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Starting your own homewares company sounds incredibly exciting, doesn't it? However, there are several steps you'll need to consider before you begin.
From choosing a business structure to marketing your first collection, this guide will help you start a successful homewares business.
Before you launch your homeware business you'll want to develop a business plan. Part of writing a business plan will include conducting market research. You can use the following steps to research your competitors:
Learn as much as you can from your competitors. Make notes on what's working for them and what isn't. This can save you a lot of time and money when you start your own homewares business.
Other beneficial skills required to run a successful homewares business include digital marketing and basic business financials. You'll also need an understanding of the homewares market including how to source products, what sells and current trends.
You can find online courses to learn some of these skills on websites such as Skillshare or Udemy.
Access thousands of courses from some of Australia's leading providers.
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 GST (good and service tax).
You'll also need to decide how to sell your products to your customers. Here are your options:
Deciding what your product range will be is a crucial part of your business, as the only way you'll make sales is with good quality, on-trend homewares. 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 you'll need before starting your homewares business. These may include:
You can make use of online legal services such as Sprintlaw, LawDepot or Law Central 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:
Can I run a homeware business by myself?
Yes, you can run a homeware business by yourself. Sole traders are well suited to retail businesses, including both physical and online stores.
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. It may be possible to start an online homeware business for under $500. However, if you are planning on opening a physical store then your startup costs will be much higher.
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 then you can consider alternative financing methods for your business.
Another option is to convince an angel investor to buy equity of your new company. Alternatively, you might be able to get a loan from a traditional lender such as a bank or credit union.
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