Modular furniture is readymade furniture that can be fitted in space according to our requirements. These items of furniture are quite portable and also give a modern look. Modular furniture is quite popular in modern workplaces as well as houses as it is quite affordable. If you wish to start a modular furniture business, there’s absolutely no need to get a degree in furniture design or manufacturing; what matters is a good eye for customers` needs and how you tailor your design according to their needs. However, besides this, it is also essential to know how to start and grow a modular furniture business.
Scope of Modular Furniture Business
Since the last decade, people have been changing their home furniture more frequently due to trends, evolving styles, and design. The furniture industry has turned into a blend of style, solace, hues, and designs. Today, the growth in the furniture industry is unstoppable with the everyday increasing urbanisation across the globe. The modular furniture business has good sales in every sector, be it the traditional housing or societies or corporate workspaces. The most notable examples of modular furniture are seen in kitchens, dressing rooms, and modular sofas.
From housing to corporate, the advantages of Modular furniture caters to needs in every segment. Thus, the scope of the modular furniture business cannot be understated. According to grand view research, the global modular construction market size was estimated at around USD 112.3 billion and is expected to see a CAGR of 6.5% in the coming years. Modular interior market analysis predicts that the modular furniture industry will grow and flourish at an excellent rate.
However, suppose you wish to enter this industry. In that case, it is crucial to have proper planning and a vision or else you would see your dreams about a successful modular furniture business ending up in failure. In this technology-driven world, with the ever-increasing use of smartphones, AI and virtual reality have influenced the furniture industry and have completely transformed the customer’s experience.
Thus, it is indispensable to have a digital presence even if you are already running a traditional brick-and-mortar retail store for modular furniture to grow your brand. Online platforms have changed customer`s behaviour towards shopping, so the best approach to reach more audience is to have a modular furniture store combined with a digital presence. Those looking to start their business with new-age furniture, home furnishing, modular furniture must have an online and offline presence for their business to sustain.
Steps to start a modular furniture business
Initially, it can get confusing for an aspiring businessman to know where to start and how to start. No matter if you have good designs, manufacturers, or have taught yourself to make the furniture, you still need to focus on a few relevant steps mentioned below to see your business scaling. Here are some steps to show you the roadmap to success:
Find your niche
Firstly, you need to decide what you will be selling for offices, home decor, or both! You also need to decide upon what kind of material you will be using! Knowing your customers and their needs can help your business to grow. Decide whether you will be selling locally or would want to expand to a broader market. A good market analysis or market research can help you find your niche!
Choose a location
If you are in the offline retail model, you will need a space that suits your customers’ needs. If you are into customising living rooms, you will need a large space to display your models. Make sure if you are marketing your modular furniture for home decor, then there’s enough room for families to come and see it. Choosing the right place for the workshop and warehouse is crucial to start a modular furniture business.
Form a business plan
As an aspiring entrepreneur, you need to write down a plan before starting what you wish to do. Writing down every detail will help you achieve success more easily. Business practices such as financial projections, marketing strategies, accounts, tax are vital for a business to run efficiently. It helps you map the business structure in your mind.
Purchase or lease machinery
You can`t enter the battlefield without proper weapons. The advanced technology machinery and equipment will help you streamline the manufacturing process and make your business more efficient. A drop saw for cutting large pieces of timber, a band saw for cutting angle, and curved shapes, an automatic saw and mortising machine for drilling, along with other automatic machines, will let your work be done with less labour.
Find inspiration for your designs
Almost all inventions came out of necessity, and a businessman’s inspiration may come from his customers` needs. In general, the design and aesthetics of your furniture will be determined by the style you choose to enter, such as contemporary, country, traditional, etc.
Create a website
In this digital era, even the traditional brick-and-mortar stores need to have a digital presence. You should get a website designed with the help of a good web designer to make your business more acknowledged. The web page should be updated regularly, and make sure to upload more and more high-quality pictures of your items to attract viewers.
Why did YRC start & grow your modular furniture business?
With expertise in Retail Management Consulting, YRC is known for helping modular furniture businesses grow and flourish. Our team of professionals can help you in streamlining your retail operations. With a commitment to make your business a success, we would be focussing on the right strategies and procedures with special emphasis on the hybrid business model. Contact YRC to get guidance at every step for your modular furniture business to bloom.