Do you have this constant drive to start a career in the furniture industry, but you do not know how to achieve it? Then this post on the complete step-by-step guide on how to start a carpentry business is for you.
In reality, the furniture industry is one of the best and most in-demand construction occupations in Nigeria.
Despite the changes in the economy, such as the recession, etc., your services are unaffected. To perform some building work, one must hire a furniture maker or carpenter.
About Furniture/Carpentry Industry in Nigeria
If you launch your furniture business in Nigeria in a major way, it can be quite profitable. If you use good planning and have a clearly defined business strategy, your knowledge and skillful expertise are the tools that will catapult you into the spotlight.
Furniture construction and repair are just two sectors covered by the carpentry industry. Others include;
- New wooden stair construction.
- Putting in beams and trim.
- Decoration.
- Wood paintings, etc.
You can see that carpentry is a fairly broad industry from the few elements I have just stated above.
You must fully understand the business and be familiar with the ins and outs of the furniture industry to launch your firm successfully. Plan and implement a good company strategy. With everything in order, your success is assured to the nth degree.
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A Complete Step-by-Step Guide on How to Start a Carpentry Business
To start a carpentry or furniture business, there are steps to follow and they are:
- Create a business plan
- Cite the furniture and carpentry services in which you have experience and are proficient
- Open a business bank account
- Find an ideal site to launch your furniture business
- Become a CAC registered furniture manufacturer
- Partner with reputable furniture brands and companies
- Get furniture showroom
- Follow the most recent furniture trends
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1. Create a business plan.
A carpentry business plan will lay out your starting point and the ideal methods you can employ to accomplish your objectives. A business plan helps you know where to start from, the things you need to begin with, and the whole outlook and in-depth of the new business.
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2. Cite the furniture and carpentry services in which you have experience and are proficient.
There are a lot of carpentry services you can venture into. Like cushion making, wooden wardrobe making, bed making, wooden door services, and so on. State and advertise the one you specialize in so that people can patronize you.
You must also identify your target market, select the ideal company name, and create a marketing plan. Describe how much your services cost.
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3. For your furniture business, open a business bank account.
It’s crucial to have a separate bank account for your business. It assists you in keeping track of your professional development.
Additionally, it aids in preventing you from using budgeted funds. You must open this bank account in your company’s name using the registration papers for your business.
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4. Find a site that is ideal for the launch of your furniture company.
When launching a carpentry business in Nigeria, location is a crucial consideration. You don’t want to create a carpentry/furniture workshop in a rural location and have no one buy your fine work.
You must set a store in an area that is highly visible, a setting where cars and people pass by daily.
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5. Become a CAC-registered furniture manufacturer
It’s crucial that your furniture business registers lawfully in order to receive legal protection. The Corporate Affairs Commission of Nigeria can help you officially register your business in Nigeria (CAC)
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6. Partner with Reputable Furniture Brands and companies
You must undoubtedly network. If you want to enter the local furniture market, you must collaborate with existing companies.
Make contact with independent furniture makers if you plan to buy your furniture from them. You might wish to buy furniture in large quantities so that you can take advantage of sales and discounts.
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7. Get a furniture showroom
Make sure the furniture store is situated next to a road for better exposure when choosing one to display the furniture to customers and clients. Of course, not all of your customers would randomly drive by your showroom; something would need to prompt them.
Publicity would be that thing. You must arrange your showroom so that most people would find it appealing and feel motivated to look at and purchase your products.
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8. Follow the Most Recent Furniture Industry Trends
You must keep up with current events and fashion in the furniture sector. Examine what your rivals are doing, then adopt their strategies while retaining your own unique flair.
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What Know Before Starting a Carpentry Business in Nigeria
- Starting a successful furniture business requires a high level of expertise and experience.
- Finances: A start-up capital is required.
- You will need to bid for jobs.
- You will require mentoring, therefore get a mentor.
Take a part-time position as a carpentry apprentice in a larger company before starting your furniture business in Nigeria.
This will enable you to access the industry and determine whether it presents a viable business opportunity for you. Additionally, it would increase your understanding of the details of carpentry work.
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Where Startups Can Find Money to Finance their Carpentry/Furniture Business
To get resourceful financing to fund your carpentry business, check out sources like:
- Family members
- Venture capitalist
- Loans/Grants
- Personal savings
1. Family members
Are the first group to consider when allocating funds. They are the ones who know us best; they share our enthusiasm, and they are probably willing to assist us in raising money for start-ups like this. Your siblings, cousins, and possibly even distant relatives.
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2. Venture capitalist
In Nigeria, several organizations and people are looking for sponsors. They make significant financial investments in the company and take part in the eventual profits.
They support companies that have great potential, as well as those with sound business plans and established strategies.
Read- Top 16 Lucrative Business Ideas with Small Capital in Nigeria- (2022).
3. Loans/Grants
Government funds are available for your business. A thorough business plan and the registration of your company name will grant you loans from a bank. So learn how to get a small business loan for your carpentry business and start off from there.
There are also world bank grants and small business grants that are available for everyone online. You can check them out.
4. Personal savings
This is a reliable source of funding for your furniture company. I suppose you have amassed a sizable sum of savings throughout your career as an employee or an entrepreneur in your bank account or safe.
Although you shouldn’t use them entirely, your savings can assist and finance your new business, in case anything unexpected happens.
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How to Market Your Carpentry/Furniture Company to Customers
There are many ways to draw customers into your carpentry business. Effective marketing and promotion will increase sales while also expanding the reach of your company.
- Digital Advertising and
- Traditional/Offline Advertising
1. Digital advertising
This is the most effective and practical strategy to advertise your company. This is accomplished by developing your company website and ranking highly on Google.
Nowadays, the majority of individuals use Google to search for whatever information they require. You will have a stronger advantage over other businesses in your category if your company is listed on Google.
2. Traditional/offline advertising
This is a beneficial marketing tactic as well. You must inform everyone you know about your furniture company. Your friends and relatives should tell their friends to tell their friends, and so on.
Conclusion
You need to get started and stop putting off starting your furniture or carpentry business. Make a move and think through your strategy. With this complete step-by-step guide on how to start a carpentry business, you are good to go.
If you have other questions, you can drop them in the comment section. I will attend to it.
