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Download this Furniture manufacturing business plan, which you can download to present to NIRSAL, BOI, BOA, and other investors.
The lucrativeness of the furniture manufacturing industry is undebatable, the need for exquisite furniture that matches individual tastes is not likely to diminish. But it is a capital intensive business, not only does it require a lot of money but also it needs a huge amount of manpower to get it running.
Check out how to start a furniture-making business plan.
A Sample Furniture Manufacturing Business Plan Template
- Industry Overview
Furniture is a part of our lives, this fact sounds awkward but it is very true! There is nowhere you will go where you will not need or see the furniture. This is the reason why the furniture-making industry is lucrative as the importance of furniture cannot be undermined, hence the need for it makes the industry a lucrative one.
Businesses in this industry mainly manufacture or make a household, outdoor, and oﬃce furniture.
The furniture manufacturing industry is a proﬁtable industry and it is open to any aspiring entrepreneur or investor to come in and establish his or her business or invest
2. Executive Summary
WoodKraft Inc. is a standard and registered furniture manufacturing that will be located in Ikeja, Lagos, an ideal location highly suitable for the kind of business we want to establish. We have been able to lease a space that is big enough to ﬁt the kind of standard furniture manufacturing company that we intend to start. WoodKraft Inc. will manufacture a wide range of household furniture, outdoor and oﬃce furniture. We are aware that there are several large and small furniture manufacturing companies all around Lagos, which is why we conducted a thorough feasibility study and market survey so as to be well poised to compete with all our competitors
We will cultivate a working environment that provides a human, sustainable approach to earning a living, and living in our world, for our partners, employees, and for our customers.
3. Our Products and Services
WoodKraft Inc. is in the furniture manufacturing industry to manufacture both home and oﬃce furniture; to provide value (our service) to a wide range of clients and to definitely 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 the United States to achieve our business goal, aim, and ambition of starting the business. Our product offerings are listed below;
- Manufacturing of household furniture
- Manufacturing stationary sofas/sofa-sleepers
- Manufacturing metal household and oﬃce furniture
- Manufacturing custom architectural woodwork and other ﬁxtures
- Manufacturing showcases, partitions, shelving, and lockers
4. Our Mission and Vision Statement
Our vision is to become the go-to option whenever the need for furniture arises and also to become one of the leading brands in the furniture manufacturing industry in Lagos.
Our mission is to establish a world-class furniture manufacturing business whose products will not only be retailed in Lagos but in Nigeria at large.
5. Our Business Structure
WoodKraft Inc. does not intend to start a furniture manufacturing business as the usual carpenter shops around the street corner; our intention of starting a furniture manufacturing company is to build a standard and one-stop furniture manufacturing company in Lagos. We will make sure we make arrangements that will be in accord with the kind of growth that we have in mind while setting up the business. Our staff will comprise of creative artisans and qualiﬁed, honest, customer-centric, and are ready to work to help us mold our business to the heights we aspire which will in turn beneﬁt all the stakeholders. We have decided to hire qualiﬁed and competent hands to occupy the following positions;
- Chief Executive Oﬃcer (Owner)
- Workshop Manager
- Human Resources and Admin Manager
- Merchandise Manager
- Sales and Marketing Manager
- Carpenters and Furniture Markers
- Accountants / Cashiers
- Customer Services
- Executive Cleaners
- SWOT Analysis
WoodKraft Inc. is in business to become one of the leading furniture manufacturing companies in the whole of Lagos and we are fully aware that it will take the right business concept, management and organization – structure to achieve our goal.
The presence of other several companies that are in the same industry as us and can also boast of impeccable and unique craft are located in the same area we are intending to kick off operations which is why we are following the due process of establishing a business. This is the summary of the SWOT analysis that was conducted for WoodKraft Inc.;
a. Strength: Our core strength lies in the quality of our furniture, the dedication and attitude to the work of our team, and the equipment of the furniture-making factory that we own. We are well-positioned geographically and demographically and we know we will attract loads of clients from the ﬁrst day we open our furniture manufacturing company for business.
b. Weakness: The fact that we are a new furniture manufacturing company and we don’t have the ﬁnancial capacity to compete with renowned furniture manufacturing companies. So also, we may not have enough cash reserve to promote our services and company the way we intend.
c. Opportunities: Operating in Lagos provides us with unlimited opportunities to sell our furniture to a large number of individuals and corporate organizations.; we are well-positioned to take on the opportunities that will come our way.
d. Threat: Just like any other business, one of the major threats that we are likely going to be faced with is an economic downturn. It is a fact that an economic downturn affects purchasing or spending power. Another threat that may likely confront us is the arrival of a new furniture manufacturing company in the same location where ours is located. So also, unfavorable government policies may also pose a threat to businesses such as ours.
We are in business to manufacture a wide range of furniture for the following groups of people and corporate organizations;
- Bachelors and Spinsters
- Corporate Executives
- Business People
- About to wed couples
- Corporate Organizations / Oﬃces
- Government Oﬃces
- Schools and Students (Library inclusive)
- Churches and other religious centers
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