A repurposed furniture business involves taking used or old furniture items and transforming them into new, functional, and aesthetically appealing pieces.
Instead of discarding or disposing of old furniture, repurposing gives it a second life by creatively reimagining its purpose or appearance. A repurposed furniture business can operate in various ways. Some businesses focus on finding and refurbishing old furniture items, while others may offer custom repurposing services where customers can bring in their own furniture to be transformed according to their specifications.
Additionally, these businesses may sell their repurposed creations through physical stores, and online platforms, or participate in local markets and craft fairs.
Steps on How to Write a Repurposed Furniture Business Plan
Table of Content
Prim Proper® Repurposed Furniture Company, Inc. is a Boston-based business specializing in repurposing old and used furniture into unique and stylish pieces. We are committed to sustainability, offering eco-friendly solutions that reduce waste and contribute to a more circular economy.
Our business model focuses on transforming furniture with creativity and craftsmanship, catering to customers seeking one-of-a-kind items for their homes or businesses.
Prim Proper® Repurposed Furniture Company, Inc. has all it takes to capitalize on the growing demand for sustainable and unique furniture solutions in the Boston market. Our commitment to craftsmanship, customization, and environmental consciousness differentiates us from traditional furniture retailers.
We are confident that our business model, marketing strategy, and financial projections position us for success in the repurposed furniture industry. Amos Larson is the founder and CEO of Prim Proper® Repurposed Furniture Company, Inc.
a. Our Products and Services
Prim Proper® Repurposed Furniture Company, Inc. offer both ready-to-purchase repurposed furniture and custom repurposing services, allowing customers to bring in their own furniture for transformation according to their preferences.
b. Nature of the Business
Prim Proper® Repurposed Furniture Company, Inc. operates through a multi-faceted business model. We source pre-owned furniture through partnerships with local thrift stores, estate sales, and individual sellers.
c. The Industry
Prim Proper® Repurposed Furniture Company, Inc. will operate in the interior design and home furnishings industry.
d. Mission Statement
At Prim Proper® Repurposed Furniture Company, Inc., our mission is to breathe new life into old furniture by creatively repurposing and transforming it into unique, sustainable, and aesthetically pleasing pieces. We are dedicated to preserving the environment, offering personalized design solutions, and delighting our customers with quality craftsmanship.
e. Vision Statement
Our vision at Prim Proper® Repurposed Furniture Company, Inc. is to be the leading provider of repurposed furniture in the Boston area and beyond. We aspire to inspire individuals and businesses to embrace sustainability and artistic expression in their living spaces.
f. Our Tagline (Slogan)
Prim Proper® Repurposed Furniture Company, Inc. – “Transformed Furniture, Endless Stories!”
g. Legal Structure of the Business (LLC, C Corp, S Corp, LLP)
Prim Proper® Repurposed Furniture Company, Inc. will be formed as a Limited Liability Company (LLC).
h. Our Organizational Structure
- Chief Operating Officer (Owner)
- Workshop Manager
- Furniture Restoration Specialist
- Sales and Marketing Officer
- Customer Service Officer (Receptionist)
i. Ownership/Shareholder Structure and Board Members
- Amos Larson (Owner and Chairman/Chief Executive Officer) 56 Percent Shares
- Chris Greene (Board Member) 14 Percent Shares
- Mike Templar (Board Member) 10 Percent Shares
- Harry Marshal (Board Member) 10 Percent Shares
- Linda O’Brien (Board Member and Secretary) 10 Percent Shares.
- Prim Proper® offers one-of-a-kind repurposed furniture pieces that are creatively transformed and personalized to meet the unique preferences of customers.
- The business aligns with the growing demand for eco-friendly and sustainable furniture solutions, contributing to a circular economy and reducing waste.
- The company has a team of skilled artisans who have expertise in refurbishing and transforming furniture, ensuring high-quality craftsmanship and attention to detail.
- Prim Proper® provides custom repurposing services, allowing customers to bring their furniture for transformation according to their desired style and functionality.
- Boston’s eco-conscious population and the increasing demand for repurposed furniture provide a favorable market environment for the company.
