
Jumping straight to the the point! Would you take this business opportunity if we told you that it was as solid as a wood? Because it is, literally
The furniture making business in India is defined by its supply chain management, cost minimisation, customisation and brand management. The Indian furniture industry is expected to account for $61 billion by then end of 2023.
With the growing needs of improved infrastructure, improved standard of living and rise in tourism and hospitality industry the need for furniture of different types, styles and for different spaces like commercial offices, houses, hotels, resorts etc have also been growing
Moreover, because of the changing consumer demographics in terms of westernisation, constant need for establishing a social status and the boom in the real estate business are all the reasons you should set you foot in this manufacturing business
And here’s how
The furniture making business involves manufacturing various or specific types of furniture for residential or commercial needs of consumers for the purpose of maintaining a décor and ensuring organisation in these spaces while giving them an appeal.
The market potential for this furniture making business is huge because it makes up for 0.5% of India’s GDP and the major contribution to its by the 85% unorganised sector of this industry.
Moreover with the increase in the real estate business and growing housing needs of the housing population specifically among the millennials and baby boomers who require aesthetic furniture
Along with the increasing need of furniture in offices, restaurants and cafés to drive in the foreign demand from tourists through a minimal yet exquisite appeal has increased the need for furniture in this era.
Further the potential can be defined and elaborated on the following basis
On the basis of type of wood for furniture
On the basis of style of furniture
On the basis of type of furniture and uses
The licenses required to run this furniture making business is as follows
The investment required to set up this furniture making business is around ₹10 lakh – ₹ 15 lakhs
The profit one can make from this business is ₹ 75000-₹100000 per month
Target consumers :The target consumers for this business are as follows
Commercial offices: The commercial offices which require an appeal to their spaces through modern and contemporary furniture to referent the nature of their work through tables, desks, chairs etc could your target customers
Houses: The upper class and middle class consumers aiming towards a high end lifestyle style and would like to experiment with the types of furniture they use in the form of dressers, cabinets, kitchen room furniture, fireplaces etc
Restaurants: The restaurants are another major target consumers for your business because of their need to have customised chair and tables reflect the nature of the ambiance they would like to proved to their customers
Cafés: The upend vintage and rustic vibes of a café are carried forward with the precise furniture setting of benches, tables and cabinets
Educational institutions: The educational institutions like schools, colleges and universities require furniture in the form of benches and desk tables
Shopping malls: These require furniture of various types and styles to be sold at the home décor section of the shopping malls to meet the needs of the outlet furniture shopping consumers
Retail houses: These require furniture in specific colours, woods, styles, patterns and of various purposes to capture the need of various consumers.
The area required to set up this furniture making business is 1000-1500 sq ft
Also read :
The raw materials required to run this business are
The machinery required to run this furniture making business is as follows
Stationary machines: bandsaw, timber sizer, wood lathe, drill press, wood shaper, reminding machine, thickness planer
Double end tenoner: rolling chain system, slide chain system
Panel edge processing equipment: high speed, heavy duty, light duty edgebander
Panel automatic packing machine
The manpower required to run this business on a medium scale would be
Moreover, ample training to these workers in terms of the following must also be provided with
The business model of a furniture making business can be defined using these four variants
Value proposition: The value which this business is likely to provide to you is
Target consumers: The target consumers which your furniture making business is likely to get to you is
Competitor review: The competitors in the furniture making industry are as follows
Marketing strategy: The marketing strategy that can be implemented by your business is
The furniture making business has the potential and has witnessed the following growth prospects
The profit margin which this business is likely to yield to you is 40%
Just like the life span of furniture, this business is likely to provide you wide opportunities for expansion simultaneously
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