Everyone desires a perfectly decorated and aesthetically pleasing home. After all, home is where we spend most of our time nowadays. So, it only makes sense to have a cozy and welcoming ambiance for your family to reside comfortably. Unfortunately, not every person is gifted in decorating and furnishing homes. No wonder the home décor business in the US is estimated at $137.25 Billion in 2022 and expected to grow to $168. 19 Billion by 2027.
A home décor business is an excellent opportunity for people with a good eye for style. You could start by selling your home décor designs online and later expand into a physical store. While that seems pretty straightforward, there's more to the home décor business than just an eye for design.
In essence, you have to understand the ins and outs of what it takes to run your own business. Fortunately, this article will guide you through everything you need to know to start a successful home décor business.
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Why Choose a Home Decor Business?
There's a wide range of businesses out there that you can start, but there's a certain appeal to a home décor business. To begin with, this is the kind of business you can start from home. There's no need to have a physical storefront to get the business running. On top of that, a home décor business tends to be very rewarding.
Think about it; you are solving an immediate problem for a customer while at the same time working on something you genuinely love. Even better, you get to be your own boss. When you start a home décor business, you will be responsible for making most, if not all, business decisions. Because you will be calling the shots, you will also feel empowered and liberated.
And since you are already working on something you're passionate about, you will naturally find yourself dedicating most of your time and energy to your craft. While that doesn't automatically guarantee the success of your business, you are more likely to be successful working on something you love than a 9-5 job that you dread.
Trends in the Home Decor Business
The home décor business is about sprucing a home's overall look and feel. It transforms a space making it more livable and providing a more pleasing ambiance. However, home décor is one business that relies heavily on trends.
Client preferences and choices are ever-changing in this market. Therefore, you must keep up with the trends and use them to your advantage to give your business a head start. Some of the key trends in the home décor business right now include;
1. A Shift from Brick and Motor to Online Business
Over the last couple of years, there's been a pronounced shift in buyers' preferences. People are more interested in online shopping than going to physical stores. Post the global pandemic; buyers have significantly overcome their touch and feel factor when making purchases.
They have come to a comfortable level of trust with the virtual display of products and reviews from other customers. If you want to start a home décor business, you will have great success with an online store.
2. Eco-Friendly Fabrics
Besides that, customers have become keener on sustainability. As customers become more eco-conscious, they have shifted their preference to products that reduce their carbon footprint. Therefore, they are more likely to purchase locally made, natural, and ethically conscious items.
3. Home Delivery Demand
There's also been a significant demand for home-delivered products and services. Home delivery is, therefore, essential when customers are making their purchasing decisions.
4. Energy-efficient Processes and Technologies
Given how much the textile sector contributes to global carbon emissions, the decisions made at COP26 have rekindled efforts to produce fabrics with low carbon footprints and employ energy-efficient manufacturing techniques.
5. Popular Media inspires Most Sales
Home and interior design-related media have been pivotal contributors to most industry trends. Notably, people have become reliant on popular media when making their buying decisions.
At the same time, various channels have contributed to the visibility of the home décor industry. Identify the right channel for you and utilize it to boost your reach to the right audience.
Key Steps to Starting a Home Decor Business
Now that you're familiar with trends in the home décor business, let's proceed to the key steps of starting your business. When starting your home décor business, here are some steps to help you create a foundation for a successful business.
Step 1: Identify Your Competitors and Target Customer Base
The home décor business is a bit saturated. Therefore, an essential step when starting your business is identifying your competitors. Other businesses will offer the same range of products and services as you, probably at an even lower price. That will help you determine the best way to set your business apart from the competition.
Once that's done, understand your potential customer base. Research their preferences in home décor and factors that influence their purchasing decision. That will help you create a customized marketing strategy to align with your customers' needs. You can also test the market with trendy designs if you're sure where to start.
Step 2: Build a Strong Visual Portfolio
The home décor business is more visual than technical. Therefore, a solid visual portfolio will go a long way. Display pictures and galleries in a catalog that potential clients can look at. Also, you can have videos of projects you've already worked on your business website. That will boost your online presence and extend the scope of your audience.
Step 3: Make a Business Plan
Creating a business plan is crucial when starting your home décor business. That will help you establish a niche and focus your efforts on your customer's needs.
i. Brand Your Business
Come up with a company name, design, and logo. Your company's name speaks volumes about the products and services you provide. So, while the logo and brand name are not the entirety of your business, they are vital components of your business branding. Keep it simple and memorable to evoke a positive emotional response from your target audience.
ii. Create a Package Design for Your Items
When planning your home decor business, you must consider your packaging design. You will be selling your products not only locally but also internationally. Therefore, investing in the safe delivery of your products is crucial.
If your competitors don't seem to give thought to their packaging design, you can leverage this to increase your visibility and stand out from the competition. Your packaging gives buyers the first impression of your business, so ensure you get it right!
With that said, you can take your business to the next level with the MUNBYN ITPP941 label printer. This printer will come in handy for printing high-quality custom sticker labels for all your packaging needs. And since it features a 300DPI, it guarantees you clear packaging labels.
iii. Decide on a Suitable Fee for Your Products and Services
The next step in your business plan is deciding how much you'd like to charge for your goods and services.
To come up with competitive prices, look at your competitors to estimate the average market price. That's much better than pricing your services based on how long you will take to complete a specific project.
iv. Register Your Business and Get the Licenses
Every aspect of your business is equally vital for its success. However, the registration and licensing of the business are not something you can take lightly. So, before connecting with potential buyers, ensure you have all the licenses and permits you need to operate the business in your state. Failure to comply with the legal requirements in your state could lead to hefty penalties.
Step 4: Promote and Market Your Home Décor Business
You can effectively sell your products and market your home décor business in multiple marketplaces. You can start by creating an online presence for your home décor business on Shopify or Etsy. These two websites are the best-known e-commerce websites for small business owners. Therefore, these are perfect arenas for marketing your home décor business and connecting with potential customers.
