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How to Start a Home Furnishing Business

 
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Category : > New Business Setup
Posted On : Sun Oct 23rd,2016

 
A comprehensive guide to open a new home furnishing business
 

What is home furnishing?

Home furnishing includes all the items to decorate home such as; furniture, fabric, and all the other decorative items to enhance the beauty and style of a home.


What are the different styles in home furnishing industry?

Home furnishing industry offers various significant home decoration styles before starting with any decoration interior select from the various furnishing styles.

  • Cottage style
  • Oriental style
  • Mediterranean style
  • Victorian style
  • Traditional style

 

How to write a business plan to start a home furnishing business?

Write all the products and services you want to offer either you will offer designing services or sell necessary products too. consider what will you put aside from the others. Searching other companies can help you in this regard. You will know about their strengths and their client-focused strategy. Decide which in which service you are specialized in or you will be considering a complete home solution. Prepare a list of equipment with the necessary license or permits.
 

What Need to Getting Started in a home furnishing Business

  • Business name registration
  • Sales tax registration if applicable in your state
  • Business license and permits
  • Business Plan
  • A decent investment


Where to get your business license and why?

You may need to visit your local authority to apply for a business license, you should not carry your projects before approving your license.


What things you may need to start a home furnishing business?

  • Reliable suppliers to buy home furnishing items
  • Reasonable prices
  • Verity products and items availability


How to prepare a portfolio to open a home furnishing or an interior design business?

You can start by decorating your own minor and major projects, start by taking the pictures of before and after the task. You can start your job by taking the projects of your family and friends. It will help you to build a live portfolio.

 

How to connect with suppliers to open a home furnishing business?

You can have research on the companies who are manufacturing wall coverings, carpet, fabric, and flooring. Also contact with the carpenters, painters, and interior designers to get the work done on time.

 

How to grow your network with other professionals in home furnishing business?

You can market yourself with the other professionals’ like

  • Real estate agents
  • Architects
  • Home furnishing businesses
  • Use social media platform to grow your network with the other professionals, through this way, you can promote your products and distinctive services
  • Active a blog where people can have a look at what you are providing day to day
  • Get trusted seal to know what exactly your customer wants or expecting from you

 

How to prepare logo and slogan for your home furnishing business?

Develop a unique name and logo to advertise. You should give an idea to your customer that what actually you are providing. Your slogan should present your business and distinctions. Keep your slogan short and catchy. You cannot use the names and slogans of other businesses if they have the copyright and if you prepare such things, you must apply for a copyright.

You can attract people if you:

  • Focusing the categories in which you are expert
  • Deliver what you promise
  • Stay in touch after completing any task and assist necessary recovery if it is needed
  • Offer free repair services to get the trust of your customers. they will advertise you automatically.


How to target your market in a home furnishing business?

Defining your market mean to specify the customers such as; homes, communal spaces, or an office, you can look following points to consider your potential customers

  • Look for the old homes and owners who want to refurbish their homes
  • Maintain surveys in your area to know what people want in their homes and you can offer free inspection to give them an overview that what you can offer them at minimum cost
     

How to prepare an inventory?

It is another major startup cost. The basic investment to build up your business starts from furnishing your business with the basic home décor items that you will use to display in your showroom. Set a cost to provide all the item you have assessed in the market which are in demand to meet the everyday customers’ demands.


Requirements for licensing, permits, and insurance


  • Contact to your state department to get relevant business license to operate your home furnishing business
  • Consulting an insurance agent will provide you a cover to protect your personal business assets.
  • You need a Federal employer identification number from department of revenue
  • Get land zoning use permits
  • Apply for sales tax licenses if you are selling any kind of service or product (If applicable in your state).
     

How to market your home furnishing business?

  • Make sure that you are attending the trade shows and displaying your projects comprehensively
  • Once you are registered your business in the state, you can advertise your business in newspaper and other sources
  • Prepare a website where you can put all the stuff with the short description. Make it easy and user-friendly to provide more accessibility even to a common customer
     

How to choose the best location under zoning laws for home furnishing business?

If you are planning to manufacture some products such as cabinets or other woodwork, you need a zoning license from the relevant department, even if you are running an online home furnishing business, you will have to maintain a workshop to prepare your products, or to repair damaged articles, for the purpose you need a license from the local authority to consider either your location comes under zoning areas or not. If no, you need a special permit under certain conditions. Don’t go to the place that has an attractive rent, but chose a location where you have the maximum chances to display your services and products.

 

Structure your business

Choose your business structure to register your new home furnishing business such as:

  • Partnerships or Limited Partnerships
  • Corporations
  • Limited Liability Company
  • Sole proprietorship
  • Apply for a federal tax identification number from IRS


How to find funding sources to start a new home furnishing business?

If you are having a good moderate cash flow, then you can take a good start but you need a little extra investment when it comes to competing the competitors. You can finance your business through

  • Small business administration
  • You can apply for a loan to your local bank or get home equity loan


How to present your home furnishing business?

The presentation is everything when it comes to home furnishing business. if you want to sell your product and services at the competitive prices you must follow up the creative and distinctive ideas you are introducing day to day and you have a solid plan to advertise them, to present them in front of a large audience. You can follow the steps:

  • Give enough space to your home décor items
  • Frame them with the complimentary items
  • Professional quality photos with a sophisticated background
  • Make sure everything surrounding your product should be of finest qualities
     
  

Khizar Hayat

The Author of this article is a M.Phil in English Literature


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