When it comes to starting a furniture business, there are some big questions that you may be asking yourself:
This article will show you a fully comprehensive guide on how to start a furniture business. With 5 simple steps, you will be ready to run your own furniture business successfully! Let’s dive into it!
Can we earn profit from the furniture business?
The answer is an absolute yes. This industry is so globally popular because of the higher demand in the way of living, especially in America. Obviously, making furniture requires that much energy and labor. More specifically, they need resources to make tables, chairs, etc. which takes days to complete a product.
However, thanks to the invention of technology, the furniture-making process is much simpler and faster. As result, you can reduce the cost and gain more profit.
What factors determine the profit of the furniture business?
This question is important for those who are planning to start a furniture business. Below are some critical factors that will affect significantly your business profit.
Knowing some basic steps to start a furniture business is greatly important because it will save you more time and reduce some risks while joining a new market that you do not really understand clearly it.
As a business owner, you should have a firm knowledge foundation about your market and the product that you provide. Despite the fact that furniture is not that easy, it is a trendy industry nowadays. There are many types of furniture, some related to household, some will serve decorative purposes. So, understanding your business objectives means helping you find a suitable niche market.
No doubt that niche markets will reduce the competitiveness in the market because there are not many competitors, or even you are the only player. However, it will be more difficult to find your potential customers, so being well-prepared and careful research will work.
To find your niche, you should understand your passions and skills to choose the suitable niche that will work for you. More importantly, there should be a market for your niche, this means there should be customers so that you can sell your furniture and earn profit. Whenever you join any market, make sure whether you are the only player or there are other competitors to have suitable strategies. Finally, test your niche to have a better understanding of it and make a detailed plan for further actions.
In case you are the furniture maker, it is good to go but you still need to have at least a material supplier. However, when you play a role as a middle man to sell the product, you will need to find the suppliers.
This step will help you prepare better when you want to start a furniture business.
You can start a furniture business by finding relationships with some wholesalers because sometimes you might need a large inventory for your business. Shipping carriers can also be found widely. Nowadays, there are many ways that you can find your suppliers, such as asking someone for help, visiting and raising questions in some trustworthy online forums, etc. Obviously, choosing the right suppliers will make your orders flow smoothly, thus making your customers more satisfied.
In case you want to build a brick-and-mortar store, you will need a suitable location to set up everything. We need spacious places for a furniture store, where most of the furniture can be displayed for customers.
However, with the growth of eCommerce, many people with less money can start their furniture business on online platforms. There are some ways to start, for example, they can create a totally new website or put their virtual stores on third-party websites, e.g. Amazon, etc.
Normally, there are 2 types of selling platforms on the market, including eCommerce online stores and online marketplaces. People recently turned to online platforms because of many benefits, including the chances of expanding the market and full control of the business.
Online business owners can also save a lot of money because they can reduce the cost of renting and hiring, this is especially necessary for the furniture business. Refer to the best platforms to sell online for a better understanding of these platforms.
Online market is so competitive because almost all the industries turn to the Internet and eCommerce as an effective and potential place to gain more profit. Besides, customers also go online more often than before, thus owning an online store is necessary.
The very effective way to attract more people to your website is to have a better online place and carry out good marketing strategies. Using social media as a place to interact with customers is a good idea as well. Moreover, online ads are also highly recommended.
Most importantly, in case you have a good financial base, create yourself a website as an online store or connect with some other eCommerce sites, such as Amazon, to make good use of the current online customers. The content and SEO strategies are also important to attract more furniture buyers to your stores.
Keep in mind that the furniture industry is so special, to start a furniture business, the content is really important, customers will prefer the pictures and review more because furniture costs them a lot and they love to look at them than read them. So, investing more time and effort on the content, mainly the photo design, is an ideal option.
This will depend a lot on the design of your store, furniture and the way you market your products. Of course, there will be some drawbacks when using online platforms in the furniture industry, it is still worth it to start an online store because you will have more chances to communicate and sell to customers.
Moreover, when somebody comes and visits your store, try to make them experience the most comfortable buying journey. This will surely make their good first impression on your store and quickly turn them into the real customers.
How do furniture stores use Marketing tools?
It will be an advantage when you already have store visitors, using some below-the-line marketing strategies such as posters or leaflets to encourage them to visit your online furniture stores for more discount and wider choices will be a good idea.
There are some common tips to turn your website visitors into real customers, including:
It is one of the best furniture brands in the world which operates in over 50 countries worldwide. One of the contributions to its success is the large online presence of IKEA where people can even experience online shopping as if they were standing at IKEA stores. Another impressive strategy of IKEA is that they have a really intriguing decoration at the brick-and-mortar stores so that many people love to spend time at IKEA stores.
This is another big brand in the furniture industry which was founded in 1997. The brand has many stores located in other countries and it is highly recommended by many people worldwide.
Kartell is an Italian furniture company which mainly sells and makes contemporary furniture. It has a really long history and was founded in 1949. One of its special features is the diversity in styles and colors. It mainly focuses on creativity so no doubt that Kartell is the leader in furniture design.
According to some trustworthy surveys, there are 4 highlighted trends in the furniture industry in 2021, let’s take a look at them.
Online furniture sales: The Covid pandemic has changed the way we go shopping. People tend to avoid the crowd and spend less time going out because they have to work from home and take care of their health. Therefore, online store sales become more popular than ever. Besides, there is a rise in online shopping in the furniture industry and it is expected to grow significantly. The online market is so potential because merchants and business owners can connect with customers worldwide. Besides, using online marketing can help your stores attract more customers as well.
Now, you already know how to start a furniture business with the below steps:
The furniture industry is popular and regarded as an indispensable industry because people use furniture on a daily basis. If you want to start your own online furniture business, Shopify is an ideal eCommerce platform for you. In case you have any questions about this topic, feel free to drop us in the comment box. We are always willing to support you.