It is a well-known fact that furniture can be seen in virtually every place. It can be found in homes, offices, schools, churches, hospitals, etc. Without mincing words, no establishment can operate without the use of furniture. This makes furniture business in Nigeria a very lucrative business to venture into.
Starting up a furniture business in Nigeria is synonymous to starting up any other kind of business. However, there are a few steps to take.
How to start a Local Furniture Business in Nigeria
Follow the steps below to start furniture business in Nigeria;
1. Acquire furniture making skills
Firstly, as an entrepreneur, it is necessary to be knowledgeable of your business. This will help you to avoid unnecessary loss that may arise.
Therefore, to start up a furniture business, it is important that one acquires the required skills. This can be made possible by enrollment into a furniture-making school.
2. Calculate the cost of running the business
Again, it is wise to count cost before venturing into a business. Since furniture is on a high demand, this makes it expensive.
And so, starting up a furniture business would cost quite a huge amount of money. Therefore, it is necessary that start ups calculate the cost of running the business in order to make effective plans.
3. Get business plan
In planning a business, getting a structured business plan is important. A business plan gives direction to that business.
It is simply a formal written document containing business goals, the methods on how these goals can be attained and the time frame within which these goals need to be achieved.
A business plan describes the nature of the business, the background information on the business, the business’ financial projections and the strategies it tends to implement to achieve the stated targets.
4. Register your business
Another step to take in starting a furniture business is to get your business registered with the CAC.
Registering your furniture business with the Corporate Affairs Commission (CAC) gives your business a legal backing in the country, thereby, making it official.
5. Get a business show room
More so, acquiring a furniture show room is very paramount. This is where your furniture is displayed for publicity and sales. One factor to be considered in the acquisition of a show room is Location.
The location of your business show room should be in a locality that is easily accessible. The road should be motorable for easy transportation of the furniture to customers.
Finally, it is an obvious fact that some start ups might not see the need to acquire furniture-making skill.
Such individuals can hire the services of skilled furniture makers to help make the furniture while they supervise the business.