Starting and running a furniture business in the UK

Starting and running a furniture business in the UK

Furniture will always be a consumer need. Whether for people who just became homeowners and are looking to decorate their house in a way that fits their tastes or for those who have grown bored of the same furnishings they’ve had for years and would like a change, furniture items won’t ever become obsolete. Therefore, if you’ve been thinking of starting your own business but are still unsure of the niche you should focus on, furniture may be the answer you’ve been looking for. Managed correctly, the company can become incredibly lucrative in the long run. 

But what are some of the things you should have in mind when it comes to starting a furniture business? What aspects are more likely to help you succeed and see your enterprise achieve steady growth? Let’s have a closer look. 

Understand the market 

Recent studies estimate that the furniture market is forecasted to only ever increase over the next few years. There are many reasons for this, such as an increase in disposable income for the general public, the growth of the hotel industry, as well as an ever-growing demand for luxury products among customers. And these products aren’t only targeted at clients with higher income, as everyone has started seeing the advantage of investing in high-quality pieces. Even if the upfront costs are higher, clients are willing to pay them, safe in the knowledge that the furniture lasts longer and stays looking new when you’re eager to invest. 

As the number of tiny houses increases, there has also been heightened demand for multifunctional furniture that offers clever storage solutions. When you keep all these aspects in mind, it becomes clear that the furnishings industry is not only surviving well but thriving. Customers are becoming more particular in their needs and requirements, and you must be ready to provide what is fashionable for them at the moment. However, you must also create your own brand’s personality and make sure you stick with it. After all, being much of the same is not going to help you stand out or create your own loyal clientele. This brings us to our second point: 

Find your niche 

There are many businesses out there, and they each have engaging offers for their customers. It can be challenging to keep up with them and leave your mark in the industry. The best way to do it is to create a strong brand identity from the very beginning. Take a close look at the market and find a niche that most other companies in your area aren’t addressing. For instance, you may focus on only designing office furniture or solely items that can be used in only one room of the house, such as the kitchen. 

Specify the style of furniture you will be creating. For instance, you could focus on painted solid wood kitchen units. You should be sure to include precise details of the colour palette that will be available, as well as the materials you will use. If you want to take it a step further, you can also include details on the manufacturing process and what it entails. It’s also essential to ensure your target audience is interested in the products. If they are, and you have a significant clientele willing to buy your goods, then your business is good to go. 

Choose the location 

It may not seem a top priority, but finding the perfect location for your business is a big deal. The world is highly visually-oriented these days (just think how many people use social media and how the highest-grossing films are also the ones with the most impressive cinematography), and as such, anything that’s not exactly aesthetically pleasing is probably not going to be to the liking of many. While other clients won’t care, when you’re a business owner, you must think about attracting as many customers as possible. 

One of the critical aspects to keep in mind is the space. You want to choose a large location to showcase all your products. Take lighting and arrangements into account as well. They’re an integral part of the process and can increase the selling potential. Think of this as marketing, and give it the same importance you would like a commercial you want to reach a wide audience. Another factor to keep in mind is the target market you’re aiming to sell to. For example, suppose your audience is composed mainly of families. In that case, you want to ensure your brick-and-mortar locations can be reached relatively quickly and easily and accommodate different conditions, such as coming into the store with a baby in a pushchair. 

Plan but stay open 

When you’re looking to start a business, you don’t expect it to happen overnight. Creating a company takes effort and patience. After you’ve laid the foundations and got the hang of what it means to run an enterprise, you’ll have to come up with a plan that helps you grow and develop. After all, there’s no point in having a business if it keeps stagnating. While it can sound relatively straightforward, it is actually a fairly complex process. There are many aspects you need to take into account and research. You also have to consider additional elements such as networking, for which you may even need a mentor or another means of external help. There’s no problem with that, and you should ask for help when you need it rather than go through a lot of trial and error that’s not only time-consuming but also potentially discouraging. 

Nevertheless, you must also make sure you leave enough room for innovation. Following your plans is good because it helps you set a predictable pace. You know what to expect and have a clear picture of how things should go. You can also measure your goals and set new ones accordingly. There’s no risk you’ll burden yourself with too much too soon. However, being too hard-set can also cause you to miss out on stellar opportunities simply because they don’t fit in comfortably with your plans. When you find the perfect balance between the two, you’ll have both a strong foundation, as well as the creativity that helps develop all businesses. And that’s the recipe for success.