful and elegant.
In Nigeria, furniture business is one of the lucrative businesses to go into and if you have creative ability, you will be able to come up with more beautiful designs for your customers and build a brand for yourself.
You don’t need to be a carpenter to sell furniture. In fact, not all carpenters can make quality furniture. You need a showroom and a good carpenter to start your furniture business.
Our standard furniture business plan comes with 3 years financial analysis that includes sales projections, income statements, balance sheets, breakeven analysis, cash flow among others.
The business plan is developed to help you save money, time and energy and most importantly, raise fund to kickstart or scale your business up. Why waste time and energy to write a business plan that will take a couple of months to complete yet you won’t still get it right? Why not get our already developed standard Furniture business plan with 3 years financial analysis and make some changes to suit your needs?
When you get our standard furniture business plan with 3 years analysis, what you need to do is to change the name, contact details, company details, founders details and other info to suit your need and present it to anyone (bank, investor, grant competition etc).
The standard furniture business plan is in MS words and the financial is in excel. so that you can deliver to your inbox immediately and you can easily change it to suit your needs.
NOTE: if you don’t like an already developed business plan (generic) and you need a tailor-made and a unique business plan to be developed for your business, kindly click here to check the different packages we have.
The 3 years financial includes startup cost, fixed monthly expenses, cash flow, income statements, balance sheets, sales projections, breakeven analysis, salaries and wages, ratio among other analysis.
Details About The Business Plan
Released/Last Updated Date : October, 2018
Format: MS Words and Excel(3 financial analysis)
Take a look at the table of content:
1) Table of Contents
2) Executive Summary: The summary includes introduction, products and services description, marketing and sales among others
3) Company Overview : this includes
- Mission Statement
- History and Current Status
- Markets and Products
- Keys to success
4) Product or Service description.
5) Industry and Market Analysis
- Industry analysis
- Market analysis
- Customer analysis
- Competitor analysis
- SWOT Analysis
6) Marketing Strategy
- Target Market Strategy
- Product/Service Strategy
- Pricing Strategy
- Distribution Strategy
- Advertising and Promotion Strategy
- Sales Strategy
- Marketing and saleS Forecasts
- Operations Strategy
- The scope of Operations
- Operating Expenses
- Development Strategy
- Development Timeline
- Development Expenses
- Company Organization
- Management Team
- Administrative Expenses
10) Summary of Financials
- Financial Assumptions
- Financial Forecasts
- Projected Cash Flow
- Income Statements
iii. Balance sheet
- Profit and loss
- Profit Margin, chart etc
- Financial Risks
Support for Product/Service Description (e.g., diagrams, pictures, etc.)
- Income Statement [3 years]
- Balance Sheets [3 years]
- Cash Flow Statements [3 years]
- Ratio Analysis [3 years]
- Other supporting financial statements
How to Access This standard furniture business plan with 3 years financial analysis
This standard furniture business plan with 3 years financial analysis should cost you N20,000, but you are not going to give you for that amount. But for today and for a limited time, we will give you for Only N7,000.
How to Pay and Access The Business Plan
Method one – Online Payment
Pay online using credit or debit card and download the documents immediately.
Click here to pay online now and download immediately
Method Two – Bank Deposit, Internet/ATM Transfer/Mobile Money etc
You can access the documents by paying cash or doing bank/internet transfer or ATM transfer to any of the following accounts below:
ACCOUNT DETAILS You can pay into any of the following accounts: Account Name: Etimate Global Services Account Number: 0051427747 (Current Account) Bank: GTB or Account Name: Etimate Global Services Account Number: 1150007557 (Current Account) Bank: Polaris Bank Ltd or Account Name: Utibe Etim Account Number: 2012483183 (Saving Account) Bank: UBA AFTER PAYMENT: Please text or email your name, phone number, payment details and your email address to 07031542324 or [email protected] and your standard furniture business plan will be sent to you
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If you need already developed plans, check the ones we have developed below:
WHAT CUSTOMERS ARE SAYING
I want to say a big thank you for the business plan you sent. The plan is rich and detailed and professionally developed as explained on your web page. In fact the plan worth more than price. I have gone through the financial template and I have made some changes to suit my needs and would present it to my banker next. Am I going to present it together with the financial template or should I only present the business plan?
