SHAKEAL MODERN FURNITURE COMPANY

SHADRACK MOSES MOMANYI

ICT-G-4-0460-17

BUSINESS PLAN SUBMITTED TO THE SCHOOL OF BUSINESS IN PARTIAL

FULFILLMENT OF THE REQUIREMENTS FOR THE AWARD OF THE DEGREE OF

BACHELOR OF COMMERCE; FINANCE OPTION OF GRETSA UNIVERSITY

MARCH 2021

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DECLARATION.

This entrepreneurship project is my original work and has not been presented for award of a

degree or for any similar purpose in any other institution.

Signature ……………………………… DATE …………………………….

Shadrack moses momanyi

ICT-G-4-0460-17.

This entrepreneurship project has been submitted with my approval as university supervisor.

Signature……………………………….Date…………………………………

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ACKNOWLEDGEMENT.

I wish to express my heartfelt appreciation to my family for their unwavering support for me

during my academic journey at Gretsa University as it took a lot of family resources and time to

make these possible. My sincere gratitude goes to my supervisor ………………who dedicated

his precious time; for his guidance and constructive advice during the period of this

entrepreneurship proposal writing to ensure my work was up to par with the requirements of the

real world. In addition, I would like to thank my classmates especially the 2016 group for

forming a basis of constant constructive consultations to improve my work, encouragements to

always ensure I stick and focus on my goal. Also, I would like to thank the Gretsa University

Management at large, under the able stewardship of Vice Chancellor Prof. Thuo Kuria who made

sure all resources and materials needed was easily accessible during the course of our studies.

All above all, I thank the Almighty God who has seen me through up to this level, was my pillar

of strength, life giver and greatest source of advice and ideas. Thank you all and God bless you

all.

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 DEDICATION.

To my:

Parents: Mr. Zablon Momanyi and Mrs Yucabeth Moraa

Siblings: Albert, Dorcas, Kepha, and Esther.

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 Table of Contents

DECLARATION.........................................................................................................................ii

ACKNOWLEDGEMENT..........................................................................................................iii

DEDICATION................................................................................................................................iv

EXECUTIVE SUMMARY.............................................................................................................1

Business Description....................................................................................................................1

SOLUTION..................................................................................................................................1

MARKET.....................................................................................................................................1

COMPETITION...........................................................................................................................2

FINANCIAL HIGHLIGHTS.......................................................................................................2

CHAPTER ONE..............................................................................................................................3

1.0 BUSINESS DESCRIPTIONS................................................................................................3

1.1 Business Goals.......................................................................................................................3

1.1.1 VISSION.........................................................................................................................3

1.1.2 MISSION........................................................................................................................3

1.1.3 CORE VALUES.............................................................................................................3

1.2 Business Name.......................................................................................................................3

1.3 Business Location and Address.............................................................................................4

1.4 Form of Business Ownership.................................................................................................4

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 1.5 TYPE OF BUSINESS............................................................................................................4

1.6 THE INDUSTRY OVERVIEW............................................................................................5

1.7 JUSTIFICATION OF THE BUSINESS OPPORTUNITY...................................................5

1.8 MARKET ENTRY STRATEGIES.......................................................................................6

1.9 MARKET GROWTH STRATEGIES...................................................................................6

CHAPTER TWO.............................................................................................................................7

2.0 MARKETING PLAN............................................................................................................7

2.1 TARGET CUSTOMERS.......................................................................................................7

2.2 MARKET POTENTIAL AND SALES POTENTIAL..........................................................7

2.2.1 Sales Potential.................................................................................................................8

2.3 COMPETITOR ANALYSIS.................................................................................................8

2.4 PRODUCT PORTFOLIO AND STRATEGY......................................................................8

2.5 PROMOTION STRATEGY..................................................................................................9

2.6 PRICING STRATEGY..........................................................................................................9

2.7 DISTRIBUTION STRATEGY............................................................................................10

CHAPTER THREE.......................................................................................................................11

3.0 ORGANIZATION AND MANAGEMENT PLAN............................................................11

3.1 PROPOSED ORGANIZATIONAL STRUCTURE............................................................11

3.2 Key Personnel Qualifications...............................................................................................12

3.2.1 Management team.........................................................................................................12

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 3.2.2 OTHER PERSONNEL.................................................................................................13

