Starting a Home Decor Business 5 Pit Falls to Avoid Announced by Real Deals on Home Decor
Starting a home decor business that is geared for success is not just as easy as renting out a space and buying some decor. There are several common pit falls that new startups should look out for in order to get the best ROI.
Starting a Home Decor Business 5 Pit Falls to Avoid
1) Thinking “Bigger is Better”: Many people have the theory of “the more, the better”. In the decor business, this is a common mistake. A big store with a lot of inventory is not necessarily better than a smaller store with quality, niche inventory. In any retail situation, this is usually the case. People will end up putting most of their profits into inventory instead of putting it back in their pocket, and focusing on quality instead of quantity.
2) Trying to be Everything to Everyone: This ties a lot into the first pit fall, as it is important that startups are not trying to please a large crowd in every category of decor. Instead focus more on a small category of decor that people in the area are prone to take interest in and purchase.
3) Assuming Everyone has the Same Taste in Decor: When starting a home decor business, it is important that owners do not assume everyone has the same taste in decor that they do. Real Deals on Home Decor creates suggested orders for franchisees made by people that have been picking out home decor product and selling it for years. It is also helpful to look around at other decor stores in the area, and see what is trending in their boutiques.
4) Racking Up your Credit Cards at Market: Many times when people go to large market in Las Vegas or Atlanta to buy product for their store, they get overwhelmed by all the vendors and end up buying a lot of product, most of which is of their taste, but not usually something everyone else wants. Because there is so much to look at, and so many different ways people can be steered at these big conventions, it is best to have experienced buyers like those from Real Deals on Home Decor helping guide purchase choices among the chaos.
5) Spending on Advertising when Product is Lacking: A lot of times business owners starting a home decor business will spend a lot of money on advertising, but will not have enough product to back it up. If sending out mailers, creating newspaper ads, advertising on the TV or radio, the store has to be able to back it up with product. If there is not enough, people will come in and not be inclined to come back. If a home decor store does not have enough product, it is not worth it to advertise.
Keep these 5 pit falls in mind when choosing how to start a home decor store, and look towards other experienced individuals to help along the way. Real Deals on Home Decor offers various franchisee opportunities that set businesses up for success. Don’t go blind sided into starting a home decor business, contact Real Deals today for more information on locations and choices.