Assume that you are about to start a new business. What type of business would it be?

Why

would you select this type of business as best for you? Be specific and explain your product or

service offerings. (Minimum of 2 paragraphs with more than 3 sentences per paragraph).

I would start an interior design business as Interior design has become famous in the recent

past in offices, restaurants, and homes. It is the artwork and craft of enhancing the beauty of

construction to give it a more eye-catching and healthy touch. The demand for beautiful interiors

with good air ventilation service is increasing daily. So interior design business is becoming a

quick trend. We will mainly focus on interior design for residences, offices, hospitals, banks,

showrooms, Restaurants, etc. We will offer our clients a vast range of services like design

concepts, project surveys and analysis, finishes and furnishing, custom design, and so on.

People of Kathmandu are not so happy and satisfied with the interior design in their houses,

restaurants, offices, and so on, and they are expensive too. There are few companies in Kathmandu,

so they demand high prices for their service. Our business will provide the best interior design per

the trends and your choice at a minimal price. Promoting our company will be through establishing

relationships with the local people of these areas. We will have a mutual relationship with the

house owner, restaurant owner, office owner, etc. We mainly focus on the client’s design, budget,

and goal taste.

How would you organize your business structure and why (sole proprietorship, partnership,

corporation, franchise)? Explain why you made this choice over the other options available.

(Minimum of 2 paragraphs with more than 3 sentences per paragraph)

Our Business could be organized as a partnership firm or as a corporation. I would structure

my Business as a partnership because a corporation is costlier than a partnership and has more

regulations that must be taken. Also, the sole proprietorship business is much more risky as a sole

proprietorship's owner is accountable for the company's debts, losses, liabilities, and all benefits.

Partnership business will have many advantages over other Businesses as the structure of

general partnership allows for multiple people to be engaged in fundraising efforts for the

company. Also, there is a wider pool of knowledge, skills, and contacts as there are partners. And

multiple people from unique backgrounds can come together, pool their resources, and form a

general partnership that can lead to profits. That means there can be more diversity within the

leadership of a general partnership compared to other business types.

Discuss the specific resources that would be necessary (capital, human, material, informational)

in order to start and run your business? Discuss each type fully. (Minimum of 4 paragraphs

with more than 3 sentences per paragraph)

It is important to have macro financial goals that look at long-term objectives of the

business. This can be aspects like how to increase revenue, increasing margins and cutting cost.

Cost is one thing that a business can control. So, we will start our business with an initial

investment of $12,300 which will cover the expenses for office equipment.

After start-up of the business, we would require stake holders for our business.

Stakeholders include board members, employees, local community staff, government and

customers. The company is initially a small venture so only a few departments will be present with

multifunctional role. General Admin (This includes several different functions such as

administration, human resource management, financing and purchase of raw materials), Sales and

Marketing (This department is responsible for the overall sales of the company from recognizing

sales to ordering to delivering materials and stock), Operation in charge and production

Department (This department will be looking at the overall maintenance and production of the

products by coordinating with the administration team). The top management will consist of the

chief executive officer who will directly report to the board. All the department heads will report

to the CEO.

Our interior design business requires basic office supplies and equipment such as

computers, telephones, and fax. We also need to buy a 3D modeling software for visual display of

our design, books of samples which are the lifeblood of a design business. We will have

partnership with leading suppliers in tiles, glasses, mirrors, furniture, furnishings, artifacts,

painting supplies, electrical fittings, sanitary fittings, plywood laminates, so that customers can
book and order any/all the material they may require from our online portal anytime through our

fully-encrypted e-commerce platform.

Information resources plays an important role in any business plan. Information resources

is important because it shows the effort to reach the desired profit result of the business. It also

helps in understanding the environment, staying tuned with the economic developments, knowing

customer needs, and strengths and weaknesses of peer competitors.

Discuss each of the 5 functions of business as they pertain to your business and how you will

address each one of these in your company. (Minimum of 5 paragraphs with more than 3

sentences per paragraph)

Aesthetics: Our interior design business places a strong emphasis on aesthetics, ensuring

that each design project reflects our clients' unique style and vision. Our talented team of designers

stays updated on the latest trends, materials, and color palettes, allowing us to create visually

stunning and harmonious spaces. We use mood boards, 3D renderings, and detailed design

presentations to bring our clients' ideas to life and ensure their satisfaction with the final aesthetic

outcome.

Functionality: Functionality is a key consideration in our interior design approach. We take

the time to understand how our clients use their spaces, their daily routines, and their specific

needs. By conducting thorough space planning, we optimize layout, traffic flow, and organization,

ensuring that each element serves a purpose and contributes to the overall functionality of the

space. We carefully select furniture, fixtures, and storage solutions that enhance usability and meet

our clients' practical requirements.

Safety: Safety is paramount in our interior design business, and we are committed to

adhering to building codes and regulations. Our team stays informed about safety standards, such

as fire safety and accessibility guidelines, to ensure the well-being of our clients. We work closely

with architects, contractors, and suppliers to integrate appropriate safety measures, such as smoke

detectors, emergency exits, and non-slip flooring, into our designs.

Sustainability: As a responsible interior design business, we prioritize sustainability in our

practices. We source eco-friendly materials, such as recycled or renewable options, and prioritize
energy-efficient design choices. Our designs often incorporate natural lighting, passive cooling,

and energy-saving appliances to minimize the environmental impact. We also guide our clients in

making sustainable choices, such as selecting low VOC paints and eco-friendly furnishings, to

create healthier and more environmentally conscious spaces.

Client Satisfaction: Client satisfaction is the cornerstone of our interior design business.

