Furniture Refinishing Business Plan

To start a furniture refinishing home business, developing a business plan could significantly improve chances to get the project going on a sound footing. The biggest advantage of a business plan  is that it forces you to think through a process of how you visualize the development of the business. Like with any business, the aim is to grow the business and to make a decent profit. Setting attainable goals will help to achieve those aims.

When compiling a business plan, the following questions should be answered:

Why start a furniture refinishing business?

What will my business do to be different from the rest?

Who is the ideal customer?

What do you want to achieve in the first year?

What steps will you take to attain those goals?

What will it cost?

What will be your pricing strategy?

Why start a furniture refinishing business?

There could be many reasons for starting a business. You could be retired and want to supplement your pension or just to keep busy and earn an icome on the side. Your strategy for the future of the business will depend heavily on what the answer is to these two alternatives. Maybe you know people in the furniture and/or cabinet manufacturing industries and this presents an ideal opportunity to enter into an agreement to provide a refinishing and painting service. Maybe you have a passion for restoring old furniture to their former glory. Whatever the reason, think it though and write it down as a pointer of where you want to go with the business.

What will my business do to be different from the rest?

To compete effectively in the marketplace, your business should have unique selling points (USP’s). Why would people want to use your business when there are others that have been around for a long time? Do you have unique skills or do you use more sophisticated paint techniques? Can you supply a range of products and services that make yours different from the others?

There are some big and established businesses in the refinishing business and if you start out as a small business it will be almost impossible to compete with them That is why I suggest that you start small, keeping your overheads to the minimum. This will enable you to come in at a much lower price and by so doing get your foot in the door. 

Who is the ideal customer?

By identifying the ideal customer, you can focus on your target market and not spend time or money on efforts that will not yield the required results. Having established your target market, a strategy can then be developed to make contact. There could be a number of ways to approach and convince the potential customer to use your services such as personal contact, regular e-mails, phone calls etc. Your program should not be a once off, but should be done on a continuously and regular basis.

What do you want to achieve in the first year?

By setting some goals to be achieved in the next 12 months, you can focus attention and resources to achieve them. Goals need not all be monetary. Aspects such as improving skills and techniques, penetrating a specific target market etc. are just as important.

What steps will you take to achieve those goals?

This is an obvious question to set the process in motion. Programs to consider are things like news paper ads, flyers, radio, internet marketing, e-mails, billboards, post, telephone etc.

Special promotions can be offered from time to time and the aim should be to expand your customer base and increasing sales.

What will it cost?

A budget should be drawn up and expenditure carefully monitored. Returns on the investment should also be established and monitored to see if the programs are meeting their goals.

What will be your pricing strategy?

Be aware of prices that are charged by competitors and  make sure that your prices are competitive. Also consider the possibility to give discounts or other incentives such as free transport to special clients, especially if you want to establish a long term relationship.

If you are serious to start a profitable home business, you will find all the information that you will need in my book "Refinishing Old Furniture - start a home business".