How To Start Furniture Business In Nigeria
In the article furniture business plan in Nigeria, I said a lot about owning your craft and how to breakeven the furniture designing industry, the truth is that the furniture business has become big in our today’s world, and again I may not have thrown more light in how your make profit from your own furniture hustle, the reason why I still got questions on how to start furniture business in Nigeria.
The question has form the base for this article, as I will shortly throw more light on the subject of starting a furniture business of your own. My previous article on this subject (furniture making) and how to go about setting was well detailed, including an option for getting our furniture business plan which well discounted, I believe that it has been of help to those who asked for it, here I’ll precisely talk about how to start furniture business in Nigeria, either imported or locally made products, this method could as well be applied in other African countries where you may wish to have your showroom in.
Just like we have those crazy about new clothing, new shoes, hand bags etc, we also have those who would do anything just to have the best furniture at their own disposal, truth is that not everyone can afford imported furniture, however, the option of going locally has always been a welcome idea due to the price and the possible quick reach, do you even know that most people can tell the difference between an imported furniture and a locally made furniture, a lot of buyers have been deceived in this respect, now the thing is that most sellers buy locally furniture and then put the same furniture in their showroom or workshop as imported furniture.
We all know that the value of furniture in most homes cannot be down played, including hotels, offices, restaurants etc, in many cases I’ve seen, the furniture completes the house, like you have the internal organ of the human system.
Furniture Business In Nigeria
Although much attention is not being paid to the potentials, this has made the furniture business in Nigeria to continue to be in the underdeveloped level, especially when compared with other countries.
Why did I come into conclusion as regards the development of the craft in Nigeria, by observation, it seems that only the traders in say Alaba international market and a handful of others are into the business of showroom, in essence show casing great crafted furniture, hardly will you see same in the city center across the country, just the way you have tailoring shops, boutique, fashion rooms etc scattered everywhere across, you hardly see something close to that in the furniture world, is that people are unaware that the furniture industry is a money spinning machine if done the right way, it also means that opportunities are been neglected here.
One of the foremost showrooms in the country is Bedmate, they have their showrooms in all the major cities of the country, they have one of the best collection of furniture, mostly imported products, and expensive too, but do you know that most of the furniture in their showroom are as well available in places like Alaba market?
How To Start Furniture Business In Nigeria
Although most of the furniture there were imported mostly from Turkey, China, Indonesia, as well as other productive Asian countries. A little market survey I did with my assistant revealed a lot to me, a beautiful furniture with a price tag of N200,000 which I really loved, the same furniture though locally made was priced at N90,000 at Alaba international market, I check through and through and they were of the same quality and make. you see, unknowingly people are being ignorant about what they buy and the sellers are making a kill in the business, the question now is how do I start this business and breakeven, what are the things I need to a have in place to be able to start off, below are four (4) you need to be in place;
– Capital – You know you do not need to have the carpentry skills to be able to trade in furniture, these days all you need is the capital to buy already made furniture, either locally made or imported furniture.
– Business Plan – Here you have a detailed information on all you want to do with the capital at your disposal, a business plan should outline what your business is all about, should contain a business description, market analysis, competition analysis etc.
– Show Room – The good (furniture) you are to get will be on display in your showroom, your showroom should be big enough to contain a lot of furniture, also ensure to get furniture that are eye catching , a visit to any of the Malls will give you a glimpse of what a showroom should look like.
– Experience Furniture Maker – You need someone who is knowledgeable in furniture to help you in the setting up, you can hire one or two to make the job easier, an experience furniture technician will help you to do the setting up of some furniture, you also need a carpenter who will make furniture in situations of delay in the arrival of imported stuffs.
– Logistics/Transportation – You need to offer the total package of not just the selling of products but also helping customers transport their goods to their various destinations. a big truck will do in this regard, or you can contract a truck owner to be at your call whenever you need him.
NOTE – Starting a furniture business of this nature should cost an estimated N50 million.
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