Furniture Restoration Business Models
When you decide you finally want to start your furniture restoration business there’s something serious you need to decide. This being your business model. Your business model describes how you’ll do business. There are two models, which I think are the most popular in this industry, that have there own pros and cons. The first being client services. This is when you take your clients furniture and restore it for them. The second is inventory. Inventory is when you find and buy furniture to restore. You’ll then sell this furniture to your prospected buyers.
With client services you’ll work directly with your client and take a note of how they want to restore their furniture. You will have little say, only your professional opinion, about what the restoration end result will be. If you’re like me this can sometimes be difficult. This is because you have a vision of what it should look like, but your client’s vision is completely different. However, at the end of the day, it’s the client’s furniture and you want the customer to be happy. So no matter how hard it is you have to just let it go.
Some of the pros are that you have a larger profit margin. This is because you don’t have to buy a product. You’re being paid to provide a service to a customer. Also, people tend to pay a much higher price for custom work because it’s more difficult to find, and you’re catering to exactly what they want. Another pro is that you don’t have to worry about inventory. Again this is because you don’t have an inventory and are just providing a service. The last pro that I can think of is that you can work less. Yes, you heard me right, work less. This is due to the fact that you’re charging a premium for you custom service and will need a few clients to make a good profit.
Now for the Cons. In my opinion there are only a few because, again in my opinion, this is best option when it comes to the business models. So for the cons. Well, you have to work for someone, in a sense. I know, you want to start this business to get away from that, but that’s the reality. In order to make the most money you have to get clients. Honestly though, I think that’s really the only con. You still get to work your own schedule and can take a day off as long as you get your project done on time.
So the inventory model is the best to start out with. This is because you’re just starting out and getting clients may be difficult without past work. This will help you build a portfolio, and help you start to get cash flow from your business. Overall, this is a great way to make income if you like to restore furniture with your own touch. However, you need to make sure it’s a style that people will buy because the last thing you want to do is restore a ton of furniture and not sell any.
First, lets start with the pros of the inventory model. For starters, you’ll start to build a creditable portfolio to show your potential clients later on. This is a must because most people won’t hire someone who they don’t know if they can trust restore a piece of furniture for them. Can you blame them though? Back to the pros. You can setup a shop and become someone’s, especially an interior designer’s, go to shop for furniture. Again this goes back to having a style that people actually want and are willing to buy. To be honest though, I think these are the only pros to this model. I am bias to the client model though.
The cons are a longer list. Having to have inventory is the biggest one. You’re going to have to constantly spend money in order to have a large enough inventory for everyone to look through. This can be quite costly because you have to buy the furniture, as well as restore it. The other thing is that the profit margins are small. You’re buying furniture, spending money, and you’re restoring them, spending money. That’s two expenses you have to pay for before you even make money.
My conclusion to this is that you can do both if you want. It’s quite ideal to do because you’ll get a great income from your clients and a side income from your store. This is also great if you absolutely love doing restorations since you’ll be doing it twice as much. However, if you just want to do one I would go with the client model because you make more money while doing what you love, and isn’t that what this is all about?
Many people who are working at a job where they are successful and are progressing in the right direction, are not happy because their passion and talent lie somewhere else. Such people are always thinking about starting a business of their own so that they can do what they love and still earn enough money out of it. If you are one of those talented people who love to restore the old and antique furniture pieces to their former beauty and have patience and commitment to do the same, then a furniture restoration business is the perfect business for you.
Tips for a successful furniture restoration business
However, it needs to be understood that starting a business and succeeding in that business is not an easy task, and therefore, it is always prudent to launch the business after evaluating all the aspects.
Make sure that you start with small projects that you can complete in the garage or a small workshop near your home so that you won’t need much starting capital for the same.Remember to take before, and after photographs of every restoration project, you complete. These photos can be helpful when you create a portfolio of your restoration projects.
Take Care To Design Your Workshop
Stream Of Projects
• Make contacts and build networks that can help you in getting a steady stream of projects so that you are not sitting idle inside your workshop. Once your name is circulated in such networks, you will surely get more projects.
Take care to design your workshop so that it is properly ventilated and has enough light and space to accommodate all your tools, workbench, and necessary facilities. This is of paramount importance for the consistency in quality of your restoration work.
The only talent is not enough for being successful in business. Therefore you should learn some business related skills so that you will be able to handle the additional responsibilities when your business starts growing.
Once your business has reached a certain level, then you should be able to delegate the different responsibilities to the experts so that you can concentrate on what you love the most and that is restoring the antique furniture.Furniture restoration is a very technical and detailed work and only a person with patience and passion can work in such a business because the projects take a lot of time to complete. Therefore if you want instant results in the furniture restoration business, then you will not get what you expected.
It is necessary to give enough time in this business as each restoration project is a time-consuming task and working in a hurry can ruin the work of beauty. Success in this business will not come fast as it will take some time to build a reputation as a passionate and talented artist and therefore you should also make sure that you have financial security for your family for the period it takes to make your business successful. If you follow these tips, you will surely be a successful restoration artist.