Home Furnishings Association
Posted in Hotel Furnishings on 02/06/2010 06:56 pm by admin
I need help with my business plan…….?
Okay so I have no business education whatsoever and I’m trying to start a business plan. My industry is Home Furnishings- children’s bedding . When doing research on my industry besides the US Census…
*When doing research on my industry what exactly should I be researching/looking for and WHERE do I get this industry info. for FREE?
*How do I figure out my estimated sales for the next 6months-1year? Like how do I come up with such a figure from scratch?
Again my industry is children’s bedding which is Home Furnishings and I have no money to pay for reports or to become affiliated with one of these home furnishings associations.
First step is to look at your target market, in this case your target market is going to be married couples or more specifically young couples (i.e. newly weds). The hard part is to find this information for your specific area. The US census bureau does have stats on the number of married couples and age groups in a specific area of the country. From that information you can determine the size of your target market. Your estimated sales are a calculated guess of how much you will be able to sell to your target market.
i.e say you have have a target market of 1000 potential customers, of those 1000 you believe that 10% will be interested in buying your product in the first month.
100 items sold @ $20 per unit = $2000 monthly sales
as you get more word of mouth advertising your target market will expand as more people are aware of your business and you should be able to sell more product to that target market as well. So if you believe that each month you should be able to grow your sales at a rate of 10% each month.
110 units in month 2
121 units in month 3
and so on…
The main thing is to be conservative and realistic, and plan for the worst so you will be ready when it happens.
Best of luck
Homes for sale Aliso Viejo CA $270000 2 BRs, 2 full BAs