Furniture Store Business Plan
With consumerism at an all time high in India than ever, people always look to buy more. Not only do they want themselves to look good, but also their homes. Homes reflect the personality of people which is why people spend more than ever on aesthetics now. They are willing to check out and invest in furniture that matches their lifestyle and personalities. Buyers also keep browsing the new arrivals to replace with something they already have. According to statista.com, the furniture market in India is expected to grow at 5% annually 2020-2025, which clearly shows a huge scope. If you are willing to reap the benefits and want to know how to open a furniture shop, you are at the right place.
10 things you should know about before opening a furniture shop:
1. Planning the Shop
Before you start the process of opening a furniture shop, you should have a plan ready. The plan ideally includes answers to questions like why do you want to open a furniture shop, what kind of furniture you want to sell and who will be your target customers. How much are you willing to spend and what profit you are looking at. Where will the shop be located? In a mall or in an open market? What will be the name of the business and why? How can you create a customer friendly environment, and more?
2. Register Your Business Name
Once you have the answer to these questions, it becomes easier to go ahead, beyond the planning stage. Now is the time to get your business registered and give it a name. you are going to use it in all further paperwork so it is better to complete this stage now. While selecting the name you can connect it with your business purpose or use something that reflects the business.
3. Secure the Funds
It is easier for a registered business to secure funds either from the open market or loans from banks. Since the registration is now complete, you can apply at different banks for a business loan, open a business account and more. Whatever budget or spending limit you had decided in step 1, you can secure that amount or slightly more for contingency.
4. Obtain the Required Permits and Licenses
All business in India with a physical structure requires certain licenses from Government and local civic bodies to go ahead with the opening. Based on the laws of the city, you will have to furnish details and proofs regarding your business to the authorities to get a business license. Some places which fall in the green regions, known as green corridors, need additional environmental clearance as well to make sure your business is not causing damage to the environment it is pending in.
5. Finding a business premise
The next step is to find a place for your shop based on your budget and convenience. You cannot open a shop in a residential complex whether you are buying or renting. Even the laws related to starting a business premise are different from getting a residential place. Usually it is best to open a shop in a marketplace where customers frequently visit.
6. Get Business Insurance
The next step is to get your business insured. Now that you have found a business promise to open your shop, obtained the necessary clearances and licences, you are halfway there. To keep these assets secured until your shop is launched and even later, you need insurance. Whether it is your health or your business, it is always good to have it secured. Find a great business insurance online, talk to a few insurance providers before you finalise. Then choose the one that suits you.
7. Establish Your Website for Online Business
With insurance done, you can now focus on the other remaining steps to start your shop. It is the digital world out there and people see your shop or shop through your website before actually visiting. Therefore, it's time for your business to come online with a website. You can hire a professional website builder for this job, who can build your shop online from scratch. You will also need a marketing person to take care of online marketing of your business, without which you will hardly get any online visibility. This step is important to reach out to potential customers who have not heard about your business yet, but could be your competitor’s customers or have buying capacity.
8. Marketing and Launch
This is the D-day we are talking about, when your furniture shop will be launched both online and in the real world. This day requires a lot of preparation for it to be successful. Before this day arrives, make sure you already have done online and print publicity to spread the word. You should have the online marketing going on for about 15 days on social media handles to let people know that a new furniture shop is opening. Same is required for the real world which means you have given out pamphlets, etc. or done advertisement on newspaper for the launch. Once these are accomplished, the launch day is easier and you can expect a good number of people.
9. Experienced Person for Sales
What else do you need now that you have launched your furniture shop? You need people who can talk to your customers about their requirements and explain them about different products. That’s right, at this stage your furniture shop needs a good sales or product person. It is better you go with locals as they are familiar with the local language and converse with the people in regional language if required. In the end it is all about customer service. The person should also have other basic requisites to do the job well like working knowledge of computers, sound grip on your product information, etc. This criterion depends entirely on how much you can handle yourself.
10. Proper Delivery System for Home Delivery
Last but not the least you need a proper delivery system in place to deliver products to your customers’ place hassle free. This is definitely needed in case of large products and if you miss out on this, the customer will choose to go for a store which offers delivery. You can either offer free delivery or charge for it. It depends entirely on the product, customer and your store policy. But it is a definite must-have for your business. While buying the product, the customers can tell you about their convenient time to receive the product too. Therefore, it is better to have a professional delivery service in place.
Hopefully this comprehensive guide has made it easier for you to know how to open a furniture shop in India. These steps are mostly the same irrespective of which city you’re in. so you can easily go ahead without a thought.