How to Open a Furniture Store

Business Overview:

If home decor is your forte and you’re looking for a gainful business idea, learn how to open a furniture store with a solid furniture store business plan. With the right entrepreneurial spirit and a sizeable startup investment, you can learn how to start a furniture store and offer pieces that inspire you and lure in paying customers. If you’re a craftsman, you can showcase your work in your storeroom, or if you just have an eye for expertly crafted home furnishings, you can build an inventory that works for your location, your business, and your customers. To begin, you will need to have the money to invest in a retail storefront and in your initial inventory. This is probably the most daunting aspect of learning how to start a furniture store business because your location can determine the type of furniture you stock as well as your ability to be successful in furniture sales. If you love handcrafted, solid wood pieces of heirloom quality, you must find a neighborhood that can support a high-end store like that. Then you will need to stock your showroom and have a catalog of items for your customers’ perusal, and you’ll need to have access to these products for delivery if they are purchased. Delivery requires a truck and licensed driver and movers who can safely transport your sold items to customers, usually for an included delivery fee. Depending on your store hours, you might want to hire employees who can handle the demands of the store when you’re not available. Of course, you might also consider the possibility of selling your furniture online, either in addition to your store or in lieu of it. This could eliminate the need for a storefront and even for stocking inventory if you have pieces shipped directly from a warehouse. There are many options when it comes to a business like this, and many details to consider as well, but the potential for success is great if you love what you do.

A Day in the Life of a Furniture Store Business Owner:

A typical day for a furniture store business owner will consist of reviewing inventory, confirming deliveries, and assisting customers with furniture purchases. Certainly, being an effective salesperson for the furniture you love will help you ensure your business revenue, but knowing what to purchase and include in your inventory is crucial as well. In a business like this, keeping track of your profits and expenses is also critical to ensure you’re selling enough each month to support your store and build your business. For an online store, you will need to closely monitor your warehouse inventory and ensure timely shipping. You might also need a web designer to maintain your site. As with any business, exceptional customer service will be of paramount importance.

About Your Customers:

Your customers will be in the market for purchasing new furniture for their homes or businesses, or they will be shopping around to decide what style and price of furniture they want. A potential customer can become a paying customer when they are impressed with the quality and style of furniture your store offers, and when they can justify its price point and know they can rely on a favorable customer service policy.

What You Need to Start:

• Business license and insurance
• A retail storefront and/or online sales site
• Furniture inventory
• A knowledge of the furniture you sell
• Access to a warehouse
• A reliable delivery truck and movers
• Sales transactions forms (receipts, return policies, etc.)
• Financial-tracking software

The Good:

• You can become an expert in the type of furniture you sell.
• It can become a family business.
• The business can be very fruitful.
• You can eventually hire a staff to take care of most of the business responsibilities.
• You can enter into a franchise scenario, or build your own business to include multiple stores.

The Bad:

• This business requires a good deal of startup capital.
• Finding a great location for your store will require some time and energy.

Resources:

• National Home Furnishings Association
• American Home Furnishings Alliance
• Bureau of Labor Statistics on Furniture and Home Furnishing Merchant Wholesalers
• Wikipedia on Furniture

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