Business’s Viability
Green Office Company is a start-up organization that intends to enter the U.K. sustainable furniture market. The firm belongs to three environment-conscious partners who dream of helping businesses acquire modest and durable office furniture without hurting the environment. The Green Office Company appreciates the existing gap in the supply of sustainable furniture specifically made for the office setting. A study conducted by the investors shows that about ninety percent of the sustainable furniture producers in the U.K. focus more on garden and outdoor products (Naresh, 2016). The matter leaves the office settings significantly neglected, thus requiring a quick solution. According to Naresh (2016), business owners in the U.K. lack a specific point where they can find office-meant sustainable furniture. The issue signifies a noteworthy market failure, especially now that almost every entity in the nation seeks to be environmentally conscious for competitive advantage.
The U.K. currently has a policy requiring individuals and organizations to buy items from within the nation to promote economic growth. The government puts in place crucial protective strategies that make most of the imported material costlier than those made locally (Bacq and Eddleston, 2018). Therefore, the situation creates ample takeoff conditions for Green Office Company (Barrow, Barrow, and Brown, 2018). Businesses will now rejoice in having a one-stop point where they can get all their sustainable office furniture solutions without first pushing aside a garden or outdoor desk. Revive Innovations and Fuzl are some of the leading players in the U.K. sustainable furniture market. The entities make about one million pounds sales each year on average. Nonetheless, the majority of sustainable furniture provided in the U.K. market targets garden and outdoor settings, meaning that similar products exist but with different applications. Such, therefore, implies the substantial uniqueness that Green Office Furniture’s specialized products will exhibit.
Business Plan
Green Office Company anticipates rapid growth of business deals both in the short and long-term operations. According to the market study, the currently existing demand for sustainable office furniture exceeds one million pounds (Sutardi et al., 2016). The rush by many U.K. businesses to adopt sustainable office products is causing a boom in the sector. Silverstein (2018) further notes that organizations with the ability to provide the highly demanded green office material stand to reap maximally within the next five years. That statement suggests the realization of over three million pounds sales within the first two and half years of operation.
The organization endeavors to utilize recycled and renewable materials to produce its stylish, sustainable, and durable office furniture. Some of the vital materials for the firm include recycled glass, wood, plastics, bamboo, jute, sheep’s wool, and felt. Dahm (2020) cheers the utilization of recycled material because they help prevent the filling of landfills with disturbing material. The business will also require computers and a website to operate efficiently.
The Green Office Company will apply the boot-strapping funding strategy for the initiation phase. The three investors will contribute an agreed amount of money for the business to start. Each of the three partners will also provide a car for the firm’s operations. The boost-strapping approach prevents young businesses from unnecessary bills (Barrow, Barrow, and Brown, 2018). Using this method will help the investors to manage lesser issues and focus more on growing the business.
Social media, billboards, organization websites, search engines, and consumer referrals will form the organization’s primary marketing channels. Other product promotion tactics will include gift and sample issuance to clients (Talan and Sharma, 2020). After-sales services, including delivery services and office layout designing and arrangement, also constitute effective marketing approaches for the organization (Mankova, 2016). Green Office Company desires to remain connected to its clients and will utilize a combination of all these tactics to form a reliable relationship with the customers for continued business.
The Green Office Company intends to combine subscription and one-off product purchase approaches. The former tactic will work primarily for large organizations undertaking a gradual transformation of their offices (Guo et al., 2020). At the same time, small customers will have a chance to make a one-off purchase, as advised by Naresh (2016). Organizations making purchases through the subscription basis will enjoy a twenty percent reduction in prices as a reward for the partnership (Naresh, 2016). The strategy aims to help the company realize a stable and reliable business without significant short-term and long-term downturns.
Providing stylish items at affordable prices, promises to keep the start-up business fresh in the market. Moreover, the Green Office Company intends to adopt a cause marketing strategy by giving thirty percent of its revenue back to society to help the needy. Clinton and Whisnant (2019) note that many children of color and even white families struggle with education because of poor home learning conditions. The report informs Green Office Company’s purpose to adopt a one-for-one master plan, like TOMS Shoes (Clinton and Whisnant, 2019). Succeeding in this strategy will help in securing repeat customers for the organization, as well as growing the revenues and competitive power.
Reference List
Bacq, S. and Eddleston, K. A. (2018) ‘A resource-based view of social entrepreneurship: How stewardship culture benefits scale of social impact,’ Journal of Business Ethics, 152(3), pp. 589-611. Web.
Barrow, C., Barrow, P. & Brown, and R. (2018) The business plan workshop: A step-by-step guide to creating and developing a successful business, 10th edition, Kogan Page, London
Clinton, L. and Whisnant, R., (2019) Business model innovations for sustainability. In Managing Sustainable Business (pp. 463-503). Springer, Dordrecht.
Dahm, L.L. (2020) ‘Ethics in contract drafting: Should we fix what’s broken or start over and create something better?’ South Texas Law Review, vol. 61, no. 1, pp. 1–24.
Guo, R., Lv, S., Liao, T., Xi, F., Zhang, J., Zuo, X., Cao, X., Feng, Z. and Zhang, Y., (2020) ‘Classifying green technologies for sustainable innovation and investment’, Resources, Conservation and Recycling, 153, p.104580. Web.
Mankova, L. (2016) Energy saving and environmentally friendly technologies – concepts of sustainable building, Applied Mechanics and Materials, Trans Tech Publications Ltd, Pfaffikon, Switzerland.
Naresh, K.M. (2016) Marketing in and for a sustainable society, Review of Marketing Research, Emerald Group Publishing Limited, Bingley, UK.
Silverstein, S. (2018) No matter what : The 10 commitments of accountability, No More Excuses Series, Sound Wisdom, Shippensburg, PA.
Sutardi, S. et al.(eds.) (2016) Achievements of mechanical science and current technological innovations for sustainable development. Trans Tech Publications Ltd.
Talan, G. and Sharma, G.D., (2020) ‘From business goals to societal goals via sustainable investment: An integrative review and research agenda’, World Review of Entrepreneurship, Management and Sustainable Development, 16(1), pp.108-124.