If you are considering starting a custom furniture business, your timing is just right. More than ever, consumers are actively seeking individuality, giving rise to a demand for businesses that offer customised products. Furthermore, the global furniture industry is growing and is predicted to reach $945.5 billion by 2030. This means that your startup can realise great success.
Eager to make your first sale? Here are five steps to guide you through setting up your business.
Set Yourself Apart
The first step is arguably the most important, and that is finding your niche. This begins with having clarity on your offer. What kind of furniture do you intend to sell? Who is your target market? What are your competitors doing and how will you be different from them?
Once you can answer these questions, it becomes easier to see what your unique selling point (USP) will be. Document your USP and refer to it constantly as it should guide all your business activities.
Have A Roadmap
Secondly, you need to have a plan for how your vision will become a reality and how you will finance it.
Regardless of whether you will require financing or not, a well detailed plan will give you a realistic picture of what it will take to reach your business goals.
Your completed document should include the following:
- Industry overview
- Competitor and market analysis
- Sales and marketing plan
- Ownership and management plan
- Operating plan
- Financial plan
Build Your Team
Unless you intend on working alone, you will need to build a team to help in the operation of your furniture business. Evaluate your capabilities and identify areas where you will need assistance.
It goes without saying that you will at the very least need skilled furniture makers. Depending on your business model, decide whether your team will consist of permanent staff or freelancers and contractors.
Whatever the case, ensure that your team’s skills set matches the standard of the products you want to deliver.
Choose A Location
Every business needs a location whether it be a brick-and-mortar building or a website. If you opt to be a solely online based furniture business, make sure that your website inspires confidence in your audience.
As a startup, you may find that potential customers want to experience your furniture in person to get a feel of your work. In this case, a public workshop or showroom is highly recommended. If you offer custom wardrobes, for example, you could have samples on display for your customers to view. You could build a specific landing page for your website around your wardrobe offering, similar to the one that the FCI London showroom uses to display their products.
Develop A Digital Marketing Strategy
An online presence is a must-have for businesses.
Take advantage of tools such as Google My Business to become visible to local customers searching for custom furniture. In addition, find out which social platforms your customers frequent and use those platforms to share content that speaks to their interests.
Remember to build a relationship with your audience versus constantly throwing sales pitches at them. A loyal digital audience can become invaluable brand ambassadors for your business.
With the right tools and preparation, your custom furniture business can be successful. Do your groundwork. In business as in anything, failing to plan, is planning to fail.