- The availability of suitable pre-owned furniture for repurposing may be limited, requiring efficient sourcing strategies and partnerships with thrift stores and estate sales to maintain a consistent inventory.
- Repurposed furniture often carries higher price points compared to mass-produced alternatives, which may limit its appeal to cost-sensitive customers.
- As a relatively new business, Prim Proper® may face challenges in building brand recognition and establishing a loyal customer base.
- The increasing consumer preference for sustainable and eco-friendly design provides an opportunity for Prim Proper® to capture a larger market share and expand its customer base.
- Partnering with interior designers and home decor professionals can open up avenues for showcasing repurposed furniture in curated spaces and reaching a wider audience.
- Expanding the company’s online presence through an e-commerce platform can enable Prim Proper® to tap into a broader market and attract customers beyond the local area.
i. How Big is the Industry?
The repurposed and upcycled furniture industry is a small industry but there are rooms for it to grow.
ii. Is the Industry Growing or Declining?
The repurposed and upcycled furniture industry is growing and this could be as a result of the increasing awareness of sustainability and eco-friendliness of repurposed and upcycled furniture. Many customers are looking for furniture that is not only stylish but also sustainable and repurposed furniture businesses are well-positioned to offer this type of product.
iii. What are the Future Trends in the Industry
As consumers become more aware of the environmental impact of furniture production and disposal, there is likely to be an increased focus on sustainability in the industry. This may involve using eco-friendly materials and processes, as well as finding innovative ways to reduce waste.
The use of technology in the repurposed and upcycled furniture industry is likely to increase in the future. This may involve the use of 3D printing to create custom parts or designs, as well as the use of virtual and augmented reality tools to help customers visualize how a piece of furniture will look in their home.
iv. Are There Existing Niches in the Industry? If YES, List them
No, there are no existing niches when it comes to a repurposed furniture business because repurposed furniture business is a niche idea in the interior design and home furnishings industry.
v. Can You Sell a Franchise of Your Business in the Future?
Prim Proper® Repurposed Furniture Company, Inc. has plans to sell franchises in the nearest future and we will target larger cities all across the United States of America and Canada.
- The repurposed furniture market may face competition from traditional furniture retailers, antique stores, and other sustainable furniture businesses. Prim Proper® must differentiate itself through unique designs, quality, and personalized services.
- Fluctuations in the economy can impact consumer spending on luxury or non-essential items, potentially affecting the demand for repurposed furniture.
- Increases in the cost of raw materials, such as refurbishing supplies and tools, may impact the profitability of Prim Proper®.
i. Who are the Major Competitors?
- Re:Purpose Designs
- The Reclamation Administration
- Unruh Furniture
- Urban Wood Goods
- The Steel Fork
- Renewed Decor & Storage
- Sawbridge Studios
- 2nd Shade Patio Furniture
- Rekindled Spaces
- The Painted Cottage
- Furniture from the Barn
- Rustic Trades Furniture
- Oliver Apt.
- The Refind Room
- Fresh Restorations
- Furnish Green
- The Upcycle Company
- Reclaimed Wood Furnishings.
ii. Is There a Franchise for Repurposed Furniture Business?
No, there are no franchise opportunities for the repurposed furniture business.
iii. Are There Policies, Regulations, or Zoning Laws Affecting Repurposed Furniture Business?
Yes, there may be policies, regulations, and zoning laws affecting repurposed furniture businesses in the United States. These can vary by state, county, and city, so it is important for repurposed furniture businesses to research the regulations that apply to their specific location.
Repurposed furniture businesses may be required to obtain a business license and register with the state or local government. They may be subject to zoning laws that dictate where they can operate. Some areas may not allow commercial businesses to operate in residential neighborhoods, for example.
Repurposed furniture businesses must comply with consumer protection regulations, such as truth-in-advertising laws and warranty regulations.
