Furniture Business: I will be discussing with you how To Start Furniture Business in Nigeria.
This business is one that is close to my heart – Nigeria Local Furniture Business.
I as of late outfitted my home and office and I can let you know the measure of cash I spent on those furniture is sufficient to turn head.
Yes, the furniture we purchased are imported designer furniture.
Yet there is the question. what number of Nigerians can bear the cost of imported furniture?
Nearby furniture business in Nigeria is a well-kept mystery.
It is truly an underestimated business opportunity.
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Furniture Business:What number of Nigerians know the actual difference between designer furniture and Nigerian furniture?
This later question is what really lead me into examining further.
To find the truly flourishing local furniture business in Nigeria.
That I need us to investigate and perceive how we can tap from the gigantic benefit in this area.
Actually, everybody needs to have furniture in their home.
Paying little respect to the quality or where it originates from.
To a few, it doesn’t make a difference whether it is imported or Nigerian furniture.
While others essentially can’t differentiate between these two.
How To Start Furniture Business in Nigeria
Why You Should Choose this Business?
Best of all, the Nigerian furniture are in reality gorgeous.
Particularly, when it is outlined by a decent Carpenter.
Since many individuals can’t differentiate the two.
It demonstrates that Nigerian neighborhood made furniture are pleasant as well. some of them lasts long too.
Another truth is that they are far less expensive.
Exhibiting something moderate to everybody.
Not at all like the designer form that in the wake of getting it.
You start checking your pocket to see if there is a leaking hole somewhere.
In this way, since you are in the local furniture business.
You are 100% ensured of good deals.
This is because normal Nigerians (more noteworthy in number) who couldn’t manage the cost of the better sort are continually going to purchase from you.
In any case, the best truth is that you don’t need to be a Carpenter to offer this Nigeria Local Furniture.
Anybody can do the business.
Yes, regardless of your identity.
Or, if you have the required capital to begin this business.
This, which may not be more than N200,000.
That is reality, N200,000 is quite enough to kick you off.
Then as the business begins returning benefit.
You may include more, expand, and include imported furniture or even start to make the predominant sort here in Nigeria.
A well-executed theme or a concept can result in a timeless piece of furniture.
Creating vivid, multi-functional and space saving furniture is a trend followed by modern furniture designers.
On the other hand, Nigerian style furniture is making use of solid wood furniture.
With an authentic look of incredible Nigerian craftsmanship.
Curved arm-sets, and inlay work in metal or ivory.
With so many varied styles of furniture.
It is hard to conclude the type of style that suits you best.
Listed here are some categorizations.
As a pair which are often confused with each other.
That can help you broadly understand the different types.
- Traditional VS Rustic- Traditional furniture is formal furniture, artistic, graceful belonging to the Queen period. Rustic furniture has a homely appearance.
- Art Deco VS Retro- Former is characterized by geometric and angular shapes. Retro reminds you of recent past.
- Shabby Chic VS French Provincial- Shabby chic has a casual and distressed look with a feminine feel.
- Modern VS Contemporary- Modern furniture originated in 1900’s and creates sleek and stylish interiors. Contemporary is the one used most commonly today.
It is important to have exclusive designs either according to the customer wants.
Or according to one’s own preferences as a furniture designer.
Keeping up with the modern day designs and customizing.
According to the customers or having an exquisite design collection is a choice one has to make.
Another aspect of having a successful business is to patent the designs.
Patenting your creation is something that most of us don’t think about at first.
The truth is over 2 to 3 centuries hundreds of thousands of design have been created.
And there is a 90% chance that most designs will resemble those designs or some aspects of it.
Creating a twist and market appreciation doesn’t protect your design from being copied.
Having a patent will protect the form, procedure and the design itself.
It is hard to get a patent and hence it is advised to strongly advertise your product to inform the customers about the original creator by building strong brand goodwill and identity.
1. Furniture Business:Knowing Your Niche
It is probably the most important thing to do before starting any business .
