If the idea of starting up your own furniture business and working for yourself appeals to you, you might be wondering how you can get started and begin making a success of your new venture. If you find that starting your own furniture business is an exciting prospect for you but you aren’t sure where or how to get started, we’ve put together a handy guide to help you out. Read on for a look at some of the main factors that you will need to consider before getting started, in order to improve your chance of success.
Tip #1. Find Your Niche:
With so many different competitors on the high street, creating a strong, competitive furniture business of your own requires that you find a niche that the larger market leaders aren’t providing a solution to. For example, it’s important to come up with a specification for the type of furniture that you’re going to provide, such as living room, bedroom, or even office furniture. Maybe you’re going to market handmade, re-upholstered, or antique furniture. Make sure that you determine the kind of materials that you are going to use or the suppliers that you are going to work with. Finally, it’s important to carry out some market analysis to ensure that your niche has an adequate target audience.
Tip #2. Come Up with a Plan:
Whilst it’s impossible to plan for every potential eventuality, being aware that hiccups happen and being as prepared as you can for them will help your business in the future, avoiding issues that end up costing more or taking up more time than you imagined they would. Before you get started, it’s recommended that you take the time to carefully plan out your market research and marketing. For the best chance of success, invest time and effort into networking, building a strong support network and finding mentors who can offer advice and guidance throughout your journey.
Tip #3. Consider the Location:
As with almost any kind of business that you could start, the location is vital if you are considering setting up a physical store. Furniture is one item that people are still frequently buying offline since it’s the kind of product that customers often need to be able to see and feel before they commit to buying. If you’re planning to sell in a physical store, there are several important factors that you will need to consider. First of all, you will need to make sure that you have enough physical space to both store and display your stock, whilst being comfortable for customers to visit. If your target market is predominantly residential customers, you’ll need to make sure that your premises are located conveniently in an area that can be reached reasonably easily, in addition to having plenty of access to parking space.
Tip #4. Don’t Forget About Your Online Presence:
Even if your main shop is going to be focused on selling offline, it’s important to make sure that you don’t forget about investing in and building your online presence. Today, having a strong presence online is a symbol of trust for many customers, whether or not the company provides them with the option to make purchases on their website. Most customers these days will prefer to browse online to find items that they like before they come into the shop to take a closer look or make a purchase. In addition, a large number of customers are now purchasing furniture online exclusively. For the best results, offering a blended experience where customers can shop both online or offline, in addition to online orders that can be picked up in store, will get you the best results. Alongside your website, focus on strengthening your online presence using social media, blogging, and online video to provide a greater reach for your brand.
Tip #5. Make Sure You’re Legally Compliant:
Last but not least, bear in mind that selling furniture comes with a range of responsibilities. You will need to make sure that you have guarantees and warranties in place in case something breaks after being sold to a customer. In addition, it’s vital that your furniture business is covered by a relevant insurance plan that will protect you in the event of a claim from an individual customer or another business. General liability insurance for small business is essential to make sure that yourself, your business and your customers are protected in the eventuality of something going wrong. Along with this, make sure that you have any relevant licensing and permits to trade in your area if required. Your local authority will be able to help you with any questions that you have in regard to this.
Starting a furniture business can be an exciting and challenging new venture. Keep these tips in mind for success when getting started.