How to Start a Furniture Business in Bangladesh
Start a Furniture Business in Bangladesh
If you’re a furniture designer and wanting to your own designs then you should consider knowing how to start your own custom furniture business in Bangladesh. Whether you have a degree in furniture design and manufacturing or have taught yourself how to design and manufacture unique pieces doesn’t matter.
Also, you have the foundation for starting your own custom design furniture business if you have a good eye for what customers want and can tailor your designs to their needs.
Moreover, you’ll also need to know how to manage a business in order to make your start-up profitable being a skilled furniture designer and manufacturer. Besides, selling furniture is a lucrative business not only in Bangladesh but also worldwide as we know. This is because there is furniture in every home or business.
Why Start a Furniture Business in Bangladesh
The first reason is Bangladeshi people like to furniture much, especially the wooden furniture. They like to decorate their house with various types of furniture from their cots to dressing tables and dining table. That’s why there are so many furniture shops already running across the country.
You can have your own successful custom design furniture business as long as you have the eye for what customers want irrespective of the fact whether you own a degree in furniture design or manufacturing. Also, the demands of furniture are getting increased as the growing economy and people are making more residents.
Moreover, the builders are also making more houses for the purpose of selling where there are great demands for furniture. These all imply that it’s the better time to start a furniture business in Bangladesh rather than any previous time.
Steps to Start a Furniture Business in Bangladesh
As the customers with modest incomes are expected to make half of the metro population, the furniture business in Bangladesh is growing and is expected to grow more and mere.
Although this article right here will throw light not only on how one can start his/her own furniture business, it will also provide important tips on how to manage the business to make it profitable.
Well, let’s get an in-depth sample furniture in-depth sample furniture making business steps. Therefore put on your entrepreneurial hat so that you can get proceed.
First Step: Business Plan
A business plan should be created by every entrepreneur. A business plan provides a roadmap to success aside from committing your ideas and plans to write. There are many things that can be planned which can make a new furniture business run smoothly while it’s impossible to plan for some eventualities, hiccups happen, and things can end up costing.
And many companies struggle with their finances in those first few years and can find it extremely stressful as a new business just starting out. If you do a thorough and well-researched business plan, it will help you manage cash flow successfully in the early stages. That’s why you should have a good business plan for your furniture business in Bangladesh and that will include:
- Marketing strategies
- Develop financial projections
- Define your organizational structure
- Business processes
- Potential challenges and their solutions
- Market research and many more
Second Step: Business Location
Location is incredibly important as with almost any business when you’re intending to open a physical store. And choosing a store location based only on the cheapest rent is a common mistake. As an alternative, choose the best location that you can afford where you can showcase your furniture and can conveniently accommodate your customers. You’ll only need a warehouse location if you choose an online business.
However, you’ll need a location in a commercial and high traffic area if you want a storefront and showroom. Keep in mind that if people won’t ever drive by it then a fantastic furniture showroom would be a waste. Also, it’s considerable that whether space is large enough for them to easily pick up and drop off small and large items. Some other things that should consider strongly below:
- Traffic quantity the location
- Transport costs
- Transport facility
- Labor cost and availability
- The premises space etc
Third Step: Find Your Niche
You need to narrow down your initial inventory to have a good shot at success. Furniture is considered a basic item that everyone needs to buy whether you cater to the residential market only or the commercial market. So, essentially decide what kind of furniture and accessories you want to sell.
You should be dictated by your own tastes and interests. On the other hand, its field is not fulfilled by other furniture stores; you can fill the need in your area. And while creating a strong furniture business of your own requires, you’ll find a lot of high street competitors out there. These are some points that you should decide about your niche:
- Identify the exact kind of furniture
- Indicate the style of furniture
- Describe the types of materials
- Selling office or commercial furniture
- Specializing in high-end home furniture or other etc
Related Article: Start a Wooden Door Making Business in Bangladesh
Fourth Step: Marketing Strategies
You should be focusing on reaching out to local bloggers and media in your area to gain interest for your company, as well as making sure you fully optimize local SEO as a new furniture business. Also, simply by accessing social media channels such as Facebook, Instagram, and Twitter, or by appearing at local craft fairs and events, you can do these.
They still have a way to contact you for a commission at a later date if people do not want to commit to a piece of furniture straight away. That’s why it’s important to make sure you have business cards handy.
Fifth Step: Business Expenses
Before starting your furniture business in Bangladesh, you should forecast your start-up expenses. And it’s crucial to making your business successful by making an accurate budget of your business. So, if you want to make it easier to communicate with banks and investors then precisely itemizing your start-up expenses.
Moreover, in the first year of your business, it helps you to correctly forecast your profitability. That’s why it’s essential to estimate your business expenses at least for one year.
Some Other Steps to Follow to Start a Furniture Business in Bangladesh
- Consider an excellent online presence
- Get legal entities
- Learn more about the furniture industry
- Identify your target market
- Register as a business
- Obtain licenses and permits
- Find funding sources
- Equip your shop