According to market research, the furniture business in the country has an annual revenue of $7 billion. Moreover, its yearly growth rate is at 1.3 percent, while the sector employs at least 35,000 workers. In Sydney, the Inner West is said to be the city’s furniture hotspot. A lot of outdoor furniture factories can be traced in the industrial area of the Inner West, while the King Street harbors an array of furniture shopfronts.
Despite the presence of the furniture empire IKEA in the area, small retailers continue to thrive in the business. As a matter of fact, these stores are promoting their products and reaching more customers through the help of social media. The fierce competition among these retailers and IKEA resulted in deals that customers won’t be able to resist.
Mastering the Furniture Game: Selling Sofas in Sydney
Just like any enterprise, building a furniture business in Sydney is easier said than done. Trends in this sector are constantly changing. Furniture retailers have to keep up with the latest styles to accommodate the tastes and needs of various customers. As per industry reports, the erratic demands in the housing industry affected the trading conditions in the furniture business. Because of this, there was a slight decrease in sales in the previous years. This being said, the furniture business was quick to bounce back.
The location of a business is an important factor in mastering the furniture game. Owners should consider the rental fees and of course, the foot traffic. Is your locale connected to major transportation routes and roads? It will also be best if your shop is in proximity with your local resources.
Like discussed earlier, marketing plays a big role in the business sales. Aside from social media, shop owners can advertise in local magazines or newspapers. For business newcomers, they should focus primarily their marketing efforts within the district or the community. You should start small before going big!
Tips for Aspiring Business Owners
Those who would want to embark on a similar business must first plan their finances. They should take into account potential expenses, especially that some important business overheads cost more than anyone would expect.
There will also be setbacks during the course of business. Shop owners should just keep going and never give up. If this line of business is their passion, then they should seize every opportunity. If life gives them lemons, make lemonade and furniture!