Introduction
Learn from professionals in the furniture sector how to launch your own furniture enterprise, covering everything from product sourcing to developing a marketing strategy. This extensive guide provides an excellent blueprint for selling furniture online.
The year is 1960. Upon entering their neighborhood furniture store, a couple purchases a whole living room set straight from the wall. It is the same collection that their kids inherit for their first house 25 years later. Shopping in an actual shop or getting a hand-me-down was the only option available for several decades.
Over the last 20 years, technology has enabled companies to recreate the in-store buying experience online, opening the door for numerous furniture companies and increasing consumer choice. Those who want to start a furniture business and focus on selling furniture online without a showroom might still find a place in the market.
Learn how to launch your own furniture company by listening to professionals in the household goods sector. They will cover everything from product sourcing to inventory control to brand marketing. Use this detailed tutorial to create your own digital furniture store to turn your vision into a reality.
Steps to Launching a Furniture Business
When you take into account the enormous proportion of low-cost international chains, the furniture business is extremely competitive. For this reason, it’s critical to distinguish your products, identify your USP, and create a recognizable brand.
Let’s go over the initial procedures for establishing your furniture business and succeeding in selling furniture online.
1. Decide on the business model
There are several ways to start a furniture company and sell home items both online and offline. Your skill level, initial money, and storage availability are just a few of the variables that will influence the path you take. Prior to creating your company strategy, let’s go over the various business models.
A. Maker of furniture
This kind of company entails creating furniture by yourself in your own facility. You may decide to use a made-to-order strategy or maintain stock in order to create and market a small number of designs. Alternatively, you may provide a customized service that lets your clients ask for particular features and sizes. Having technical expertise, specialized equipment, and a devoted workshop area are necessary for a furniture manufacturing enterprise.
B. Furniture designer (collaborating with a producer)
Alternatively, you can design the furniture and have a manufacturer or builder make the pieces for you instead of doing it yourself. To interact with factories in an efficient manner, you might need to have some specific drawing abilities as well as knowledge of materials and building.
C. Curator & Reseller
This approach would involve selling a variety of products from other manufacturers or brands and creating collections that are exclusive to your company. Despite not creating the items yourself, you still need to be creative in order to create a unified brand and use customer experience, storytelling, and photography to sell goods. Here, you would buy products in bulk from other companies and send them straight to consumers. Success in the furniture business would require knowledge of current trends.
D. Dropshipper
If you are unable to store or send the things yourself, you can use this hands-off technique, which is identical to the former. Seek to collaborate with manufacturers and brands who are prepared to dropship, or remove themselves from the supply chain, and order straight to your clients.
E. Vintage reseller
This is another form of curator/reseller that concentrates on unique antique or vintage items. Since the sourcing practices are so dissimilar, we have included this as a distinct category. To find out what items are in demand and have reselling worth, you’ll need to understand the vintage market. Having the ability to repair and refinish furniture is also beneficial when it comes to restoring vintage items. Unless you choose a consignment arrangement, traditional merchants of antique and vintage furniture will need a large quantity of room for inventory.
Tip: Using marketplaces or even neighborhood buy-and-sell websites, a lot of vintage resellers begin by locating and selling furniture online. Before you start a full-time furniture enterprise, this is a terrific chance for you to attempt selling furniture online as a profitable side gig.
2. Fund your furniture company
What is the startup cost for an online furniture business? Depending on the business form you select, that response will vary.
On the inexpensive end: If you want to dropship, you can start with some hundreds of dollars because an inventory is not required. The initial costs of starting a bespoke or customized furniture business can be minimal if you already operate a hobby workshop. This concept eliminates the need for a large upfront investment by enabling you to purchase materials as you proceed.
On the more expensive end of the spectrum: You should budget several thousand dollars for setting up a workshop if you haven’t got the supplies and tools your maker business requires. Do not forget to factor in the cost of utilities, safety equipment (such as adequate ventilation), and space leasing (if applicable). Starting a resale business may also be expensive because you will need to purchase and maintain inventory.
Starting a furniture company from home is feasible if you have a sufficient storage area (a basement or garage), but you should estimate the costs of expanding to a dedicated facility or partnering with a warehouse.
