Also, Know the Future of this business“Do you want to start a business and have an interest in decoration?” If you’re really passionate about decorating houses and selling home décor online, the home décor business can be great fun and a good source of earnings.Firstly, you should exactly understand what is home decor business.?
During and after the pandemic lockdown, people want to decorate their homes will the living arrangements more liveable and work-friendly. Moreover, we all want our homes to be a reflection of our personalities.
You will get to know in this article how starting a home decor business can be a great choice and how to start a home decor business.
“Have nothing in your home that you don’t know to be useful or believe to be beautiful.”
As a result, the necessity of the home décor business has been enhancing with time. People are ready to go to any extent to find the perfect decorative items to furnish their houses.
In this article, we’re going to discuss and learn everything about starting a home décor business or the steps to start selling home décor online. In addition, the article will also unveil all the challenges and the ways to overcome the obstacles and we assure you can set up a successful home décor business on your own.
Let’s Understand Home Decor Business
It is a business in which you help decorate homes and offices, and sell home decors online. Typically, a home decor business is a combination of science and commerce.
Taking about science, you study and implement your decorative expertise to create an internal and internal space of a home or office to make them more functional and livelier.
Commercially, you also have an option to sell the home décor products online such as flower vases, wall clocks, antiques, showpieces, plants, furniture fabrics, mosquito nets, fiberfill, blind fabrics, lamps, and many more.
The key role of this business is to make the apartments and offices more colorful, elegant, stylish, and valuable.
The home décor business can be categorized into two major types:
A. Offline home décor business
B.Online Home décor business
Why Should I Start a Home Décor Business?
What is the Future of a Home Décor Business?
Post covid-19 pandemics, we are seeing a high profit in the home décor business as people are trying to decorate the houses work-friendly and hygienic. There are a number of reasons that lead you to start this business, let’s dive into them now.
- India is consistently at the second position in home textile exports. Our country holds around 11% of a $100 plus billion global market share and increasing rapidly due to the work-from-home system.
- According to the industry report 2022, India is expected to reach 25 percent growth in home furnishing and décor trade.
- The business is not only a matter of designing the homes but also a need now because of the work-from-home lifestyle, quarantines, and video calling arrangements.
- Nowadays, natural weaves, textures, and eco-friendly fabrics are becoming popular. This also let us consider the home décor business.
- The global market of technical textiles is anticipated to cross approximately $200 billion by 2022 globally.
- Due to post covid-19 lockdown, people are comfortable with online shopping rather than driving to the market for any purchase. Online shopping is beneficial as it delivers items to our doorstep.
- The government of India recently announced a PLI (Production Linked Incentive) scheme of Rs 10,683 crore for the textile industry. It increases the hope of the people wats to start a home décor business or other business related to textile.
- Indian government has also made an announcement to establish seven textile parks over a three-year period. The scheme is MITRA (Mega Integrated Textile Region and Apparel).
- IMARC report 2021 says that the global home décor business was valued at around $682 billion, and is expected to reach $900 billion by 2027.
I guess the stats are enough to convince you for starting a home décor business.
To know about online reselling business read : How to Start An Online Reselling Business? Tips and Ideas
How to Start a Home Decor Business: A Complete Guide
- Know the Target Customers and select a niche product
Considering the various fields, a home décor business covers both interior and exterior decoration. It includes home and furniture furnishing, antique furniture, basement remodeling, custom furniture covers, sales & installation, decorating artificial flowers and bases, and many more.
Thus, it is quite challenging to select your niche and requires a survey to know your target clients. Well, it becomes quite simple if you look into your audience type or the customer’s interest in the local market. You should select the product to market according to your audience and market, and everything will be alright.
You also need to find out the demanding products & services, potential customers’ expectations, and the market size before you jump into any niche. Your vision should be crystal clear depending on your ideal customers.
- Registration and License
You require to complete paperwork before starting any business and so goes with a home décor business. We recommend you choose a proprietorship or partnership firm and obtain a PAN number for your business to register the company without any issue. Service tax registration, shop license, and establishment license from local authorities are also required for the business. You will also need to open a professional bank account/s with the company’s name for your agency.
- Set up office and warehouse plus team
For this business, you need not less than a 300 square feet area, so that you can set up a warehouse (with office). In this place, your team will manufacture the product and tackle other requirements. At the start of the business, you should have 3-5 members to handle multiple tasks.
- Required funds and investments
A home décor business has miscellaneous investments to start it from scratch. Let me share here the complete steps of investments:
- For company registration, Rs 25,000 to Rs 30,000.
- For a trade license, Rs 3000 per year.
- For your domain and web hosting, Rs 5000 a year.
- For website development, Rs 20,000 one-time fee.
- For the company’s logo design: Rs 3000 one-time fee only.
- For visiting cards and stationeries, Rs 4000 to Rs 5000 monthly.
- For Internet subscription (Wifi) Installation, Rs 2000 one-time with a monthly bill.
- For Telephone lines, Rs 2000 + monthly bill.
- For online and offline promotion (ads and campaigning), Rs 10,000 monthly
- For products and services, depends upon your niche and business scale.
- For Office/warehouse rent (not required for affiliate marketing), Rs 20,000 to Rs 30, 000 + Rs1000 electricity consumption.
- For salary to staff members, depending upon the size of the company, required approx. Rs 50,000 for 3-5 members.
- Put the business online
To get more clients and customers according to your niche, you can set up online accounts on social media sites such as Facebook, Instagram, LinkedIn, Snapchat, and on other sites. No business can be successful or popular without being influenced in social media platforms as people are used to buy things online instead of running to the stores.
