Introduction to the Furniture Business
The furniture business focuses on manufacturing and selling furniture like chairs, tables, cabinets, shelves, etc. It uses materials such as wood, aluminum, iron, and glass. Though it requires sizable investment, this business sees interest from entrepreneurs due to its profits and wide market.
The Production Process and Trends
The production process for furniture involves more than just shaping wood, metal, or plastic. Design and fashion trends play a role too.
Market Trends and Business Preparation
The global furniture market will reach $800 billion by 2025, driven by more houses, demand for multifunctional and storage furniture, luxury furniture, and growth of hotels and real estate.
To start a furniture business, one needs to adhere to the following steps:
- Understand industry and market trends
- Define target customers
- Plan shop location and layout
- Figure out types of furniture to sell
- Estimate costs and expected profit margins
- Decide on manpower needs
- Obtain necessary licenses and registrations
- Budget for machineries and raw materials
- Plan procurement of materials and production process
- Strategize pricing and marketing
- Consider insurance needs
What is the Category of Furniture?
Furniture is a broad category with many sub-types serving different functions and styles, ranging from seating like chairs and sofas to storage like cabinets and drawers to desks, beds, tables, and more. The choice depends on personal preference, decor style, and intended use in home, office, or other spaces.