Yes, the business is very lucrative. Before you start, these are what you need to know:
Pick A Niche
Just like other businesses that require you focusing on a particular area, same goes for the furniture making business. You have got to decide what type of furniture you will be creating whether is for offices, schools, homes etc.
With these you would be able to specify your targeted market and know the kind of materials you will be using in the business.
Do A Research
The taste and style of people differs so getting to know what people want will help your furniture business as you will be able to deliver the right products to the right people. This research will not only help you know what people want but you will get to know how large the furniture business is and how you can outperform your competitors.
Learn The Business
Starting a successful furniture business entails that you get full technical skills of how to make furniture. Learning this business is not a one day thing or something you should do anyhow but it will require full concentration and will involve you learning as an apprentice in a furniture shop.
This might take you up to 6 months or more to learn but if you put your mind to it you can learn the business faster. On the other hand, if you don’t want to wait that long to learn the business and in a hurry to start the business, you can contract a good carpenter (I repeat a good carpenter) to start making furniture’s for you.
Write A Business Plan
Know that you have been able to pick a niche and learn the trade, it is time to seat down and plan the strategies that will kick start and keep your business going. This will help you plan how much is needed to start the business, the different tools and machinery needed, where your business will be located, how to market your business etc.
Your business plan would be your blueprint to guide you through the business.
Purchase The Right Equipment
For you to be able to make quality furniture’s the right equipment’s must be in place. There are different tools you can use which includes: Tape measure, clamps, circular saw, jigsaw, power drill, chisel,hammer, pocket square just to name a few.
Get A Shop
Depending on the resources you have, you can either choose to separate shops where one can be used for making furniture’s while the other can serve a your showroom where customer can come checkout your products or rent a big space that can serve as both the workshop and showroom.
While getting a place for your showroom, you must make sure that it is in an area with lots of people and people can easily locate and come into your showroom.
Register Your Business
This is a very important step you need to take when starting an business. Must organizations won’t take you serious if you approach them to supply furniture’s for them and your business is not registered. You can get your business registered with the Cooperate Affairs Commission for as low as N50,000.
Start Manufacturing And Showcasing
Now that you have gotten everything you need, its high time you put your skills to work and start showcasing your products for people to see.
There are other things you can also do to grow your business and they include
Expand Your Business
There is always room for expansion when it comes to business and this can only be done by venturing into other niches that are related to that business. For example lets say you choose to make furniture’s for schools,you can expand your business by learning how to make office and home furniture’s so as to increase your customer base.
Market Your Business
The much customers that you would have when starting a furniture business would be people around the area your business is located in. so for you to get more clients both locally and internationally you have got to market your business.
You can market your business by using word of mouth,handbills, newspaper, radio, television and social media. This will help more people know about your business and also bring more clients.
But before you rush into marketing your business you have got to make sure that the furniture’s you are making are of high quality and well designed. This will give you a cutting edge above your competitors.
Create A Website
You would be amazed how much profit you can generate from just creating a website for your business. Majority of people have turned to online shopping to get anything they want no wonder the richest man in the world owns an eCommerce website.
This will allow people order for your products online and you get it delivered to them. Don’t think of this as stressful, all it requires is for you to get a courier that will help deliver the package to the customer and you can add the shipping cost to the amount you charge for any furniture.