Alternatives for furniture sellers to obtain financing
There are various finance sources, just like with any small firm. Finding outside money can be necessary if you don’t intend to bootstrap, or reinvest profits back into the company. You can pre-launch the furniture business and look for funds from potential clients using crowdfunding, which is a popular alternative. Funding options for your company could also include venture capital firms, bank loans, and startup grants. Investor finance can be obtained with the aid of a robust business plan.
3. Make your company legal
The following step is to take care of all your legal obligations in order to prevent future penalties and problems.
- Decide on a corporate structure. Select the kind of entity you want to build for the furniture business. Sole proprietorships, corporations, and LLCs (limited liability companies) are the most prevalent business forms. An LLC will shield you from being held personally liable. Depending on where you live, the formation charges can differ.
- Obtain your EIN (Employer Identification Number). This number is provided by the IRS and serves as your company’s tax identification number.
- Get the licenses and permits you need. Your city or county may provide you with a business license. You should also ask about obtaining additional necessary paperwork, such as environmental, zoning, and seller’s permits.
It can be challenging to navigate the legal system. Talk to a business attorney to make sure all legal issues are taken care of.
4. Create a bank account for your company
Opening a company bank account comes next after you’ve decided on your company’s structure. Establishing an official bank account demonstrates competence to your suppliers and customers and helps build credit for your company.
5. Establish the brand of your furniture business
Building a successful brand is an essential step when selling furniture online. By responding to a few questions, you will be able to better visualize your target client, develop your visual style, articulate your objective, and communicate the story of your business.
After determining whether to manufacture or resale furniture, choose a direction for the furniture business. Are you planning to focus on just one product and sell sofas? Would you be interested in following a popular trend? Are well-made minimalist components for tiny spaces going to be your main focus? Using the increasing number of people who work from home to offer distinctive office furniture is an idea.
Think about the following (with examples) while choosing a company model or angle:
- Category/purpose: home accents, outdoor lifestyle, and office furniture
- Product: baby supplies, dining tables, and couch beds
- Style: minimalist, rustic, midcentury contemporary
- Clients: Cottage owners, students, and apartment residents.
- Specialty: “Smart” furniture, modular pieces, and recycled-material furniture
- Cause: Locally produced, fair trade, and sustainable
- Price: High-end/custom, high volume/low retail
There were countless opportunities in woodworking when Chris Hughes started his company, Timberware. “We just built a little of everything since we hadn’t identified our expertise yet,” he explains. Chris discovered that he could refine his offering with the help of trade fairs. Although moving bulky furniture from these exhibits wasn’t simple, the practice helped him focus and gain a better understanding of the market.
First, you would conduct market research that looks at the following aspects of your branding exercise:
- Your ideal client profile. In which stores do prospective buyers currently shop? Which social media sites do they use most often?
- The neighborhood market. Be aware of the local furniture market if you intend to sell there or create a physical warehouse.
- Competitors. What unique selling points does your brand have over the competition? Using a unique selling proposal, you can draw in clients.
- Trends. Analyze house design, furniture design, e-commerce website design, and other trends that can influence selections for branding design.
After you’ve narrowed down your specialization and done market research, write it down. Provide a concise description of your offerings, followed by your mission, company values, and product promise. You’ll continue to use your brand standards as an outline as you organize your collection and create your website.
GOODEE, a home and furniture firm, developed its brand values from fashion company WANT Les Essentiels, which its owners, Byron and Dexter Peart, had previously owned. “It was in fact about striking a balance between what people truly desired and what was important,” Byron adds.
The brothers discovered via experience that people were caught between luxury and sustainability. As a reaction to that, we wanted to create GOODEE, explains Byron. The brand makes it apparent that the two aren’t incompatible. Utilizing their backgrounds in design and business, Dexter and Byron created a line that embodies their strong brand principles.
6. Furniture sourcing (for resellers and designers)
The kind of furniture enterprise you intend to launch will determine how you find manufacturers or suppliers.
Designers
Choose a reliable manufacturer if the furniture designer does not intend to create the pieces themselves. “Building and forming partnerships with whoever is producing your items will be easier if you are nearer to your manufacturing and supply chain, particularly in the beginning,” Dexter explains.
If you’re just starting out and don’t know much about manufacturing, it’s best to choose a manufacturer who will collaborate with you as your partner in business and give you a lot of control.
Resellers
If you want to sell other people’s items, you can go out and ask manufacturers and brands about wholesale conditions and prices. Additionally, wholesale platforms exist where resellers can peruse merchants actively seeking retail partners.
