FURNITURE MANUFACTURING – HOW PROFITABLE IS THIS?

August 16, 2020 Hansie Britz

                

Furniture is a major part of our lives and there is hardly any facility that you will come across that you won’t find a piece of furniture in it. This goes to show that the furniture manufacturing industry is indeed an important sector of the economy of any country.

Businesses in this industry mainly manufacture or make household (living room, dining room and bedroom) furniture, coffee tables, sofa tables, sofas, chairs, bookshelves, ottomans, display cabinets, consoles and TV stands. Outdoor and office furniture like desks, home office goods, lamps, recliners etc are also manufactured.

Tips to set up your furniture manufacturing business

1. Find your niche

Decide what kind of furniture you will create, such as home furnishings, office furniture or cabinetry. Specify the materials you intend to use, such as wood, metal and upholstery. Decide on your target market i.e. if you going to sell to the residential, resort or commercial customers.

2. Store or on – line type of business?

You may choose to rent a store front with a workshop and sell your furniture to walk-in customers. Alternatively, you might choose to develop a website and take only online orders.

3. Location

If you plan to open a store, find space that suits your customer needs. If you making customer cabinets, find space that’s large enough to display different options. Or, if your target market is residential choose a space that’s easy to find and that will be able to accommodate parents with children.

4. Business Structure

Make sure that you choose the right business structure such as company, partnership or a sole proprietor.

5. Obtain Licenses

Find out exactly what type of license/permit is necessary to operate your business in a specific municipal area.

6. Write a Business Plan

If you want your furniture – making business to be successful, you must invest time defining your marketing strategies, developing financial projections and organizing and managing your business.

NEED HELP WITH DEVELOPING A PROFESSIONAL BUSINESS PLAN CONTACT US NOW – (27)84 583 3143 OR email: money@global.co.za