The business structure you choose affects how you file your income taxes. Consult a certified public accountant CPAlawyer or other business advisor to help you make this decision. Obtain a federal tax identification number from the IRS, and check in with your state to determine if you need a state tax identification number.
Obtain licenses and permits. Every state requires some form of business or license to operate legally in that state. Visit the website of your state government to research what is required to open your furniture business in your state.
Your state may have specific regulations about the location of your furniture making business. Also, familiarize yourself with state and federal consumer safety regulations. Write a business plan. Every entrepreneur should invest time in writing a business plan. It commits your ideas and plans to writing and provides a road map to success. Often, woodworkers see themselves as artists devoted to their craft.
As such, developing sound business practices may not come naturally to them. Further, they may view time devoted to business practices as detracting from the quality of their work. However, if you want your furniture-making business to be successful, you must invest time defining your marketing strategies, developing financial projections and organizing and managing your business.
Explain your market analysis. Describe how you have researched other furniture manufacturers and how your business fills a need in the market.
Define your business structure, such as a sole proprietorship, partnership or corporation. This decision has important tax ramifications. Describe your product line, such as exactly what kinds of furniture you manufacture, papers on love materials you use and how it benefits your customers.
Explain how you plan to market your furniture business. This includes not only how you plan to advertise, but also how you plan to grow your business with new products or expansion into new markets. Supply financial projections for the next five years. This is especially important if you plan to finance some of your startup costs. Creditors will want to see your financial projections.
Method 1 Quiz A market analysis will help you to determine: The rules and regulations for opening your business in a specific location.
Financial projections for the next five years. Appropriate product pricing. Method 2. Forecast your start-up expenses. Accurately budgeting your start-up is crucial to making your business successful. Precisely itemizing your start-up expenses makes it easier to communicate with banks and investors. Also, it helps you to correctly forecast your profitability in the first year of your business, which has tax ramifications.
Finally, your start-up expenses and any debt you incur become part of you financial projections for your business plan. Start-up expenses may differ from business to business, but include the following categories.
If you have to consult a CPA or lawyer, include those expenses. Include fees for registering your business with your state and for obtaining your tax identification number with the IRS.
Cost of obtaining licenses and permits and for complying with state and federal safety and environmental regulations. Purchase or lease of your business location. Purchase or lease of equipment. Purchase of start-up inventory. Before you ever make a sale, you will need to purchase materials such as wood, glass, metal and textiles to make your initial pieces of furniture. Wages and benefits for your employees. Plan to acquire high-quality equipment. However, if you plan to grow your business by offering new products or getting into a new market, you may need to upgrade your equipment.
Find funding sources. Choose from a variety of methods for funding your business. You may have enough in personal savings to invest in your business. Or, you might have friends, family or other business associates who would be willing to invest in your furniture making store.
You would how to buy essay make plans to pay back their loan or offer them a share in your company, depending on your business structure. Finally, you can finance your business with a loan. Other funding sources include a personal line best american essays credit from your bank, peer-to-peer lending sites like Prosper, tapping into your retirement account, using credit cards, getting a home equity loan or using a crowdfunding site like Kickstarter or GoFundMe.
Method 2 Quiz Why is it important to precisely itemize your start-up expenses? So you can forecast your profitability. So you can communicate with the banks and investors. So you can update your business plan. All of the above. Method 3. Equip your shop with woodworking hand tools. Building fine furniture requires a number of hand tools for completing detail work. Begin by purchasing these essential hand tools for woodworking. A block plan for planning across the end grain of wood. A small 7- or 8-ounce Japanese plane hammer for common finishing tasks like driving in finishing nails.
Bevel-edge chisels for chopping mortises by hand. Water stones for sharpening tools. A pocket square for frequent measurements like checking thickness. A inch combination square for a straight edge or for finding a degree angle. A wheel marking gauge for making reference marks.
A 6-inch sliding bevel gauge for doing work with angles. A card scraper for sanding tricky areas like curved parts. A mill-bastard file for shaping and sharpening. Purchase or lease furniture-making machinery. Obtain the basic machinery first. Once you have that on hand, consider any special equipment you need to make your manufacturing process more efficient.
A disc sander for sanding the end grain of timber. A drop saw for cutting timber. A finisher for sanding the edges and faces of timber. A mortising machine for drilling out square mortise holes. A pedestal drill for accurate drilling on large materials. A scroll saw for cutting small, thin pieces of timber. A table saw for cutting large pieces of timber or manufactured boards.