Repurposed furniture businesses must comply with safety regulations, such as those related to handling and storing flammable materials or using power tools. They must be careful not to infringe on the intellectual property rights of others, such as by copying patented designs or using copyrighted images without permission.
a. Who Is Your Target Audience?
i. Age Range
Prim Proper® targets adults primarily within the age range of 25 to 55 years old. This demographic tends to have a higher level of interest in interior design and sustainability, and they are likely to have established homes or be in the process of furnishing and decorating their living spaces.
ii. Level of Education
The target audience for Prim Proper® can vary in terms of educational attainment. This may include individuals with higher levels of education or those with a strong interest in the arts.
iii. Income Level: Prim Proper® caters to customers across various income levels.
iv. Ethnicity: Prim Proper® aims to cater to a diverse customer base and does not specifically target any particular ethnicity.
Prim Proper® primarily operates in English-speaking regions, targeting customers who are proficient in English. However, we will provide multilingual customer support or website translations depending on the geographical location and customer demand.
vi. Geographical Location
Prim Proper® is based in Boston, Massachusetts, and primarily targets customers in the local area. However, our online presence allows us to reach a broader audience across the United States.
The target audience for Prim Proper® includes individuals who value sustainability, artistic expression, and unique design in their homes or businesses. They may have an interest in upcycling, repurposing, or incorporating eco-friendly practices into their lifestyle.
b. Advertising and Promotion Strategies
- Use FOMO to Run Photo Promotions.
- Share Your Events in Local Groups and Pages.
- Turn Your Social Media Channels into a Resource
- Host Themed Events That Catch Attention.
- Tap Into Text Marketing.
- Develop Your Business Directory Profiles
- Build Relationships with Other Businesses in Your Area
i. Traditional Marketing Strategies
- Broadcast Marketing -Television & Radio Channels.
- Marketing through Direct Mail.
- Print Media Marketing – Newspapers & Magazines.
- Out-of-Home” marketing (OOH marketing) – Public Transits like Buses and Trains, Billboards, Street Furniture, and Cabs.
- Including direct sales, direct mail (postcards, brochures, letters, fliers), tradeshows, print advertising (magazines, newspapers, coupon books, billboards), referral (also known as word-of-mouth marketing), radio, and television.
ii. Digital Marketing Strategies
- Social Media Marketing Platforms.
- Influencer Marketing.
- Email Marketing.
- Content Marketing.
- Search Engine Optimization (SEO) Marketing.
- Pay-per-click (PPC).
- Affiliate Marketing
- Mobile Marketing.
iii. Social Media Marketing Plan
- Create a personalized experience for our customers.
- Create an efficient content marketing strategy.
- Create a community for our audience.
- Start using chatbots.
- Gear up our profiles with a diverse content strategy.
- Use brand advocates.
- Create profiles on relevant social media channels.
- Run cross-channel campaigns.
c. Pricing Strategy
Prim Proper® Repurposed Furniture Company, Inc. will adopt the following pricing strategies:
- Cost-Plus Pricing
- Value-Based Pricing
- Competitive Pricing
- Dynamic Pricing
- Bundle Pricing
Please note that our pricing strategy is based on a careful analysis of the costs and profitability of the business, as well as the needs and preferences of the target customer base.
Sales and Distribution Plan
a. Sales Channels
Prim Proper® Repurposed Furniture Company, Inc. will employ a multi-channel marketing and sales strategy to reach our target audience. This includes a comprehensive online presence through our website and social media platforms, showcasing our portfolio, and engaging with potential customers.
Additionally, we actively participate in local craft fairs, and community events, and collaborate with interior designers to expand our reach and establish partnerships.
b. Inventory Strategy
Prim Proper® Repurposed Furniture Company, Inc. will operate an inventory strategy that is based on a day-to-day methodology to follow for ordering, maintaining, and processing items in our warehouse. We will develop our strategy with the same thoroughness and attention to detail as we would if we were creating an overall strategy for the business.
c. Payment Options for Customers
Here are the payment options that Prim Proper® Repurposed Furniture Company, Inc. will make available to her clients;
- Bank Transfers
- Credit or Debit Card
- Electronic Payment Systems such as PayPal or Venmo.
d. Return Policy, Incentives, and Guarantees
Prim Proper® Repurposed Furniture Company, Inc. will be offering a return policy, incentives, and guarantees to build trust and loyalty with your customers. We will make sure the policy is clearly communicated on our website and in-store signage and provide instructions for customers to initiate a return.
