THE CONCEPT
Recognizing the necessity for leasing furniture for certain markets. No Frill Furnishing’s home-furnishing leasing service idea was born. Leasing furniture to unfurnished houses at an affordable rate is the primary objective of this firm. The company buys furniture from other furniture firms and leases it to the specific target market. No Frill Furnishing has three keys to success.  The first is enjoying the first mover advantage in the home-furnishing leasing service. The second key is a dependable team that is customer service focused, can prepare bills and invoices accurately, follow up with suppliers, and control expenses and collect accounts receivable. The third is to provide quality leasing service creating and unique selling proposition and creating superior customer value.

START-UP PLAN
The company will be started with an initial capital of SGD$100,000. Furniture required for the houses like dining table, bed with wooden cot, wooden shoe rack, wooden cupboards etc will be purchased at a wholesale rate from famous Singapore furniture companies like IKEA. Initially the orders will be placed according to the customer’s requirements and needs.

PRODUCTS & SERVICES:
No Frill furnishing line is rather large, consisting of various items including, seats, barstools, curtains, end tables, dinner tables, book cases, mirrored cabinets, beds, sofas, and more.

1. Service description:
No Frill furnishing is involved in the leasing business of home -furnishing segment. The firm leases out furniture to unfurnished houses in Singapore. It is a new service that is not prevalent in Singapore.

2.Sourcing:
No Frill Furnishing’s products are purchased from mid- range home furniture retailers like IKEA and other firms.  The firm also buys furniture on sale and directly from manufacturers to reduce costs

3.Future services:
No Frill Furnishing future services will include products like table fans, lights, computer table, kitchen cabinets and accessories for lease.

MARKET ANALYSIS SUMMARY:
No Frill Furnishing has learnt through research that it needs to target specific markets to be successful. It has identified two promising markets.

1. Expatriates in Singapore

2. Students studying in Singapore

MARKET SEGMENTATION:
According to the Singapore Government statistics, there are 1.2 million non residents living in the country. These people are either expatriates or students.

1.Expatriates living in Singapore

2.Foreign Students living in Singapore

STRATEGY AND IMPLEMENTATION SUMMARY:
No frill furnishing will pursue a differentiation strategy by targeting at the short- term occupants of Singapore, especially expatriates and students, and providing them with the basic furnishing required for a day to day living.

The company will keep away from expensive designer or antique furnishing and any other types of exquisite products. Such basic essential furnishing will be mostly purchased from affordable home product retailers like Ikea, during furniture sales in the country and also directly from other furniture manufacturers to optimize the acquisition cost.

CONCLUSION
In order to deal with the aging and reducing population of Singapore the government has to recruit more foreigners to reduce the shortage of manpower. The Singapore government has also warned its people that if they don’t increase the Singaporean population, then by the year 2040, the foreigner population will exceed the Singaporean population.

Hence this signifies that more foreigners and overseas students will enter the country increasing the foreigner population in Singapore and also the future market potential for such a furniture business. The NO FRILL FURNISHING will be enjoying the first mover advantage by the time the above mentioned starts to happen. Hence the company is sure to make handsome profits in the very near future.