I like the concept of the The white company they mainly sell household and lifestyle products that are white themed\coloured. It’s worth considering for example with white paint “When you add up brands, textures, undertones and colourant levels – this equates to more than 150,000 options,” Bunnings paint expert Warren May says. domain.com.). The company has been quite successful. This works with a multitude of single product or service companies. companies built on a single-product . It can be single products or themes.
The concept is to manufacture or sell stools (and only stools) either for home or commercial or both (to be decided).
Definition: A stool is a raised seat commonly supported by three or four legs, but with neither armrests nor a backrest (in early stools), and typically built to accommodate one occupant. As some of the earliest forms of seat, stools are sometimes called backless chairs despite how some modern stools have backrests. Folding stools can be collapsed into a flat, compact form typically by rotating the seat in parallel with fold-up legs.Stool Pinterest
For this proposal I thought of the possible name for the company, placeholder names I could choose from: StoolCraft, Elevated Perch, StoolWorks, SimplyStools, SeatHaven, Unfolded Comfort, OneLegUp etc. I initially thought of a company that manufactures or sells only stools and benches but settled on only stools. A proposal can be made for a company that manufactures or sells only benches with different considerations.Bench Pinterest
It might not be a new concept. In the west stools are standard in many homes (tall stools mainly in the kitchen\ home bar) but used extensively in commercial settings: bars, hotels, pubs etc. In Asia and Africa stools are used extensively in both commercially and in homes: sitting room, kitchen, bedrooms, outside etc.
The global Stools market was valued at USD 7.88 billion in 2022 and expected to grow at a CAGR of 4.8% during the forecast period. Stools are basic furniture pieces designed to provide a raised platform for sitting. They come in different shapes, sizes, and materials, and can be used for various purposes, both in residential and commercial settings. Stools are often used in kitchens, bars, restaurants, offices, and medical facilities, and can be made of wood, metal, plastic, or other materials. They may be designed with or without a backrest, and some may even have additional features such as swivelling or adjustable wemarketresearch.com
The question you want to answer is:
- How to penetrate the home market vs commercial market or both.
- How you want to differentiate your products. what is your concept\ design language.
- Can you create other uses for stools.
- What type of stools do you want to create\ sell: fully assembled, flat pack, folding stools, stackable.
- What is the growth in the market and should you have some specialised commercial offering or custom designs.
- Do you want your own brand or sell other brands. or resell rebrand products or both (combination).
- What kind of market research and analysis will you need to perform.
- Can you create a vision and expertise around stools?
Can you extrapolate from the existing research mainly from the barstool market analysis:
wemarketresearch.com Stools Market Size, Industry Analysis Report by Product Type (Wood, Metal, Plastic, Fabric) By Seat Height Type (Counter Height, Bar Height, Extra Tall, Short, Adjustable), By Arm Type (Armless, with arm) & Region – Forecasts 2022-2030.
factmr.com Bar stool market.
dataintelo.com : Global Stools Market, By Type (Wood Stools, Plastic Stools, Metal Stools, Others), By Application (Residence, Office, Hotel, Boats, Others) And by Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa), Forecast From 2023 to 2031.
www.openpr.comStools Market Demand, Size, Share, Scope & Forecast to 2030.
Note: Most industry reports are pay to use but if you live in a large city, you can get some reports in your dedicated city business library: for London its City business library in the Small business research and enterprise centre or internet research.
Considerations:
- Is it worth exploring, profitable industry profit margins etc.
- location
- Competitive analysis
- Market: try Porter five forces analysis etc.
- Product analysis.
- Local market or regional analysis.
If the global furniture market size is growing (The global furniture market size was valued at $516.66 billion in 2022 & is projected to grow from $541.52 billion in 2023 to $780.43 billion by 2030… Read More at:-.fortunebusinessinsights.com) do you want participate in an existing but growing market or redefine a new niche by material, type, colour etc .
