The last few decades have seen a shift in the socioeconomic growth of humans, in large part due to the advances in technology, specifically the internet. What once was done with pen and paper can now be accomplished electronically, many times through apps and software that tremendously cut down time and effort for tasks. The ease and efficiency of technology has bridged the gap for more individuals to explore opportunities to create their own businesses.
Over time, trends in new business ideas have come and gone. When thinking of potential ways to make money, it is important to consider the wants and needs of humans at a specific moment in time. In 2023, the world is vastly different than when the internet was first introduced, and our needs and wants have changed considerably. One large change that we’ve experienced is the shift in where employees are working. Post-COVID, remote work has become increasingly popular. With this rise in remote work, employers often ditch their brick and mortar workplaces and employees become responsible for creating their own work space. With this situation, many are wondering how they can monopolize on this shift. As we start to consider the possible new demand for home office furniture like an ergonomic office chair, we can start to consider the lucrativeness of this industry and how we can leverage online shopping to create a business. But how do we get started?
Researching the Market
In order to understand the ins and outs of any potential new selling opportunity, it’s important to first do your research. Make sure you are diligent in exploring market trends and current competition. Understanding consumer behavior, as well as market trends, can give you a leg up when you move onto the next few steps.
Methods for research vary, but can be as simple as searching for existing office furniture companies in your area. You may also decide to conduct surveys, or send out questionnaires to hone in on exactly what consumers are looking for. You may also decide to use pre-existing sources for market research, such as US.gov Statistics, US Census Data, or Bureau of Economic Analysis data. Either way, having a better understanding of the people who will be buying your products, and the current economic trends, will give you a leg up on the competition.
Figure out your Costs
Understanding how much money it will take to start your business is crucial. You’ll need to research the cost of goods, production costs, and associated payment fees to name a few. An understanding of the capital you’ll need to start your business will help you plan out where to allocate funding and exactly how much you will need to save in order to get up and running.
Choose your Business Name
A little more fun and creative than the other steps, finding a name for your business will be the start of creating your brand. This will be an important step as it will be the precursor for branding, marketing, and exposure for your new business. Make sure to use any data collective during your research phase to pick a name that will resonate with consumers. You may also opt in to hire a third party marketing and design team to help on sites like Upwork.
Write a Business Plan
Writing a business plan may seem daunting, but it’s a crucial step in helping potential investors and employees understand the vision of your company and what you’re trying to do. From marketing and services pitches, to legal plans, there are specific formats you’ll want to follow when writing out your plan. Make sure you have an understanding of how you’d like your online business to run, and which channels you’ll go through to achieve success.
Create a Business Website
Creating a website might not sound easy but with WordPress, things have become a lot easier. WordPress allows you to create a website without coding knowledge. There are many templates and plugins out there that are free so you can add a nice design and all the features you want without spending much. For your office furniture business, you can use Woocommerce which is an eCommerce plugin that allows you to sell products online. Woocommerce also allows you to set up related products so you can show similar products to your customers. For example, if customers are looking at standing desks, you can also display sit stand desk products.
While there are many other nuances for creating a successful online retail business, the above steps are the basics to help you get started. Remember to keep in mind the vision for what you’re trying to accomplish, as well as researching the ins and outs of what you’ll be doing. It may take some time and patience, but starting your own home furniture business is achievable.