Have you been looking for a guide that deals on the processes of starting a profitable furniture business here in Nigeria? Then you’re on the right page cause I’m going to help expose the intrinsic part of this business and how you can end up successful even when others have failed.
Look around you, there are many houses and these houses won’t be complete without some furniture like chairs, table, cupboard, shelves etc. The better part is; your target market won’t mind buying your local furniture as long as it’s artistically glamorous and in good shape.
In furniture business, one of the fears of potential starters have always been competition with foreign made furniture. Well, nothing to be scared of since Nigerians can hardly distinguish between local Nigerian furniture and designer or foreign furniture. If the game is well played, you might see yourself joining the platform of the few who have made a fortune through furniture business here in Nigeria.
Another question many people pop at me when I talk about this carpentry or furniture business is in the aspect of expertise. You don’t need to be a carpenter to do this business, far from that. All you need is the finance and the willingness to start. You can always employ an experienced and creative carpenter to handle the manufacturing of the furniture.
WHY FURNITURE BUSINESS IS A GOOD BUSINESS
1. HIGH DEMAND
The demand for local Nigerian furniture is rising and the aim of every entrepreneur will be to start this business and make a fortune for their generation and also, to help give the economy a boost. Imagine if you get a governmental contract to supply furniture for a real estate.
2. NOT TECHNICAL
In furniture business, I doubt if there are any course for technicalities. This business is easy to start and manage without any experience whatsoever in the carpentry business. With some extra hand, you’ll find running this business adventurous and lucrative.
3. CHEAP TO START
With at least N200,000, you’ll be able to start this business and make a fortune. This business is what you need to start if you’re looking for a low cost business to start. It’s one of these low cost range businesses you can start and make real money here in Nigeria.
HOW TO START A FURNITURE BUSINESS IN NIGERIA
1. A GOOD BUSINESS PLAN
Before delving into this lucrative business, you need a good detailed furniture business plan to set up the pace for success. This is your map for success and you dare not joke with it. Years ago, my mentor made me to understand that a business plan is nothing but a blueprint. If you can’t handle the process, perhaps hiring a business plan writer will be a nice choice.
The location of your business is very important and should be taken with utmost care. This is the place where you display your stock for potential customers to come in and buy. If the location is far away, coupled with bad roads, chances are that you will find the business struggling to move smoothly.
3. ADDITIONAL STOCK
In this furniture business, you don’t only rely only on your carpenters, you can also source for extra stock from foreign furniture companies. Most business persons do this by ordering from AliExpress. If I’m giving the seat of an adviser, I would suggest looking for local furniture companies in Nigeria and strike a deal with them. Since you’re buying in large quantity, they should be able to give you mouthwatering discounts.
4. MATERIALS AND EQUIPMENT
You need some materials like wood, nails, chisel, hammer, tape etc. This is why you need to make sure that your location is somewhat close to timber. Through your business plan, you’ll be exposed to everything you need to make the business begin operation. Not just knowing them, but also knowing how much it will cost to acquire them.
5. REGISTER YOUR BUSINESS
Registering your furniture business with the corporate affairs commission is a good step and should be a step every entrepreneur who aspires for growth should make. The benefits of registering your business cannot be overemphasized. This is because the pros outweigh the cons.
FURNITURE BUSINESS SUCCESS TIPS
1. STAY WITH THE TREND
Always find out what is trending and stay abreast to avoid letting opportunities slip through your fingers. For example, recently, Gucci was a trending brand and many carpenters utilized the opportunity into making huge sales within a short time by incorporating Gucci brand into their furniture. Whatever latest trend, delve in and make a fortune.
The process of making furniture can be termed an art. Oh yes! You need to have a good eye for colors, design and pattern to make it in this furniture business. Even if you don’t have such ability, make sure you hire workers who do.
You need to constantly create awareness for your furniture business through the process of running adverts on some print media like newspaper and magazine. You can also grasp the digital aspect like television adverts, radio FM advert, Facebook ad etc.
For you to constantly grow in this business, you need to have the growth mindset. This is done to escape from the rat race, a race of mediocrity. Don’t be afraid to buy more stocks, employ more workers and also expand your showroom. If you don’t grow, you’re making a mistake.
Furniture business is a lucrative business if the right mechanism is set in motion. Take hold of this opportunity and make a living not only to yourself, but to the unborn and entire generation. If your ball is well played, you might attain the rank of Aliko Dangote in few years of starting.