Stepping into the world of furniture retail is an exciting – at the same time – tedious process to get into, but what business isn’t? If you’re someone who has an eye for good furniture or loves functional decor, then the process might be less stressful. Dealing with things you’re already interested in makes any process easier.
Starting a furniture business is a great industry to get into since furniture is an essential part of every home, business, establishment and so on. Plus, furniture is like fashion – it’s always changing! So you can bet you’ll still make sales often.
If you have questions in regards to starting your own furniture business, check out the list of the most common furniture business FAQs down below:
Is A Furniture Store Profitable?
Yes. Most existing furniture stores make a hefty income annually with a net profit of 2% after opening. Depending on the state or country you’re in, profit may vary. This line of business is considered to be one of the most profitable niches in today’s e-commerce.
What Age Group Buys The Most Furniture?
Knowing who to market your business to is a great way to make sales. In today’s stats, millennials are considered to be the age group that buys most furniture. This is because of redecorating and catching furniture trends.
In 2014, they took over 37% alone in furniture sales. Knowing this, you can use it to your advantage! You can add millennials as one of your target markets when advertising.
How Do I Become An Online Furniture Retailer?
As a beginner in business, starting out online is a great way to test out the waters. This has less commitment and is more manageable than having an actual store. So if you’re wondering how you can start your online furniture business, here is a step-by-step guide:
Pick Out A Hosting Platform
Start off by picking out a hosting platform. This is where people can view, inquire and purchase your products. You can choose multiple hosting platforms, if anything, this will make you more diverse and accessible. Here are some popular hosting platforms around Facebook, Instagram, your own website and commonly used e-commerce platforms in your area.
Once you’ve picked out your hosting platform make sure it’s active, constantly updated and easy to understand and navigate. This is an important step to consider since this acts as your store.
Get Reputable Suppliers
Next is where you get your products. Always go for reputable suppliers since you can count on them to provide you with quality products. Plus you can be sure that they don’t scam you throughout your business partnership.
Have Photos And Videos Ready!
Since you run an online business, photos and videos are the only way customers can view your product. Make sure to take good and realistic photos and videos of your products before posting them online. And if a customer asks for more pictures or videos, be patient enough to take more. Again, these are the only way they can see if they like your products so snap and record away!
Set Up A Payment Method
Set up a payment method you’d like to use, cash on delivery, credit or debit card, bank transfers, direct debit, mobile payments and so much more. The more options the better. And since you’re running a furniture business consider setting up down payments to prevent scams.
Advertise Your Business
One of the great advantages you get as an online shop is advertising. This is easier to advertise than other forms of business. That’s because your shop is already on the net, so people can click on an ad and get automatically directed to your website or page.
You can place an ad on popular social media sites like Instagram, Facebook, Twitter and even YouTube. This will bring in more people who visit these sites.
Do I Need Insurance For My Online Furniture Business?
Although getting insurance is mainly up to you, it’s a responsible and efficient thing to consider. Some people see insurance as an extra expense that isn’t much of a necessity. The thing is, insurance is more of a safety net that’ll catch you when things go south. You may not need it all the time, but it’s there when you need it the most.
This protects your business from lawsuits, financial losses and actual damages caused by accidents and calamities. Each one of these – if not protected – can cause your business’s demise. Especially if you’re simply just starting out.
To get the best insurance suited for your business consider consulting with an insurance broker. They’ll be able to help you find great coverages for your business plus help you fully understand what you’re getting so you won’t miss a thing!
