make start up business plan for the attached photos

Business Model: Furniture Land Student Name and ID# Business Model Presentation Name of your company: Furniture Land Vision: Our vision is to become a major international furniture company with creative and high-quality items. Mission: Our mission is To Create Artwork That Is Thoughtfully Designed And Manufactured With Consideration For Our customers, the environment, and the materials used, employing integrity, flexibility, reliability, and speed. Opportunity Assessment Plan Products Office furniture, outdoor furniture, and home furniture. Market need for the product The demand for living-room furniture has been increasing in Saudi Arabia. The growth of the furniture business is highly promoted by the growing real estate development in the Kingdom. Specific aspects of the product or service Our furniture will be Eco-Friendly. To be sustainable in this business, we will utilize recycled materials and capitalize on sustainable woods such as bamboo and acacia. Opportunity Assessment Plan Products currently filling the need, features and prices: Similar products to what Furniture Land is offering can be found in Saudi Arabia. The distinction in these products is the designs, features, and materials that have been used in their manufacture Competitive companies in the industry Saudi Modern Factory, Riyadh Furniture Industries Co, Al-Abdulkader Furniture Co. Ltd, Al Aamer Furniture, and Lamar Wooden Industries. Unique selling propositions of the product: create favorable prices for our quality products and lure customers to our stores by offering a clear definition of the brand position in the market. Market The Market need filled: People working in corporate offices, homeowners, and small and medium business owners. The social condition underlying the market need: "Green" consciousness disposable income levels and customer service expectations Any available data to describe this market need The demand for furniture products surpassed 10b SAR in 2017 home furniture sales were the highest in the Saudi Arabia furniture market in 2018 Growth rate of the market. The annual growth rate is expected to be at 6.43 percent hence reaching around US$165m by 2025. Entrepreneur and management team: Why does this opportunity excite you? One of the most profitable industries on e-commerce. Fast growing How does the product idea fit into your background and experience? I am a furniture lover Thave a good background in business as I have walked with a family member in their business Entrepreneur and management team What business skills do you have? Communication and negotiation leadership skills marketing, sales, and customer service What business skills are needed? financial management understanding furniture layout plans problem-solving skills, and knowledge of materials. I know a few people who possess these skills during my interaction at furniture places. Steps and activities a) Planning the business b) Forming a legal entity C) Opening a bank account d) Obtaining necessary permits and licenses e) Acquire business insurance f) Define the brand g) Create a business website Business Model components Remarks Component Value Proposition Details create artwork that is thoughtfully designed and manufactured with consideration for our customers, the environment, and the materials Home furniture buyers Office furniture buyers Direct Sale, Sale through Retailer, Agent. Customer segments Channels Customer relationships Analytical CRM This will enable the business to understand the customer's behaviors and derive the true value to the organization. All resources are crucial in the success of the Key resources business Financial Resources Physical resources. Intellectual resources. Human resources. Digital resources a) Key activities b) c) Planning the business Forming a legal entity Opening a bank account Obtaining necessary permits and licenses Acquire business insurance Define the brand d) e) g) Create a business website Share responsibilities Key partnerships 4 partners Loans and personal contributions 1 million SAR Revenue Streams Money will be used to acquire products, raw materials, pay for expenses such as licenses, Cost structure Student Name and ID# Business Model: Furniture Land Business Model Presentation Name of your company: Furniture Land Vision: Our vision is to become a major international furniture company with creative and high-quality items. Mission: Our mission is to create artwork that is thoughtfully designed and manufactured with consideration for our customers, the environment, and the materials used, employing integrity, flexibility, reliability, and speed. Opportunity Assessment Plan Product(s): A description of the product: FurnitureLand will handle a diverse assortment of products. We will provide office desks and workstations that will add flair and beauty to the workplace. Executive office desks, L and U-shaped desks, benching workstations, and modular workstations are just a few examples of the office products we will offer. We will have industrial, modern, rustic, and traditional desk types to choose from. File cabinets, including lateral and vertical filing cabinets, rotary file cabinets, and flat file cabinets, will be another popular item. Some of the products that will be sold for lounge seating include three-seat visitor chairs and sofas. Customers will also have the ability to purchase mid-back and high-back office chairs for their offices, Home furniture