STUDENT BUSINESS PLAN PROJECT TEMPLATE
PART 1: INTRODUCING THE CONTEMPORARY BUSINESS WORLD
Business Name
What is the name of your business?
Modern Renaissance Furniture, Furniture Forever, Legacy Furniture, Gold Medal Creations, Epic Furniture Creations...... just some of my thoughts......
Description of Business
What will your business do?
Company x will manufacture and retail high end furniture, handmade, custom order pieces that are meant to last for generations. You buy our furniture once…. For life. Our products are made of real wood, so they last a real long time.
Form of Business Ownership
What form of business ownership (sole proprietorship, partnership, or corporation) will your business take? Why did you choose this form?
Company x will be a corporation for a few different reasons. First off, we as a group agree that distance from unlimited personal liability is very important to us. Our company needs to be liable for its’ debts without tie back to our personal lives. It is also important to us to be able to approach banks and other lending sources for expansion capital should our business begin to really catch on. Having a corporation will seem more attractive to those lending sources. Finally, our business will have an unlimited life as a corporation, and just like the products we sell, we expect to be around for a long time.
Ideal Customer
Briefly describe your ideal customer. What are they like in terms of age, income level, and so on?
Our ideal customer is affluent, successful and definitely not a first time buyer in our industry segment. Our customer will not be afraid to pay more for North American made, quality furniture that will last for generations. They would rather buy it right once, than pressboard junk 5 or 6 times.
Our Advantages
Why will customers choose to buy from your business, instead of your competition?
We have very few competitors who can match our style and product quality. Our products come with a 10 year guarantee and are strong enough to withstand the rigors of everyday life. Our first priority is to make amazing furniture that will last and look beautiful for generations. Not even the best product in a local chain store can come close to what we offer. Our products are priced to last a long time. With our product line and company model being based on quality above all else, we distance ourselves from having to sell a great quantities of product to make a profit. If prices in our industry suddenly trend up, our demo segment will be more apt to stay with us. The companies who pride themselves on being the lowest priced will not have the ability to raise their prices and still maintain the demo they worked so hard to attract.
Ethical Issues
All businesses have to deal with ethical issues. One way to address these issues is to create a code of ethics. List three core (unchanging) principles that your business will follow.
1. Our products are made from the absolute best materials available. North American made with pride
2. Our products are meant to last decades – and withstand the toil of everyday wear and tear
3. Our community is more than a place we do business, it’s where we live. We plan on making our local community strong and vibrant by being a good business and a great neighbour.
Social Responsibility
A business shows social responsibility by respecting all of its stakeholders. What steps will you take to create a socially responsible business?
We plan on creating our products using North American supplies and labour. Our company will also fund a scholarship at a local technical school to help future carpenters take foot.
We will buy all of our tools and machinery locally to help boost our fellow business members in our local community.
Our company also believes in being fair to our employees. We plan to offer a profit sharing structure to our employees as a way of rewarding hard work and dedication to our corporation. We also plan on not working weekends and limiting the amount of overtime so that our employees’ family life doesn’t suffer in the name of company profits.
Global Issues
Do you think that you’ll sell your product in another country? If so, what countries would you choose, and why? What challenges will you face?
The idea of selling our products in countries outside of Canada and the US is possible, but probably not realistic. Our products are heavy by nature, so long distance shipping would prove to be very expensive. By concentrating on the North American market, we are keeping our focus on a market that we can easily understand.
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