With many people having to rethink their careers in 2022 after the pandemic, you might be considering a fresh start in the furniture business. If you’re mad about interior design and have a good eye for all things stylish, it might be the perfect choice for you.
And with a renewed focus on home refurbishments in the last two years, there’s a good chance you’ll be a roaring success. So where would you start and what do you need to get the ball rolling? Here’s a quick guide to the essentials:
1. Create a business plan
Having a formal education in design or years of experience as a carpenter simply isn’t enough to get you going. So before you do anything else, write a comprehensive business plan and vision for your brand. This should include the following elements.
- Your motivation: Why is this business important enough for you to make a long-term commitment?
- Your start-up costs: Figuring out the numbers can be tricky. Are you going to sell your products exclusively online or will you open a shop? Will you manufacture your own range or source bespoke items from other designers? Do you need a storage warehouse? How many staff members will you employ to facilitate a seamless service? Remember, your payroll will be a major part of your monthly expenses. Include costs like shop fittings and production equipment.
- Your unique selling point: In order to gauge what will set you apart from your competition, understand your target market. Do some research on your local customers and what they want.
- Your pricing structure: Bear in mind that the furniture industry is known for its low-profit margins and relies on high sales to be successful. Formulating the perfect pricing structure is imperative. Be aware of what your competitors are charging and think about what type of furniture you’re going to sell and who you’re selling it to.
2. Choose a name
Picking the right name is fundamental to your brand. Once you’ve come up with the perfect option, register your domain and design a logo and an eye-catching website. For some great ideas on business branding, visit FCI London – they have over 35 years of experience in the design industry and will inspire your choices.
3. Register your business
Make sure that you cover all the legalities like registering your business, getting a tax number, taking out insurance, and opening a bank account. You’ll also need to set up your accounting system and a dedicated phone line.
4. Plan your marketing strategy
Start by saturating your local market and focus on finding clever ways to draw new customers into your showroom. Attend local fairs, visit businesses in the area and advertise in neighborhood newspapers. Regular promotions on seasonal items like outdoor furniture will help pique interest.
5. Know your oats
Give every customer a fun, cohesive shopping experience, enticing them to come back again and again. Friendly service and sound advice are two ways of nailing this, so ensure that you and your sales staff know your range inside out. From fabrics and finishes to built-in mechanisms and assembly, it’s your job to be informed.
Deliver on your promises, deliver on your service, and deliver the goods. Secure a van, a driver, and an installation team to complete your offerings. These smart business tips will help set you on the path to success in your custom furniture adventure.