And it includes first to decide the kind of furniture you wish to create for example office, domestic or home furniture or luxury items.
The next thing to do will be to undertake a market research to understand your target audience.
The demand for it and the geographical areas you wish to cater i.e. locally or a broader market.
A competitive analysis involving knowing your competitors, product prices and characteristics that will set your furniture stand out in the market is a must.
Another aspect is customization, decide if you will allow customization for your products
Develop a business name, logo and slogan.
The business name must give an idea of your product line.
The slogan should embody the ethos of your work. Let it be short and catchy.
The logo should not be messy and as neat and classy as possible.
Hire a graphic designer to help you with this.
Publish a catalog with the product images and price details.
2. Furniture Business:Cost Estimates
You also can begin little and become enormous in the furniture business.
An entire four arrangement of imported SOFA costs from N1.5 m.
While the same finish set of seat. made with great materials (the Nigerian route).
These takes about N70,000 from the neighborhood carpenters.
With great arrangement, you are certain to get it less expensive.
Offer for N100,000 in your showroom.
And make N30,000 unadulterated benefit from that solitary offer!
Is that a decent business or not?
Since I have stimulated you a bit.
Let me take you through the couple of simple strides you have to take to get your local furniture business up this week.
3. Furniture Business:Required Raw Materials
The most obvious choice is wood, and why, because it is the most versatile, renewable and sustainable resource.
It is strong, durable and usually, one lengthy plank of wood can create one piece of furniture.
Each wood has different characteristics adding a different degree of warmth and elegance to the ambiance.
It is machinable and can be fabricated to fit any shape and size.
Traditionally wood is classified into two kinds – hard and soft.
4. Furniture Business:Learn the Trade
If you are sure that you are interested with beginning your own furniture business.
It is important that you select a specialized school.
Exchange school or as a student in a furniture making company to learn the trade.
Figuring out how to make furniture.
It is not advanced science.
Once you have enthusiasm for it.
You can undoubtedly understand the idea.
And in a brief time frame you will begin delivering your own furniture.
Along these lines, make sure that you look for a decent place to learn the trade.
Do this before beginning your own particular furniture making business.
Actually you will keep on improving as you deliver more furniture.
5. Search For A Good Carpenter in case You’re not one
Each Carpenter can hold mallet and nail but not every Carpenter is fit for creating great quality furniture work.
A few Carpenters are great at creating great furniture work yet not every one of them can convey it on time.
Not very many does! Search for maybe a couple among these few and arrange great deals with them.
They will be in charge of providing you the furniture you have to pitch to your clients.
A full arrangement of Living Room Chairs (N70,000), 2 Beds (N40,000), and a Dinning Set (N20,000) is all you require to begin.
You may include great Foams to those Beds which you will offer together with the beds and make profits from both.
When you are through figuring out how to make furniture and you are sure that it is a business that you need to begin, then it is important to take a seat and build up a decent business plan for the business.
However, if you want your furniture-making business to be successful, you must invest time defining your marketing strategies, developing financial projections and organizing and managing your business.
- Write a company description that explains the kind of furniture you make, how you make it, how you’re different from your competition and who you target customer is.
- Explain your market analysis. Describe how you have researched other furniture manufacturers and how your business fills a need in the market.
- Define your business structure, such as a sole proprietorship, partnership or corporation. This decision has important tax ramifications.
- Describe your product line, such as exactly what kinds of furniture you manufacture, what materials you use and how it benefits your customers.
- Explain how you plan to market your furniture business. This includes not only how you plan to advertise, but also how you plan to grow your business with new products or expansion into new markets.
- Supply financial projections for the next five years. This is especially important if you plan to finance some of your startup costs. Creditors will want to see your financial projections.
In all actuality, it is your business plans that will help you push out rivals in this kind of business.
Simply guarantee that you play to the region of your quality.
For instance, since you realize that you are great with making office and school furniture.
Then you ought to focus on it as against dallying into couches and beds et al.
Your furniture business plan ought to have the capacity to provide guidance and manual for your business.
