Furniture always been apart of your standards show off competition, as every home has its furniture as per the standards of that owner and his living canons. So, people choose their furniture quite above their budget just to keep their home for the show off standards. Also, furniture enhances your home beauty, glamour and comfort. The more the big home more furniture required and thus more the business grows.
In the recent time, this business has got more demand with increasing standard of living of people, also in olden times people don’t use to had more furniture the prefer simple living. But now for the comfortability of humans’ furniture demands are increasing like wardrobes, kitchen trolleys, bathroom furniture, bedroom closets, living room furniture and cabinets, drawing room shelves, library, study area etc, every place we spend time we want customised sets of furniture there. Thus, causes this business in demand and profitable.
2. CASE STUDY
The following are the case studies for the furniture shop business:
IKEA: this is multinational company of Dutch origin, which set ups the many franchise in India in mostly metropolitan urbans of Indian market. This is the furniture brand which is famous in India also which sells ready to assemble furniture and has online as well as offline stores in India. The company has its name by the services it offers and also the modern designs of the furniture with unique styles.
Urban ladder: this business of furniture shop has another name also in India that is Urban Ladder which is Bangalore based and having 3 stores in Bangalore. Also, this has spread up to 75 cities of India through its web. This furniture shop business is successful due to its services of installing and fitting after the delivering of any furniture and it also due to its employees marketing skills.
3. BUSINESS IDEAS’S SWOT
- # No need of trained and skilled employees.
- # Profit margin is large.
- # This furniture shop business requires less maintenance as compared to others.
- # This furniture shop business requires good transportation facilities.
- # Loss is case occurs have to faced it huge.
- # This furniture shop business can’t be started at household level.
- # Requires lot of investment to start and expensive business.
- # The furniture shop business has the opportunity from the new hotels, hospitals, malls, complexes. Community centres, companies, etc as they demand new sets of furniture in bulk and in a variety of it.
- # Schools and colleges are also the medium of opportunities to furniture shops business.
- # For the local retail shops local household customers are also beneficial and source of earning.
- # Government policies keep on changing regularly affects the business profit.
- # For Wooden furniture raw materials are required which causes deforestation danger.
- # For wooden furniture shop business maintenance is necessary otherwise threat of termites and for steel, iron furniture threat of rusting.
- # The furniture shop business also has the threat from mushy or cloudy weather, as furniture gets damaged.
- # Transportation is also risk.
4. Manufacturing process:
- # Hewing and saw milling
- # Kiln drying
- # Splitting and cutting
- #Planning and drilling:
- # Sanding:
- # Assembling and finishing:
- # Moulding:
Types of material used in making different furniture
- # Hardwood
- # Softwood
- # Particle board
- # Steel/metal
- # Plastic
5. LEGAL NEEDS
As per the Indian Norms:
- # Gumasta
- # Municipal/Nagar Nigam Registration.
- # Business registration
- # LLC
- # GST registration
- # Insurance
- # Bank account
Types of furniture business
- # Retail shop or business: opening a retail shop business is the best and easy way to start furniture business offline without much paying expenses. The mostly customers visits retail shops for the small budget things and good profit is also obtained from the retail business.
- # Wholesale business: if you have lot of income and capital to invests then starting wholesale business is the best way to earn profit. Also profit margin is higher in this wholesale business. This are the business to provide raw materials and readymade furniture to retails and manufacturers.
- # Customised orders: these types of business usually called interior makers in local language, as they customised their service by delivering at your home and then transport ready made furniture at your doorstep. They also earn he profit from this furniture shop business.
- # Second hand furniture business: there is new type of business open in which they offer you various offers and discounts like in exchange of second hand furniture new furniture or renovation of old furniture or selling of old furniture. These various offers they put to attracts customers and they get lot of profit by renovating old into new furniture and selling it in price of new furniture. This is smart way of starting this furniture shop business.
- # Online furniture business: this is the best way of selling nowadays, just by clicking customers gets its furniture at doorstep without any hurdles, so customers prefer this mostly.
- # Furniture manufacturing business: if you have skilled labours and want to make the big business then you can manufacture your own furniture this can cause low cost budget and huge profit margin.