We maintain open and transparent communication throughout the design process, actively

listening to our clients' needs, desires, and concerns. We involve them in every stage, from

conceptualization to final implementation, ensuring their vision is realized. We provide regular

progress updates, detailed timelines, and clear cost breakdowns to build trust and foster a positive

client experience. Our commitment to exceptional customer service ensures that our clients'

satisfaction is at the forefront of every project we undertake.

Discuss 3 external forces that will likely impact your business. Explain how you will address

each of these challenges. (Minimum of 3 paragraphs with more than 3 sentences per

paragraph)

Economic Trends: Fluctuations in the economy can influence consumer spending on luxury

items like interior design services. During economic downturns, people may prioritize essential

expenses over discretionary ones. To address this challenge, I would focus on diversifying my

target market, reaching out to a wider range of client, including those seeking cost-effective design

solutions. Additionally, I would offer flexible pricing options and payment plans to accommodate

different budget levels.

Technological Advancements: Technological advancements, such as virtual reality and

augmented reality, have revolutionized the interior design industry. Clients now have access to

tools that allow them to visualize spaces and make design choices remotely. To adapt, I would

embrace these technologies and integrate them into my design process. I would invest in these

tools, offering clients the option to experience virtual walkthroughs of their spaces and make

design decisions more efficiently.

Sustainability and Environmental Awareness: With the growing concern for the

environment, clients are increasingly seeking sustainable and eco-friendly design solutions. To

address this challenge, I would prioritize incorporating sustainable practices into my design

process. This includes sourcing eco-friendly materials, promoting energy-efficient design choices,

and integrating elements like natural lighting and ventilation. I would also educate clients about

the benefits of sustainable design and provide them with options that align with their

environmental values.
Identify and discuss your target market. How would you market your business in order to attract

your target market? Be specific. (Minimum of 2 paragraphs with more than 3 sentences per

paragraph)

The target market for interior design includes homeowners and commercial clients seeking

design services.

To attract homeowners, I would create a visually appealing website showcasing my

portfolio and client testimonials. I would utilize social media platforms like Instagram and

Pinterest to share stunning visuals and design inspiration. Additionally, I would partner with real

estate agents to tap into the market of homebuyers and those looking to renovate their homes.

For commercial clients, I would attend industry trade shows and networking events to

establish connections with businesses in need of interior design services. I would also offer

specialized packages tailored to specific industries such as restaurants, hotels, or offices. Lastly, I

would invest in targeted online advertising campaigns to reach potential clients searching for

interior design services in my local area.

How could you use social media to promote your business? Provide an example of a social media

post you would use. Be sure to identify the type and platform for this post. (Minimum of 2

paragraphs with more than 3 sentences per paragraph)

I will use social media platforms like Instagram and Facebook to showcase our portfolio,

share before-and-after photos, provide design tips and inspiration, engage with our audience

through comments and direct messages, collaborate with influencers, and run targeted

advertisements to reach potential clients interested in interior design. Customer success stories will

be our main content on Social Media.

#SmallBusinessSuccessStory: How Our Five Star Interior Design fulfilled Nina Dream

Nina, a discerning restaurant entrepreneur, entrusted her establishment's design to "Five

Star Interior," a renowned interior design company. Their expertise in HVAC solutions left Nina

in awe as her dream restaurant came to life. The breathtaking interior design, complemented by

the flawless air conditioning and ventilation provided by Five Star, surpassed her expectations.

Nina's heart swelled with pride as she witnessed her customers' delighted faces, knowing that Five

Star's remarkable work had made her a truly satisfied entrepreneur.

#interiordesign#homedecor#interiors#interiorinspiration#Entrepreneurship

#DreamsDoComeTrue#interiorlovers#homestyling#interiorarchitecture
Conduct a SWOT analysis on the possibility of starting your new business. Provide at least 2

items in each category. Use the chart below.

SWOT Analysis

Helpful Harmful

Internal Strengths Weaknesses

External Opportunities Threats

Strengths:

Qualified staff and reputable affiliations

Positive, respectful and professional attitudes and cultural behavior

High quality of work completed

Competitive pricing strategy

Low expense structured business

Weaknesses:

Small company – Low brand recognition

Limited staff

Absence of any previous business experience

Opportunities:

Market research shows that big portion of the clients are trying to find interior designers and hence

there's an enormous scope for startups in Interior Designing. With competitive pricing and proper

client service it might be easy to enter into the new market.

Great potential for local partnerships and collaboration with contractors, painters, cleaners, and

hardware stores.

Potential to accumulate customer loyalty and be hired to try to other projects and houses for the

family.

Potential to expand into other markets through customers.

Threats:

Constantly changing consumer tastes in terms of residential interior design will provide a challenge

since they will continually update themselves.

Competitors - Other local designers or contractors

Rising prices of materials and services

How could you use your strengths to exploit opportunities and ward off threats? ( (minimum of 1

paragraph with more than 3 sentences per paragraph)

Our business will have very qualified staff with reputable affiliation which is our main

strength. Talking about opportunities, market research shows that big portion of the clients are

trying to find qualified interior designers and hence there's an enormous scope for our business.
Similarly, with qualified staffs, competitive pricing and proper client service it might be easy to

enter into the new market. And this will also help to minimize constantly changing consumer

tastes in terms of residential interior design.

How can you shore up your weaknesses? (Minimum of 1 paragraph with more than 3 sentences

per paragraph)

Our business lacks the experience in this field and is small with low brand recognition which can

be considered as main weakness. I will initially focus more on creating a good brand recognition,

and providing good service at minimum cost to our customer. Also, I will hire well experienced

individuals working in this field to provide training sessions to our staffs.

 APPENDIX

Figure i: Business Model

Figure ii: Financial Strategy
Figure iii: Value proposition Canvas