Used Furniture Sture Business Idea
Do you love yard sales and garage sales? Are you good at picking out the treasures from the junk? Do you have an eye for items that might be a genuine antique? If this sounds like you, you might want to consider how to start a used furniture store.
Much like a vintage clothing shop, a used furniture store collects quality used furniture, then sells it at a profit. To be successful, you’ll need to possess some of the same skills any successful small business owner has: discipline and common sense when it comes to money, as low an overhead as you can manage, and an effective marketing plan.
In particular, you’ll need to be willing to go furniture hunting on a regular basis at local yard sales and estate sales, and you’ll need an eye for quality.
How To Start A Used Furniture Store – Getting Started
Expect to spend at least $50,000 to get rolling. This figure includes the build-out costs for your store, your first collection of furniture inventory, your initial marketing efforts, along with reserve funds that will allow you to pay the bills as you’re getting started.
Save as much money as you can when it comes to collecting your inventory. At yard sales and garage sales, people are often happy to give items away for free at the end of the day.
Some yard salers will pile their unsold items on the side of the road for the garbageman if they don’t sell by the mid-afternoon. If you don’t sell the free items you find, all you’ve lost is a little time and a little labor.
All the yard sale and estate sale hopping means you’ll need a vehicle or vehicles that can haul plenty of stuff, and you’ll also probably need a traveling companion or employee who can help you load and unload.
Key Factors To Success
When considering how to start a used furniture store, there are a few things in particular you will need to think through in order to be successful. These include:
- Location, location, location – Location is important to any business. You want to be in as visible a spot as you can afford. However, you also need to understand your location. Are you in a low or middle income neighborhood? If so, you can probably sell even slightly damaged furniture. In a high-income neighborhood, on the other hand, you’ll want to focus on rare furniture, antiques, or name-brand items. Match your inventory to location.
- Find a niche – Set yourself apart by specializing in a particular type of furniture, such as funky retro furniture or classic antiques. Experiment at the beginning to find what sells, then begin to specialize in that direction.
- Have an excellent marketing plan – It doesn’t take a lot of money to have effective advertising, but it does take some know-how. Pick up a book on the subject and create a marketing plan before you ever open.
Ideas for Expansion
Once you have a solid book of business, consider opening up a second store in a different type of neighborhood. A different neighborhood may give you a chance to sell certain items for more than you can get at your original store, or, if you put a second store in a lower-income area, you can sell the lower-end furniture that just doesn’t seem to sell in your original store.
Overall, starting a used furniture store will take plenty of hard work, but there’s a huge potential for profit because of the nature of the business. Just think of all the furniture you’ll be able to sell at 100% or 200% of what you bought it for! Numbers like that make other retail owners drool with envy.