Best Guide on how to start furniture business in Nigeria
The Furniture industry is a huge and lucrative business that requires just little skills and knowledge for anyone to venture into in Nigeria. The rate of construction of houses in Nigeria is definitely increasing each and everyday. Furthermore, these houses won’t be complete without the exterior and most especially interior decoration using furniture. In this post, I will give to the best information on how to start furniture business in Nigeria so endeavor to read it to the end to understand everything.
The furniture market is now becoming very competitive because so many companies are venturing into the business. And as such, they do enter the business with new and innovative ideas thus, manufacturing quality and new designs in other to attract more customers.
Therefore, before you decide to venture into this business sector, you must be creative and innovative as well. This will enable you to produce a unique design of furniture and increase your management skills.
It is very important to know what your customers needs and tailor your designs towards that.
Factors to consider before you start furniture business in Nigeria
Decide on your niche:
You have to decide on what type of furniture you will be making example, home furniture, office furniture, or cabinetry. You should also know the type of materials you’ll need to use in your niche example, metal and upholstery. Know what your consumers want and produce your designs towards their needs. Also you should decide on how to sell your products either to residential, or commercial customers. And also whether you’ll be selling locally or online too to reach broader market.
Register your business:
Registering your business in Nigeria with corporate affairs commission is very necessary. You can do the Business Registration with about N10,000 only.
Write a business plan:
For any business to survive and succeed, it must have a plan. So it is very important for you draft a business plan for your furniture business. This will help to keep you in track with the step by step process you need to grow and make your business successful.
Choose between having a brick and mortar store or an online presence or even both:
You can choose to either to rent a shop to showcase and market your products or creating your business online (e-commerce) or you even have both altogether.
For me, it would be best to have both so your products can easily be assessable to many customers. However, any of the option you choose is your choice and decision because this will affect everything about your business.
Forecast your start-up Expenses:
You need to know the expenses required for you to start up your business. A forecast will help you to know if you will be funding the business yourself or sourcing for extra funds through loans etc.
Plan to acquire high quality equipment:
It is best if you want to venture into this business to source and acquire high quality raw materials and produce a new product design to make customers interested and satisfied with your products.
Steps on how to start furniture business in Nigeria
- Get training
- Source for funding
- Choose a location
- Source for the required tools and equipment
- Become affiliated with galleries
- Expand your product line
There is no business that doesn’t require you to gain knowledge in it. You need to master this profession, so you need to be trained and mentored properly in this business by a specialist in it. You should visit a professional furniture manufacturer and show your interest in learning how to produce furniture.
Source for funding:
You can get funds from your savings, family or friends. You can also acquire funds from your bank inform of loan if you wish you . However, you should know that the fund needed to start up this business is quite intensive which is also dependent on the type of business plan you are using.
Choose a location:
Finding a location that suits your customer’s needs is a priority as well. For instance, if your own category is on custom cabinets, it is best to find a bigger space which will be enough to display different options. Similarly, if you intend to target residential market, then is best to choose a space that will be easier to locate and also fully accommodate your products.
Source for the required tools and equipment:
As a furniture designer and producer, you will need all the required basic and advanced tools. Some of the basic tools you will be needing are;
- Jack plane to smooth and shape wood
- Chisels, saw etc.
You need to do extensive research on this area to know about all the necessary tools.
Become affiliated with galleries:
Having a gallery will help you to easily display all your furniture designs as artwork. This will make it possible for your customer’s to become acquainted and familiar with your work because it’s visible. This will improve your sales percentage because customers can purchase some designs from those galleries.
Expand your product line:
Attend wood construction courses and classes in other to acquire more knowledge, cutting skills and techniques. Try as much as possible to dedicate your time, skill etc into your business in other or it to grow.
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