I have gone through the financial template and I have made some changes to suit my needs and would present it to my banker next. Am I going to present it together with the financial template or should I only present the business plan?
Can I also send it for you to help me review the financial before I submit?
Mrs. Esther Enudi
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How to start a Furniture Making Business in Nigeria
- July 10, 2020
- Posted by qeeva_
- Carpentry business , Chairs , Cupboard , Dinning table , Furniture making , Furniture making business in Nigeria , Furniture making business plan
- Leave a comment
HOW TO START A FURNITURE MAKING BUSINESS IN NIGERIA
Every day as individuals build houses, set up various companies and businesses, there is always a need to get furniture whether it is a chair, table or cupboard as furniture is also a decoration. When people move into their new home, they need a bed to sleep on, a chair to sit, wardrobes for their clothes, a dining table, sofas, kitchen cabinets and different kind of furniture too. This makes the furniture making business have a high demand in the market and ensures that it is a lucrative business.
There are lot of carpenters in the community which makes this business a very competitive one. In order to succeed in the furniture making business, you will need to think outside the box by implementing certain strategies and procedures. When starting a furniture making business, you need to have a good eye for what your clients and customers want, tailor your designs according to their specific needs. They will refer your excellent services you did for them without you asking
People don’t want to go through the stress of importing furniture from other countries, which is why they settle for quality local products. In order to start a furniture making business, you don’t need to necessarily become a carpenter. Individuals that want to start a furniture making business can be divided into 2 which are
- Individuals who have carpentry skills, knowledge and experience. They know what it takes to start a furniture making business
- Individuals who have no carpentry skills or knowledge but are willing to start the business
Both individuals can apply the same procedures and guidelines when starting a furniture making business. They include
- Find your niche
Finding your niche deals with specifying the kind of furniture you want to make such as home furniture and office furniture. This also deals with specifying the kind of materials you want to implement in manufacturing your furniture such as wood, metal or bamboo and the kind of services you want to offer to your customers and clients
There are a number of niche ideas that you can choose from in the furniture making industry. They include:
- Children’s furniture
- Furniture remodelling
- Bathroom Vanity
- Kitchen Furniture
- Office Furniture
- Garden and Outdoor Furniture
- Luxury Furniture
- Online Furniture sales
- Furniture recycling
- Furniture finishing
- Furniture designing
- Do a research on your target market
It is very important for furniture making businesses to keep up with trends and produce what the customers want. The taste and style of people differs from one another. Getting to know what people want will aid your furniture business as you will be able to deliver the right products to the right people. This research will not only help you know what people want but you will get to know how large the furniture business is and how you can outperform your competitors. Your target market may include
- Individuals who you sell directly to
- Local and national furniture retailers
- Architects and interior designers
- Companies and businesses requiring office furniture
- Develop a business plan
Every entrepreneur should have a business plan as it allows them commit their ideas and plan into writing providing a road map to success of the business. A business plan will also ensure that the business is accessible to various loans and investors. A well detailed business plan includes the following
- Executive summary (This will be done after the plan is written)
- Business Overview
- Market Overview: The Opportunity & Solution
- Financial Highlights
- The company overview
This is the introduction and description of your company. It covers the following details
- Mission and vision
- Overview of company history/capabilities
- Product description and present stage of development
- Competitive advantage (what’s different or better than competition)
- Past customers and performance (if applicable)
- Legal entity, hours of operation, location description and attributes
- Structure & Ownership
- Management Team
- Intellectual property status (if applicable)
- Commercialization strategies (if applicable – timeframe and actions to move from idea to marketplace
- Product and services
This covers the following:
- Definition of Products or Services to be Sold
- Product Viability
- Industry analysis, market analysis and marketing strategy
- Swot analysis
- Market analysis
- Market size(Estimate of the total market size for the product or service and trends
- Quantification of the size of each market segment in terms of (Naira spent, units used, number of people, percent of income etc.)
