How to start a furniture business? Furniture Business Plan

Are you planning to start a furniture business?
Confused about where to start?
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#1: Business Model
Before starting, it is important to decide on the business model you want to adopt.
There are 4 major types of business models:
1. Brick-and -Mortar Retail stores (i.e. physical stores like ‪@IKEA‬ ‪@wayfair‬ , ‪@HarveyNormanSingapore‬ etc. )
2. Online Store @‪@PepperfryTV‬
3. Hybrid/ Omnichannel Store (like ‪@IKEA‬ ‪@jcpenney‬ with 667 brick & mortar stores along with an online store, ‪@biglots‬ with 1400+ physical locations & an online store)
4. Manufacturing (like: ‪@Ashley.Official‬ ‪@steelcase‬ ‪@NilkamalLimitedGroup‬ etc)
5. D2C Model (like: ‪@ikeaindia‬ again tops in this model,‪@Burrow-Furniture‬ ‪@floyd9947‬ ‪@GodrejInterio‬ , etc)
You can also choose to adopt multiple models but divide them into phases to avoid chaos.
#2 : Furniture Industry Market Research
Once you have decided on the business model, the next step is to conduct thorough market research of the furniture industry. This will help you identify gaps in the market and understand the competition.
#3 : Niche / Unique Value Proposition of your brand
Based on the market research, you can then develop a unique value proposition for your brand. This could be a niche area that is not currently being served or a unique selling point that sets you apart from the competition.
#4 : Product Range Plan Finalization
After finalizing your unique value proposition, you can start planning your product range. This will involve selecting the types of furniture you want to sell, the materials you will use, and the styles you will offer. You can also consider customization options to meet the unique needs of your customers.
#5 : Making Furniture Business Plan (also for Investors/ Financial institutions)
Once you have planned your product range, you can start developing your furniture business plan. This should include financial projections, marketing strategies, and operational plans. Your business plan will not only help you stay focused but will also be useful when seeking funding from investors or financial institutions.
#6 : Supply chain operations plan
As part of your operational plan, you will need to plan your supply chain operations. This will involve planning the first-mile, mid-mile, and last-mile delivery operations. You will need to identify reliable suppliers and logistics partners to ensure timely delivery of your products to your customers.
#7 : IT software finalisation and Webstore development
Next, you can start developing your IT software and website. This will involve selecting the right e-commerce platform, developing an easy-to-use website, and integrating payment gateways. You will also need to develop an inventory management system to track your stock levels and manage your orders.
#8 : Developing Standard Operating Procedures (SOPs)
As your business grows, you will need to develop standard operating procedures (SOPs) to ensure consistency and efficiency in your operations. This will involve developing SOPs for inventory management, order processing, customer service, and logistics operations.
#9 : Brand Pre-Launch & Go-To-Market Strategy
Before launching your brand, you will need to develop a pre-launch and go-to-market strategy. This will involve creating brand awareness, generating buzz, and building anticipation among your target audience.
#10 : Digital Marketing Plan for Furniture Business (online & offline)"
Finally, you can develop your digital marketing plan for your furniture business. This will involve creating a comprehensive online and offline marketing plan to promote your brand, generate leads, and increase sales.
Starting a furniture business can be a challenging but rewarding venture. By following these ten steps, you can increase your chances of success and build a profitable furniture business.
Follow our videos to know about furniture business, how to start a furniture making business, how to start a furniture business online, how to start online furniture business, modular furniture factory setup, how to start furniture ecommerce store, ecommerce furniture, furniture retail shop, how to increase customer experience in furniture retail outlet, how to start a retail furniture business and many more topics about retail and ecommerce industry.
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0:00 - Intro
0:14 - Step 1
0:57 - Step 2
1:10 - Step 3
1:24 - Step 4
1:43 - Step 5
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3:18 - Step 10