It has been noted in recent years that the Indian furniture market is expanding beyond the traditional restaurant table designs and chairs designs market to include items such as sofas, wardrobes, cupboards, etc. This growth is also being attributed to the improvement in living standards.
The pandemic has caused modular furniture purchase rates to grow to such a level that the furniture industry has become an essential part of Make in India. A further change has come to the furniture industry through the introduction of e-commerce furniture brands.
If you are keen on creating sculptural pieces of art from wood, then establishing a furniture manufacturing business is a great choice.
In this blog, you will get to know how to start a furniture business in India.
So, let’s get started.
Why Should You Invest in Starting an Online Furniture Business in India?
The furniture industry is not left behind in the race to create a successful business online after the pandemic as most businesses realize the value of going online after the pandemic.
Here we have outlined several different ways why you should start a furniture business and whether a furniture business is profitable or not:
Market Potential for Starting Furniture Business
The domestic furniture market is experiencing an increase in demand over the past few years, and there is a variety of exclusive designs that continue to drive the market forward.
As reported by Statista, this industry is expected to reach a value of 40 billion US dollars by the year 2026, up from 30 billion US dollars today.
Due to the increasing growth rate of the online furniture business over the course of the past few years, it is evident that starting a business is highly profitable.
A low startup investment can lead to a successful online business. Your online store does not require a physical location, signage, inventory, or staff, as does a brick-and-mortar store. An internet connection or another way by which you can access your online shop is the only essential equipment that you will need to get started.
An online business offers the convenience of being able to run it anywhere, anytime you want, unlike a brick-and-mortar store where an employee must be present all the time.
Considering your retail furniture store is virtual, you might be able to take advantage of the possibility of earning money while you sleep if you use it to make money from your business. Thus, the flexibility that can be associated with online businesses can also translate into a range of options when it comes to the timing and location of transactions.
Traditional brick-and-mortar furniture stores are not able to reach a global audience, which is one of the limitations of brick-and-mortar furniture stores as they can’t reach a worldwide audience. An online store’s audience is not limited to locals like a traditional store is.
One of the biggest advantages of having an online business is that you can connect with your customers around the globe in an effortless way. A business may be able to achieve growth by going online with its business, which can be thought of as part of its growth.
How to Start a Furniture Business in India?
Starting a furniture manufacturing business is a challenging process consisting of several steps.
Below we have shared a step-by-step guide on how to start a profitable online furniture business in India:
Do Some Market Research
We mentioned earlier in this article that the Indian furniture industry is expected to grow significantly in the coming years. However, it is imperative to conduct thorough market research on an individual basis to ensure success. Your location can be taken into account when conducting market research. Having a full understanding of how to start a furniture business and scale it in your area will allow you to make an informed decision.
Depending on the time and place, the demographics and needs of customers vary from one part of the country to another. Whenever you decide to start your own furniture business, you should conduct thorough research into the market thoroughly based on the type of business idea you wish to pursue.
Determine the Target Audience
When you don’t have a definite target, you are taking a blind shot in total darkness, and you have no idea where your bullet will land. You may or may not be able to hit the bull’s eye with that shot. Rather than relying on luck, you’ll know exactly where your shot will land with a detailed and well-designed plan for your furniture manufacturing business.
Your furniture business will be more successful if you define a target audience for it, and then you will be able to create a foolproof business plan. The marketing efforts you are putting to work will have a direction, and the appropriate changes can be implemented based on your evaluations.
Obtain the Required Permits and Licenses
No matter whether you want to start a furniture business in India or not, you need to get government approval before you begin any business to avoid any complications with government authorities. In order to begin operating your business, you will need to register as a business owner, obtain your GST registration, as well as obtain all the necessary licenses and permissions. Since starting a business in India requires multiple trips to government agencies, make sure you have all the necessary documents and are prepared to make several trips.
The Investment in Machinery
Following raw materials, machinery is the most important factor to consider when designing your furniture manufacturing plant. When you start a furniture company, you have to account for your investment in machinery. Investing in furniture manufacturing will be less expensive if you are a small business.
Machine costs, however, will play a major role in your cost sheets if you are establishing a large-scale furniture company. Machinery for furniture businesses would include stationary machines, processing equipment, and automated packaging systems.
Get the Right People On Board
Getting started in the furniture business isn’t easy. Just as with any other business venture, it takes effort and hard work. The hard work you put in is only useful if you can turn it into smart work by hiring a team. The importance of hiring skilled workers for a furniture manufacturing plant cannot be overstated.
Sourcing of Raw Materials
The sourcing of raw materials is an important factor in starting a furniture business. Your suppliers should be able to provide you with quality raw materials if you maintain cordial and healthy relationships with them. It will depend on the type of furniture you intend to create and whether you need the right kind of wood for starting as a bar chair manufacturer in the business.
This is how you can start a furniture business in India. If you follow every step described above properly, then you will be able to achieve your dream of starting a business and making it a reality.
Suren Space, one of the leading furniture manufacturers in India, provides its customers with a wide range of affordable furniture online that suits their needs. We have established ourselves in India as well as around the world by building a family of satisfied customers and building a community of like-minded people.