Custom Design Furniture Business Plan Nigeria

26 Jul 2022

HOW START A CUSTOM DESIGN FURNITURE BUSINESS IN NIGERIA

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HOW START A CUSTOM DESIGN FURNITURE BUSINESS IN NIGERIA

INTROUCTION

The idea that craftsmen and artists could collaborate to create functional furniture with a more artistic appeal influenced modern furniture design, also known as mid-century modern because of its popularity in the mid-20th century. In the design sense, modern does not refer to the current day, but to a particular aesthetic.

The modernist movement aimed to reject conventional design aesthetics in favour of a cleaner, less ornate aesthetic, as well as modern materials made possible by technical advancements. These novel materials piqued the interest of furniture designers. They discovered that instead of using a wood frame, they could make seats out of molded fiberglass or wrap a lounge chair around steel legs. With a more artistic appeal, the emphasis was on form after function. Consumers with more disposable means and new suburban homes to furnish flocked to these fresh new designs following WWII.

Manufacturers of the Present

During the 1950s and 1960s, designers like as Charles and Ray Eames, Florence Knoll Basset, Ludwig Mies van der Rodhe, Herman Miller, and Arne Jacobsen led the modernist movement. The Tongue chair, the Barcelona chair, and other notable pieces were created by this creative bunch. Another contemporary designer, Milo Baughman, collaborated with furniture manufacturers Drexel and Henredon to offer his updated take on traditional styles to the people. Knoll, Basset’s company, is still in business and continues to produce contemporary furniture designs. If you like modern design, look for vintage pieces by any of these designers. Reproductions of high quality can also be found.

Contemporary Design vs. Traditional Design

Contemporary furniture design is frequently confused with modern furniture design. Although there are some parallels between the two, they are not interchangeable. Furniture in the modern era is geometric and creative. Contemporary design has the same crisp lines of traditional design, but it is more functional, less creative, and has a softer appearance. Contemporary design has a modest mid-century contemporary influence and is an updated conventional style. Modern components such as brushed nickel light fixtures and light wood accents are frequently used in the design of a contemporary room. The primary furniture will be more comfortable, with softer curved forms and minimal elaborate decoration.

When starting a furniture business, there are several costs to consider.

The cost of reorganizing your company (registration, business consulting, etc.)

The cost of obtaining necessary government licenses and permits.

Rental or purchase price of a workshop and showroom

The price of raw tools and components

Cost of operation

Payroll costs

Expenses for advertising and marketing

Creating a website or writing a business plan costs money (if you cannot do them yourself)

The price of training

Step 1: Decide on a niche.

First of all and importantly, you must determine the niche in which you wish to specialize and become known. This covers the types of materials you’d like to utilize, such as metal, upholstery, or plain wood.

It’s also critical to determine who your target audience is. Do you wish to concentrate on furnishings for the home, business, or resort? You can invest in all of them if you have the necessary funds and resources.

Part of deciding on a niche is deciding if you’ll solely serve the local market or both the local and foreign markets. Before you begin, this approach will assist you in streamlining your goals and objectives.

Before deciding on a niche, conduct a thorough market study of the most in-demand furnishings and make an informed decision. Do your research & Find out what your competitors are missing and incorporate it into your ideas.

Furthermore, the furniture industry is constantly changing, and there is always a requirement to stay up with the latest trends. As a result, make sure your decision is adaptable so you can change it if the need arises.

Choose the type of furniture business you wish to pursue after you’ve decided on your specialization.

In Nigeria, there are basically two sorts of furniture businesses:

Manufacturing of furniture

This is the type of furniture business where you make your own furniture and sell it to your customers directly. You can employ competent hands to manufacture the furniture while you handle the marketing and sales if you don’t know how to make it yourself.

You either buy the supplies yourself or have them delivered to your workshop in this form of furniture business. Additionally, your personnel create various special designs in response to client requests.

You may also create a variety of bespoke designs and then promote them to your target market. This type is preferable since it allows you to make more money and it allows you to be more creative because you can create any design that comes to mind or is desired.

Furniture Purchases and Sales

This is a different kind of furniture business. This form of Furniture Company, unlike the first, entails purchasing furniture from a manufacturer and reselling it for a profit.

This type of business requires little initial cash and is a fantastic way to get started. Essentially, you can buy from a local Nigerian manufacturer or corporation and resale it to your customers. You can even import furniture from neighbouring nations and the rest of the world to resale to your consumers.