3.3 RECRUITMENT, TRAINING AND DEVELOPMENT...............................................13

3.3.1 Personnel Recruitment Plan..........................................................................................13

3.3.2 Personnel Training and Development plan...................................................................13

CHAPTER FOUR.........................................................................................................................14

4.0 PRODUCTION PLAN........................................................................................................14

4.1 PRODUCTION FACILITIES AND CAPACITY...............................................................14

4.1.1 Facilities........................................................................................................................14

4.1.2 Capacity........................................................................................................................14

4.2 BUSINESS PREMISES LAYOUT.....................................................................................14

4.2.1 Production/Operation Strategy.....................................................................................14

4.2.2 PROJECTED ANNUAL OVERHEAD REQUIREMENTS....................................................15

4.3 PRODUCTION/OPERATION PROCESS..........................................................................16

4.3.1 Internal Factors Affecting the Business Operation.......................................................16

4.3.2 EXTERNAL FACTORS AFFECTING THE BUSINESS OPERATIONS...............................17

4.4 GOVERNMENT REGULATIONS AFFECTING PRODUCTION PROCESS,

LICENSES, PERMITS AND RECENT BY-LAWS.................................................................18

4.5 OUTSOURCED SUPPORT SERVICE...............................................................................18

CHAPTER FIVE...........................................................................................................................19

5.0 FINANCIAL PLAN.............................................................................................................19

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 5.1 INTRODUCTION...............................................................................................................19

INITIAL WORKING CAPITAL...............................................................................................20

5.2 START-UP STATEMENT OF FINANCIAL POSITION.............................................21

5.3 THREE YEAR PROJECTED INCOME STATEMENT...............................................22

PROFORMA INCOME STATEMENT FOR THE SHAKEAL COMPANY FOR THE THREE

YEARS..........................................................................................................................................22

5.8.1 PROPOSED LOANS....................................................................................................23

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 EXECUTIVE SUMMARY.

SHAKEAL is a coined name obtained from the name of principle partners (shadrack, kepha and

albert),as many businesses do in obtaining names. This was with the main objective of helping

the government of Republic Kenya to actualize it’s dream for affordable housing for her citizens

through provision of standard modern affordable furniture under the big 4 agenda of the current

president, Uhuru Kenyatta.

Business Description.

SHAKEAL Modern Furniture Company will be established due to the government big four

agendas in which housing have been identified as pivotal amongst them. The housing scheme

will provide need for supply of more furniture requirements to the housing units hence the need

to start the business.

SOLUTION.

The very long-term goal of SHAKEAL Furniture is to provide tenants and residents high end

modern furniture to live a luxurious and comfortable life.

MARKET.

The main target market is the government housing scheme with approximately five million

housing units. Moreover, SHAKEAL Modern Furniture has open wings to other residential,

offices, schools, hospitals, supermarkets and amongst other entities that requires furniture.

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COMPETITION.

The newly established business will face favorable competition from already established

furniture companies in the markets. Our modern furniture at affordable prices will give a

competitive edge from other furniture holdings.

FINANCIAL HIGHLIGHTS.

SHAKEAL Modern Furniture Company’s initial Capital will from partnership of three principle

partners; contributing a lump sum of half million (shadrack ), two hundred thousand shillings

(kepha) ; and half a million from albert; this was projected to be enough to run and maintain the

business.

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 CHAPTER ONE

1.0 BUSINESS DESCRIPTIONS

1.1 Business Goals.

1.1.1 VISSION.

To be the leading producer and supplier of modern furniture to all housing units’ consumers at

affordable prices both locally and internationally.

1.1.2 MISSION

To provide excellence in furniture providing industry; establishing itself as a preferred leader

within industry with established history of exceptional products and service with host of gratified

patrons.

1.1.3 CORE VALUES.

 Integrity
 Inclusivity
 Equity and equality
 Innovativeness and creativity

1.2 Business Name

SHAKEAL is a coined name obtained from the name of principle partners (shadrack, kepha and

albert)

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1.3 Business Location and Address.

The Company will be located in Kawangware, which is in the country’s Capital city, that is,

Nairobi where the housing scheme is to be majorly implemented; these will enable access the

market with ease and effectiveness. Also, company will open warehouses in Mombasa, Kisumu

and Nakuru where the housing scheme agenda basically targets.

