Opening a furniture store can be a solid investment if you start with a strong business plan and adequate financing. One good thing about opening a furniture store: you don't really need to have much technical knowledge to be successful. You just need to find good suppliers who can give you reasonable prices on merchandise.
To open a furniture store, you will need a lot of start up capital. Furniture is expensive, even from wholesalers and suppliers, and it can be very expensive to stock a furniture store. You also need to take delivery costs, salaries, insurance, and building lease costs into account. If you do not have the capital, you can approach your bank or another lending institution. Be sure to have a well-developed business plan on hand when you are seeking financing.
You will also need to find a nice location. The best location is one with lots of regular traffic each day, where people can see the store clearly from the street and where there is adequate space to drive into the lot. It's fairly common in the furniture industry to lease space with large windows in the front so that people driving up to the store can see featured pieces of furniture and get excited about your inventory before they even step into the store.
Have a clear policy on delivery and on returns. Have customers sign off on this policy with every purchase; this will limit your liability and will also protect the customer in case of disputes.
If you'd like to increase sales, you may want to consider offering online shopping. Even if only a small percentage of your inventory is listed online, this can significantly and rapidly raise awareness of your furniture store Keep some money in the budget to build a nice website and to update it regularly with information on sales and special promotions.
You must also pay close attention to pricing. Your prices must not be too high, but must be enough to cover your expenses, including delivery, salaries, and tax. Taxes can bust your budget if you don't account for them every step of the way.
Good profits are goal of every salesman, but while you're chasing that sale don't forget to treat your customers well. Substandard customer service can do lots of damage to your bottom line in the long run. In terms of employment, you must employ intelligent and efficient workers who understand what it takes to work in a furniture store. The workers must be easygoing people who are good communicators.