- Attend events like trade fare
If you walk into trade fare and other such events, this would be awesome to know the people interest and the new designs in market. The process is necessary to be up to date with the latest fashion and requirements.
A home decor business is a concept of stylish and innovative designs to decorate interior and exterior of home and office. Trade fare would be a great idea to understand present demand
Indian Home Decor Companies brought a revolution
- The Yellow Dwelling: It is a Bengaluru- based company founded by Abhinayah Sundaramoorthy and Nandakumar Lakshmanan in the year 2017. The company is popular for making vibrant and elegant home furnishings from ethical procedures and sustainable materials. To market their products and business, it takes the help of eCommerce sites such as Amazon, Myntra, Flipcart, Pepperfry, and its websites and applications. The company even runs physical stores.
- Vintage Vistara: It is a Bhubaneshwar-based company founded by Arpita Sahu in the year 2019. This company is famous for its extensive collection of furnishing, home décor, apparel, wall décor, including coasters, wall plates, trays, and so on. Vintage Vistara uses wood and medium-density fibreboard that they buy from Saharanpur, UP. The agency offers both handcrafted and hand-painted items. The specialty of the company is that it provides a wide range of products including Madhubani, Pattachitra, and Kalamkari arts.
- Urban Space: It is an Ahmedabad home décor and furnishing company founded by Radhika Koowal in the year 2018. The company is popular for its cushions, comforters, bedspreads, quilts, cushion covers, table linens, curtains, and several furniture clothes. The company, mostly, sells its product on eCommerce channels such as Amazon, Myntra, Flipcart, Pepperfry, Ajio, and also on its business websites.
- Pine Cone: It is a New Delhi-based company founded by Nikita Gupta in the year 2020. The company operates its business through direct-to-customer and Instagram stores. It also has several stores in Hyderabad and Delhi. It produces craft-based home décor items. The company works very hard and it has artisans from different parts of India including Jammu, Northeast, Manipur, Assam, Delhi, and Himachal Pradesh.
- InnoDesign: It is a Rajkot-based company founded by Nidhey Pan and Neeti Maacker in the year 2020. It offers a wide range of product collections such as modern, classic, and elegant home furnishings and décor items. The company also offers special customizations related to fabric, wood, dimensions, and a diverse selection of modern, classic, and elegant home furniture.
The interesting thing is the similarities in these companies.
- They all started their business during or after the Covid-19 pandemic.
- They all use almost similar eCommerce sites to sell their products and services.
- They all started their businesses from scratch and become successful due to the good plan and strategies.
Pros of Starting a Home Décor Business
• Handle from home
A home décor business can be started from home and you don’t need an office space for this. For this, you can set up your social media accounts and log on to a few eCommerce sites. If you have a good fan following on social media, you are going to rock in this business.
• Rewarding work (Amazing perks and discounts)
Since you solve the issues immediately in this business and you love the business, it is going to be really rewarding for you.
A home decor business comes with lots of discounts and perks also.
• Be your own boss
You become your own boss if you start the business and you are also free to make any decisions for all the operations.
• Select your own location
You can select your own location for the offline stores, in case you are going to run the business from local stores. Otherwise, you can handle this online from home as well. In case, you are opening a store, we recommend selecting the area in the main market and decorating the shop as attractive as you can. Amazon, Myntra, Flipcart, Pepperfry, Ajio, website, and mobile applications are valuable eCommerce options available in the case of online marketing.
• You Can Control your own destiny
In this business, you have complete control over your destiny because you decide all the monetary or non-monetary expenses and profits. You can take the business where you wish to at your own risk.
• Your passionate work
The reason we don’t want to job in companies is that we don’t choose the work according to our interests. We do that as we don’t have any business and we need money to survive. Starting a home décor business is what gives your real fun because you love to work hard for your passion.
• You inspire others
Your business and efforts in that encourage others to start a business according to today’s conditions and availability.
Cons of Starting a Home Decor Business
• Highly competitive
Due to the pandemic, many people have started their own online businesses and so is happening with the home décor business. Competition is very high, but you can handle this with your efforts, good planning, and smart work.
• Finding the right supplier or manufacturer
Sometimes we go for the suppliers and manufacturers to get the products ready. To find the right supplier or manufacturer, we need to spend a lot of energy and time. However, getting the right one can save your time later and support you to grow the business rapidly.
• Select the niche market
Selecting a niche market is very necessary to reduce competition. However, it is tough, challenging, and time-consuming to find the perfect niche market.
• Highly overhead-expenses
Starting a home décor business from scratch is quite expensive which comes with selling a physical item. You should be financially strong or have a finance plan.
• Repetitive work
In the home décor business, there is a repetition of creating the same product again and again. The monotonous make you feel tired and boring. But, working in a business according to your passion doesn’t let you feel so.
• Management of time
As you’re the boss of the business, you have lots of responsibilities to get the work done in time. You have to manage your time properly. Delay in service can ruin your business soon.
“Design is so simple. That’s why it’s so complicated.”
The home décor business is like the above quote, it is simple and that’s why it’s so complicated.
Did I confuse you?
Let me try this way, home décor business is simple as you can start this from anywhere and at any time, with little funds for small-scale or with higher for large-scale, with offline or online channels, and so on. Its competition in this business is what makes this complicated. However, we already have discussed the issues and resolutions above in the blog.
To summarize, picking up your niche with the target audience, knowing the competition in the market, selecting financiers or partners, setting up your office, making a team for various purposes, and making a social presence obviously are required steps for a home décor business.
I tried to put everything in this blog that are the necessities to start your own home décor business, in case I missed anything you need, write us a comment.
Thanks and regards
Read also : How to Start a Gift-Wrapping Business?