1.4 Form of Business Ownership.

The Company is family partnership business with well-defined organizational structure led by

its three partners who in turn will take up senior management roles; that are; managing directors.

Mr. kepha and mr. albert being the senior but sleeping partner in the daily operations of the

company and shadrack with executive powers of overseeing the business operations. Although;

all major decisions will be born from consultations from all principles. As the operation of the

firm grows the company owners will consider injecting more capital into the business and

partnering with more sleeping partners in order to create a wider capital base margin to raise

funds which will suit future business needs.

1.5 TYPE OF BUSINESS.

SHAKEAL Company is a firm in the furniture industry aimed at the production of high end

furniture products like wall unites, beds, office equipment amongst others. With the raw

materials being locally obtained timbers across the country. The Company will thrive to obtain a

large market share percentage through production of quality, reliable and affordable products to

consumer.

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1.6 THE INDUSTRY OVERVIEW.

In spite of existence other furniture making companies, the demand of furniture products has

greatly increased through the government’, s housing scheme that the current supply cannot

match the demand, therefore SHAKEAL Furniture Company is a viable solution through making

its High-end modern furniture at affordable prices. SHAKEAL Company expects to face a

favorable competition from the current furniture giants such as Kuala and Zircon Kenya whose

market dominance is quiet high; however, SHAKEAL has what it takes to greatly succeed in this

furniture industry as it has a notch higher in its high-end modern furniture at very affordable

prices.

SHAKEAL Company has its eye open to global market, as it has become a common trend.

1.7 JUSTIFICATION OF THE BUSINESS OPPORTUNITY.

According to demographic statistics, it shows that 60% of Kenyans living in urban areas reside in

densely populated slums that exhibit inhuman living conditions, this facilitated the government

to come up with housing scheme agenda to enable each Kenyan to own and reside in a

comfortable house; hence; SHAKEAL company is partnering with government to ensure

realization of this magnificent agenda

The company has seen an excellent opportunity in the current economy due to governments

current big four agenda, in which housing has been identified has pivotal amongst them. The

housing scheme will provide an increased demand for furniture products hence need for

increased supply of this products, thus need to commerce the business with an eye of great

success.

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Also, current existing furniture companies has high unaffordable furniture products due to their

high prices, which are not reach by majority of common Kenyan citizens.

1.8 MARKET ENTRY STRATEGIES.

As stated above, the opportunity discussed above is the basis of the current needs in the market

in that, as the government builds more housing units, the demand of furniture products will

generally increase. Hence, the markets need more furniture products to satisfy its demand.

SHAKEAL Furniture Company is aware that most of individuals nowadays prefer to live a

comfortable and luxurious life, hence the company will make its products to suit this evolving

market trends.

In addition, the company will be flexible enough to adopt the new techniques and styles in

making modern furniture that meet consumers test and preferences.

1.9 MARKET GROWTH STRATEGIES.

SHAKEAL has high expectations of expanding its market share in coming years as compared to

its competitors anchoring on production of better products and goods after service to its

customers. The market growth is accrued to expand beyond the borders to region and even the

entire continent.

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 CHAPTER TWO

2.0 MARKETING PLAN.

2.1 TARGET CUSTOMERS.

Housing units being built by the government in the major densely populated cities will be the

main target consumer base of the company. The Company being located within Nairobi city will

enable access the market with ease and effectiveness. In addition, the company will open

warehouses in Mombasa, Kisumu and Nakuru where the housing scheme agenda targets.

In spite of the company satisfying the government big four agendas, the general public are at

liberty to get our furniture products at country wide spread warehouse at standard prices or order

using online platforms such as Jumia and Masoko to the common Kenyan citizens and the

general public at much affordable prices.

2.2 MARKET POTENTIAL AND SALES POTENTIAL.

SHAKEAL modern furniture company sees a vast market opportunity in the furniture industry

driven by rise in demand, due to government housing scheme, increase in human population and

the increased individual desire to own a house. In addition, SHAKEAL Company believes that

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its high-end modern quality furniture products will trigger increased demand for more products

from the company.

2.2.1 Sales Potential.

The Company has put efficient plans and strategies to enable it make large sales. First, the

company will come up with a system of discount on bulky purchases, whereby customers who

purchased our products on large scales will in turn enjoy a relative lower price.

