The Labat Wood Shop | Application Preview
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General Information
Business Registration Number: 863271971
Location: New Orleans, LA, United States
Length of Operation: 1-5
Number of Employees: 1-10 Employees
Annual Gross Income: Less than $100k
Annual Gross Expense: Less than $100k
Open to Loans: YES
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Funding Usage
My plan is to acquire an already existing home decor and furniture boutique. I feel that there are a lot of commonalities between the products and services between myself and the boutique. We both sell furniture and home decor however, the store has an established and loyal customer base while I have always been starved for customers on the furniture/home decor side of my business. The business owners have expressed that people come in looking for CUSTOM furniture very often. With my knowledge and expertise in custom furniture building, I could service the already existing clientele. Furthermore, the handyman side of my business was the most successful by a great margin. I feel that I could integrate the handyman side of my business into the furniture store by attaching services to some of the items they sell such as window treatments, chandeliers and wall art. It would be a consolidation of all my products and services under one roof, which is why I think it's a great match.
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Business Plan
If all goes according to plan, I will purchase this business and grow the custom furniture and home services categories of the business to compliment the retail category within the first 5 years. With an established customer base and all these services consolidated under one roof, it will be incredibly convenient, efficient and cost effective to provide custom furniture and home services. With the growth of these categories I will be able to expand the brand into other more attractive markets. Additionally, I will find other creative reveneue generating strategies such as interior design services, furniture and decor rental for real estate staging and event decor. I feel that investors should invest with me because their investment will be safe. I have chosen to acquire an existing business that has built a loyal customer base and has established profitablity, as opposed to building a new business, a new brand and a new customer base from scratch, which reduces the level of risk involved with the investment. By getting guidance, advice, training and mentorship from the previous ownership, I will be able to replicate their success and grow the business with my knowledge and expertise in custom furniture and home services, which will compliment the retail business extremely well.
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Self Identified Competition
Design and Build Firms - There are companies that specialize in designing and manufacturing custom furniture. They create amazing pieces that are unique and typically very large in scale, however they are one dimensional. My experience in building custom furniture gives me insight into how expensive and inefficient that stand alone model can be. The business may be high revenue generating, but after deducting expenses for work space, salary, insurance and COGS there will be very VERY slim margins. Home Decor Boutiques - A retail space hits another element of home beautification and the model is very simple, buy and sell. However, there are very few services that a boutique can offer to it's clients that would compliment their business model, such as handyman services or custom furniture. So they leave money and opportunity for growth on the table. Discount/used furniture marketplace - Places like Facebook Marketplace, Ikea and Wayfair can certainly have advantages. There you will find cost effective items, but there is often a very limited selection with almost no customization. Our selections will be more high end. This business will be a consolidation of retail, manufacturing and servicing the home beautification needs of it's clients. A one stop shop. To my knowledge, there are very few, if any businesses with this model. This will allow us to stay diverse in our product offering and differentiate us from our competitors.
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Contact Applicant
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