Developing a solid rapport with furniture wholesalers will help you access premium stock at affordable costs. Regularly check in with your suppliers to ensure they are meeting your business’s demands. Effective communication could provide you with information about new product lines, emerging trends, or running low inventory.
Sellers of antiques
There are several ways for vintage dealers to find furniture. You’ll need to always be searching for products because of the character of the business. Here are some resources to help you get started:
- Auctions. Register to get notified when auctions in your region take place. You may browse & bid from home on a number of online auction sites, such as eBay & MaxSold, but some of these events are held in person.
- Estate sales. When looking for several vintage objects in one location, this might be a treasure trove. Become a member of the email lists of nearby property sale management firms to stay informed about future sales.
- Classified ads and online marketplaces. Facebook, Craigslist, and other websites Classifieds for estate, moving, and yard sales may be found in an internet marketplace, along with some hidden gems.
- Outdoor markets or flea fairs. Although arriving early gives you first dibs, the finest bargains are found at the conclusion of the workday and the close of the flea market period when vendors are trying to get rid of their inventory.
- Collectors. Working with private collectors to unload part of their stock can be of interest to them. You might run into these folks when you begin networking in the vintage scene.
Dropshippers
AliExpress is one of several dropshipping vendors and directories that furniture dropshippers can peruse. With some furniture brands, dropshipping arrangements can also be negotiated individually. For instance, GFURN’s dropshipping initiative is highlighted on an exclusive website.
7. Establish a business (for furniture producers)
Starting a furniture manufacturing business might be expensive if you don’t have a specialized workshop or existing tools. You can begin with basic principles and add more tools as your company develops, just like Chris did.
Chris’s suggestions for establishing your own workshop for furniture:
- Maintain a clean workspace. “A shop that is well-kept and orderly is a reliable and efficient shop.”
- Take workflow into consideration. What equipment is necessary for you to achieve your desired goals? How are they going to be used? This will assist you in determining the configuration of each major piece of equipment. From there, simply locate the ideal location for the minor items.
- Your workshop revolves around your table saw. “Ascertain that you have adequate room surrounding it to do the necessary cuts.”
- Handle the dust. “Where are your ducts most likely to be installed?”
- Bring it to life. Use more lighting than you believe you’ll need. In the workshop, there is never excessive light! Putting LEDs everywhere is what I advise.
Remember that you will probably be working on your workshop. “Grow your toolkit gradually, starting with whatever you can afford,” advises Chris. As he expanded, he upgraded by reinvesting revenues back into his workshop, having first bootstrapped the operation with savings. “Remain calm and avoid pushing yourself too hard.”
8. Control the storage and inventory of furniture
Think about your space requirements if you’ve made the decision to manufacture or resell furniture rather than dropshipping or creating to order. This may represent a significant portion of your initial expenses, as we indicated in the financing part.
“Your garage is used for storing in its early phases. Byron responds, “It’s in the bedroom.” “That’s how a business naturally begins.” According to him, it is crucial for new entrepreneurs to start their businesses near the entire supply chain.
You can only determine what you want in the warehouse partner after handling this issue yourself. “Will share your ideals with the identical rigor & dedication as you would,” according to Byron.
Take into account the state of the location while choosing where and how to warehouse and store your goods. Many materials are vulnerable to pests, humidity changes, and extremely high or low temperatures, such as wood & natural textiles. For instance, the unheated storage in your house may not be the ideal long-term option for storing inventory if you are located in a cold area like Canada.
Furniture storage and warehousing options:
- Setting up a space in your house specifically for this use
- The greatest option for excess inventory that you are unlikely to access frequently is to rent a climate-controlled area for storage.
- Partnering with a facility that manages order fulfillment and shipping
- Purchasing or leasing your own dedicated workspace for offices and storage
9. Learn how to take pictures of home decor and furniture
Similar to apparel, furniture is very individualized. Online retailers must mimic the in-person purchasing procedure as closely as they can in the absence of a showroom or fitting room. Photographing furniture & home decorations requires careful attention to detail, texture, and scale.
GOODEE is a well-retained brand, so photography is essential. Dexter remarks, “There’s something really democratic about us selecting and discovering these lovely items.” “And presenting them in the exact same manner after that.” GOODEE provides the photography that makes the brand’s website consistent.
