How to Start a Home Decor & Furniture Line Business?

If you have an innovative home decor business idea, you can translate it into a profitable gig without being an expert. It may take years before your concept takes shape, but you would make your customers want to come back to you for more with sheer hard work and perseverance.

So, here's what you can do to start a home décor and furniture line business.

1. Come Up with a Solid Business Plan

The first step towards setting up and running a successful home décor business is to craft a business plan. That is, come up with an idea for a home décor business. To do this, you could start with writing down the key points that you want to incorporate into your business plan. Your business plan should be product-centric and go right from design to the marketing stage, where the end goal would be to drive sales.

However, it isn't enough if you just come up with an excellent idea for a home decor product. You should also consider the elements that go into making it. Your business plan should also include how you design the product and the material and equipment you will need to do so.

You also need to apply for and trademark a license for your home décor products. Don't start designing unless you have the proper permission.

Another aspect of your business plan is the amount of capital you will need to raise to found your home decor business. So, work towards securing the money required.

2. Define your Products or Services

Most successful home décor businesses have a range of furniture product lines that they offer to the customers. You can provide several home décor products and services, including entire home or room makeovers, furniture up-bolstering, eDécor services, and home window redressing services.

Before you even start providing services to your clients, you must think about the services you are going to offer and how you plan to price them.

3. Set a Price for Your Services

The next step in starting a home décor and furniture line business is pricing. When pricing your products and services, remember that you have the artistic talent and that the prices you set should not depend on the time you take to do the job or even the materials you will need to procure. To get the pricing right, check out other home décor services' prices or visit a home décor and furniture shop to get a fair idea.

4. Work Towards Building a Solid Portfolio

When handing over the project, most clients ask for your portfolio. That is, they ask for the tasks that you have completed for others. They ask for your portfolio to know how good you are and if they can rely on you to get the job done. So, once you complete a project, you can take a picture of it and add it to your portfolio.

You could also try different techniques to get some variety. That way, you can diversify your portfolio, adding projects of various kinds to it. Likewise, you could also have a guestbook to record all the people you have worked for and get their feedback. You can then show that feedback to other clients and make it easier to get to know you better.

5. Get More Clients and Projects

Once you have finished building a solid portfolio of projects that you handled in the past, you can show those projects and the feedback you have got to the clients and bag more projects.

Another way to get more clients and projects is by tying up with local suppliers. You could also try and connect with companies into fabrics, wallpapers, carpets, flooring, furniture, and many other such things.

Contact carpenters and painters to know more about the prevailing rates as doing so may enable you for discounts to avail of their services.

6. Promote Your Business

Everybody claims to have the best business idea, but it only yields results when making it profitable. In this view, the first step you should take is to get the word out to consumers. To do this, you can connect with professionals like real estate agents, architects, and other home décor businesses and work with them to attract more clients.

It's also a good idea to invest in services like logo and website design to get the best out of your promotional efforts. Likewise, you can also have an inspiring social media page that tells prospective customers about your products or services.

Advantages of Starting a Home Décor Business

Many factors contribute to starting a home décor business. For instance, you must:

• Develop an idea
• Set up a business structure
• Launch your business
• Design a marketing strategy to promote your home decor business

There are both advantages and disadvantages of setting up a home décor business. Here's a list of how starting a home décor business can be beneficial.

1. You can Start and Run the Business from the Comfort of your Home

You don't necessarily need a store to run your home décor business. Many home décor business owners operate out of homes. So, you can do the same too, at least in the beginning.

2. It Pays Well

A home décor business is indeed profitable. After all, you are solving a problem for the customer by doing what you genuinely enjoy.

3. It Doesn't Take Much Time

Unlike in some other businesses, we’re manufacturing a product or providing a service takes time, coming up with a home décor product or service is quick. You can do the job in about nine months or so and bring your product out into the markets in no time.

4. You can Get Discounts

As a seller of home décor products, you can get fantastic industry discounts and perks working in the home décor space entitle you to them.

5. You Get to Work on Your Terms

Being in the home décor space means that you get to work without someone else looking over your shoulder.

6. You Get Friendly Customers

In the home decor space, customers are almost always friendly and appreciate all the hard work you put into designing their houses. It does away with all the distractions coming from annoying customers.

So, these are some advantages of starting a home décor business. While you come up with the best business idea for your home décor business, there are a few setbacks that you face.

7. Intense Competition

There is intense competition in the home décor business, making it challenging to develop new business ideas that work. However, the real problem lies in understanding the markets.

8. Finding Suppliers

While home décor businesses primarily work on supply-chain, finding suppliers, especially the right ones, can be a bit of a problem. It takes much effort and experimentation. It can even take years to find the right supplier if things don't go as expected.

9. Expenses

Another challenge that most home décor businesses face is that they tend to incur many overhead expenses when selling their products. So, you must be able to keep these expenses under control by budgeting strategically.

10. Commitment

If you are serious about starting a home décor business, you must commit to it by dedicating the time and effort required. In that, you must be ready to come out of your comfort zone and do whatever it takes for its success.

Final Thoughts

Starting a home décor business can be profitable if you do it right and dedicate yourself to all the hard work that goes into its success. Home décor is also one of the best online business ideas as much of the promotional efforts that go into it are through the online mode. Sure, you might struggle financially initially, but you can rest assured that the business will be profitable once the idea takes flight.

Also read:

1) How to open a furniture store? A complete guide
2) Business Idea: How to Sell Furniture & Home Decor Online?
3) How to start Refurbished Furniture Manufacturing Business?
4) Here's a list of Best Cities to Buy Business Equipment, Furniture & mor
5) OkCredit: Simple, Paperless & Secure solution for businesses

FAQs

Q. Is Home Décor Business Profitable?

Ans. A home décor business is indeed a profitable venture if you do it right by dedicating the time and effort required.

Q. What are the Marketing and Distribution Channels that I Should Employ for My Home Decor Business?

Ans. For your home décor business, you can employ a host of both offline and online marketing channels. You could have a website that tells your customers about the products you offer or even promote them on social media.