Is Starting A Furniture Business A Good Idea?
Starting furniture business could be tricky, since you need the talent and inspiration among other formal things. However, if you are motivated enough and know how to create and sell a good design and quality furniture, this is your kind of business.
The location of your store will have great impact on your traffic, profit and costs. If you decide to build your own store from scratch it will take you more time and money to do so. You can choose to rent a place and simply just pay rent. Of course, if the location is good, the traffic will be more frequent, and your rent could be higher. But if the business is good, that should not be a problem. You can also rent a space for you workshop or create one at your home. If you are in a rather smaller town, you can even make and sell furniture from your own home. Just make sure to have plenty of work space.
Finding a Niche
Define what kind of furniture you would like to create and what your target market is. For example, you can look up to quality brands, such as Wintons Teak outdoor furniture, and get inspired by their outdoor furniture and decide to create your own style of comfy furniture for gardens. Also, you can produce some home furnishings, office furniture etc. Specify which materials you wish to use in the production, such as types of wood, metals and other accessories you may need. As far as market is concerned, decide if you wish to sell to commercial customers, big companies, residential customers etc. Do a thorough research on the market and the demand for furniture in your area. The results will help you a lot in finding your niche and increase your chances of making profit.
License and Permits
To operate legally in your town, you need to obtain some kind of business permit or a license that is required by your state. Usually, furniture manufacturers are required to report on greenhouse gases, formaldehyde emissions, hazardous air pollutants from the wood and waste disposal. All the information about obtaining license you can find on your government’s website and see specifically what you are required to do. There also may be some specific regulations regarding the location of your business, installations, hygiene etc. Get familiar will all of the regulations and start your clean business.
Qualifications and Experience
You cannot improvise when it comes to basic construction of furniture, because that does not guarantee quality and durability. A good way for acquiring some skills is through studying and actual work experience. Study carpentry as much as you can. You can apply for a course or study at home if you are not required to have a certificate for opening a business. Since you cannot base your business on theory you need to actually practice making furniture. There will be many mistakes and failures, but with the right motivation and determination you will acquire skills for opening a quality business.
Labor and Equipment
To keep up with frequent demands, selling, shipping and running business, a workforce is a must. Specify the number of employees you need and can afford and set the pay rates for each position. In the beginning, it will be tough to predict the number of people you need and their payments, but as business grows and becomes steady finances will get easier to regulate. Also, running a business is much easier if you have the right equipment. While learning and acquiring skills, learn what kind of tools you need for manufacturing and prevent wasting money and time due to faulty and wrong tools and equipment.
All is left to do is advertise your new business on the internet and around the town. Let people know you exist. If you have the right skills and means, starting a furniture business is a great idea. Obtain what needs to be obtained, have a good location and marketing, and you are ready to enter the world of business.