A thicknesser for smoothing rough timber and reducing its thickness. Obtain upholstery tools business plan writers new orleans equipment if necessary. Professional upholstery requires a combination of hand tools and pneumatic tools. Invest in top quality tools that will make your upholstered pieces look their best. In addition to professional tools, purchase useful items from the hardware store, such as: A webbing stretcher for pulling webbing close to the frame.
A regulator for adjusting cushion filling through fabric. A rubber mallet for installing tack strips without marring the surface. Upholstery shears for cutting fabric. Assorted curved needles for hand sewing.
A inch button needle for installing buttons through pillows, cushions and furniture backs. A hand-held staple gun or a pneumatic upholstery stapler. An upholstery button machine for making buttons. An upholstery foam cutter. Method 3 Quiz Once you have your basic machinery, you should purchase: Inexpensive tools that you may use later. Tools you and your employees can learn to use together. Tools that make your manufacturing process more efficient.
Method 4. Create a website. Invest in a web designer to make your website look professional. Update your website regularly with new pieces. Consider adding a blog page with posts about project updates, your design process and tips for shoppers.
Have a professional photographer photograph your work and post these images on your website. The better your photographs are, the more appealing your work will be to prospective customers. Become affiliated with galleries. A gallery will display your furniture as artwork. This allows a broader base of customers to become familiar with your work and see it first-hand.
Customers can purchase pieces directly from the gallery. In this case, the gallery keeps a portion of the sale. Expand your product line. Attend woodworking classes to learn cutting edge and different techniques. Incorporate your new skills into your work. Dedicate time to coming up with new designs. Collaborate with other colleagues and share ideas and expertise.
This allows everyone to grow and learn from each other. Method 4 Quiz Why is it important to hire a professional photographer for your website? You can attract more art collectors to your work. They will make your work look more appealing.
They will share your work on their site. Method 5. Find inspiration for your designs. Inspiration comes from many places. For example, the natural world is full of shadows, forms and silhouettes that can turn into the basis of shape, line and colors for your design. Also, everyday items such windows, food or buildings can inspire ideas for cabinetry, table legs and other furniture elements. Of course, always be inspired by the needs of your customers.
Consider how the furniture will be used when determining materials and structure. Also, think about the design aesthetic of your brand.
For example, your design style can be contemporary, traditional, country or Victorian. Create contrast. Contrast is the pairing of opposites, such as light and dark or rough and smooth textures to generate visual interest or depth. For example, if the doors on your cabinet feature a signature design element, craft them from a different wood or change the direction of the wood to draw the eye to it.
Contrast can be subtle or more obvious, but it should not be overused. Avoid severe, distracting contrast do teachers give students too much homework your pieces. Rather, opt for artful playfulness. Consider proportion. Proportion refers to the size and scale of the components of the piece. The way that these elements should relate to each other depends on your cultural experience. The eye becomes accustomed to seeing a desirable proportion among elements in nature, especially on the human body.
It is a mathematical concept that makes visual designs more appealing. It is derived from the Fibonacci sequence which is found everywhere in nature, from leaves, to seashells and even the human face. The proportion of the Golden Rectangle is 1: Determine shape. Shape is also known as form. It is determined by the outline of the piece. Three basic types of shape in furniture are geometric, organic and abstract. They are make from straight lines and curves and are often symmetrical.
Organic shapes are often asymmetrical and mimic objects found nature, such as leaves or bodies of water. Abstract shapes are artistic representations of forms which may or may not be recognizable. Look at the relationship between the lines. Lines on a furniture define the space and guide the eye around the piece. Helga D. Start Your Plan. Plan Outline 1. Create your own business plan Business planning has never been easier. You can download this complete sample plan as a text document for FREE.
Learn More! Rate this plan. Try the 1 business planning software risk-free for 60 days Start Your Plan No contract, no risk.
Built for entrepreneurs like you. Start-up Expenses. Business Cards. Start-up Assets. Cash Required. Total Requirements. Start-up Expenses to Fund. Non-cash Assets from Start-up. Liabilities and Capital.
E-Mail us and let us know what you think. Be sure to review our Frequently Asked Questions page.
Contact us to discuss advertising or to report problems with this site. All rights reserved. No custom furniture business plan of this publication may be reproduced in any manner without permission of the Editor. What is safe for one woodworker under certain conditions may not be safe for others in different circumstances.