INTERIOR DECORATION BUSINESS PLAN

Interior Decoration Business Plan

Business Name: LuxeSpaces Interiors

Location: Lekki Phase 1, Lagos State, Nigeria
Business Type: Services – Interior Design & Decoration
Ownership: Sole Proprietorship
Owner/Founder: Ifeanyi Okoro
CAC Registration No.: RC 4127893 (to be registered)
Date: May 2025

TABLE OF CONTENTS

1.0    Executive Summary

1.1    Business Overview

1.2    Objectives

1.3    Services Offered

1.4    Vision Statement

1.5    Mission Statement

1.6    Core Values

1.7    Startup Capital Requirement

1.8    Funding Sources:

2.0    Business Description

2.1    Industry Background

2.2    Business Model

2.3    Legal Structure and Ownership

3.0    Market Analysis

3.1    Industry Overview

3.2    Target Market Segmentation

3.3    Customer Needs and Buying Behaviours

3.4    Market Trends

4.0    Competitive Analysis

4.1    Overview of the Competitive Landscape

4.2    Competitor Strengths and Weaknesses

4.3    LuxeSpaces Competitive Advantage

5.0    Marketing and Sales Strategy

5.1    Marketing Objectives

5.2    Pricing Strategy

5.3    Promotional Strategy

5.4    Sales Strategy

6.0    Operational Plan

6.1    Daily Operations

6.2    Facilities and Equipment

6.3    Suppliers and Partners

7.0    Organizational Structure

7.1    Management Team

8.0    Financial Plan

8.1    Start-Up Capital Requirement

8.2    Revenue Projections (Year 1 – Year 3)

8.3    Operating Expenses (Annual)

8.4    Profit Projection

9.0    Risk Analysis and Mitigation

9.1    Key Risks and Solutions

10.0 Growth and Expansion Strategy

10.1 Short-Term Goals (Year 1 – 2)

10.2 Medium-Term Goals (Year 3 – 5)

10.3 Long-Term Vision (Year 5 – 10)

11.0 Appendices

Appendix A: SWOT Analysis

Appendix B: Sample Monthly Budget (First 6 Months)

Appendix C: Five-Year Revenue Forecast Summary

Appendix D: Sample Service Packages

Appendix E: Key Partners

1.0 Executive Summary

1.1 Business Overview:

LuxeSpaces Interiors is a full-service interior decoration and styling company located in Lekki, Lagos State. We specialize in transforming residential and commercial spaces using a combination of creativity, cultural aesthetics, modern design principles, and premium materials. Our mission is to provide bespoke interior design solutions that enhance lifestyles, increase property value, and reflect clients’ unique personalities and brand identities.

1.2 Objectives:

• Achieve ₦25 million in revenue in the first operational year.
• Build a portfolio of at least 20 residential and 5 commercial projects in Year 1.
• Establish partnerships with at least 10 property developers, real estate agents, and furniture manufacturers.
• Launch an e-commerce platform for decorative accessories and furnishings in Year 2.

1.3 Services Offered:

• Residential and commercial interior decoration
• Space planning and 3D visualization
• Color consultation and lighting design
• Custom furniture design and sourcing
• Interior styling and staging
• Renovation advisory

1.4 Vision Statement:
To be Lagos’ most sought-after interior decoration firm known for excellence, creativity, and innovation.

1.5 Mission Statement:
To deliver personalized, elegant, and functional spaces that enhance clients' comfort and reflect their style, using professional service and quality craftsmanship.

1.6 Core Values:

• Creativity: Innovative solutions tailored to each space.
• Quality: Use of premium, durable, and sustainable materials.
• Client Focus: Attention to client preferences, timelines, and budgets.
• Integrity: Transparency in pricing and project delivery.
• Collaboration: Teamwork with artisans, contractors, and clients.

1.7 Startup Capital Requirement:
₦15,000,000 (Fifteen Million Naira)

1.8 Funding Sources:

• Personal savings – ₦5,000,000
• Family loan – ₦2,000,000
• Bank loan – ₦8,000,000 (SME Development Fund – 12% p.a.)

2.0 Business Description

2.1 Industry Background

The interior decoration industry in Nigeria is experiencing significant growth as more urban residents, especially in cities like Lagos, invest in aesthetic and functional living and working spaces. With a booming real estate market, there is increased demand for professional decorators who can enhance both residential and commercial interiors.

According to data from the Nigerian Institute of Interior Designers (NIID), the industry is projected to grow at over 10% annually, driven by:

• Urbanization and lifestyle trends
• Increase in luxury real estate developments
• Growing middle and upper-class families
• Corporate demand for well-branded office environments

LuxeSpaces Interiors intends to tap into this market, offering premium and mid-range packages to cater to both high-net-worth individuals and middle-class homeowners.

2.2 Business Model

LuxeSpaces operates a hybrid model of consultation + implementation. Our revenue streams include:

• Project-based interior decoration (residential/commercial)
• Furniture sourcing and mark-up
• Commission on sales of decorative materials
• Online store (Year 2 onwards)
• Monthly retainer for commercial maintenance clients

Clients can choose full-service packages or a la carte services depending on their needs and budgets.

2.3 Legal Structure and Ownership

The business will be registered as a sole proprietorship with the Corporate Affairs Commission (CAC). The owner, Ifeanyi Okoro, will have 100% ownership and control of all operations. Plans to upgrade to a Limited Liability Company (Ltd) are scheduled for Year 3, to allow for scalability and potential equity funding.