Secondly, SHAKEAL Company is determined to have large stock that will ensure availability of

our furniture products at any given time throughout the year. This will ensure that our company

products are available throughout.

2.3 COMPETITOR ANALYSIS.

SHAKEAL Company expects to face a favorable competition from the current furniture giants

such as Kuala and Zisco Kenya whose market dominance is quiet high; however, SHAKEAL

has what it takes to greatly succeed in this furniture industry as it has a notch higher in its high-

end modern furniture at very affordable prices.

2.4 PRODUCT PORTFOLIO AND STRATEGY.

SHAKEAL Modern Furniture Company has variety products and services.

Its products majorly comprise of High-end modern furniture; this includes fined sofa sets, dining

tables, modernized beds, shelves, office tables, cabinets, wall draw amongst other furniture

8
equipment; this diversification of product line will help seduce the interest of majority of

consumers.

In addition, SHAKEAL will provide after sale services such as free transport and delivery,

discount on bulk purchases, hire purchase amongst other interesting customer appealing services.

As always, the business environment and market are not static as it changes with time due to

many factors that include consumer tests and preferences, technological environment amongst

other factors; company will always adjust to changes listed above thus producing new products

needed at exact period by the consumers.

2.5 PROMOTION STRATEGY.

SHAKEAL modern furniture company has a well elaborate marketing theme; the company in its

organizational structure has a team of professional marketers that will propel its products and

services into the market. In addition, SHAKEAL Company believes that its high-end modern

quality furniture products will be their own promotion ambassadors. The Company has put in

place several strategies and plans to enable it make large sales. First, the company has come up

with a system of discount on bulky purchases, whereby customers who purchased our products

on large scales will in turn enjoy a relative lower price and secondly; the company will be

determined to have large stock that will ensure availability of our furniture products at any given

time throughout the year.

2.6 PRICING STRATEGY.

SHAKEAL will price its furniture products by affordable pricing model, the model will factor in

the inflation rates, price of the raw materials, labor, prevailing market prices of similar products

9
and discounts on bulk purchases. In addition, the customer relationship tracking software

utilized in order to give appropriate price cuts to frequent loyal customers.

SHAKEAL overall prices will be cost lower than those of our competitors with the aim of

foregoing maximum profits for entertaining more and more consumers.

2.7 DISTRIBUTION STRATEGY.

The main SHAKEAL Furniture shop will be located in kawangware, with warehouse in Nakuru,

Kisumu, Mombasa and the major towns. Thus, the furniture units will be distributed all over the

main cities in Kenya using our delivery unit.

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 CHAPTER THREE

3.0 ORGANIZATION AND MANAGEMENT PLAN.

3.1 PROPOSED ORGANIZATIONAL STRUCTURE.

SHAKEAL Company has a well-defined organizational structure led by its three partners who in

turn will take up senior management roles that is managing directors. In addition, the company

has up to fifteen staffs that include; a human resource manager, procurement officer, a sales

manager, chief marketer, a supervisor and ten employees that will aid in efficient operations of

the company. The company intends adding more supports staffs once the operations of the

company are at full strength to enable handle further growth.

The organizational structure is shown below.

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 SHAKEAL FURNITURE

COMPANY

MANAGING

DIRECTOR
DIRECTOR

H.R.M

PROCUREMENT

Sales &Marketing Officer

SUPERVISO

R
ARTISANS

3.2 Key Personnel Qualifications.

3.2.1 Management team.

The company will consider the following while hiring its management personnel:

 Diploma certificates in technical field with woodwork most preferred.

 3 years and more working experience in the furniture industry
 Good health clearance certificate.
 Certificate of good conduct.

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3.2.2 OTHER PERSONNEL.

The following will be considere:,

 Furniture products making skills

 Certificate in a technical field; woodwork most preferred
 5years and more experience
 Certificate of good conduct.
3.3 RECRUITMENT, TRAINING AND DEVELOPMENT.
3.3.1 Personnel Recruitment Plan.

SHAKEAL will consider recommendations of artisans made by their former Furniture

companies in the industry. This will ensure the artisans employed have the vast knowledge and

skills needed to produce modern furniture driven by the thriving market demands and the tests

and preferences of the consumers. Also, the newly hired employees will be subjected to a two

month probation period to ascertain their ability to make the required products.