In the beginning, you may either hire an experienced photographer or take your own product shots with a DSLR (or rather, even a mobile) and a basic lighting setup.
Advice on taking pictures for your furniture business:
- Scale matters. In addition to giving precise measurements within the description, make sure to include a photo of the item in the room, adjacent to other well-known and standard-sized décor pieces.
- Zoom in. Your customers will be able to “feel” the goods without really touching them thanks to the intricate close-ups. Make an effort to capture the wood grain detail and cloth feel.
- Lighting. For precise color and detail capture, lighting is essential. A lighting kit or dispersed natural light can be utilized to create a basic lighting arrangement.
- Describe a narrative. In addition to the product explanation, your images should convey a narrative: For whom is this intended? How should it be styled? Which other items work well with it? Include lifestyle images in addition to basic background photos to achieve this. Present it in a space and provide clients with styling suggestions so they can picture it in their respective homes.
The first picture in the series of GOODEE’s dining chair pictures is set up in a living area to provide ideas for styling it. In the second, clients can notice the chair’s detail thanks to the closer crop.
Advice: Taking product pictures is a continuous duty for resellers of vintage furniture. How to build up an imaging workflow is covered in our guide on selling antique apparel.
10. Launch your furniture store online
Spend some time experimenting with the website builder before you officially open your furniture company to the public. Together with your social media accounts, launching a basic webpage at this point will help you grow your email list so that your formal grand opening can be a huge success.
Themes and designs for online furniture retailers
You may start a Shopify store with no or little design expertise, just like any other store. With the various style possibilities offered by Shopify themes, you may design your own unique website by adding your own content, pictures, and modifications.
Consider working with an illustrator or agency to assist you create a branding bundle if you’ve got the funds but lack the visual expertise. Professionals with extensive expertise collaborating with brands of various sizes are known as Shopify experts.
Furniture store product pages
A successful model to follow while setting up your store is GOODEE’s web page design. We’ve broken down one of its web pages to show you why it functions and how you can apply some of its genius to your own line of product pages:
- The main image is a clean product picture featuring a solid backdrop that displays the complete chair without any distractions or cropping.2. More pictures of the chair, such as different perspectives and the item positioned in a scenario.3. An obvious “Add to Bag” icon with an “Add to Favorites” option is a useful tool that lets buyers compare several products against one another or think about returning later. Continue reading for ideas on how to use an app to accomplish this.
- Everything you must know regarding this chair can be summed up in one paragraph, including construction details, durability information, usage and styling suggestions, and where the way it is created. Your customers can experience the emotion you want them to feel about an item of furniture by using storytelling vocabulary.
- Secondary shots are lifestyle pictures that feature the chair with additional accent pieces and furniture, ideally other things that are available for purchase in your store. In addition to showing scale, these pictures inspire.6. Detailed chair specifications assist buyers in determining whether the chair can be installed in their area. Weight, measurements, care instructions, material composition, place of origin, assembly requirements, and other information could be incorporated into this section.
- If your business, like GOODEE, is based on an objective like fair trade or sustainability, this is another chance to be open and honest about your devotion.
- Several locations on the GOODEE website incorporate the brand’s founders’ belief in the power of narrative. Each product page includes a section devoted to the product’s creator, along with a brief description and a link to view further products. Cross-selling—for instance, by showcasing items from the same collection—can also benefit from this.
- Customers are asked to leave a product review near the end of the page. This area contains completed reviews, which provide potential buyers with further assurance based on actual client endorsements.10. Your customers can see complimentary products or compare similar possibilities with the aid of a comparable product section.
Consider the goals you hope to accomplish as you create your product pages. According to Byron, “I believe you missed that client experience if you are unable to explain to the client why that thing requires existence in the very first place along with why they ought to welcome it into their residence or give that as a present.”
Your narrative has the power to differentiate you from fierce rivals. Human-backed, small firms consistently prevail in this field. Sharing more of the faces from your team, highlighting your brand values, and sharing your background story, and your About section may help you connect with your customers.
For those who create and put together furniture, here is also the area to show your clients behind the scenes so they can see how you work and what inspires you.
Other crucial pages are your FAQ and contact details. Furniture companies benefit from FAQ pages, particularly when it comes to information about shipping and refunds. Many pieces of furniture might be heavy and bulky, making shipping more difficult and sometimes preventing returns.