7. Furniture Business:Enlist Your Business
In the event that your aim of beginning your own furniture making business is to supply workplaces and corporate organizations furniture, then you ought to attempt to enlist the business.
are heaps of advantages you stand to pick up when you enlist your business with the government.
You are additionally required to get your citizen’s ID and likewise to open a corporate record for the business.
Since you can make a special effort to complete every one of these. individuals will consider you important and they will need to work with you.
8. Furniture Business:Get Stock
After you have decided the sort of furniture you need to offer and the company to purchase from.
It is now time for the importation legitimate.
Contact the company and advise them of your interests in having a partnership with them.
Since you want to purchase in mass, then you should let them know so they can advise you of available discounts.
They would disclose to you the different records you would need to make accessible to handle the shipment.
For a start, stock up your store with no less than 200 bits of the furniture.
This would help since you meet different retailers who will purchase in mass. or another company that is attempting to set up office.
9. Furniture Business:Choose a location.:
If you plan to open a physical store, find a space that suits your customers’ needs.
example, if you are making custom cabinets, find a space that’s large enough to display different options.
Or, if your target market is residential, choose a space that’s easy to find and accommodates parents with children and strollers.
Also, consider your suppliers. Find a location to which your suppliers can easily ship.
- Research zoning laws and regulations in your area to determine where you are permitted to run your business.
- If you are going to do all of your business online, then you still need to find a location for your workshop. Find a space that’s big enough to complete your work efficiently and that’s convenient for your suppliers.
- Depending on the type of materials you need to keep on hand, you may also need a warehouse space. Choose one that is large enough for suppliers to easily pick up and drop off materials.
- Don’t choose your location based on the most affordable rent. Rather, choose the best location you can afford that attractively displays your furniture and efficiently accommodates your customers.
10. Get A Showroom for Your Local Furniture Business
You require a showroom to have the capacity to show your furniture to people in general. Ensure it is by the roadside for bystander to see them.
Publicizing is everything in business, if your furniture is concealed, nobody will see them and you wouldn’t make a sale. You should by all methods get your product where individuals can see them for you to make sales.
Since you don’t have cash for a showroom, go for open place by the roadside. Numerous Nigeria furniture vendors, sell at the open place by the roadside and despite everything they make great sales.
When you have these two things set up, you are prepared for business however keep in mind that your Customers are the backbone of your business, give them great services and treat them well.
11. Furniture Business:Transportation/Logistics
I mean the methods for transporting it to your clients and methods for bringing from the market. You have to get a major truck for this reason.
In any case, since you can’t, then you make utilization of enlisted truck which will be costlier over the long haul.
To setup the furniture business of this greatness I’m attempting to clarify, you will require great measure of cash.
Your startup capital must be sensibly high, at least N50 million.
Anything under N50 million will most likely be unable to do standard furniture business for a start.
It’s an entirely huge business and I will compose more articles on this in the coming weeks and months.
12. Remain Abreast With Latest Furniture Trend
One thing about the furniture industry is that the pattern changes now and again.
Individuals find better and proficient methods for creating diverse kind of furniture and you can get such data from distributed diaries or from the web.
In this way, make sure you remain side by side with the most recent pattern in the furniture industry.
Of course, this is important since you need to remain in front of your rivals.
13. Furniture Business:Structure your business:
Choose a business structure for your business, such as a corporation, partnership or sole proprietorship.
The business structure you choose affects how you file your income taxes.
Consult a certified public accountant (CPA), lawyer or other business advisor to help you make this decision.
- Register your business with the Secretary of State in the state where you plan to do business.
- Obtain a federal tax identification number from the IRS, and check in with your state to determine if you need a state tax identification number.
14. Furniture Business:Obtain licenses and permits:
Every state requires some form of business or license to operate legally in that state.
Visit the website of your state government to research what is required to open your furniture business in your state.
Your state may have specific regulations about the location of your furniture making business.
Also, familiarize yourself with state and federal consumer safety regulations.