3.3.2 Personnel Training and Development plan.

Regular on work training will be encouraged at the company; each employee will be subjected to

acquiring new skills from their supervisors. Also, the Company will seek benchmarking sessions

in leading furniture companies in the region in order to equip its members with appropriate skills

needed.

Moreover, several developments will be utilized with artisans being sponsored to seminars,

workshops and Furniture exhibition shows.

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 CHAPTER FOUR

4.0 PRODUCTION PLAN.

4.1 PRODUCTION FACILITIES AND CAPACITY.

4.1.1 Facilities.

SHAKEAL furniture company will acquire vast of facilities that will aid in the production of our

products. This includes; Company buildings, widespread warehouses, competent employees and

professional managers among others. These facilities will ensure that the Company greatly

achieves its goals and objectives.

4.1.2 Capacity.

SHAKEAL Company is well aware of ever-changing technology in used in making both

equipment and tools of furniture production. The company will be ready to adjust to these

external environmental changes in order to stay relevant in the industry.

Also, our procurement department will be armed to deal with this change; the department will

always ensure that the company purchases the latest equipment as per technology in the market.

4.2 BUSINESS PREMISES LAYOUT.

4.2.1 Production/Operation Strategy.

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SHAKEAL Modern Furniture Company will have variety products and services.

Its products majorly comprise of High-end modern furniture; this includes fined sofa sets, dining

tables, modernized beds, shelves, office tables, cabinets, wall draw amongst other furniture

equipment.

Also, SHAKEAL will provide after sale services such as free transport and delivery, discount on

bulk purchases amongst other interesting customer appealing services.

The company will employ technicians with most qualified skills and reputable experience in

making high end modern furniture products; in order to actualize its dream of being the best

producers of furniture in the market.

4.2.2 PROJECTED ANNUAL OVERHEAD REQUIREMENTS.

SHAKEAL Company starting budget has allocated sufficient funds to facilitate its day-to-day

activities and even long-term expenses.

The company budgets reserves the lion share of its funds to purchase of production machineries

and raw materials.

Secondly, operational costs e.g. transport costs, stationary costs etc. will facilitated by the credit

note which will be drafted by the accounting officer.

Third, recurrent expenditure e.g. salaries have been allocated sufficient amount in the company’s

capital structure; this will ensure the company runs smoothly throughout.

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The table below summarizes the requirements:

Requirement Quantity Cost(Kshs)

Production Machinery 15 4000000
Raw Material 1500000
Recurrent Expenditure 100000
Miscellaneous Requirement 500000
TOTAL 6,100,000

4.3 PRODUCTION/OPERATION PROCESS.

4.3.1 Internal Factors Affecting the Business Operation.

The anticipated Factors include:

4.3.1.1 Capital.

Raising sufficient capital requirements in order to acquire all the tools, technology and meeting

all production needs is a challenge. Thus the company will start acquiring the most essential

tools for production while leasing the others with the agreement to buy them over period of time

in the future from the owner.

4.3.1.2 Large Production inabilities.

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Due to limited resources and capital, the company may not be able to meet large product

demands from its consumers. Thus a challenge of giving discounts to bulk purchases at the

beginning of its operation in the market.

4.3.1.3 Artisans.

The company anticipates challenges in recruitment of right skilled artisans for production of its

products, however, the company will put in training and development of the hired employees in

order to lift and fit them into the required spaces.

4.3.1.4 Management.

A company is as good as its management thus SHAKEAL will rely on its professional partners

with vast experience to ensuring its success in the industry.

4.3.2 EXTERNAL FACTORS AFFECTING THE BUSINESS OPERATIONS.

4.3.2.1 Government Housing Scheme Agenda.

SHAKEAL company will be built on the basis of ensuring the Government of Republic of

Kenya actualizes it’s dream for providing her citizens with affordable modern houses; thus, the

housing units will provide sufficient target market for the company hence it’s backbone for

success. Thus, the success implementation of this housing scheme will directly influence the

growth of the company, as it’s the primary consumer target population.

4.3.2.2 General Public Market Tests.

SHAKEAL company also targets the outside public market e.g. supermarkets, schools, hospitals

etc. thus this factor will be of crucial importance to the success of the company.

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4.4 GOVERNMENT REGULATIONS AFFECTING PRODUCTION PROCESS,

LICENSES, PERMITS AND RECENT BY-LAWS.

