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?
Furniture Restoration Business Models