- Competition to the business
- Market Segmentation and Demographics
- Customer Profile(Actual and potential purchasers of product or services by market segments)
- Barriers to Entry
- Marketing/sales plan
- Management and operations
- Summary of risks involved
- Professional and advisors
- Cash flow projection and/or existing (3 years) with breakeven analysis
- Income/Expense projection and/or existing (3 years with ratios and benchmarks to industry)
- Sources and uses of funds (funds needed, owner equity, how funds will be used/start-up cost analysis
- Amount of Money Sought
- Use of Proceeds
- Project implementation schedule if any
- Decide on whether to buy an existing business or not
You could decide to buy an existing business or start up your own furniture making business. Buying an existing business means that the products, customers, regular sales, staff, premises and equipment are already in place and you won’t need to purchase new ones.
Although it is not recommendable to buy an existing because it might be hazardous due to financial issues and challenges the business you are willing to buy has. It more advisable to start your own furniture making business with its own brand
- Acquiring Finance for your furniture making business
Finance is the backbone of starting a business. Without the required capital, one cannot start a business. There are lots of equipment and materials that one will need to purchase before starting a furniture making business and they don’t come cheap. There are various sources of finance that one can acquire before starting a furniture making business. They include
- Self-financing: This has to do with the capital provided by the owner of the business
- Grants from government agencies: Various grants can also be gotten from the programs run by the state government or federal government
- Loans from banks : Having a detailed business plan and registering your business name will enable you access various bank loans
- Investors : Investors who have gone through your business plan and are assured that your furniture making business is profitable can invest millions of naira in your business
- Family and friends: Finance can also be gotten from families and friends that are willing to support your business
- Equipment financing or leasing: Another source of finance for your furniture making business is through equipment leasing, which requires that you pay for the equipment in bits. It could be weekly or monthly
- Register your business name
Registering your business name with the Corporate Affairs Commission in Nigeria will enable your company to be regarded as a separate entity that is different from its owners. It will also lead to quick acceptance by clients. You can register your company as a limited liability company. . The following are the requirements for registering your company as a limited liability company
- The first step required by the applicant is to choose two suitable proposed names for the company. Where this is done, an availability check will be conducted on the CAC online portal to find out if the name is available and not already in use.
- Choosing the type of company to be registered whether a private limited company or private unlimited company or company limited by guarantee.
- The objectives and business of the company must be provided.
- The registered principal address of the company.
- The share capital and shareholding formula among shareholders will be required.
- The particulars of a minimum of two (2) Directors will be required. A copy of their means of identification such as voter’s card, national ID, drivers’ license or international passport.
- Particulars of the company secretary (one of the directors may also act as the Secretary of the company)
- The applicant will be required to furnish details of the shareholders of the company. Details such as names, occupation, residential address, email address, mobile phone number and means of identification such as driver’s license, international passport or national identity card. It should be noted that the directors listed can also hold the capacity of shareholders in the company if desired.
- The memorandum and Articles of association of the company to be registered which is advisable to be drafted professionally by a Legal Practitioner. However, the CAC has provided a generic MEMART, which any new company can be adopted.
After which a consultant will prepare the following incorporation documents. They include
- Duly verified particulars of the director and statement of share capital known as CAC Form 1.1
- Duly stamped Memorandum and Articles of Association
- The individual completes all the incorporation documents with the input of an accredited lawyer to duly attest to the incorporation documents.
- The payment of the prescribed fees will now be duly made online and the incorporation documents immediately stamped online.
- The stamped incorporation documents will now be duly uploaded into the CAC online portal again for the final review of the commission
- If all the incorporation documents are well completed and executed, the commission will incorporate the company and issue an incorporation number immediately online.
- Certificate of Incorporation and the Certified True Copies of the other documents will be issued by CAC and received by the consultant or lawyer, usually in less than 48 hours after the company is duly incorporated by CAC
- Get insurance
When dealing with a furniture making business, there are lots of materials that are highly inflammable such as wood, paint, fabrics, lacquer and others. Some of your employees may also exposed to danger from these various items and there is probability that a workplace accident or fire may occur. In order not to make losses, it is advisable for the owner of the business to acquire insurance protection for the business.
- Acquire intellectual property protection
Another important procedure to take is to acquire intellectual property protection for your furniture making business. A lot of ideas and work goes into designing various pieces of furniture, in order to ensure that no one steals and reproduces your ideas and make money off your idea without informing you by taking permission. It is important for you to get intellectual property protection.
