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Small Business Analysis - Furniture
- 1. BUSINESS ANALYSIS Furniture Abstract This Business analysisisSpecificto Wood Workshops which arebeing run in small scale.Data and other assumptions aremade in-linewith the discussion with industry specialists.
- 2. Table of Contents Business Overview........................................................................................................................ 2 Small Business in Kerala............................................................................................................ 2 Legality ....................................................................................................................................2 Type of Products....................................................................................................................... 2 Manufacturing Process.............................................................................................................. 2 Procurement................................................................................................................................ 3 Raw Materials........................................................................................................................... 3 Sales............................................................................................................................................ 3 Targeted Audience Spread.........................................................................................................3 Seasonality............................................................................................................................... 4 Cost Economics ............................................................................................................................ 4 Income.....................................................................................................................................4 Expenses..................................................................................................................................4 Profit Margin............................................................................................................................ 5 Business Excellence ...................................................................................................................... 5 SWOT Analysis.......................................................................................................................... 5 Business Continuity & Disaster Recovery.................................................................................... 6
- 3. Business Overview Small Business in Kerala Furniture Business,alsocalledwoodworkorWoodworking Businessinvolvesmakingitemsfrom wood.Beinga traditional businessindustryinKerala,itisone of the profitable business. Legality Whencomparedto the biggerfurniture manufacturesinTier1 Cities,Manufacturers/Businessesin Tier2 & Tier 3 citiesface a huge challenge inprocuring alicense fromthe local Municipality/Government.Whenfurtheranalyzed,asthe businesscreatespollutioninthe formof Air& Noise makesthe processhardertoprocure a license. The onlyway to overcome thishurdle istoprocure a GST Number & filingtaxesontime and declaringTDSon time.Governmenthasexceptionsforbusinesswhichare performingoperations and clearon dues& papers. Type of Products Due to the dedicatedinterventionsbythe Government,itisexpectedthatthere wouldbe asurge in demandforthe belowsub-sectorsof furniture: Residential:Householdfurniture Commercial:Office,Hotel &Other Manufacturing Process The raw materialswouldbe procuredatthe Wood Depowithall the varietiesof wood: 1. Wood wouldbe carvedoutintodifferentpieces 2. Dirt & holeswouldbe removedoutof the woodtoensure the accurate design& smooth finishing 3. Accordingto the Orderreceived,the woodwouldbe shapedasperthe design 4. All the pieceswouldbe assembledwiththe helpof custom-made glue withispreparedby the manufacturerhimself 5. If any designorany otherwork isneeded,those wouldbe outsourcedtootherspecialistsin the market 6. Polishing&Paintingwouldbe done asperthe design 7. Now the product isreadyto be shipped
- 4. Procurement Raw Materials Often,rawmaterialsare stockedforthe orderswhichare gettingfulfilledinthe Monsoon&Winter seasons fromTiberDepotwhoare givingcompetitiverates.Inventorywill be checkedonce every fortnighttofulfill orderswithnohassle. Inafew cases,Customerswouldbe givingthe raw material by themselves. Teakwouldbe purchasedinclasses.Frequently,1st & 2nd Classwouldbe used regularlyand 1st Class wouldbe costingaroundRs.300/- per 10 Inchesand2nd Classwouldbe costingaroundRs.600/- per 10 Inches.Add-onmaterialssuchasNails&Wood terminatorsare alsousedperrequirement. Wood Type Availability Usage ForestTeak Rare 10% CountryTeak Frequently 50% Deciduous Rare 20% Mahogany Frequently 10% Plywood Rare 10% Sales Targeted Audience Spread Majorly the targetedaudience wouldbe the businesswhoare the Furniture ShopsandWholesale Traders/Exportswithwhomthe businesswill have aLong-termcontract. ~100% of the Target Audience wouldbe BusinesstoBusiness whereinthere wouldbe few Customerordersalso. 10% 50% 20% 10% 10% Usage of Wood Forest Teak Country Teak Deciduous Mahogany Plywood
- 5. Seasonality The ideal seasonforthisbusinessis Summer&Autumnsince raw materialsare quite difficulttoget inMonsoon & Winterseasons.Often,raw materialsare stockedforthe orderswhichare getting fulfilledinthe Monsoon& Winterseasons. Also,inamonthsuchas February& March because of financial yearclosing.InApril,the businesswouldseeaspike insalesbecause of the festival business and mostof the house waringfunctionswouldbe held. Cost Economics Income Income isbasedon an upfront50% as an advance basedon the projectedvalue of the workshop/manufacturerandthe restwouldbe paidbasedonthe Qualityof the product.Since every customerisprovidedwithaGST Invoice all the paymentsare paidwhenthe productiscompleted withutmostCustomerSatisfaction. Expenses All the expensesmentionedherein are basedonthe operatingexpenses whichare incurredevery monthbased on the ordersreceived.Expense onraw material wouldbe fluctuatingbasedif any demandraisesinthe marketforthe WoodType whichis beingrequired. Expense Type Spread Raw Materials 55% Labour 21% Rent 13% Electricity 5% Transport 5% Taxes 1% 10% 90% Furniture Type Commercial Residential
- 6. Profit Margin Business Excellence SWOT Analysis 65% 35% Expenses Vs Net Profit Expenses Net Profit W O T S Natural Calamity Transportation of Furnitures Pollution Complaints Unavailability/Competition in gettingRaw Materials 0 MarketingCost RegularCustomers/Orders Exports to other districts/states Availabilityof Skillset Controlling pollutionif the business is in a residentialarea Licensing from local Municipality/government Gettingissues relatedto Taxationwhich leads to penalty Gettingwood from Authorized Seller/Trader Creating anOnline Profile/Portfolio RetailingFurniture andgetting high profit margin Gettingbrokerage of creating opportunitiesto others Direct Marketingto local retail shops
- 7. Business Continuity & Disaster Recovery KeepingInsurance policiesforWorkshopandMachinerytobe in place forclaimingincase of damagesrelateddue toNatural Calamity Also,tokeepa StrongOnline Portfolioinall eCommerce Marketplaceswouldmove the goodsin a fast& rapidprocessinsuch situations SituationssuchasCOVID-19 will nothave a huge impactas the salesare monthlyandmost of the businesseshave theirworkshopswithintheirhome premisesandwill notsee apause intheirdailybusinessactivities too.