The furniture market is lucrative. Although the sales went down during COVID-19 lockdown phase, it is back with a bang. People are back to buying homes, designing them, purchasing properties in different locations, and starting their own restaurant business. Restaurants, homes, offices, and other spaces require decking up.
If you love designing homes and working with the public, starting a furniture business would be a good idea. Most of you are getting overwhelmed whether or not you will be able to lead a business. You are also thinking whether you will find a good wholesale furniture store for retailers. There are some valid questions in your head, but it is not as overwhelming as you think.
Here’s an in-depth guide on how you can start a furniture business in 2022.
Identify the niche
What type of furniture do you want to sell? It could be office furniture, cabinets, home furniture, restaurant furniture, etc. Once you have decided, it is crucial to specify the kind of materials you want them to be in – wood, metal, upholstery, and so on.
Defining your target audience/market
Who will purchase the furniture? It could be customers residing in residential spaces or commercial spaces. Are they resort or restaurant owners? Your marketing strategy and the kind of products you offer will be based on the target market.
Identifying the needs of the target market
What are the needs of the target market? What are the competitors offering? You have to fill the gap in the market. Provide something that your competitors aren’t offering. You would also need to set a price for the target market. Is your product meant for high-income bracket groups or the low-income bracket?
Finding the right Wholesale Furniture Provider
You are the retailer, but the goods have to come from a wholesaler. Have you found a wholesale furniture provider? If not, your search should start now. Once you have picked your niche and target market, get in touch with a reliable wholesale furniture provider and ask them for details about the quality, pricing, and what all they offer.
You should have freedom of choice. The wholesaler will have products for all kinds of spaces and target markets.
Writing a company description
Everyone wants to achieve success, thus, it is important to develop marketing strategies. Start with a company description. It should talk about the kind of furniture you sell, the materials used for it, and why you are different from your competitors. Moreover, the product line should include the type of furniture, materials used, and how it benefits the clientele.
Knowing your budget
You have to open a store, hire people to work at the store, obtain certain licenses and permits, and most importantly, there is a cost for purchasing the inventory. Advertising and marketing expenses are separate. But do not get overwhelmed by these because every business starts from scratch. The investment will be worth it. You must focus on providing high-quality furniture and hire someone to take care of the marketing aspect.
Drafting startup costs
Write down the cost for startup. This may or may not include debt. When you draft costs, you will be able to forecast the profitability. You may have to reach out to investors and banks.
Choosing a catchy business name
You can’t just start your business without registration. How about registering a business name? It should be unique and a web domain name should also be available. Is there any other business with the same name? Check their social media page. You want to be exclusive in this business. Nobody wants a McDonald’s 2.0 – everyone knows McDonald’s and they would prefer that.
The Perks of Starting a Furniture Business
There are innumerable benefits of starting a furniture business. Here’s a list of the most compelling reasons:
- It offers flexibility. You can put as much time as you like to promote your business. You can hire someone else to take care of it.
- These days people are starting their business from home. The beginning need not be grand – you could start taking orders through your website. Start a small-scale business and then go big.
- Having a furniture business is rewarding. Customers know what they want and you will give them what they need.
- It’s a scalable business. There will be demand for trending furniture.
- You will end up making meaningful connections in this business. When you get in touch with a wholesale furniture provider, you partner up and grow together. The business is lucrative and there is a lot of scope to earn and grow.
Are you still contemplating?
The tricky parts of starting a furniture business is finding a good and reliable furniture wholesaler. Once you know the niche and your deal with the wholesaler is sealed, your business will run smoothly. However, do not underestimate the power of marketing. You would need to sell your products and for that, marketing is crucial.