The business idea is digital. The plan is to establish an online platform to retail furniture goods. The uniqueness of this idea is the incorporation of digital technologies like Virtual Reality (VR) and Augmented Reality (AR). These technologies will help the consumers to have the best buying experience in the furniture retailing. The customisation of their chosen products will also enhance the options available to the consumers and their purchasing experience.
The business has the vision to enhance the consumer experience and earn their loyalty and trust. To make this possible, all the stakeholders of the business plan to conduct extensive market research and rely on the consumer and employee feedback. The top organisational leadership will analyse the failures, and the performance will be reviewed after regular intervals throughout the year.
The employee will be given training according to the market and consumer demands and the performance required by the organisational business strategy. The availability of skilled labour will be made sure through a mechanised process of employee hiring.
The training and coaching of the employees will also make sure that they are well equipped with the required skills and knowledge. Sustainability and enhanced consumer experience is the bottom line of the mission and vision of the business strategy.
Table of Content
- Business Idea
- Business Innovation Strategy
- Business Plan
- Business Vision
- Key Stakeholder
- Market Research
- Required Resources
- Performance Monitor
- Communicating Business Plan
- Availability of Skilled Labor
- Business Reports
- Failure Reports
- Response to Performance Data
- Performance Report Analysis
- Performance Indicators Review
- Individual and Group Under-performance and Training
My business plan is to create an online platform for selling locally manufactured furniture. The platform will include a company website and mobile application instead of a physical display centre to sell the furniture. Technology has taken everyone into its orbit, and human lives are dependent upon it now.
The use of the internet around the world is so widespread that the retail industry is shifting towards it for better profits (Starcevic and Aboujaoude, 2017). Widespread use of the internet everywhere is the reason for an online retail business of furniture.
The most on the internet are of social media applications, and most of the users are young and middle-aged. The social media platforms such as Facebook, Twitter, Instagram, and YouTube, and search engine like Google will be used for advertising and marketing purposes.
The reason for this is the increasing number of social media users over the years, and this number is projected to increase in the future. According to Clement (2019), the number of social media users in 2018 was estimated at 2.65 billion and is predicted to be 3.1 billion in 2021. These numbers are encouraging for anyone planning to enter into online retailing business.
Business Innovation Strategy
The idea of an online furniture retail store is a unique one because there are not so many furniture making companies selling their products online only. What makes this idea unique is the use of innovative technologies of Virtual Reality (VR) and Augmented Reality (AR) in the retail application. The strategy of using these technologies as part of the business plan is to bring innovation to furniture retailing.
As narrated by Bonetti, Warnaby and Quinn (2018), Virtual and Augmented Reality will be used to allow the consumers to have the physical experience of the product they are interested in, without the physical presence of the product itself. The Augmented Reality will work to place the furniture item at a position desired by the consumers using the phone camera.
The use of these technologies is increasing with every passing day to enhance the customer experience. The consumers will also be given the ease of customising their products as per their likings on the mobile application with ease.
This business belongs to the future, and so does its vision. As a futuristic business idea, it looks to be competitive enough to be recognised nationwide. In the next five to ten years, this business aims to compete with the most renowned furniture making companies.
The emergence of this idea is connected with providing the consumers with ease of purchasing the furniture to have the best of retailing experience. What makes this idea different is the use of innovative digital technologies like Virtual Reality and Augmented Reality.
These technologies will make the business stand out as the consumers will have the opportunity to have a real-life experience of the furniture items on the screen of their mobile devices.
To achieve the objectives, the company will continue to innovate new ways of enhancing the customer experience and make them feel relaxed and safe while making purchases with us online.
Having a competitive edge over the competitors would not be considered as the company’s success. Giving the customers the easiest way of purchasing furniture and the safest way of making online purchases to earn their loyalty is what success means to this company. This furniture company will prove to be one of the most loyal ones for the most loyal customers.
In any business organisation, the key stakeholders are the investors, top organisational leadership, managers and employees. In an ideal organisational environment and culture, customers are also among the key stakeholders of the organisation (Le Feuvre et al., 2016).
Pinto (2019) argues that the efficiency and performance of the organisation depend upon these people and the performance objectives should always be set by consulting these people.
Every stakeholder of the company has to be encouraged to give their input in setting the objectives of the company and then working to achieve them.
Consumer feedback is also very important to set the objectives of the company and how to make the product and services better.
Market research is the most important part of the marketing plan. This research needs to be intensive.
It must include the size of the market, consumer behaviour and purchasing habits, and all other trends, including the growth and decline of the market (Yang et al., 2017).
Market research for this business will include surveys to examine the size of the market; questionnaires to determine and analyse the consumer behaviour and the way they make purchases, and intensive secondary data research will be conducted to study the past trends of the market and to make predictions about the future trends.
Resources are always necessary to start any business and make it functional and sustainable. The necessary resources for business are physical, digital, human, and financial resources. The physical resources may include a place to set up an office for the organisation; a place to establish the furniture manufacturing factory of a small scale; machinery and equipment to manufacture the products; and the raw material to produce the goods.
The digital resources may include the domain to establish the website and mobile application to set up a retailing platform.
Human resources include the employees, labour and professional to work at the production plant to manufacture the goods, managerial staff, and the top leadership of the business organisation.
Additional human resources will be the labours and engineers in setting up the office and manufacturing plant and to install the machinery.
The financial resources are identified in the table below.