- Furniture manufacturers must comply with requirements regarding formaldehyde emissions from wood, greenhouse gas reporting, hazardous air pollutants from wood and metal coatings and hazardous waste disposal
15. Furniture Business:Find funding sources:
Choose from a variety of methods for funding your business.
You may have enough in personal savings to invest in your business.
Or, you might have friends, family or other business associates who would be willing to invest in your furniture making store.
You would either make plans to pay back their loan or offer them a share in your company, depending on your business structure.
Finally, you can finance your business with a loan.
- The Small Business Administration (SBA) partners with banks and lending institutions to offer loans to help business owners.
- Other funding sources include a personal line of credit from your bank, peer-to-peer lending sites like Prosper, tapping into your retirement account, using credit cards, getting a home equity loan or using a crowdfunding site like Kickstarter or GoFundMe.
16. Furniture Business:Create a website:
Even if you don’t sell your furniture online, you should have a high-quality website to showcase your work.
Invest in a web designer to make your website look professional.
Update your website regularly with new pieces.
Consider adding a blog page with posts about project updates, your design process and tips for shoppers.
Have a professional photographer photograph your work and post these images on your website.
The better your photographs are, the more appealing your work will be to prospective customers.
17. Furniture Business:Become affiliated with galleries:
A gallery will display your furniture as artwork. This allows a broader base of customers to become familiar with your work and see it first-hand. Customers can purchase pieces directly from the gallery. In this case, the gallery keeps a portion of the sale.
- Tom Dolese of Terra Firma Design credits his relationship with the Northwest Woodworkers Gallery in Seattle for expanding his business from his small town in northern Washington to include many customers in Seattle.
18. Furniture Business:Expand your product line:
Attend woodworking classes to learn cutting edge and different techniques.
Incorporate your new skills into your work.
Dedicate time to coming up with new designs.
Collaborate with other colleagues and share ideas and expertise.
This allows everyone to grow and learn from each other.
19.Furniture Business:Find inspiration for your designs:
Inspiration comes from many places.
For example, the natural world is full of shadows.
Forms and silhouettes that can turn into the basis of shape, line and colors for your design.
Also, everyday items such windows, food or buildings can inspire ideas for cabinetry, table legs and other furniture elements.
Of course, always be inspired by the needs of your customers.
Consider how the furniture will be used when determining materials and structure.
Also, think about the design aesthetic of your brand.
For example, your design style can be contemporary, traditional, country or Victorian.
20. Furniture Business:Create contrast:
Contrast is the pairing of opposites, such as light and dark or rough and smooth textures to generate visual interest or depth.
It can also be used to highlight an important element of a piece of furniture.
For example, if the doors on your cabinet feature a signature design element, craft them from a different wood or change the direction of the wood to draw the eye to it.
Contrast can be subtle or more obvious, but it should not be overused.
Avoid severe, distracting contrast in your pieces. Rather, opt for artful playfulness.
21. Furniture Business:Consider proportion:
Proportion refers to the size and scale of the components of the piece.
In addition to size, it also has to do with creating harmony among the colors, shapes and textures.
The way that these elements should relate to each other depends on your cultural experience.
The eye becomes accustomed to seeing a desirable proportion among elements in nature, especially on the human body.
In fact, you probably don’t even think about proportion until you see something that looks out of proportion.
- The Golden Rectangle is a symmetrical relationship that has been used in design for thousands of years and by famous artists such as Salvador Dali, Leonardo da Vinci and the designers of the Parthenon. It is a mathematical concept that makes visual designs more appealing. It is derived from the Fibonacci sequence which is found everywhere in nature, from leaves, to seashells and even the human face. The proportion of the Golden Rectangle is
22. Furniture Business:Determine shape:
Shape is also known as form. It is determined by the outline of the piece.
Three basic types of shape in furniture are geometric, organic and abstract.
- Geometric shapes include circles, squares, rectangles and triangles. They are make from straight lines and curves and are often symmetrical.