Product design references and segmentation
Segmental analysis of the Market
- Based on Product Type: Wood, Metal, Plastic, Fabric.
- Based on Seat Height Type: Counter Height, Bar Height, Extra Tall, Short, Adjustable, swivel etc.
- Based on Arm an or back Type: Armless, with arm, backed closed, Backed open, etc.
- Based on manufacture. fully assembled, flat packed, stackable, Folding stool, semi-assembled (hybrid).
- Important*: Based on new or redefined niches for example: new type of portable stools for camping, events, photography, outdoors, stools that convert to tables (for eating, writing, laptop table, flower vase holder, plinths, or worktops), workmens (constuction, factories, labs), interlocking stools to form a bench etc, telescoping stools (ie tripod mechanism), stools as artistic sculptures\Objet d’art, kids stools, schools,custom stools (by request) , stools with wheels, stools as magazine racks, stools with interchangeable cushions, convertable stools to chairs for work, stools for live performances, concrete or outdoor stools, mood stools with an app and embeded leds, app for stools that enable customers to place it in a three dimensional space to see the effect. apps for stool to create your customised stool and order. Stools as a corporate gift with branding. stools for camper vans, beach stools, Twin stools that double up as temporary tripods for table tops etc.
Frequently Asked Questions
- What is the growth rate of the Global Stools Market? The local market growth.
- User type: commercial or home.
- Use case; Home or commercial.
- What are the primary growth determinants of the market?
- Which are the major regions constituting the geographical landscape of the market?
- Which are the prominent companies operating in the market?
- Existing players producers. (In the USA: Holland Bar Stools Co., Amisco, Regal Seating Co., Richardson Seating Co., Hillsdale Furniture, Florida Seating, Deuster Company, Waco Manufacturing, and Flint Stools & Chair Co. and so on.).
- What is the role of technology, sustainability etc in that market home or commercial.
- How to involve social media and online channels, YouTube etc and new technology.
- Do you want a physical store web only or both.
- Explore sales channel innovation; do you need a large inventory or can you create display stores where people can browse try order in store. Stock only flat packs, have a small store inventory and deliver fully assembled. This is a take on Argos argos.co.uk store in the UK (case studies: brighton.ac.uk internetretailing.net, econsultancy.com )
- What is your online sales strategy.
- What is your concept (vision,mission),brand values and user personas\profile.
- Maufacture, resell, rebrand or combination. Direct selling or wholesale?
Conclusion:
For a single product or service company looking to expand an existing market and introduce novel ideas, the possibilities are boundless. As a dedicated stool manufacturer and seller, presents a compelling case study of how specialization can unlock tremendous opportunities.
As markets evolve and consumer preferences change, embracing a single-product concept allows companies to stay agile and focused. The global Stools market’s continued growth at a CAGR of 4.8% during the forecast period presents an opportune moment for expansion and market penetration.
By leveraging thorough market research, competitive analysis, and segmental insights, businesses can uncover new niches and redefine existing ones. Introducing fresh ideas, unique designs, and versatile features can set a single-product company apart and solidify its position as a pioneer in the industry.
Moreover, as sustainability and eco-consciousness gain prominence, businesses that incorporate these principles into their offerings can attract a growing number of environmentally conscious consumers.
Embracing digital channels, social media, and technological innovations further enhances a single product or service company’s reach. Exploring the potential of web-based stores, physical showrooms, and selling innovation, like offering both fully assembled, stackable and flat-pack products, fosters seamless customer experiences.
The opportunities for a single product or service company seeking expansion and innovation are vast. By staying true to their unique offerings, conducting thorough market research, and embracing sustainable practices, businesses can pave the way for a successful future.
Based on this I hope it can inspire some thoughts consider this; you can be a middleman or reseller, selling only stools on behalf of manufacturers, or brands and as you grow create your own unique line brand. I have created business proposal which I will post later.
