Upcycling is the art of creatively reusing waste or unwanted materials and objects, which increases their artistic value and durability. Upcycling caught on as a trend a few years ago. Many people appreciate the idea of upcycling due to its positive impacts on the environment. Business people are exploring multiple upcycling business ideas. Furniture upcycling is one of the most popular upcycling business ideas.
Furniture upcycling became a hobby for most people, and some eventually scaled up to start their own furniture business. It might just be an excellent choice for you. Let’s look at some of the essential steps you need to consider if you are asking yourself ‘how to start your own furniture upcycling business?’
Steps to start a furniture upcycling business
1. Know your industry
The furniture refurbishment and reupholstery industry, which falls under the furniture manufacturing business industry at large, is a growing space. With more people turning towards finding new and innovative ways to upcycle their furniture, this industry has been gaining demand over time.
Especially with the economic crisis prevalent today, furniture upcycling businesses are receiving more customers than furniture manufacturing businesses. If you are pondering over how to start your own furniture business, know the different spaces within the industry as well and make well-informed decisions.
2. Carve your niche
This brings us to the second step, finding what your business will specialise in. The furniture upcycling business has its subcategories as well. You could start your furniture company in repainting, retouching, recoating, repairing, recreating unconventional designs, etc. Based on your research and interest, find your best fit amongst the choices at your disposal, and begin your journey with one or two niches.
You can also choose amongst which industries you specifically want to cater to; office furniture, home furniture, factory, and retail sector furniture, etc. As you grow and your business starts to show results, you can expand and branch out into newer fortes.
3. Create a business plan
A business plan is crucial for any entrepreneur setting himself up to start his venture. A business plan includes the mission statement, the structure of the company, market analysis, competitive analysis, products and services offered by the company, management team, financial plan, projections, etc.
To start a furniture company, a business plan would enable you to envision your next steps required to achieve your goals. It will act as a support to your overall business strategy. A solid business plan can also act as an attraction for investors. It can help you acquire good startup funds to start your own furniture business.
4. Estimate the costs and investments required
If you are starting an upcycling business right from home, your investment would be in the tools required for the manufacturing of upcycled furniture, which might include a face mask and goggles, a workbench, a few screwdrivers, staple guns, some paints, masking tape, etc. If you are starting as a one-person army, investments are low. If you intend on setting up a proper stop shop and hiring a workforce, your investment will differ. Nonetheless, the costs would not be too high to start a furniture manufacturing business.
5. Name your business
Naming your business makes it recognisable and enables it to stand out. A name gives your furniture upcycling business a better recall value. A business name must be catchy and unique, something that sticks to the mind of the customers. To start a furniture business, choosing the right name that adds value to the community you are selling it in is a must.
A business name forms a considerable part of the brand identity. It sets the tone and acts as precedence for certain parts of your target market. Choosing a relevant and befitting name for your furniture upcycle business shouldn’t be done in haste.
6. Build a website
To start your furniture business, building a website is vital today. With the advent of digital today, a business must have an online existence if it wishes to sustain itself in the long run. A furniture upcycling business can be built through an online presence as well. You don’t necessarily have to have big warehouses and factories.
Don’t let these limiting thoughts stop you from becoming a successful business owner. A website is a great way to communicate to your potential customers as well about the services you offer and your credibility. A professionally made website with easy navigation and access makes for a great customer experience and adds value to the brand.
7. Clear all legalities involved
While starting your own furniture business, getting all legal matters cleared up at the beginning itself saves you from any hiccups coming up in the future. Business licenses, business permits, tax certificates, non-disclosure agreements, etc., are a few of the legal documents required to start your own furniture business.
It is also a good decision to have your trademarks, patents, and copyright documents in place to save yourself from any plagiarism suits. And a must for every business, no matter how big or small, is to get an insurance policy. Meet up with a business lawyer or policy agent and get all your documents intact before you go all out in your furniture upcycling business.
8. Build your business brand
Having an upcycling business idea is only completing one mile of the race. A business setup and brand completes your vision and helps you scale. A brand equips you to make a mark in the industry you are in.
Unique brand identity also empowers you to scale your furniture manufacturing business. Business brands can essentially make or break your business goals. This is an aspect one must not leave out in their business strategy, no matter the scale of the business.
Here are a few steps to build a brand that will help you get started:
- Set your core vision
- Define your brand personality
- Have a strong brand essence
- Build your brand positioning
9. Create a marketing strategy
A marketing strategy is a must-have if you want to gain customers. Since the barriers aren’t many for someone to start their furniture upcycling business, creativity and innovation in marketing are pivotal. Pack your strategies with out-of-the-box and revolutionary ideas.
Get yourself a marketing professional, if needed. Use the best marketing channels suitable in your location and reach out to your audiences. You will have to make your space in the market if you want to lead a sustainable furniture upcycling business.
10. Hire a team
This step might not be required in the early stages of your furniture upcycling business; however, depending upon the situation at hand, always be in a position to hire some help for yourself. Be it in terms of the workforce to help you with an upcycled furniture piece or a management team to help you with the execution of your business plans. Don’t hesitate to build yourself a larger team and get the assistance you need. At a burnt-out and overworked capacity, your furniture upcycling business won’t thrive.
1) How to start a business of eco-friendly & organic cleaning products?
2) How To Start An E-waste Recycling Business?
3) How Can Stock Summary Reports Optimise Inventory Management?
4) How Safe and Secure is Online Software?
Stay updated with new business ideas & business tips with OkCredit blogs in English, Hindi, Malayalam, Marathi & more!
Download OkCredit now & get rid of your bookkeeping hassles.
OkCredit is 100% Made in India.
Q. Why should you start an upcycling business?
Ans. Upcycling business ideas are cheap to execute and scale as well. Add creativity to the mix, and an innovative upcycled piece of furniture is not going to be any less than a piece of art. It is also an extremely environment-friendly business idea. It reduces pollution caused by the production of new materials and saves resources from getting overused. It also ensures that the wastes in the landfills are controlled, if not entirely reduced.
Q. Can a furniture upcycling business be online?
Ans. As mentioned in this article, digital is booming. Having a business online makes your life easier. It is easier and quicker for you to reach your target markets and acquire leads. An online furniture upcycling business is a good setup to have if you are looking to start small. It also saves you from open front store costs and traditional marketing costs efforts unless you want to branch out and expand your business.