products will include kitchen and dining room sets, sofa sets for the living room, different size beds in the bedroom, and outdoor furniture, The market need for the product or service: The demand for living-room furniture has been increasing in Saudi Arabia due to more interest by consumers in spending their money on their living rooms. In addition, the consumers are turning towards more contemporary designs in a bid to improve overall home aesthetics. The growth of the furniture business is highly promoted by the growing real estate development in the Kingdom. The market need for furniture products is also high due to government initiatives for socioeconomic infrastructural development. The growth of hotel, office, and industrial sectors due to the economy's urbanization in the Kingdom of Saudi Arabia has also led to an increased need for furniture. Specific aspects of the product or service: Our furniture will be Eco-Friendly. Furniture Land is devoted to conducting business in a manner that has the least amount of negative impact on the environment. Trees are essential for sustaining a healthy ecosystem. Trees are the primary source of pure oxygen, which is essential for all living things. We are committed to planting five trees for every tree cut down because our goods primarily employ wood as a raw material. To be sustainable in this business, we will utilize recycled materials and capitalize on sustainable woods such as bamboo and acacia. Products currently filling the need, features and prices: Similar products to what Furniture Land is offering can be found in Saudi Arabia. By product type, one can purchase chairs, desks, workstations, home furniture products, among others. The distinction in these products is the designs, features, and materials that have been used in their manufacture. Due to these variations, prices for these products vary. From a minimum of around 50 SAR, prices of some furniture items can get to over 5,000 SAR. Competitive companies in the industry Some of the major players in the furniture business include the Saudi Modern Factory, Riyadh Furniture Industries Co, Al-Abdulkader Furniture Co. Ltd, Al Aar Furniture, and Lamar Wooden Industries. Most of these companies have high revenues on an annual basis as others like the Alflak Group, which has customers across the Middle East. Unique selling propositions of the product: With the Unique proposition of Furniture-Land, we will create favorable prices for our quality products and lure customers to our stores by offering a clear definition of the brand position in the market. Furniture-Land will concentrate on catering to the needs of a unique group of buyers. Much time and energy will be used to delight the buyers Market: . The market need filled: People who want the best furniture, produced with the latest technology and including excellent carpentry and quality woods, will fall into our target market. These will include people working in corporate offices, homeowners, and small and medium business owners. The appreciation of quality and reasonable prices will be the link that Furniture Land will form with the target market. The target market will be segmented strategically because the company seeks to satisfy all clients in each area. The social condition underlying the market need: The social conditions underlying the market need include "Green" consciousness disposable income levels and customer service expectations. Customers will only buy or products only if they have some disposable income. This can allow the customers to add or change their furniture frequently. The need for furniture is also likely to go up if there is good customer service and sustainable products. Any available data to describe this market need: The demand for furniture products surpassed 10b SAR. According to research, home furniture sales were the highest in the Saudi Arabia furniture market in 2018. The majority of the sales were seen in the living and dining room furniture and the bedroom furniture segments. Size, trends, characteristics of the market: According to Statista, the revenue in the furniture and homeware segment is expected to reach the US $129m by the end of 2021. The market is also likely to favor online buying of furniture. The furniture business in Saudi Arabia has only been expanding over the last few years, and this trend is expected to continue. Trends include There is a significant need for high-quality furniture (indoor, outdoor, and workplace furniture). The current trend is to create and supply the best furniture products in the region. People's preferences are shifting away from bulky furniture and toward lighter furniture, which provides a potential for entrepreneurs to build their business in the region. Growth rate of the market: The annual growth rate is expected to be at 6.43 percent hence reaching around US$ 165m by 2025. User penetration will be 22.8% in 2021 and is expected to hit 40.2% by 2025. Entrepreneur and management team: . Why does this opportunity excite you? The furniture business excites me because it is a growing business, just like the fashion business. Over time, it has proved to be one of the most profitable industries on e-commerce. However, as the country is developing, there is much investment in real estate. The good thing about more houses and business buildings is that people will require furniture at one time. Offices need to look good, meaning there will also be a demand for these products. This is an