- Organic shapes are often asymmetrical and mimic objects found nature, such as leaves or bodies of water.
- Abstract shapes are artistic representations of forms which may or may not be recognizable.
23. Look at the relationship between the lines:
Lines on a furniture define the space and guide the eye around the piece.
Depending on the design style, they can be straight or curved, thin or thick, vertical or diagonal. Examine the lines in your pieces to evaluate how they align.
- Horizontal lines add length and width to a piece.
- The combination of vertical and horizontal lines add symmetry and balance.
- Curved lines create movement and add whimsy.
24. Furniture Business:Add texture and patterns:
Texture is the quality of the surface of the material.
Texture can be visual, such as how a piece absorbs or reflects light.
It can also be tactile, such as the feeling of fabric on a chair.
Patterns are created by the repetition of elements in a piece. You can add pattern with shape, color and texture.
25. Furniture Business:Introduce color:
When using color, consider its three qualities: hue, value and intensity.
In addition, colors can also be described as warm or cool. Color can be added to furniture with paint, stain and textiles or by using different kinds of wood.
- Hue is the name of the color, such as red, yellow or blue.
- Value is how light or dark the color is. Light colors can sometimes make furniture appear unstable, whereas dark colors add visual weight.
- Intensity refers to how bright or dull the color is.
- In general, warm colors are red, yellow and orange, and cool colors are blue, green and violet
26. Furniture Business:Furniture Selling
Two broad ways of furniture trading are (i) Selling Offline – having a store (ii) Selling Online – trading only through the website. Besides this Deciding Niche and Innovation in Design is also important in the furniture selling business which I have mentioned above in Furniture Manufacturing Business, please have a look from there.
Now let’s discuss the steps involved in the furniture selling business
27.Furniture Business:Expense Forecast
A crucial step to make your business successful is to accurately budget the company.
A precise list of expenses not only helps in estimating the fixed costs and operational costs.
But also provides an idea of expected profit and makes it easier to communicate with banks and investor to get loans and capital. the list below includes most of the expenses, but not all, that shall be incurred:
28. Expense involved in selling through Furniture Store
On a rough estimate, you will require 15-25lakhs in the following areas
- Expenses incurred to structure your business which might involve fees or other charges for hiring an advisor.
- The cost to obtain a license and other permits from governments.
- Store rent or purchase payment of the store.
- Purchase payment for equipment.
- Purchase payment for inventory, ready-made pieces or raw materials like wood, glass etc.
- Marketing and advertising expenses.
- Staff salaries and bonuses.
- Cost of running the store like water and electricity bill.
- Cost of maintaining the website.
29. Furniture Business:Expense Involved in Online Furniture Selling
On a rough estimate, you will require 40-50lakhs on initial level unless you are selling some unique products which are only available to you. In that case, you can do this business in 10-15lakhs only.
- Quality Management
- Staff Salary
30.Furniture Business:Online Store
Choosing to sell online would still require you to have a warehouse to keep your inventory and stock. Space efficient and big enough to store the products without causing any damage. Selling online implies having a brilliant website which allows the customer to choose the quantity, size, delivery date, a ‘send as a gift’ option and the payment gateway. Listed are few things to be kept in mind:
- Establishing long term relationships with wholesale sellers. Building a populated stock is a key step buying in bulk from wholesale sellers lets you enjoy a good profit margin.
- Boost your online store by including a shopping cart solution on the website. Allowing the customers to choose the color, size, a zoom in option, high-quality HD pictures, a swift check out are all drivers of a successful website.
- Associate with trusted names that deliver your products without causing any damage. Make agreements only with good brands so that a delivery does not cost you your reputation.
- Get your name out in the market using all sorts of online advertising platforms ranging from social media to SEO.
- Delivery is the last point of contact with the customer, make sure it to be an impactful one. Confirm the date and time of delivery with the customer and have a polite and presentable staff.
- The website should tell your story, company’s history, mission, vision and goals to engage the customers thoroughly in your brand.