Recycling furniture is easy and highly profitable if you know what you are doing. Recycled furniture also known as upcycled furniture has in recent years become very popular. Additionally, by starting a recycled furniture business you are turning a profit while at the same time saving the environment. You should note, however, that undertaking a business which deals in recycled furniture is not as easy as it may seem from the outside.
To help you beat out the stiff competition here are our top tips for starting a recycled furniture business:
The first thing you need to know is that the recycled furniture business is a competitive one. When you start out you’ll be facing the likes of well-established businesses with years of experience. If you want to make sure that the business you are starting will be a profitable one you will need to find an item which is in demand. “Doing the right market research is vital for anyone entering the upcycling furniture business,” says Greg Smith, head of Kalusto Furniture’s design department.
He adds that finding the correct item to specialise in can be the difference between running a successful business and your new venture running at a loss. “The quickest way to find the right market is to have a look at what your competitors are offering. Visit their showrooms and check out their websites. Also, have a look at what people are requesting the most online”.
Set a Budget
Once you know what you are going to sell, you need to make sure that you have enough money available to sustain your business. Keep in mind that the first six months of every business will most likely not turn any profit. Aside from this, you will need to make sure you have the right equipment as well as stock to work on. You also have to think about which vehicle you will use and whether you will offer delivery services to your clients. If you are hiring employees you will need to make sure you can pay them.
Your business plan will include everything you have researched and put together when you looked at starting out. Essentially your business plan is a more formal document which will outline the plans you have for your business. From starting out to what your plans are to grow your business. Your business plan should also include your fail-safes for those times when things do not really go according to plan. You can use your business plan to help you stay on track with the development of your business.
Getting start-up capital for your business is vital but you will need to make sure that you have the right contacts to get it right. The first option for many people in getting capital to start their business is to approach the banks. This is where your business plan will come in handy. You will need to produce a constructive business plan which the banks can take a look at in order to offer you the right finance for your business. Once you have secured a loan to start your business you are all set to get creative and make money.