How to start a furniture business: Starting on the right notes (Part Two) - YourRetailCoach
In one of the previous press releases, retail and eCommerce consulting firm, YRC highlighted some of the first things first of starting a furniture business.
PUNE, MAHARASHTRA, INDIA, June 14, 2024 /EINPresswire.com/ -- In this communiquรฉ, YRC highlights the first four key planning areas for successfully establishing a furniture business.
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#๐ ๐๐๐ซ๐ค๐๐ญ ๐๐๐ฌ๐๐๐ซ๐๐ก
Market research is one of the primary tasks to be carried out after giving a definite shape and form to the business idea and vision. A good market research helps evaluate whether the appropriate market conditions exist or not and in what shape and form they exist to materialise the business idea and keep it going. Some of the typical areas of scrutiny and assessment in market research are:
ยท Market gaps/voids
ยท Gaps in the customer journey, customersโ needs and wants
ยท Required value propositions
ยท Target segments, consumer behaviour, buyer personas
ยท Target market location(s) and market size
ยท Direct competitors, intensity of competition
ยท Barriers to market entry and exit
ยท Potential for growth and expansion
ยท Pricing strategies
ยท Brand positioning, customer loyalty, CRM
ยท Current and future risks, challenges, and opportunities
ยท Ease of doing business, regulatory situation
#๐ ๐ ๐ฎ๐ซ๐ง๐ข๐ญ๐ฎ๐ซ๐ ๐๐ฎ๐ฌ๐ข๐ง๐๐ฌ๐ฌ ๐๐จ๐๐๐ฅ ๐๐๐ฏ๐๐ฅ๐จ๐ฉ๐ฆ๐๐ง๐ญ
Given the state of intense competition in furniture retailing, new-age furniture retailers need to achieve unique brand positioning. To do this, value propositions must exceed core or standard offerings and expectations. This will involve incorporating and improvising non-core benefits and features like the facility of online shopping, free/paid/conditional home delivery, dynamic pricing, membership and loyalty benefits, hyper-localisation, and boosted servicescape. Today, business models in retailing are laced with such outer-layer value-based offerings for achieving brand distinction.
#๐ ๐ ๐ฎ๐ซ๐ง๐ข๐ญ๐ฎ๐ซ๐ ๐๐ก๐จ๐ฐ๐ซ๐จ๐จ๐ฆ ๐๐จ๐๐๐ญ๐ข๐จ๐ง๐๐ฅ ๐๐ง๐๐ฅ๐ฒ๐ฌ๐ข๐ฌ ๐๐ง๐ ๐๐๐ฒ๐จ๐ฎ๐ญ ๐๐ฅ๐๐ง๐ง๐ข๐ง๐
Busy and populated localities (both residential and commercial) attract customers more easily. However, having a real estate space in such areas comes with high investments and/or recurring charges. Also, such market areas soon become competitive.
A smart strategy is to go for average locations and empower the business with marketing arsenals like omnichannel capabilities, hyper-localisation, and dark store expansion. However, this does not take away the need to carry out location analysis.
Superior furniture showroom layout planning1 offers advantages on several fronts but one critical area where it leaves a significant footprint is on the quality of in-store and overall customer experience.
#๐ ๐ ๐ข๐ง๐๐ง๐๐ข๐๐ฅ & ๐๐จ๐ฆ๐ฆ๐๐ซ๐๐ข๐๐ฅ ๐๐ฌ๐ฌ๐๐ฌ๐ฌ๐ฆ๐๐ง๐ญ๐ฌ
Some of the important financial and commercial assessments in a furniture business plan2 are set-up capital requirements, operational outlays, demand-revenue forecasting, fund and cash flow, ROI and break-even analysis, financial ratios, estimated P/L statements, working capital, and any other variable of financial management applicable to the business model and business plan in question. However, these evaluations and projections are not sufficient to plan for profitability. A more realistic cog for is margin analysis and planning across product mix over time.
๐๐๐จ๐ฎ๐ญ ๐๐จ๐ฎ๐ซ ๐๐๐ญ๐๐ข๐ฅ ๐๐จ๐๐๐ก:
YourRetailCoach (YRC) is a retail and eCommerce consulting3 enterprise with 10+ years of experience in developing and delivering customised business solutions for startups and existing enterprises. With a growing international footprint, YRC has served over 500 clients in more than 25 verticals. In furniture business consulting, YRC offers expert planning and implementation solutions for business setup and growth and expansion projects.
Get advise for Retail Business Consulting : https://www.yourretailcoach.in/contact/
How to start a furniture business: Starting on the right notes (Part One) - https://www.einpresswire.com/article/719732713/how-to-start-a-furniture-business-starting-on-the-right-notes-part-one-yourretailcoach
Dr Rupal K Shah
Mind-A-Mend Consultancy Private Limited
+91 9860-426-700
consult@mindamend.net
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WATCH NOW: How to start a furniture business? Furniture Business Plan at https://www.youtube.com/watch?v=q5tDEFI986E
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1 https://www.yourretailcoach.in/industries/retail-furniture-furnishings-consulting/
2 https://www.yourretailcoach.in/industries/retail-furniture-furnishings-consulting/
3 https://www.yourretailcoach.in/
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