Interested in small furniture business ideas? If YES, here is how to open a furniture business with no money and no experience. How much does it cost to start up?
How to Start a Furniture Making Business
Are you interested in setting up a furniture business? Do you enjoy making things out of wood? If you have always have passion for looking at office or home furniture, buying them and have great design of any furniture in mind that you would love made for you, you can always turn that passion into a lucrative business by starting a successful furniture business in your city.
Starting a furniture business is one of the greatest things that you can do from home and not just for the fun that comes with the art, but also for economic gains. Another special part is that your potential earnings are completely up to you.
If you’re feeling lazy and just want to build a couple of chairs, tables or any wood work designs for a $200 profit, you can decide to build 10 beautiful tables for a nice $2000 profit. Obviously, the profit you earn will also depend on the quality of your work.
I want to share with you some tips on starting a furniture business with little to no overhead. Wow, a business with little or no overhead and loving what I do! That’s right, your very own business at home, making money.
You don’t need a degree in furniture in starting a furniture business. You can learn this art either by watching YouTube videos, learning from books or from a mentor.
How to Open Your Own Furniture Business: Steps and Requirements
The word, “furniture” comprises of many wood products. You have to decide the niche you want to focus and be known for. You can decide to focus on everything that has to do with the business of furniture but this mean you will need to get good and experienced carpenters for that.
For instance, if you are going to be making wood toys or carvings then you need to make up your mind. Knowing where you want to specialize on can mean anything from fixing up kitchen cabinets, to producing wood furniture for business, and even making wooden toys. Knowing what kind of product you’re going to specialize in will also give you an idea to what equipment you’ll need to produce your product.
Identify your target market and use that as a map to defining your niche. Decide if you want to go for kitchen furnishing, office furnishing, homes furnishing etc. I will advise that you first carry out a research to see if your chosen niche have a high demand in your kinds of business office furniture. All these should be well captured in your furniture business plan.
A modern furniture design business needs the right location to operate successfully. Find a location that will be suitable for your products (so you can display them), suppliers (so they can ship in woods for you) and your customers. Have it in mind that the location for your workshop can be different from your showroom.
So, pick a convenient place for your show room where you can display your office business furniture for sale. If you don’t have the finance, you can use your backyard as your workshop and only rent space in a good location for your showroom. Depending on the materials you will be using, you might also need a warehouse space too.
Every state requires some form of business license and permit to run some small furniture businesses legally. A business license is the first thing that you will need when starting your manufacturing or retail furniture business. Where you plan to start your furniture manufacturing business depend on what kind of license, permits, etc. if any, that you will need. There is usually a small fee for these license and permits.
You may also want to hire an accountant to keep track of your books or you may choose to do this yourself. Starting a business at your home will require a lot less money and required permits, etc., to get started.
High Quality Tools
Whether you are into the used or refurbished furniture business as a hobby or for serious money making business, you need to have good tools depending on your niche of furniture. Tools are a must in the furniture business.
You will need power tools, such as a router, jig saw, sander, drill, table saw, etc. Once your business takes off you may want to invest in a nail gun and compressor. You will also need some hand tools, such as tape measure, screw drivers, hammer, T-square, clamps, hand saw, etc.
Once again, we are talking about starting a furniture business on a budget, so if you don’t have all the tools needed to start a furniture business then ask a neighbor, relative, or friend to borrow them.
Advertise your Business Online and Offline
Now that you are ready to start building your furniture business, it’s time to advertise. You can advertise through fliers, garage sale ads, yellow book listings, or even your own website. I have heard of so many people in the american furniture business that used social media platforms, Facebook and Twitter to promote their custom furniture business before they could afford expensive advertising.
You should have already built samples work from your furniture business so that you can take pictures that you can put on your website, fliers, etc.