Every business in Kenya must be registered and issued with operating license; hence,

SHAKEAL Company will follow sooth with application of business licenses from all the county

governments where the furniture warehouses will be located

The environment act of 2009 is the biggest barrier to the production, as the company relies on

timber, a product from trees. The environment act requires authorization before cutting down

trees and re-plantings of new ones; hence, the company anticipates challenges before obtaining

authorization certificates to cut down trees and convert them into timber for the supply of raw

materials for the production of furniture products. SHAKEAL will follow due process in

acquiring its business permits from all government bodies concerned with existence of green

Kenya like NEEMA.

4.5 OUTSOURCED SUPPORT SERVICE.

SHAKEAL being company at infancy stage, it will outsource some of its needs. First, the

transport logistics of raw materials from the field to the company and delivery of consumer

orders to all parts of the country. Hence, the company will secure a contract with one of logistic

companies in the country in other to ensure this is possible,

Also, the company will outsource auditing and financial advisors, because at its infancy stage,

the company will be unable to hire a permanent Internal Auditor, in order to ensure the

financial books of the company remains healthy.

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 CHAPTER FIVE

5.0 FINANCIAL PLAN.

5.1 INTRODUCTION

These are the costs to be incurred when the business will be starting.

They include:

ITEM NO ITEMS AMOUNT KSHS

1 Loan processing fee 1,000
2 Electricity deposit 3,000
3 Premises lease 6,000
4 Miscellaneous cost 2,500
5 Bank account opening 2,500
6 Trading license 2,000
7 Installation of equipment and machinery 3,000
Total 20,000

INITIAL WORKING CAPITAL.

ITEM NO ITEMS AMOUNT KSHS

1 Opening stock 500,000
2 Transport/travelling expenses 12,000
3 Rent 6,000
4 Electricity bill 9,000

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 5 Stationeries 1,000
6 Salaries 30,000
7 Repair and maintenance 80,000
8 Advertising and promotion 10,000
9 Water bill 2,000
10 Telephone 500
11 Loan repayment 10,000
12 Cash in hand 30,000
13 Miscellaneous expenses 50,000
TOTAL 740,500

5.2 START-UP STATEMENT OF FINANCIAL POSITION.

Salaries will be increased by 4% of basic salary of each employee every year.

Estimated capital

The amount of money to finance business operation will be Kshs. 552,200.

ITEM NO ITEMS AMOUNT KSHS

1 Machinery 500,000
2 Stationeries 1,000
3 Tools 1,000
4 Others 50,000

Total 552,000

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5.3 THREE YEAR PROJECTED INCOME STATEMENT.
It is the summary of all activities involving incomes and expenditures incurred by the business

during the financial period.

PROFORMA INCOME STATEMENT FOR THE SHAKEAL COMPANY

FOR THE THREE YEARS

ITEMS 2022 2023 2024

Total sales 3,000,000 5,000,000 8,000,00
Credit sales 300,000 400,000 0
Total sales 3,300,00 5,400,000 600,000 8,600,000
Cost of goods 0 2,000,000 4,000,000
sold 1,000,00 3,400,000 4,600,000
Total cost of 0
goods sold 2,300,00
Gross profit 0
Expenses 310,000 310,000
Rent 19,600 19,600 310,000
Salaries 100,000 100,000 19,600
Telephone bills 1,0800 10,800 100,000

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Electricity bills 40,000 40,000 10,800
Advertisement 1,470 1470 40,000
Water bill 3,000 3,000 1,470
Transport 4,000 4,000 3,000
Repair & 50,000 50,000 4,000
maintenance 120,800 120,800 50,000
Loan payment 300,000 300,000 120,800
Insurance 24,000 24,000 300,000
premiums 1,073,920 24,000 1,073,920
Miscellaneous 157,885 425,096
Creditors 23,682.75 63,764.4
Total expenses 1,073,92 2,456,000.25 3670,000.6
Net profit before 0
tax 754,365
Tax at 15% 23,154.7
Net profit 5
1,060,00
0

Loan Repayment Schedule.

5.8.1 PROPOSED LOANS

Table summary: loan + interest

Funding Principal Interest rate Period of Interest on

source amount payment loan
Equity loan 50000 15% 5 years 15000

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