The home improvement and interior design industries are forever booming because people will always need furniture. If you are passionate about interior design or creating furniture, you can make a profit from that passion. But how can you survive in the world of established retailers? Here’s what you need to jumpstart your furniture business.
Identify Your Market
The first thing you need to do when drafting a business plan is to identify your market. Developing your niche and signature style will help you market to a demographic that will appreciate your craft. Whether you create office furniture, home furniture, or interior decor in mid-century or contemporary styles, you can find unique ways to market your craft.
Will you use wood, upholstery, metal, or all three? What’s your price point? Consider these questions when developing a business plan and identifying your market.
Create a Business Plan
After finding your niche market, you can develop a business plan. If you want your project to win over investors, you must take the time to create detailed marketing strategies, financial and business projections, and a plan for how you’ll manage the company. Here’s what you should include:
- The type of furniture you’ll make
- How you’ll produce your products and the cost
- How you’ll differ from other competitors
- Your niche markets
- Your business statements
- How your business can help the market grow
When in Doubt, Sketch It Out
Another way to wow your investors is by creating models of the furniture you’re producing. Creating visualizations of the decor, furniture, and business operations will allow your investors to get a glimpse into the future. This will be a useful tool to guide you during presentations or projects.
Have Unique Products
Offering unique products is the best way to jumpstart your furniture business. An original couch or exclusive coffee table will attract more people to your store. You want to create long-lasting products that add a timeless look to a space. For example, if you know your local furniture store doesn’t offer chess tables, why not create them and make a profit? Or, if you know finding a lush green couch is rare, why not offer that in your store?
Provide Ready-To-Assemble Tools
There’s nothing better than grabbing furniture that comes with the tools needed to assemble it. A successful furniture company should offer assembly or include tools and instructions in the box. Offering seamless wood connectors for your wooden products is the best thing you can do. This will give the furniture a sleek and uniform look.
