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Knowing how to start your own custom design furniture business is essential to any furniture designer wanting to sell his or her own designs. No matter whether you have a degree in Furniture Design and Manufacturing or have taught yourself how to design and manufacture unique pieces, if you have a good eye for what customers want and can tailor your designs to their needs, you have the foundation for starting your own custom design furniture business. However, besides being a skilled furniture designer and manufacturer, you’ll also need to know how to manage a business in order to make your start-up profitable, so read the following steps to avoid any beginner’s mistakes.
a. Structure your business
This ranges from choosing how your business will operate, as a corporation, partnership, or sole proprietorship, this has to be deliberated upon as it affects how income taxes are filed. Also, the business has to be registered and all due legal proceedings must be followed through, also a tax identification number must be obtained from the IRS, all licenses and permits pertaining to the line of business must be obtained to avoid complications and also familiarize yourself with the federal government’s consumer safety rule and regulations.
Then the structuring also stretches to deciding specifically how the business wants to be run, would it have an eCommerce outlet or just a conventional store, the type of furniture that will be created is also ingrained in the structuring process, niching down is something that cannot be overlooked, it gives a sense of direction to the business and consumers know what to expect from you.
Method 1 Funding the Startup
A. Choose a location
A space that is strategically poised to optimize sales and ensure that the store is visible to a large number of people and is not seen by the same people every day, space must have a lot of room as the products will need some sort of exhibition so they can make impressions on passers-by and stimulate them to buy. Also, the location has to be accessible and have access to pliable roads so you can ship in and out of your store conveniently with less hassle,
B. Write a business plan
This process cannot be overemphasized, time should be invested in executing this step, as subtle as it is, the quality of its execution will tell on the performance of the business as a whole, woodworkers might see themself as though they are not well-versed in the business field and feel it is the quality of work that will ensure the success of the business, not some nitty-gritty projections and observations on paper, well quality goes a long way too, but as I said earlier, writing a business plan is subtle, but its absence could cause the whole castle to come crashing like a house of cards, if you cannot do a decent work of putting the plan together, seek the help of a business consultant. Your business plan should contain the following;
- Executive Summary
- Business Description
- Market Research
- Marketing Strategy
- SWOT Analysis
- Financial Analysis
Method 2 Funding the Startup
The expenses that the whole venture will cost you should be factored into the budget that will be in your business plan, this should include the cost of equipment, labor, land, and other miscellaneous expenses.
Equipment of high quality should be sought, mediocre or substandard equipment are likely to break down more often and this will cost you unforeseen and unbudgeted expensed of repair, high quality, and mint condition equipment will only need maintenance which cost a lot less than repairs.
Method 3 Marketing Your Furniture
Marketing as we all know is something that should be taken very seriously right from the inception of the venture. The failure to execute this step well will result in the inevitable failure of the whole venture, only divine intervention can steer such venture away from the course of doom and peril.
IS FURNITURE BUSINESS MAKING PROFITABLE?
These days it is easy to market your business, the advent of social media has eased a lot of things, it’s nothing short of manna from heaven for business owners that know the cost of marketing with the conventional methods of print and digital media. Despite the affordability and ease social media has to offer, a lot has to be considered as the right tactics have to be figured out before a sure marketing strategy can be discovered and this depends on a whole lot of factors which are influenced mainly by demographics.
Now that you know How to Start Your Own Custom Design Furniture Business, you are good to go. Well, all said and done, it should be noted that this business can guarantee success if all steps are duly adhered to.