How To Start Office Furniture Business?
In today?s scenario presentation matters a lot. People judge you on the basis of how you are in looks. And with the company also same rule applies. People perceive the company by the image it creates in the minds of general public. And office of the company occupies a significant role in creating this image. If the office is not well furnished or not good enough in looks, it does not create a good impression of the company. That is why today comp have become more particular about the office looks. They want to have the best office to show their company?s prestige. And office furniture occupies a lead role in the overall look of the office. Companies are ready to pay higher prices for the sake of making their office look different from other companies and create a unique image. That?s why office furniture business has huge potential and can make you earn fortunes. But before just jumping into conclusion, you have to do a thorough market research to know all the opportunities and threats available and make a business plan accordingly.
These are the steps you have to take while starting office furniture business.
Determine the core area of business: Firstly you have to determine the kind of furniture you want to deal in. you can start your business with a particular category or you can deal in all the office furniture that an office can have. Like you can decide to deal only in office remodelling or you can decide to deal only in office chairs. Your choice can be based on your interest or specialization area or it can be based on the market need that is not fulfilled by any other company.
Analyse Target market: After deciding the core area of you office furniture business, the next step you should do is to analyse the target market local, national and international. Know the current demand in the industry segment wise. Know the areas which offer huge potential as well as the areas in which there is very less potential. All this information will help you to make your overall business plan.
Write business plan: After deciding the core area and the study of target market, you will have all the information to write your business plan. Your business plan should include your vision, mission, goals, strategies and policies. A tentative budget should also be prepared along with the business plan. With a considerable business plan you will be able to meet your financing needs from various entities.
Financing: After finalizing the business plan you will require the estimated finance to start-up your business. If you have your own money, there won?t be any requirement of financing. But if you are short on money, you need to borrow money from other sources. You can take loan from banks. Various financial institutions also provide loans at attractive rates to start-up a business.
Identify the location: the next step is to choose a location for your business. If you want to run your business online exclusively, you will only need a warehouse to store your inventory and for that location does not matter much. It can be in any area. But if you want to run a retail store, you will need to have a showroom to display your goods as well as go-down near the showroom to maintain inventory. And for opening a retail showroom location should be commercially zoned and in high moving market.
Setup: after finalizing the location for your business, you have to setup your work area. If you are working as a wholesaler, there won?t be many expenses in setup but if you plan to open retail showroom, then it will be a costly affair to setup your showroom and it will involve huge investment.
Inventory: In this step you have to take the decision of ?to make or buy?. After setting up you need to have entire stock of office furniture to display whenever customer visits your showroom. Here you will have two options. Either you can manufacture office furniture yourself or you can purchase the furniture from the wholesaler to maintain your inventory. For manufacturing you need to have a separate portion and you also have to hire carpenters, labour, raw material, polishers, and designers etc to make office furniture.
Marketing: After setting up your showroom and holding a stock of office furniture the next thing you have to is to start a fully fledged marketing campaign. In starting, focus on your local area. Use banners, posters, hoardings, pamphlets and signboards to publicize your new business so that the customers become aware about your brand name and do not hesitate to visit your showroom. Give advertisement in the newspapers, local magazines and local cable network to attract more and more customers.
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