Resources Required Finances Required
- Rented place to set up a company office $10000
- Rented place to set up manufacturing plant $15000
- Machinery and equipment $25000
- Raw material $10000
- Website domain $100
- Human resources $5000
Communicating Business Plan
All the stakeholders and parties relevant to the company and its business will be communicated an extensive business plan which will include every component required for a well-prepared business plan such as business idea, vision, market analysis, required resources, performance requirements, timeframe to reach the required level of efficiency, and the monitors to examine the performance.
This plan will be communicated to the stakeholders through emails and will be explained in meetings as well so that there is nothing left to be explained or discussed. If there are some queries from any party, they will be welcomed to ask for an explanation at any point in time.
Availability of Skilled Labor
The human resource of an organisation plays a vital in the success of any plan and strategy implemented. The company will determine the skills required by involving all the key stakeholders of the company before the process of hiring starts.
After the criteria and standard of skill level is determined by the company, an advertisement campaign will be launched on print media and social media to receive the resumes of the interested people.
A panel of interviewers will interview the shortlisted candidates to hire the most skilled and knowledgeable people for the vacancy that suits them the best.
If someone does not have the required knowledge but has the talent, skills and potential to pursue in being a part of the company and would benefit the company, that person would be given the required knowledge and training to direct the talent and potential in the right direction.
All the reports regarding the performance and key factors involved in the success and sustainability of the business will be prepared in time and in such a way they are easily readable and understandable by anyone who is not an expert of analysing the business reports. It will be made sure that these reports are extensive, self-explanatory and easy to read.
A team of professionals will be hired and given the task of analysing the business performance and the factors involved in the success and failure of any implemented strategy and prepare timely reports.
This team will be specially hired to make reports on time so that there is no delay in the process, and these reports will be made quarter-yearly, half-yearly and annually. .
The team making the reports about the performance of the business will have people responsible for observing the performance of the overall system, and the quality of the products will be checked by people specifically hired for the purpose.
These people will have the duty to identify any failure or under-performance and report it to the concerned authorities. A report of this failure will also be handed to the team specially hired to make reports about the performance and other aspects of the organisation.
Response to Performance Data
Performance Report Analysis
The specialised team will prepare the performance reports which will be analysed by the top leadership and the managerial staff, the HR managers in particular, and other key stakeholders of the company.
All the people will be briefed about the performance of the grouped in the organisation, by the HR professionals, and the overall performance of the organisation as well.After all the attendees of the meeting are briefed about the performance, there will be a discussion on all the aspects of the organisational performance.
This discussion will be held keeping in view all the standards and criteria set for the performance of the groups and the organisation itself. The performance criteria will make it easy to analyse the performance by simply comparing the expected performance and the current performance.
Performance Indicators Review
The performance indicators will be made by simply setting the performance criteria and a standard set for every employee and the groups working to achieve certain tasks.
These indicators will be reviewed during the meetings scheduled after regular intervals throughout the year. The review process will include the analysis of the performance by applying the related frameworks.
The weaker areas of performance will be improved by encouraging the employees to put in more efforts and also by changing the business strategies and techniques.
Some of the employees who lack the required level of skills to implement a new business strategy will be given the required knowledge and training to match the performance criteria. This way the performance of the organisation will improve.
Individual and Group Under-performance and Training
The HR department must observe and evaluate the performance of every employee working in the organization. The group and individual training is very necessary to achieve sustainability in organizational performance. Regular training sessions will be scheduled for all the employees to learn new skills and techniques to improve their individual and group performance.
Other sessions will be held to train all the employees to improve the teamwork because working as a team has always been known to produce better results. The individuals and groups performing below average will receive specialized training session and then will be tested and examined before being put to work again.
The idea of an online furniture retail platform is a business idea originating from the widespread use of the internet and digital technology. This business will provide consumers with the ease of buying furniture goods from the comfort of their homes. The perks of purchasing the products with the help of technologies like VR and AR will make the consumers have the physical experience of the goods.
The vision of the business is also to give consumers the best of experiences of purchasing online. The uniqueness of this idea is that online furniture retailing is not a mainstream idea in the retail industry. All the process and the plan will be implemented after extensive homework and market research.
This research will help to make plans and strategies according to the environment of the market and the demands of the consumers. This research will also complement the process of hiring.
The employees hired will be trained and will be given coaching according to the requirements of the market and organisational performance. In case of failure or under-performance, the necessary steps will be taken to improve the performance of the individuals and that of the organisation. The ultimate aim of this business idea is to earn the loyalty of the consumers and serve them in the best possible way.
Bonetti, F., Warnaby, G. and Quinn, L., 2018. Augmented reality and virtual reality in physical and online retailing:
A review, synthesis and research agenda. In Augmented reality and virtual reality (pp. 119-132). Springer, Cham.
Clement, J., 2019.
Number of global social network users 2010-2021. Statista [August 14].
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Le Feuvre, M., Medway, D., Warnaby, G., Ward, K. and Goatman, A., 2016. Understanding stakeholder interactions in urban partnerships. Cities, 52, pp.55-65.
Pinto, J., 2019. Key to effective organisational performance management lies at the intersection of paradox theory and stakeholder theory. International Journal of Management Reviews, 21(2), pp.185-208.
Starcevic, V. and Aboujaoude, E., 2017. Internet addiction: Reappraisal of an increasingly inadequate concept. CNS spectrums, 22(1), pp.7-13.
Yang, X., Cai, G.G., Chen, Y.J. and Yang, S.J.S., 2017. Competitive retailer strategies for new market research, Entry and positioning decisions. Journal of Retailing, 93(2), pp.172-186.