5 Things You Need for Starting Up Your Blinds and Shades Business
Entrepreneur states that approximately 20% of businesses fail within the first year, and by the fifth year, that number rises to about 50%. Newer businesses can’t afford to waste time and resources, especially in an industry as competitive as the blinds and shades industry. Today, we’ll discuss a few tips that new entrepreneurs should take into account when trying to set up a blinds and shades business.
1. Create a business plan
The first thing any entrepreneur needs is a business plan. A business plan provides your company with direction by defining the goals, objectives, and steps to take to achieve each goal. Forbes claims that writing a business plan can be your key to financial success.
Where do you see your business going? What kind of customers do you want to cater to? Is there a specific niche you’d like your business to specialize in? Having this plan can help with making decisions crucial to the development of your company.
2. Build strong relationships in the industry
In any business, your contacts are an integral part of success. Business News Daily points out the importance of nurturing business relationships. You need to build professional relationships with people in your industry so that you can help each other, share information and coordinate to solve problems.
For example, if your client needs renovations, and you don’t have manpower to accomplish the work, you will need to contract that part out to a construction firm. This process is made infinitely easier when you have an already established business relationship.
3. Establish the right business structure
There are a few different types of business structures that you can set up for your blinds and shades business. The most common are sole proprietorship, partnership, limited liability company (LLC), and corporations.
A guide to LLCs by AskMoney notes that they offer flexibility along with favorable tax options, which is why many entrepreneurs choose LLCs. One main advantage of an LLC is that it limits the liability of everyone involved, which offers great protection against unknown risks. Each business structure type has its own advantages and disadvantages, however, so it’s up to you to determine which best suits your needs and goals.
4. Use a warehouse for distribution
Your blinds and shades business may require you to have many different sizes and colors of shades on hand. This could require a lot of storage room, which you may not necessarily have in your actual store.
A warehouse facility is crucial for many businesses, especially in the blinds and shades industry. Besides the storage space, it’s crucial that your warehouse is easy to navigate, has a manageable inventory system, and fits within your budget.
5. Business management software
Keeping inventory of stocks, financial documentation, project management details, and many more activities can be difficult to manage on your own. Fortunately, you can simplify operations by using a business management software.
BMS offers business management software that can help you solve all of these problems. These solutions are designed to organize your business files from financial documents to customer transactions. Aside from making your documentation tasks easier, it can also keep track of your long-term and short-term business objectives.
Starting a business can seem very complex and even daunting at times. The five steps outlined above provide a pretty good roadmap for starting your entrepreneurial journey into the blinds and shades industry. Just remember to take it one step at a time.