There are four different types of protection you can get for your furniture business. They include
- Copyright protection
- Utility patents
- Design patents
- Purchase the relevant and necessary equipment
One can’t start a furniture making business without the relevant and necessary equipment that will be used in creating various designs of furniture. The following tools and equipment are required when starting a furniture making business
- Design Software
- Smoothing Plane
- Block Plane
- Combination Square
- Printers, fax machines, telephones
- Bevel Gauge
- Dovetail Saw
- Card Scraper
- Marking Knife
- Spoke shave
- Drilling machines
- Assembling equipment
- Spraying and Finishing Tools
- Veneering Tools
- Heating and Extraction Tools
- A bevel-up low-angle jack plane
- Bevel-edge chisels
- Water stones
- A pocket square
- A 12-inch combination square
- A wheel marking gauge
- A card scraper.
- A mill-bastard file
- Other materials such as plank and nails etc.
- Hire the required man power
The hiring part of any business could make or break the business. You don’t need to have any carpentry skills or experience when you can employ those who will handle all the aspects of the furniture making business. The following staffs would be required when starting a furniture making business:
- Hand carvers
- Furniture finishers
- Cabinet makers
- Quality control inspectors
- Product testers
- Receptionist or secretary
- Marketing officers
- Product designers
Personnel can be gotten through
- Posting about the vacancy on your website and across any social media or email marketing channels
- Asking your business network, as well as friends and family if they know anyone suitable
- Adding the vacancy to general recruitment websites
- Advertising the vacancy in industry trade media or local newspapers
- Get a showroom in a good location
The next procedure is to ensure that the company acquires a very good location. The showroom will be used to display the business products to passers-by and those interested in acquiring our services. The location should be in a commercial buzzing area which is most likely by the road side for passers-by to see. If no one sees the goods you are selling, then you will make no sales. Many Nigeria furniture sellers, sell at the open place by the roadside and they still make good sells. Space is also one of the most important considerations to make when selecting a location for your furniture making business.
- Market and promote your business
When all is set, and you are ready to open for business. You will need to take care of the marketing aspect of your business. Marketing enables your business to survive and also have an edge over your competitors. This deals with advertising your business by informing people about what you do. You can market your business by
- Launching a website or a mobile application
- Distributing fliers
- Creating a unique business name
- Developing an attractive logo
- Place adverts on ICT magazines and related newspapers, radio stations and TV stations
- Encouraging your customers to make referrals on your behalf
- Leveraging on social media platforms and advertising on Facebook, Instagram, Twitter, LinkedIn in order to promote your business
- Contacting the buyers at both multiple and independent furniture retailing outlets
- Advertising your product ranges in the trade press
- Exhibiting at the major trade shows for the furniture industry
- Making sure that housing developers are aware of the services you offer
- Set a fair price for your goods and services
Another important step for you to take is setting a good price for your furniture products and services. It is better for you to charge fair prices based on the unique service you render to your customers and clients. As a furniture making business owner you will need to consider the following when setting your price
- The products and designs that you make that your customers cannot find elsewhere
- The person you are selling to
- The quantity the customer or client is purchasing
- The value and manufacturing quality of the product
Picking the perfect price point is critical to your business success.
- Open an online store for your business
This will enable you to have an edge over your competitors and clients and customers scroll through your different products and their pricing. A large number of people will purchase their furniture online because it is easier and it saves time too. This is why it is essential that you spend time on making sure a website is user friendly and mobile or you could use online stores such as OLX in Nigeria
- Launch your business and maintain your reputation
After all the procedures and guidelines are implemented, you can now start your business. You have to ensure that you deliver reputable and excellent services to your customers and clients which will ensure that your business is known for delivering quality furniture thereby building your company reputation.
It is important for you to carry out a well detailed research if you want to venture into the furniture making business. Furniture making is a very interesting and profitable business to start in Nigeria especially if you deliver quality and lasting furniture to your clients. You don’t need to have special carpentry skills to set it up, all you need to do is to follow the relevant procedures and guidelines in order to ensure the success of your business in the long run. Qeeva Avisory Limited ranks among one of the best business plan writing firm in Nigeria. You can contact us for your furniture making business plan on 08023200801, 08075765799, Email: [email protected]
About the author
Onamakinde Dare Daniel is a highly motivated accountant with knowledge in Accounting, Taxation, Management, Audit, Costing and Research. He is keen on tax matters due to its ever dynamic nature.
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