We offer a return policy that allows customers to return furniture within a 30 days timeframe for a refund or exchange. Please note that we will inspect returned items to ensure they are in the same condition as when they were sold.
We offer incentives to encourage customers to buy furniture from us. We offer a discount on the next purchase for customers who leave a review, refer a friend, or spend a certain amount of money. We also offer free delivery for purchases over a certain amount or bundle items together at a discounted price.
We offer guarantees for furniture purchases from us to give customers peace of mind and build trust in our products. We guarantee that our furniture is free from defects and will last a year. We have a satisfaction guarantee that allows customers to return the item within a certain timeframe if they are not satisfied with the quality or condition.
e. Customer Support Strategy
Our customer support strategy will involve seeking customer feedback. This will help us provide excellent products and customer service to our customers, it will help us to first understand their needs, experiences, and pain points. We will work with effective CRM software to be able to achieve this.
On a regular basis, we will work towards strengthening our Customer Service Team and also Leverage Multi-Channel Servicing as part of our customer support strategy.
Our operational plan will provide a roadmap for managing the various stages of the business, from sourcing and refurbishing to sales and marketing. Establish partnerships with local thrift stores, estate sales, and individual sellers to source pre-owned furniture items for repurposing.
Develop a system for evaluating the quality and suitability of furniture pieces for transformation. Implement effective inventory management practices to ensure an adequate supply of furniture for repurposing and finished products for sale.
Establish a dedicated workshop or studio space for furniture refurbishment and transformation. Implement efficient workflow processes to manage the repurposing operations, including refurbishing, painting, modifying, and finishing.
a. What Happens During a Typical Day at a Repurposed Furniture Business?
- The business is open for the day’s work
- Sourcing old furniture from various suppliers, visiting thrift stores, estate sales, or online marketplaces to find items that meet our criteria.
- Refurbishing furniture (cleaning, repairing, and painting or reupholstering the item, sanding, staining, and painting furniture, as well as reupholstering or replacing hardware)
- Our team will also spend time on marketing activities such as updating our website, creating social media content, responding to customer inquiries, and working on advertising campaigns.
- Since the business has a physical store, the team will spend time setting up the showroom, arranging furniture displays, and working with customers who visit the store. So also, since the business sells online, our team will focus on packaging and shipping items, responding to customer inquiries, and managing orders.
- Inventory management (your team might spend time organizing and cataloging inventory, updating the inventory management system, and analyzing sales data to inform future purchasing decisions)
- Administrative tasks, such as responding to emails, scheduling appointments, managing finances, and reviewing business performance.
- The business is closed for the day.
b. Production Process
At Prim Proper® Repurposed Furniture Company, Inc., our production process will be done via;
- Sourcing Furniture
- Cleaning and Prepping
- Designing and Planning
- Repairs and Restoration
- Finishing Touches
- Pricing and Marketing
- Delivery and Customer Service.
c. Service Procedure
We will attend to individual customers based on their preferences even if it involves going the extra mile. We will provide exceptional customer service by promptly addressing inquiries and concerns, and providing assistance throughout the customer journey.
We will offer after-sales support, including warranty services, repairs, and maintenance guidance for repurposed furniture.
d. The Supply Chain
Prim Proper® Repurposed Furniture Company, Inc. will rely on trusted agents to help us attract customers in our city and we have been able to establish business relationships with dealers in different furniture merchandise and antiques et al.
We will implement effective inventory management practices to ensure an adequate supply of furniture for repurposing and finished products for sale.
e. Sources of Income
Prim Proper® Repurposed Furniture Company, Inc. will make money by buying used or old furniture, refurbishing it, and then reselling it at a higher price to customers who are looking for unique and affordable furniture options.
a. Amount Needed to Start Your Repurposed Furniture Company Business
Prim Proper® Repurposed Furniture Company, Inc. would need an estimate of $120,000 to successfully set up our repurposed furniture company in the United States of America. Please note that this amount includes the salaries of the staff for the first month of operation.
b. What are the Costs Involved?
- Business Registration Fees – $750.
- Legal expenses for obtaining licenses and permits – $2,300.
- Marketing, Branding, and Promotions – $1,000.
