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If you're a creative person with a passion for interior design, starting your own homewares store could be a great way to build a successful company. Whether you choose to operate in-person or online, here's how to kickstart your dream; from choosing a business structure, to marketing, and even what POS system to go with.
A homewares business is a retail business that specialises in selling pieces for the home, such as furniture, textiles, ceramics and other home decors. It can be a physical store selling homeware products or an ecommerce store selling products online.
Here are some of the essential steps involved in opening your homeware boutique:
You don't need a formal qualification to open a homeware boutique, but you will need some business expertise. Here are some useful skills for running a homewares business:
You can find online courses to learn some of these skills on websites such as Skillshare or Udemy.
Deciding how to structure your business is an important first step as it changes how the business is run, how you split profits and what to do come tax time. These are the three most common business structures in Australia:
Once you've decided on a structure for your homewares business, you will need to register for an Australian Business Number (ABN). You will also need to register your business name and set up a business bank account.
If your business earns over $75,000 a year, you will also need to register for goods and services tax (GST).
For opening a homewares business, it's important to stock good quality, on-trend homewares that are appropriately priced for your target market. Here are a few options to consider for your product range:
If you are opening a physical shop, then you'll need items to display your products, as well as furniture for yourself and customers. This might include a counter, tables, chairs and shelving units. In terms of software, your physical shop will require a credit card processor to take payments from customers.
Other useful software for a homeware business can include:
There are several legal documents that will be useful when running a homewares business. These may include:
For general advice on setting up your homewares business or specific legal issues you face, you might need to seek consultation from:
You can make use of online legal services such as Sprintlaw, LawDepot if you require any advice or assistance.
Marketing your homewares business is an important step to attracting new customers. There are different ways to go about this, including:
How much money do I need to start a homewares business?
How much money you need depends on what products you're going to sell and how you're setting up the business. Common startup costs for a homewares business include:
How can I get money to start my own business?
There are different ways to finance your startup. The first option is to bootstrap the company from your personal savings. However, if you need more money, you can consider alternative financing methods for your business.
How can I set my homewares business apart from competitors?
Homewares retail is a competitive space. To add value to customers' shopping experience, you could offer gift wrapping services, interior design and home organisation consultation in person or on video call, or offer courses such as pottery classes.Back to top
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