Decorating homes and outdoor spaces is a creatively challenging task. Years of learning and experience are combined to churn out a passionate artist. If you have valuable work experience to show for, starting a home decor business is the best way to get your name out in the market. Without having an interior designing degree, you can step into the market for designers by starting a home decor business.
For the primary question of how to start a home decor business, the answer is always the same - Planning. The initial stage requires research and decision-making skills through which the basic details like the name, slogan, target audience, products, services, and other important factors of the company are decided. For making the right choices, you must have all the necessary information about the industry at your disposal.
After curating the opinions of industry experts, this article has been written as a comprehensive solution for starting a home decor business. From the meaning of the term to the new business ideas required for successfully launching your startup, the following sections have exhaustive information regarding your industry.
Keep reading to know more.
What is home decor?
Home decor is an industry based on science and commerce. Scientifically, it is the study and implementation of creating an external and interior space more functional while increasing its aesthetic appeal. Commercially, home decor refers to the business of selling and procuring home decor items like flower vases, plants, wall clocks, antiques, and showpieces. Thus, in general, a home decor service or product incorporates colour, style, and value to the existing interior of a space.
When you start a business in the interior designing industry, your knowledge about the profession is a given. Thus, your first plan of action must be to decide from one of the many types of home decor business that you will be operating on. Living room design, bedroom designs, kitchen, walls, ceilings, porch, or garden, are some areas in home decor for you to specialise in.
Understanding the market
The interior designing industry is crowded with competitors in the small, mid, and large business scales. It is important to know that the business you will be launching will have millions of competitors offering a similar range of products and services at better prices. However, there is a ray of sunshine for your business.
According to a study, the global market for home decor business is expected to reach $838.6 billion in evaluation in the coming years. When we consider the share of the floor coverings segment, it was seen in 2019 that this segment held a significant share in the worldwide market for home decor products. Thus, making it the best business idea. In developing countries like China and India, the market for home decor products is expected to steadily rise in the coming years.
After understanding what is home decor and the services related to it, you would know the products that are sold in this industry. Bath flooring products, rugs, bed products, living room decor products, and kitchen wall-hangings are some examples of home decor goods. These products can be easily customised using hand skills or machinery to provide unique services to customers.
Additionally, the demand for eco-friendly home decor products is increasing with time. People around the world have started realising the importance of environmentally friendly products and surroundings, leading to a surplus in demand for such products. Depending on the type of products and your area of expertise, you can utilise this information to create a lucrative business from scratch.
Type of business
Every type of business in the interior designing industry requires basic research and legwork. After deciding your company’s plan of action for the first few months, its name and slogan, target audience, and method of operation, your initial work is done and your company is ready to take off.
In this section, you can find the relevant execution steps according to your company’s method of operation.
Looking to start home decor business in a happening location? You might be looking for starting your company at a ‘brick and mortar’ venue. Even though this concept is becoming unviable in financial terms for many startups, there are a few entrepreneurs who choose this route for their business. For launching an offline home decor location, you must have an initial budget of approximately INR 25 lakhs. This amount could vary depending upon your city or town.
You must take care of the following steps while planning the launch of your business.
- Manufacturers: Search for manufacturers who produce the required home decor products and sign a contract with them.
- Location: Find a good location for your showroom. As many customers would be expected in your showroom, make sure that the space has ample parking space, welcoming lights, and a washroom facility on the premises.
- Warehouse: The warehouse area of the showroom must be kept separate from the main showroom as it would create an inferior ambience.
- Staff: You must put a lot of thought into the selection of your staff as they play a very important role in managing the reputation of your brand. As the customers mostly interact with your staff for different requirements, their courteousness plays a pivotal role in deciding the customer’s perception of your brand.
Additionally, you must always know the products offered by your competitors, consider the taxes involved with store management and shipping, and ensure that your profit margin is always around 25% of the product’s value.
In today’s age, home decor businesses are tuning into e-commerce channels to sell their products online. Many companies have chosen to launch their startups in an online fashion to reduce overhead costs like staff, electricity bills, and additional taxes. It gives you the financial space to reduce your prices when compared to the market rates, thus, offering a better value to your customers.
People wondering how to start a home decor business online should look at the following points.
- Website: Your website is the virtual showroom of your company. Thus, you must invest wisely and generously in building a secure and aesthetically-pleasing online presence for your company. Incorporating a 3-D view of spaces with your home decor products could interest your customers in buying more.
- Shipping: Your company should ensure that the products are not damaged during shipping. By signing up with a reliable shipping company, you can ensure the safe delivery of fragile products within the expected time frame. If the customer is not satisfied with the product, you must establish a Return or Replace policy for increasing customer satisfaction with your company.
- Installation: Once the products are dispatched to the consumer’s address, they must be installed after the delivery is completed. You must hire an installation team for nearby delivery locations and train them for different products to make your business stand out among the competitors.
After considering your type of business from the previous section, keep reading to find the relevant offline and online business ideas for your new venture.
- Crowdsourcing platforms for home decor products and services
- Room or Home Makeovers
- Re-upholstery expert of furniture
- Online interior decorator
- Window dresser
- Resale of furniture
- Accessories decorator
Take your time to research thoroughly before investing in an idea for a home decor business.
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Q. Is the home decor business profitable?
Ans: In general, the home decor business is profitable if the entrepreneur implements the right sales method for good quality products in their store.
Q. How can I start my own home decor business?
Ans: Starting a home decor business requires creating a robust plan describing the services your company will offer. After the name and registration process of your company is completed, set your rates and create your website for promotion.
Q. What are some ideas for the home decor business?
Ans: Before starting a home decor business, you must create a plan to sell only the products that you are passionate about. Some mainstream ideas are window dressing, garden decor, floor, lighting, ceiling, seasonal, bedroom, kitchen, and wall decoration.