Opening an online store and various social media accounts, as well as taking and posting images of the furniture, is a smart method to get started in this type of furniture business. When a consumer expresses an interest in them, work out a good pricing with them and then make an order. Make a profit by placing an order for furniture.

Step 2: Compose a Business Strategy

After you’ve decided on a specialty, you’ll need to write your business plan. A business plan essentially lays out your company’s long-term goals and objectives, as well as how you expect to attain them. The importance of a strong business plan cannot be overstated. A good business plan not only helps you acquire money, but it also helps you keep focused on your long-term objectives.

What if I’m unable to draft a business plan on my own? Many aspiring entrepreneurs believe that writing a business plan is tough, but this is not the case. However, if you are unable to draft it yourself, you can hire someone to do so for you.

However, it is always preferable to write your own.

You should write your own business plan since you will be more grounded in the information included therein and will be able to follow it more holistically.

The following is a list of the basic facts that should be included in your good business plan:

A summary of your furniture company

a brief summary

Description of the company in general

SWOT (Strengths, Weaknesses

research into the market

Your plan is sound.

The Band

A marketing strategy

An operational strategy

a financial forecast

An extension.

 

 

The best method to construct a business plan is to research one online and utilize it as a template for your own. It is not necessary to write everything at once. Simply vow to write something every day, and your business plan will be ready in no time.

Step 3: Educate yourself on how to make custom-designed furniture

If you want to start building furniture on your own because you can’t afford to hire someone or simply want to know the basics, you’ll need to learn how to.

In most cases, there are local furniture producers in Nigeria from whom you can learn. It may also interest you to know that some people learn how to make furniture simply by viewing a few YouTube tutorials and being committed to practice.

Another option is to enrol in a furniture-making school, which may be found anywhere in Nigeria or overseas. Once you begin learning, you will need to purchase your own practice equipment. The cost of this equipment varies depending on its quality.

In most cases, a lot of equipment is used in a project. A company that makes furniture

But first, here are some of the most important tools you’ll need to buy.

Saw, Circular

a handsaw

Measurement tape

Jigsaw

Drilling using Power

Chisels

Nails

Hammer

Pencil or Marker

Smooth

Bar

Pinches

Jack Plane is a fictional character created by Jack Plane

Shaved Spoke

Driver of Screws

Step four is to register your furniture business with the Nigeria Association of Commerce.

The Corporate Affairs Commission (CAC) is the government agency in charge of business registrations in Nigeria. You can’t run a structured business in Nigeria unless your company name is listed on the CAC portal. So, what are the requirements for registering your furniture business with CAC?

First and foremost, choose a name that best describes your company and check CAC’s website to see whether it hasn’t already been registered by someone else. Reserve the name if it is available.

After that, fill out the essential information and start the registration process. Your name, household and workplace addresses, phone number, and email address are all needed pieces of information. The information you need varies depending on the sort of registration you want to do. You can either register or log in. The Corporate Affairs Commission (CAC) is the government agency in charge of business registrations in Nigeria. You can’t run a structured business in Nigeria unless your company name is listed on the CAC portal. So, what are the requirements for registering your furniture business with CAC?

First and foremost, choose a name that best describes your company and check CAC’s website to see whether it hasn’t already been registered by someone else. Reserve the name if it is available.

After that, fill out the essential information and start the registration process. Your name, household and workplace addresses, phone number, and email address are all needed pieces of information. The information you need varies depending on the sort of registration you want to do. You can either register or log in. You can register as a sole proprietorship or a limited liability company (LLC).

Aspiring entrepreneurs have faced difficulties in registering their businesses over the years. As a result, it is recommended that you hire an expert to assist you.

Step Five – Get a Workshop and Showroom

The next step is to rent or buy a location where the manufacturing will take place. Get a facility close to your showroom if you want to carry finished furniture easily.

You might even rent a larger location that will accommodate both your workshop and showroom. A showroom is just an area where you display your furniture for potential consumers to see.

It’s also a good idea to find a spot near a busy road so that passers-by may view your work. At fact, you cannot afford to open your showroom in a faraway location because the showroom’s goal would be failed.

Furthermore, if you are importing furniture from another country, you may merely require a showroom. Since you solely deal in ready-made furniture, you wouldn’t require a workshop.

Step 6: Hire Professional Furniture Makers

The days of finding no imprint on furniture are long gone. Furniture manufacturers now include their firm name and phone number on their products.

You are distinguishing your brand from others by doing so. Someone could actually view one of the pieces of furniture you made and express an interest in owning one.