Clearly state your return and shipping policy here. And make it simple for clients to reach you with any follow-up inquiries. Frequently, larger purchases call for more assistance.
Advice: Take into account search engine optimization, or SEO, while creating all of your website’s pages & navigations. SEO aids search engines such as Google in ranking your website. A high search engine ranking could bring you significant organic traffic and help in the process of selling furniture online.
Your furniture store’s e-commerce apps
Here are some chosen apps in the Shopify Application Store to assist you in selling furniture online, according to your company’s unique requirements:
- Delivery Date
- Wishlist Plus
- Honeycomb Upsell and cross-sell
- Bold Product Options
11. Extend your channels of sale
Consider using several sales channels along with your internet-based furniture business to get your goods in front of consumers in a competitive market. Can you sell your products wholesale to other regions if you are a manufacturer or designer? If your furniture business is exclusively available online, this could be a simple method to try your hand at retail.
Pop-up stores are an excellent choice for designers, manufacturers, and resellers of vintage furniture. Consider commercial exhibits or neighborhood outdoor markets. Bigger furniture stores frequently set up pop-up shops inside their stores for up-and-coming brands that go well with their selection.
Additionally, think about whether online marketplaces or social media sales methods are appropriate when selling furniture online. You may get the most out of each world as a furniture manufacturer or vintage reseller by integrating your sales on Facebook Marketplace or Etsy with Shopify. This will provide you exposure to potential consumers on marketplaces and your own dedicated website. Can you look at other websites, such as furnishings resellers?
12. Promote your furniture company
A marketing plan, which is a component of a company plan, outlines your primary channels and marketing strategy.
There isn’t a marketing strategy that works for all furniture companies. Having the appropriate message in the appropriate location at the appropriate moment is a smart generalization. These elements will vary depending on your client’s demographic and social circles. Should you spend more effort and money on Facebook ads or email marketing? Should you use Google Ads or content marketing? Right now, testing is your buddy.
When you first start a furniture business, keep in mind that not everyone will like your product and that others who are not as good with design could need some help. Because of this, content can be extremely effective. Use TikTok, YouTube, or Instagram to grow your following by sharing suggestions and recommendations about home design. Establishing yourself and your business as a reliable authority in this field and increasing visitors to your web-based shop are two possible uses for these technologies.
In order to humanize the company and provide users with a behind-the-scenes look, GOODEE leverages Instagram.
Ultimately, working with channels and media that are native to you will result in the most real marketing material. Chris says, “We are a touch old school in that we continue to get the majority of our business through word of reference.” Having said that, Instagram is an excellent tool for us.
13. Establish customer service, shipping, and returns
Chris claims he hasn’t fully mastered shipping, saying it’s a huge difficulty. 800-pound tables for dining have been shipped all across the nation by us. That is nerve-racking! For GOODEE, the brand’s storage partner handles fulfillment, shipping, and inventory management.
In the beginning, you might be handling the fulfillment of orders and shipping on your own. Chris offers you some guidance based on his personal experience:
Choose the proper partners to collaborate with. Locate and establish a rapport with a shipping firm that has received positive ratings. In order to include weight & dimensions in your pricing, ensure that you can obtain fast quotations in advance.
Make a packaging investment. “Take great care to package or box your merchandise. You may rest easy knowing that your exquisite dining table will appear as it is intended when it is delivered to your client.
Shopify Fulfillment Network is another option for managing your delivery. Flexport and the service collaborate to provide e-commerce companies with quick, reasonably priced shipping and delivery services.
Furniture companies may use Shopify Fulfillment Network to simplify order processing, place inventory based on data, and offer 2-3 days countrywide delivery from their Shopify dashboard.
Returning big furniture can sometimes be somewhat challenging. Make sure that the return policy is crystal clear. Customers should be made aware of your return policy both on the item’s details page and during the checkout process. If you’re open to returns, work out the conditions with the shipping partner upfront front and inform the customer about who will be paying the potentially high return shipping costs.
According to the owners of GOODEE, fewer than five percent of customers return items from the brand. In addition to having excellent customer service and thorough product pages, they accomplish this by choosing to practically not conduct sales. “You’re not really attempting to utilize all of the other strategies to convince someone just to purchase”, Byron explains.
Beginning as soon as the business concept stage, decide on your shipping strategy because it will affect your financial planning and expenses.
