Do you have an unwavering passion for furniture? Do you dream of crafting your own original furniture pieces or sourcing the finest designs from across the globe? If so, you might be looking at ways to turn this passion into a money-making startup
Even if it is a business idea you are ready to fully get behind, it’s important to first take a step back. Starting your own company is never easy, and that’s especially the case in a niche industry like furniture. Just keep in mind to monitor your financial capabilities so that you won’t go bankrupt but you can always visit a Bankruptcy Law Center to ask for advise.
To increase your chances of succeeding, here are four key points to consider when starting a furniture business.
1. Your products are key
Now you might be thinking this is a point that goes without saying. However, it is especially important in the world of furniture. Unlike products such as clothing and video games, where these items can sit in a closet or on a shelf for months without being given a second thought, furniture is a big purchase. Whether it’s a table or a couch, it is being put to use straight away.
Due to this, customers are not going to take a chance. While smaller purchases can be made more impulsively, furniture is not something that someone buys, tries it out for a couple weeks, and then decides to get a new piece. It’s a long-term investment. Because of this, your furniture has to cater to trends and customer interests – whether you are making bespoke creations or selling on behalf of other designers.
2. Social media is gold
There are many, many different forms of marketing available for a business. Some work better than others, depending on the industry. Yet when it comes to furniture, the highly visual nature of social media is a goldmine when grabbing the attention of potential customers.
Instagram, TikTok, Twitter – all of these platforms are built for eye-catching, creative videos and photos. All it takes is a well-captured video for your furniture business to go viral – and then you’re truly in business.
3. Shipping costs
In most cases, if a customer makes a purchase from your furniture store – whether online or at a physical building – they expect it to be delivered. After all, they want to avoid trying to safely transport their shiny yet bulky piece of new furniture.
Sadly, shipping costs can tend to drain your profit margins. That’s unless you know to use a platform like Shiply, where expert shipping companies bid for your jobs, and you can secure rates 75% cheaper than the norm. This is particularly useful if you require truck freight shipping when transporting items in bulk, as it can save you a significant amount of money overall.
4. Sales can be hard to find
Furniture is a big commitment. Even if people ‘Like’ your posts on Twitter and Instagram, this doesn’t necessarily mean they are in the market for new furniture. Think about it. How often do you replace your dining table or three-piece sofa set?
Generating sales can be difficult, particularly at the start. This is why marketing and getting your face – and furniture – out there early is essential to establish your brand.