So, instead of hunting for someone to give them your contact information, they can quickly get it just glancing at the furnishings. Typically, the branding is done with gold ink and imprinted in a visible location.

Step 7: Promote Your Furniture

It’s extremely probable that you won’t be the first furniture store in your neighbourhood, so you’ll need to come up with something unique to set yourself apart. Find a niche in the market and break into it.

Also, come up with a smart marketing approach that will get your target market to notice you. To attract your target customers, you can sell your furniture in a variety of methods.

Here are a few options for selling your finished furniture:

 

 

Target prospect

Start with organizations, hotels, government parastatals, churches, schools, and mosques. Create a brochure including your designs and distribute it to these businesses.

Don’t just leave your brochure with these businesses. When you visit these locations, the best thing you can do is collect someone’s contact information and follow up with them.

Furthermore, if any of your friends or family members work for a prominent company, ask them to introduce you to their managers, as referrals are quite powerful.

Participate in Important Events to Network

People that can pay for your furnishings and have the potential to acquire larger quantities are usually good to start with if you want to build your business quickly.

When you attend events like these, don’t be hesitant to chat to people about your company, present them your business card, and accept theirs.

In the furniture company, your customers come from all walks of life. You work with people from all walks of life, from the working class to the upper crust. As a result, design a method to communicate with all of them.

If you just sell luxury furnishings, on the other hand, your target market should be high-profile and wealthy individuals.

Make Use Of the Internet and Social Media Make Use of the Internet and Social Media

Social media has evolved into its own universe. The majority of your clients use one or both of the social media sites. As a result, you must make yourself visible to them.

 

You must be both sociable and business-oriented on social media. Starting with Instagram, Facebook, Twitter, Tumblr, and YouTube is a good place to start.

Another approach to use the internet to your advantage is to develop a website for your furniture company. You can get your website up and running quickly with WordPress or Wix.com.

Upload your designs, along with their prices, to your website. Don’t forget to provide your contact information so that anyone who comes to your site can contact you. You might also run a Google ad that sends users to your website.

On Jumia, Konga, Etsy, and Jiji, you can sell your furniture.

On these platforms, you may set up an online store. You’ll have access to a diverse group of people. They do, however, always take a cut of the charge for providing the platform. Furthermore, because there is a lot of competition, you must price your furniture competitively.

Many companies only sell their products on these platforms and make millions of dollars each month. Make the most of every opportunity to gain paying clients

Collaborate with other furniture-making companies

You’ll need to network with people who are already in the field, especially if you want to acquire from well-known brands and resell them.

Furthermore, some businesses may refer customers to you if you have what they require and they do not. Collaboration is, in fact, the new competition. You could form a partnership with these companies to help you grow your furniture business.

BUSINESS STRUCTURE;

There are three (3) major types of business method of operation:

Partnership: this is the type of business whereby two or more persons come together financially to run business, and the profit and losses are equally base on capital contribution formula.

Sole proprietorship: this types of business is also called one man business that means he or she is solely responsible for the profit and liability of the business. His provide all the resources in day to day activities of what the business requires

Limited Liability Company: Is a sort of business in which the owners are referred to as participants in business entity is distinct from the members, and only the entity may be held liable if the company is sued or fails to pay its debts. An LLC consists.

 

ORGANISATIONAL STRUCTURE TERMS

Hiring process: Hiring process refers to the process of finding, selecting and hiring new employees into a company.

HR Process:  refer to the fundamental strategies that HR leaders implement to ensure successful employee lifecycles and work experiences. The HR processes include: Human resource planning. Recruitment. Selection.

Getting the staffing: to be or provide the people who work for an organization.

Obtain a tax identification number: Individuals can apply on the JTB website with NIN or BVN (Bank Verification Number) or visit your nearest Federal with a Utility Bill, a Valid ID (Government Approved), and a Passport Photograph, you can apply to the Inland Revenue Service (FIRS).

Implementation process: Implementation is the process that turns strategies and plans into Actions in order to accomplish strategic objectives and goals.

 

COMPETITIVE PLAYERS IN FURNITURE BUSINESS IN NIGERIA

Tulip interior

IO furniture ltd

Hitech design furniture ltd

H & Y furniture ltd

Winnyz interior furniture ltd

If you would love to engage us for this service, please call us on 08023200801 or request us to send you a proposal by email to hello@businesscardinal.com or complete our customer enquiry form for more details.

 

     

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