14. Obtain business insurance
Consult legal & insurance experts before you begin selling online to determine whether your company needs any extra protection because of the quantity and cost of the goods you’re shipping.
You should take precautions against loss, such as things being damaged during transit. But you must think about safeguarding your clients as well. Are you going to offer longer warranties? Do you require business insurance? Before you begin selling, it’s crucial to be sure you have the appropriate safeguards in place because there are various kinds of company insurance.
The future of online furniture sales
Throughout the COVID-19 pandemic, the slow transition to online commerce was accelerated. Furniture stores can now more easily give the feel of a showroom online thanks to emerging technology.
Customers may see your product in 360 degrees or in motion or context by using 3D & video file types. A video showing someone sitting on a couch, for instance, would show the degree of cushion firmness, which is impossible to depict in a picture.
Even though 3D product photography can be expensive up front, it has been demonstrated that using these adaptable picture formats on product sites can boost conversion rates by as much as 250%.
Additionally, think about the ways AI tools might enhance customer satisfaction and optimize the operations of your furniture company. By answering routine consumer inquiries on your website, including how to take care of furniture or how to dispatch packages, AI chatbots may lighten the pressure on customer support. With its ability to generate AI explanations based on keywords, Shopify Magic can simplify intricate product pages.
Examples of thriving furniture businesses
This article highlights the founders of the two prosperous furniture companies.
1. GOODEE
Byron & Dexter Peart, brothers, and veterans of the fashion industry, looked back on their childhood in a home adorned with items from their parents’ native nation as they planned their next project. What they recall is that every object had a backstory. They offer furniture & home décor under the GOODEE brand, which aims to elevate the narratives of the creators of each item they sell.
2. Timberware
Chris Hughes, the founder, states, “I’ve worked using my own hands for as far as I can recollect.” Before starting his second company, Timberware, Chris was a general contractor and an apprentice welder. He developed a passion for woodworking while building homes. He is able to concentrate on that craft by creating unique wood furniture & home décor items for his customers thanks to his own enterprise.
Take a place at the table
Constructing or curating furniture for Internet sales may be a creative and fulfilling endeavor.
The manner in which a home brings people together is beautiful, which is why Dexter and Byron switched from clothing to furniture. “There aren’t any sizes, there are no genders,” Byron asserts. “Everyone may relate to these sentimental times spent with each other in the coziness of their own homes.”
For Chris, the satisfaction comes from doing things that he enjoys and using his hands. Finding those is the secret to success in business, he claims. He believes that if you are enthusiastic about the work you are doing, it will show in your output.
What do you have a strong personal interest in? What is the need in the market for furniture? A furniture-based business opportunity awaits your innovative concept at the junction of these responses.
Frequently Asked Questions
1. What is the startup cost of a furniture business?
A furniture enterprise can be started with an initial investment of at least $20,000 and up to $100,000. Continual expenses can range from $5,000 to $20,000 each month, contingent on the scope and extent of your enterprise. Make a budget and business plan to figure out what you need and what you might spend.
2. Which website would work best for a furniture company?
Your business’s model, category of goods, and preferences will determine which website is appropriate for your online furniture store. Craigslist, Chairish, 1stdibs, and AptDeco are a few well-liked possibilities, as are e-commerce sites like Etsy and Shopify.
3. Does a furniture company make money?
You must assess the profitability of your idea before launching a successful furniture company. A route to profitability is what investors will look for in a company plan. Understanding consumer tastes and demand can be aided by conducting market research on the furniture sector. Finding a feasible target market or addressing a need should come first, followed by developing a pricing plan that takes your expenses and profit margin into consideration.
4. How can I begin a furniture manufacturing company?
Create personalized or unique furniture to sell if you’re an artist hoping to launch your own furniture company. A secure, well-ventilated workshop, a number of tools, and specialized skills like carpentry and upholstery are needed for producing furniture. To obtain a comprehensive understanding of the expenses involved in launching a furniture business, include information about your education and machinery initial expenses in the business plan.
5. How can I successfully run my furniture store?
The key to success in business is typically having a suitable item or service for an appropriate customer at the right moment. Make sure you’re positioning yourself for success by conducting market research to learn about your target market, competition, and industry trends. Questions concerning the viability and financial health of your project can be addressed with the aid of a strong business plan.