According to an article by CNBC, the ‘Year of the Dragon’ could be heralding a new age in the fortunes of home furnishing businesses. If you own one such business, or are thinking of buying one, it is hard to think of a better time to be in this industry.
In the Chinese culture, the dragon is considered ‘lucky’. Many people believe their finances are going to change for the better, so they spend with more confidence, according to the report. While this might sound like superstition to some readers, there is another, more practical reason for the upsurge in furnishing purchases.
With the economy feeling shaky around their feet, many consumers have been wise enough to change their priorities. In particular, they have down sized their homes to save money. With smaller homes, the bigger furniture does not fit. As a result, they need newer, smaller items. With the crash came a renewed trend in buying better quality products rather than making snap purchases, so high quality products sell.
What Types of Furnishings
That being said, if a sofa fits into the smaller home, a consumer keeps it and gets rid of bulkier belongings. At the same time, to make a new apartment or small house feel like home, consumers are adding accessories that fall under the ‘furnishing’ category. These include small tables, lamps and cushions. This goes for online and high street sales.
How to Get In on the Act
If this latest commercial trend has you wondering how to start a home furnishing business of your own, browse the properties that are on offer. There could be a store in your neighborhood that needs a buyer. On the other hand, an opportunity could exist to start a brand new shop selling niche furniture close to a burgeoning residential housing market. Take a look at what kinds of houses are going up and assess whether or not you want to carry the sorts of sofas, lamps and beds that people in those houses are going to buy.
Let a Business Broker Help You
When you have a solid business plan in place and have chosen a potential location where zoning permits you to build or adapt commercial premises (if no suitable property exists in your selected area), talk to a business broker before you start negotiating to buy the name and stock from an existing home furnishing business. A business broker understands how to keep the gap between your offer and the price the seller wants reasonably close to each other. He/she can make sure that neither party wastes time, taking care to forward only legitimate inquiries while making a suitable match between vendor and buyer.
This post was written by Martin Terrence who is a freelance author and writer from Toronto. He has been through the complex process of buying a business and writes on business brokerage for many firms (like this).