The threats of venturing into the business of selling furniture can creep you out. Your success as a first-time furniture seller will depend on your ability to navigate those threats. If you’re looking to venture in this line of business, be aware of the following threats:
Threats of venturing into the sell furniture industry as a beginner # 1: Difference in product and advertising
You might do well in a competitive furniture market as a startup if you offer unique and stylistic pieces of furniture, but you will lag behind when you compete with established furniture stores when it comes to advertising and marketing. You may find that you’re experiencing higher advertising and marketing costs than established furniture stores because they are given discounts prices by advertising and marketing agencies.
Threats of venturing into the sell furniture industry as a beginner # 2: Strong relationships nurtured by established furniture stores
When customers decide to buy furniture, they know that they are parting with a significant amount of money. So they would want value for their money. Established furniture stores have the upper hand when a customer is looking for quality furniture that will offer value in the long run, because they have developed their brand reputation over time. New entrances in the furniture space will suffer because they don’t have that brand reputation, and so, no one trusts them yet. Also, furniture stores that operate in the community have the edge over new entrants because the community identifies more with them.
Threats of venturing into the sell furniture industry as a beginner # 3: Large furniture companies can be a threat to new furniture startups
Some large furniture companies deliberately make it difficult for small furniture companies to operate. They are household names, which mean they have huge resources to market their products, and can benefits through economies of scale by significantly minimizing their production costs. Plus, they can easily spread this benefit to their customers. This makes it difficult for new furniture stores to compete when it comes to offering competitive prices.
Threats of venturing into the sell furniture industry as a beginner # 4: Strategic barriers
Existing businesses can collude with the authorities to prevent new furniture businesses from setting up shop in the area. Or if the new furniture businesses manage to set up shop, large furniture businesses make it impossible for them to thrive.
These are some of the threats you might experience as a first-time furniture seller. But like in any business, roadblocks are always there. The only question is if you can navigate them and make it to the top. It requires hard work and resilience.