- Business Consultant Fee – $2,500.
- Insurance – $2,400.
- Rent/Lease – $40,000.
- Other start-up expenses including commercial satellite TV subscriptions, stationery ($500), and phone and utility deposits ($2,800).
- Operational Cost (salaries of employees, payments of bills et al) – $40,000
- start-up inventory – $35,000
- Store Equipment (cash register, security, ventilation, signage) – $4,750
- Furnishing and Equipping the Workshop and Showroom – $30,000
- Website: $600
- Opening party: $3,000
- Miscellaneous: $2,000
c. Do You Need to Build a Facility? If YES, How Much Will it Cost?
Prim Proper® Repurposed Furniture Company, Inc. will not build a new facility for our repurposed furniture company.
d. What are the Ongoing Expenses for Running a Repurposed Furniture Business?
- Supplies and Materials such as sandpaper, paint, stain, upholstery fabric, and hardware.
- Tools and Equipment such as sanders, drills, saws, and paint sprayers.
- Rent or Workspace Costs
- Marketing and Advertising
- Insurance and Legal Fees
- Transportation and Delivery.
e. What is the Average Salary of Your Staff?
- Chief Operating Officer (Owner) – $55,000 Per Year
- Facility Manager – $40,000 Per Year
- Workshop Manager – $38,000 Per Year
- Bookkeeper/Accountant – $35,000 Per Year
- Furniture Restoration Specialist – $35,000 Per Year
- Sales and Marketing Officer – $25,000 Per Year
- Customer Service Officer (Receptionist) – $24,100 Per Year
f. How Do You Get Funding to Start a Repurposed Furniture Business
- Raising money from personal savings and sale of personal stocks and properties
- Raising money from investors and business partners
- Sell shares to interested investors
- Applying for a loan from your bank/banks
- Pitching your business idea and applying for business grants and seed funding from the government, donor organizations, and angel investors
- Source for soft loans from your family members and friends.
a. How Much Should You Charge for Your Product/Service?
The price of furniture sold by our repurposed furniture company will vary depending on several factors, including the cost of acquiring the furniture, the cost of refurbishing and restoring the piece, and the market demand for the finished product.
b. Sales Forecast?
- First Fiscal Year (FY1): $320,000
- Second Fiscal Year (FY2): $440,000
- Third Fiscal Year (FY3): $580,000
c. Estimated Profit You Will Make a Year?
Prim Proper® Repurposed Furniture Company, Inc. is projecting to make;
- First Fiscal Year (FY1): (30% of revenue generated)
- Second Fiscal Year (FY2): (35% of revenue generated)
- Third Fiscal Year (FY3): (45% of revenue generated)
d. Profit Margin of a Repurposed Furniture Company Business Product/Service
The profit margin of a repurposed furniture company business is not fixed. It could range from 15 percent to 45 percent depending on some unique factors.
a. How do you intend to grow and expand? By opening more retail outlets/offices or selling a franchise?
Prim Proper® Repurposed Furniture Company, Inc. will grow our repurposed furniture company by first opening other outlets in key cities in the United States of America, and Canada within the first seven years of establishing the business and then will start selling franchises from the seventh year.
b. Where do you intend to expand to and why?
Prim Proper® Repurposed Furniture Company, Inc. plans to expand to
- Nashville, Tennessee
- Charlotte, North Carolina
- Phoenix, Arizona
- Dallas, Texas
- Portland, Oregon
- Minneapolis, Minnesota
- Denver, Colorado
- Tampa, Florida
- San Diego, California
- Atlanta, Georgia.
Internationally, we plan to expand to Canada.
The reason we intend to expand to these locations is the fact that available statistics show that the cities listed above have a growing furniture market, making them potentially attractive markets for repurposed furniture businesses.
Prim Proper® Repurposed Furniture Company, Inc. plans to exit the business via family succession. We have positioned structures and processes in place that will help us achieve our plan of successfully transferring the business from one family member to another and from one generation to another without difficulties.
The company has successfully developed a detailed transition plan to smoothly hand over responsibilities to the new successor. This includes transferring ownership, training key personnel, and communicating with employees, customers, and suppliers about the change.