HOW TO START A FURNITURE COMPANY IN NIGERIA
The furniture sale business is fast becoming one of the biggest businesses in the country with the business having a huge potential and a chance to get entrepreneurs or business owners a good amount of income from the business. The business is not new at all as furnitures and furniture making was pretty popular in the past too as the materials were used to beautify places and add spice and style to a house setting. In recent times, the need for more quality materials has increased and the furniture making has moved from not only just making nice furniture products but also ensuring it is nothing but style.
The furniture sale business simply involves making nice furniture products and putting them out for sale for customers to get them. The business is a lucrative one and is surely going to ensure that entrepreneurs or business owners who start the business make good amount of profits from the business. The business has increasingly grown into something really popular in the business world with customers looking to get quality and well crafted pieces of furniture to place in their homes, offices, or anywhere at all.
Every home needs furnitures and not even homes alone, as furnitures are almost as important as any other thing needed in beautifying a place. It’s almost impossible to not find any piece of furniture at all in homes today. Over the years, the way and style in which furniture materials are being made have changed. With inspiration from online blogs or pictures of nicely crafted products, business owners now look to give their customers new styles and designs which totally makes the setting of wherever they are placed to look really modern.
Running the business can be in two ways. You can either be in charge personally and be the chief furniture maker for your company or you can choose to just be on the sidelines and get professionals to go about the business for you. As chief furniture maker, you’re a major part of making the furnitures you set out of make. You must’ve gotten experience or had a training on the technicalities involved in the business and how to go about it to be able to be so good that you can set up your own furniture company and be successful at it.
For the other side of the business, it’s simply an example of a particular category of entrepreneurs. What this type of person does is to buy an already established business or get people to do the job while they do all the off site work and supervise what is being done. For this business, you’re just there mainly as a supervisor and the general manager of the company. You don’t have a hand in how the furnitures are being made though you have all the power in decision making and you also determine the designs and styles to be used for the business. You don’t need any training or experience for this part of the business though it is very advisable to have an idea of how things are done even if you won’t really be doing any furniture making work.
One of the major advantages of starting the business is because of the demand for the products. Furniture products such as Chairs, tables, dining set, kitchen cabinets, and many more like that are almost impossible to not find in homes today. They are very popular and just like you can make new ones, you can also refurbish old ones to look good too which makes it a good business option. So you either get customers who want something new or someone who wants an old furniture refurbished. The demand is increasing especially as the business is fast growing into a really big industry and you’re sure to get the customers and make sales.
Starting the business really involves a lot and you’ll need to really be hardworking and also committed to the work. The capital is usually expensive especially if you’ll be dealing in a variety of products for the business. In the next sub heads, I’ll be discussing the steps involved in starting a furniture company in Nigeria and some factors that might prove really important during the course of the business and also to ensure that you’re successful and you make your sales.
No matter what you’ve heard someone saying about a business and how well success is assured or how lucrative it would turn out, always try to do your own research. The research will not cost anything except your time and that time will prove to be well spent when the business starts and the successes starts coming in. It is important to do a thorough investigation about the business since you’re going to be investing your money into it and you’ve never been involved in the business. Some hours of research won’t hurt.
The research is always meant to give you an idea of what to expect and the challenges ahead to be faced. It teaches future entrepreneur how the business works and what success means. It shows the risks involved and the ways to tackle them. It also gives ideas on how to sustain the business and work towards more success. Imagine missing out on any of the mentioned points, it’s more like being less equipped about something especially something you plan to spend money on.
There are experts in the business, of course, so also look to advise from these individuals as they are most likely the best bet for reliable information on the business. Take note of even the smallest things during the research period and pay close attention to how to stay and survive in the business. The research is as important as anything in the business.
2. WRITE A BUSINESS PLAN
A business plan needs no introduction. It is equally as important as some of the other processes or things involved in the business. After a comprehensive and thorough research has been conducted, entrepreneurs must now put all their ideas into paper after, of course, deciding to start the business. The business plan will cover things like the way you plan to operate, the cost of several things, how you plan to market your business, future projections and also contingency plans.
The business plan serves a number of purposes. In cases where individuals might need to get investors or even get a loan, it will prove useful as it will contain all that needs to be known concerning the business. It is also going to serve as a point of reference for the proposed business.
3. CAPITAL AND LOCATION
Capital, like I’ve mentioned, is usually expensive and you’ll need to get a fairly high amount of money to be used for the capital. You can create a budget to allow you estimate the cost needed for starting the furniture company. Capital can either be from personal savings, loan from friends and families or securing a loan from a bank. The capital is hugely important for this business, just like any other one. And to ensure that you start operations and things can be started, you’ll need the capital. The capital is what will be used in securing a location which will be more like a factory where the furnitures can be made. The factory can also be used as a shop or you can choose to have the place where you make the furnitures separate from where the you sell them. There is the option of having more than one shop after you must’ve made progress in the business. You’ll also need to register your business and the cost will be covered by the capital too.
4. STARTING WORK
After deciding how you want your business set up, you’ve selected a place for the factory and the shop, work can then be started. You’ll need to employ workers even if you’ll also be making the furnitures yourself too. Workers make things faster and make sure you get the ones who know about the business and can do actual work. You’ll also need a shop attendant if you’ll be putting the shop separate from where the furnitures are being made. You can’t be at the shop and the factory at the same time. Getting the materials needed for the business is also important to this stage. Get suppliers for the materials and also do your research concerning the places where materials can be gotten and the types you’ll be needing. You might need a truck to help you with transporting things to and from the business.
5. MARKETING AND SALES
Social media is useful for running adverts for this business. You can get banners too, displayed in your shops and also designated spots in the area where you’ll be locating the business. Referrals and word of mouth is also as effective and can help boost sales.
Once your furniture products are quality and you locate your business or shops in a place with large turnout of people and it’s also not close to competitors, then you have almost no problems at all in making sales and being successful in the business.