How to Open a Furniture Store — Ultimate guide

Craft Your Business Plan

  • Strengths. What can you offer that you feel no one else can? Or, asked a different way, what do you think you do really well in this field? The answers to those questions will help you figure out how to position yourself properly so that you attract as many customers to your store as possible.
  • Weaknesses. Where can you make improvements within your business model? Are there any resources you don’t have? Once you answer these, you can fill in those gaps to ensure a more successful entrepreneurial experience.
  • Opportunities. What are they? What are the interior design trends or the fads that you can capitalize upon? How can you take your research of the market and turn them into strengths that you implement within your company? In this section, think also about the location of your furniture store. Are you opening your doors in an area that is saturated with other options? Is your building easy to find and to access? The answers to those questions will determine the difference between someone that is an opportunity and something that is an obstacle.
  • Threats. Are there threats present, especially in the form of competition? What are experts saying about the growth of your particular industry in the next ten years? Again, answer those questions to safeguard yourself against any business failures.

Figure Out Your Style

  • Sustainable furniture made from materials that have been recycled or repurposed
  • Build-your-own furniture that can be assembled and disassembled relatively quickly
  • French-inspired furniture
  • Mid-century modern furniture
  • Minimalist furniture

Register Your Business Entity

  • Sole proprietorship
  • Partnership
  • Limited Liability Company, or LLC
  • Corporation

Get Your Finances in Order

  • Equipment costs. Think of how you will store some items, and/or if you will need delivery trucks to get your furniture to your clients. If the answer is yes, you will have to factor in the number of trucks needed.
  • Point of Sale system. A reliable one will cost you a few thousand.
  • Inventory. A bigger store’s inventory costs can put you above $100,000. Again, this depends on quantity and variety of items.
  • Rent and insurance. This goes without saying, but is necessary to factor in.
  • Employee costs. Depending on how many employees you have, this number will change.

Hire your Team

  • Manager
  • Bookkeeper / Secretary
  • Salespeople
  • Delivery drivers

Market Yourself

  • See your inventory and pricing
  • Make a purchase online
  • Contact you

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