Furniture Shop Business Plan - Opening Guide
Furniture is such a thing in common life, without which a house or office cannot be considered complete. If seen in furniture, many things are involved. There are sofas, cupboards, tables, chairs, beds, center tables, side tables and many such things which are necessary in every home or office. By the way, most people are not affected by their presence, but their absence definitely hurts.
According to this, furniture business can be very profitable, but you need to have knowledge of it. From where will you get the furniture, how will the marketing of the shop be done, what things will you have to take care of, where should the shop be, how big the shop should be, what kind of furniture you will sell, which licenses you will have to take and How is the future of this business
You should think about all these things before opening a furniture shop. Let us inform you on some of these issues so that you can make your dream of your shop come true.
First of all it is important to know that what will be the future of this business and whether this business is profitable. By the way, according to the increasing population and the income of the people, many people like to take new and change furniture. Although this is not an everyday thing, people buy it once in a few years.
If seen according to the scope, then this is a good business, but you should come to the age of this business and should be prepared to work hard. If seen, the scope depends on what kind of furniture you deal in. But it can be said that the scope of this business is still very much in India and that is why many companies are also leaders in this market.
Before starting the shop, you should know that from which class your customer will be. If you are going for designer furniture then you need to shop in a high profile area or else for general furniture you can take such a shop on any main road.
If you take a shop somewhere in the interior, then you will get less benefit of direct customer, which can affect your business. If you take a shop in a multi-storey building, then it is important that your shop should be on the ground floor so that the customer can come directly inside the shop and see the products.
If your shop is on the third floor or above, then it will be difficult for the customer to come and it can have the opposite effect on your business. The location and area of â€‹â€‹the shop play a very important role in the growth of the business and hence the selection of the shop has to be done very carefully. If you will not be able to change the place of the shop easily, then only after doing full practice, choose a shop where you can operate the business well.
Investment has to be made in the beginning of any business, but the amount involved in every business is different. Furniture shop business is such a business in which you can get at least five lakh rupees in the beginning. However, it depends on how large a scale you are starting the shop.
First of all you have to decide which furniture you will deal in. If you deal in designer furniture, then you will have to open a good showroom and have to install designer furniture in it so that the customer who comes can see the furniture well.
If you want to deal in general home furniture then this amount can be less. To open a good showroom, you should have at least 1500 to 2500 square feet of space. You will also need a warehouse to keep your stock. If you deal in commercial furniture then you should have suitable furniture which can meet the requirement of this area.
You will have to make a good investment to continue this business and move forward. If you have your own capital, then you can do all the analysis and invest it. You also have the option of taking a loan from the bank. Before starting a shop, you should have all the calculations that how much capital you will have to invest, how much interest will have to be paid on it
If a loan is taken, then how much will its installment come and in how long will that loan be repaid. Only after counting all these, you can go ahead and start the business. If any one of these points is missed, then you may have to bear a lot of loss.
Before starting any business it is very important to know what is its profitability. You can run with 20 to 30 percent margin in furniture business. Although this margin is less visible, but because the price of each item is high in this, you can make good profit.
This profit margin can increase further if you deal in designer or commercial furniture. If you have your own manufacturing unit then you can expect more profit.
Along with starting the shop, you will also have to get some legal licenses. You will have to apply for GST and get the GST number and also have to get the Shop and Establishment License for the shop. You can also take the help of a professional for this, which will cost a little, but you will get these licenses, after which you will be able to speed up your business.
You also need a bill book which should have your GST number. If you want to export furniture then you will also have to get export import license. If you deal in handicraft furniture then you will also have to get a license from the concerned government department.
You have to put various licenses on your shop in such a way that it is easily visible to the general public. You will also need to hire a CA or accountant to manage your account.
No matter what the business is, unless you are able to reach the customers, your business cannot move forward. For this it is necessary that you do good marketing of your furniture shop. If you know marketing then you can go ahead by making a plan yourself or else you can also take help of some professionals.
In this era, you should do both offline and online marketing. You should also create a website for your business. You can do online marketing through pamphlets, hoardings, banners, road shows etc. For online marketing, you should also do SEO (search engine optimization) of your website. You can also market your products with the help of social media.
Now even if you have started a shop, then it comes to sales. No shop runs without sales. It will be necessary for you now that people should know that there is no such shop open in this area where furniture is available. For this, you can connect with people with the help of various mediums.
You can run discount offers, do marketing in the nearby area. If you deal in commercial furniture, then you can go to the office and talk, you can do corporate tie-up. You can join them by sponsoring the events. You can hold your presentation in nearby clubs and offer group discounts to the members. This may reduce your per unit profit but overall your sales will increase and promotion will also happen.
It is said about business that it is easy to start but it is not so easy to run it. That is why before starting a new business, it is important that you have some experience in that field or an experienced person should be associated with you. With this, every situation that comes to you will be assessed in advance and the business will not face any problem.
You should have proper schedule and contacts for Supply Line, Manufacturing Line, Maintenance, Transportation and Marketing all that gene may be needed at any time in business.
Starting a business is one thing and making it profitable is another. You should know both these things, then only this business will be able to give you a right direction.
Learn how to start Furniture Shop Business in your area.Know the marketing strategy,business plan.Furniture shop profit and cost details.