How to Start a Furniture Store

A furniture store is a business where people buy and sell a wide range of furniture and related accessories. These products range from general furniture, such as sofas, chairs and tables, to upholstered suites, and specialised items which are produced on commission. In addition, many stores also design and create custom furniture, such as dining rooms and kitchens.

Business insurance

If you own a furniture store, you need business insurance to protect your financial assets. There are several types of coverage that you should consider, including general liability, workers' compensation, and commercial auto insurance. Additionally, you may want to consider additional coverage such as bonds, which will protect you in case you miss a contract.

When buying insurance for your furniture store, you should be sure to compare policies from different companies and compare their prices and coverage. Most insurance policies also include an umbrella liability policy, which offers additional liability protection. Liability claims in the furniture store industry can be very high, even if you take care of your premises and products. A business owner who doesn't protect himself or herself may be forced to take out a loan to recover from a hefty loss.

Permits

Before opening a furniture store, you must first check with the local zoning department to determine what licenses and permits you need. Failure to obtain these licenses can prevent you from opening your store, and you may even be shut down until you obtain them. Luckily, the local government provides assistance to help you with this process. There are also a few companies that specialize in helping businesses get the licenses they need.

If you are building furniture for sale, you will also need to obtain a seller's permit from your state. This permits helps you keep track of the taxable items you sell, and will ensure you pay your taxes on time. These permits are available online, and you can find them for free with a quick search.

Costs

The costs of running a furniture store can be significant. This is largely because the showrooms of many furniture stores are large and require ample lighting. In addition, the store's energy costs can be high. In fact, the EPA reported that energy expenses can account for as much as 8% of business operating costs. However, simple changes to energy policy can have a significant impact on your bottom line.

To stay profitable, you must look for ways to decrease the costs of running a furniture store. Here are a few ideas:

Future of the furniture store

The furniture industry is shifting towards a more visual and customizable experience. It's important for retailers to respond to the demands of consumers by creating an omnichannel experience that mirrors their own home. At the same time, they shouldn't abandon their core services. They need to provide excellent customer service and meet the needs of their customers.

The furniture industry will continue to grow. However, it will face new challenges from the growth of e-commerce. E-commerce stores like Wayfair, which focuses on the total home furnishings category, have seen their sales increase by more than five percent.