Modern Mode Furniture Store is a locally established furniture store located in Seattle, Washington.
Modern Mode Furniture Store is owned by Richard DeBluff, an area entrepreneur and interior designer with a keen eye for quality craftsmanship and minimalist design. For the past five years, he has worked at Copenhagen as a salesman and interior decorator in Arizona. Upon returning to his hometown of Seattle, Richard has recognized that while there are a handful of quality furniture stores in Seattle, there are not very many quality modern furniture stores that offer unique designs and furnishings for reasonable prices. Richard found out that lots of his friends and customers were purchasing modern furniture online, but would’ve preferred to visit a showroom where they can touch and feel the quality to make sure they are placing their investment in a solid piece of furniture.
Modern Mode Furniture Store will carry quality pieces of modern-designed furniture that are moderately priced and will last for years. Whatever room you are outfitting, Modern Mode Furniture Store will have something for you.
The following are the products to be offered by Modern Mode Furniture Store:
- Living Room Furniture
- Bedroom Furniture
- Dining Room Furniture
- Office Furniture
- Art & Accessories
The customer focus for Modern Mode Furniture Store will sell to the trendy, successful population of Seattle, Washington. The target market will be working professionals with disposable income who have a stylish, modern home. The target market will prefer contemporary designs but don’t want to spend an outlandish amount of money.
Richard DeBluff will be the sole owner and Store Director. He will handle all aspects of the store including hiring and management of staff, customer service, client retention, marketing, and administrative functions. Richard has consulted with his former employer in Arizona and has learned the ins and outs of operating a furniture store to ensure success and profitability. He has decided to outsource the accounting, finance, payroll, and tax obligations of the business to a third-party accounting firm. He will also outsource the advertising and marketing duties to a local advertising firm.
Modern Mode Furniture Store is primed for success by offering the following competitive advantages:
- Hip, trendy, contemporary furniture that is well-crafted and sustainable.
- Competitive pricing – it will be moderately priced in regards to the typical modern furniture retailer.
- All products come with a 3-year warranty and a money back guarantee.
Richard DeBluff is seeking $435,000 in debt financing to open its furniture store location in Seattle, Washington. The funding will be dedicated for product inventory, procurement, shipping, leasehold improvements, working capital, and marketing. The breakout of the funding is below:
- Store design/build: $50,000
- Opening inventory: $300,000
- Procurement & Shipping: $50,000
- Working capital: $25,000
- Marketing promotions: $10,000
The following graph below outlines the pro forma financial projections for Modern Mode Furniture Store.