Starting a Furniture Store Business
This article briefly discusses the furniture store business. Find out how you make money from this business. Learn several tips and advice to help you start your furniture start business.
Starting a furniture shop can prove to be a worthwhile undertaking since the demand for office and home furniture is quite substantial.
To succeed in this business you must have the eye for good finds. Look for furniture manufacturers that offer variety, uniqueness, quality, and attractive design. This will give you an edge over your competition.
Before you set off and start your furniture shop, you must first have your business plan on hand. A business plan will guide you and help you keep things in order. It is divided into several sections.
Executive Summary – write a short and concise statement of your business concept, financial features, financial requirements, and current business position.
Business Description – herein you shall write a short description of the furniture industry as a whole and your own business as a component of the industry. Make sure you include the present state and future outlook like trends and developments that can affect your business whether positively or negatively. Also include in this section, your business concept or the manner and rate by which you can earn profit. Of course, you must also state in brief the factors that support your ideas.
Market Strategy – here you will (1) indicate the results of the market analysis you conducted. Identify your position in the market share and define the profile of your target market. Specify your market positioning in terms of growth prospects, sales potential, size, structure, and trends. (2) Define your pricing scheme. The price of your products must cover your operation expense plus a mark up price relative to your desired profit. Factors like demand, economic fluctuations, and distribution should be taken into account. Ideally, your price list must be at par if not lower than your competition. (3) Describe your promotional plan. This subsection includes product packaging, public relations, sales promotions, personal sales, and sales potential.
Business Development Plan – There are three main areas to discuss here, product development, market development, and organizational development. Indicate your goals for each area and include the steps by which you plan to reach these goals.
Operation and Management Plan – herein you shall describe the day-to-day business functions and identify your logistics and manpower requirements as well as define the tasks of each of your departments.
Financial Management – Here you shall indicate your financial statement and capital requirement. Include the amount of your assets and liabilities. Describe how you plan to allocate your start-up capital and how to distribute your income or cash flow.
Once you have completed your business plan, it is now time to focus your attention to retailing and all the aspects that comes with it. In essence, retailing calls for purchasing merchandise from the source usually the manufacturer or wholesaler then selling the merchandise to the customer at a mark-up price. Your furniture shop can be categorized under specialty retailing because you address a specific need or requirement of the customer.
Majority of your business transactions take place in a fixed point of sale location. You can augment this by using alternative avenues like electronic shopping, home TV shopping, and catalog or mail-order shopping. Most small business attains success by offering something new to the table. Try to be innovative. Develop means and ways to promote and deliver your furniture product to your market.
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