opportunity worth taking in Saudi Arabia. How does the product idea fit into your background and experience? To begin with, I am a furniture lover. All over my social media pages, I have liked and followed various furniture websites; this allows me to see beautiful trends of furniture that come up frequently. In addition to this, I love visiting furniture places in malls and other areas. During my visits, I learn efficient designs and figure out what can be improved to make a piece of furniture much better. In addition, I have a good background in business as I have walked with a family member until he opened a fashion business. I have a general experience of the challenges, which makes me strong to start a furniture business. . What business skills do you have? Communication and negotiation represent my strongest business skills. These skills are essential in communicating effectively with customers, employees, suppliers, and potential investors. I also possess great leadership skills. Such skills are crucial to driving the business higher by attracting more customers and increasing profit. Great communication skills lead to the third skill, which is marketing, sales, and customer service. In addition to benefiting the business, such skills can be passed on to fellow staff hence improving the business. What business skills are needed? Furniture business requires financial management as a business skill. Managing finances in the right way are important for the success of the business. Knowing how to analyze and forecast cash flow and sales effectively helps one understand whether the business is making a profit or loss. Another business skill required for the furniture business is understa ding furniture layout plans. This is crucial when matching customers' needs to the product. It is important to relate spaces and furniture sizes to come up with well-designed products. Other skills include a good hold on industrial production systems and processes, problem-solving skills, and knowledge of materials. Do you know someone who has these skills? I know a few people who possess these skills during my interaction at furniture places. Steps and activities a) Planning the business This step will involve identifying the costs that are involved in opening a furniture store. Much of the costs come from renting space in a prime area. Appropriate space to provide beautiful displays needs to be around 50,000 feet. Planning will also evaluate the best-selling products as well as how to ensure the business is highly profitable b) Forming a legal entity It is likely to have Furniture Land as a partnership. This will allow sharing of tasks and ideas to help move the business forward. There is no minimum capital for the registration of a limited partnership in Saudi Arabia. The process is likely to take less than 7 days. c) Opening a bank account Having a dedicated bank account for the business helps provide better management. Different types of bank accounts allow flexibility in the business. This process only takes 1-day with zero costs. d) Obtaining necessary permits and licenses State and local business licensing requirements Certificate of occupancy These are expected to take two weeks at most with a fee of around SAR 5000 e) Acquire business insurance Insurance is crucial to protect the business against any kind of loss. An appropriate type of insurance is the General liability insurance. This can take anywhere between 2 weeks and one month. f) Define the brand This means promoting and marketing the furniture store, advertising through various channels will be used such as magazines and social media sites. Personal selling will also be a great way to promote the business. There is nothing more important than having a personal touch when promoting a product. Customers love a one-on-one conversation as they can gauge the appearance and attitude of the product depending on the words the salespeople use. g) Create a business website With current trends all over the world and in Saudi Arabia, many people opt to view products online before deciding to go physically to the sore. A well-planned website is a way to increase sales. The total time required for the entire process is of utmost two months. The total cost for opening up the business is 1M SAR. The business will have to borrow money from a financial institution to make up for the deficiency. Business Model components Component Details Remarks Value Proposition create artwork that is thoughtfully designed and manufactured with consideration for our customers, the environment, and the materials Customer segments Home furniture buyers Office furniture buyers Direct Sale, Sale through Retailer, Agent. Analytical CRM Channels Customer relationships This will enable the business to understand the customer's behaviors and derive the true value to the organization. Key resources All resources are crucial in the success Financial Resources Physical resources. Intellectual resources. Human resources. Digital resources of the business Key activities a) Planning the business b) Forming a legal entity c) Opening a bank account d) Obtaining necessary permits and licenses e) Acquire business insurance f) Define the brand g) Create a business website Key partnerships 4 partners Share responsibilities Revenue Streams Loans and personal contributions Cost structure 1 million SAR Money will be used to acquire products, raw materials, pay for expenses such as licenses, pay for rental space, among others