“My biggest challenge is pricing the quality of your furniture. People tend to overvalue the furniture they purchase. The more you sell the larger your profit will increase the prices of your furniture over time,” says Eric Johnson, co-founder of The Furniture Store.
Johnson says the most common factor in price is material. He explains that handmade furniture is more expensive. He says it can take up to 18 months before the wood, nails, and other material for your piece arrive at its final destination. The result is expensive.
“If you are not satisfied with your piece, then it’s not going to be at home in any of the store any longer. If you are not happy with your quality, you don’t have much of a product to sell and you will probably get out of stock by the time it gets to the store or you will not have customers,” says Johnson. “There is no such thing as a good handmade piece.”
How can I build a furniture business like Ikea?
First, Johnson recommends you get a business idea. He says to create a business plan ahead of time before you pursue your dream.
“If you can identify your customers and make an assessment on them, then come up with a plan and a budget for your business if you are serious about it,” he says. “Then be very clear on what your expectations are, and a detailed vision for your business, so there will be no misunderstandings. Also, create a business plan at the end of this process, because if you get it wrong the last business plan you have will ruin your whole business and you will not have a brand to go to and create and sell furniture.”
Johnson says you may also want to set up your business online to get your furniture on the online market. If you can afford to wait it out a bit then go for it.
“If you can do this, do it! It is a great way to create an online business and bring your merchandise to a mass audience,” is where you should start your business, says Johnson. In addition, he stresses selling your merchandise online, if possible, will help with online sales as well.
He mentions the following when it comes to marketing this way:
“It’s a bit trickier then trying to put out a TV commercial or a newspaper ad. You want to be very careful about the placement of your product.”
So is it safe? Does it take too much money to start
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