The furniture industry is enormous. On an annual basis, retail furniture and home furnishings sales in the United States effortlessly clears $100 billion. The size of this market means two things – there is plenty of opportunities and plenty of competition. Leveraging the power of a franchise relationship is one great way to crack into such a crowded space, but there are other things you can do to give your new business a leg up.
Create a Clear Identity
When you think of the most successful retail stores across any sector, many serve one specific niche within their market rather than a wider audience. Serving a niche or specific demographic provides an identity for the business and can help it get off the ground successful. This is particularly important in furniture retail since the items are expensive, and carrying inventory to serve everyone is impractical. So think carefully about who your furniture business will target in your local area, and then select a franchise that aligns with your goals.
Add Value to the Customer Experience
It would be a mistake to discount the role of online shopping in today’s furniture market. Buyers can access more and more items from the comfort at home, so your store needs to add value to pull them out into the real world. That value can come from a knowledgeable, helpful, and friendly sales team. If you and your staff can offer insight and help customers select the right pieces for their home, that expertise will differentiate you from some of the competition.
You’ll Need to Offer Great Value, As Well
In addition to adding value through knowledge, you also need to offer value in terms of pricing. That doesn’t mean your prices need to be low – they simply need to align with the quality of the furniture you sell. Whether it’s high-end pieces and competitive prices or budget furniture at extremely low prices, everyone needs to get a fair deal. Perhaps more than anything else, it’s value for money that will give you a strong reputation in the area as an excellent place to shop for furniture.
