Do you have a lot of self-motivation, entrepreneurial skills and a love for art and interior design? Then opening a home decoration shop can be a profitable business venture. Not sure where to start? There are several steps and elements involved when opening an interior design business. Discover some of the steps to take to open your very own decoration shop! 

Summary 

What is a home decoration shop? 

A home decoration shop or company is a business that can be found both online or in a brick-and-mortar retail outlet. Traditionally a home decoration shop will offer both products to buy and interior design services. This means that a consumer can come to business looking for ideas to decorate their home. Depending on the size of home and type of decoration, there are usually a lot of opportunities in this sector. The interior design industry is a big industry that requires experience and innovation.  If you have entrepreneurial skills, a passion for design, a creative mind and great networking skills, then we can help you achieve your dream business.  

The steps to open a home decoration shop

Opening a retail store of home decoration can be a fulfilling creative path, yet it requires good marketing skills and a solid plan. Read on to discover the steps you need to take before starting your own interior business. 

Build you business plan 

One of the very first steps before launching any business start-up is sketching out a business plan. It’s thrilling to set up a new home decoration or home interior design shop, but you also need to apprehend the market you’re entering. To build a strong project, you must marry your good eye and creativity with a solid business plan. For more in-depth ideas to build your business plan, read our article on the Ankostore blog.

Cover your base with some market research 

The interior design market is a multi-faceted sector which requires a large amount of market research. Before starting any business, it is important to understand the market you’re entering. This step is crucial to your success. Here are some questions to consider before opening your home decoration shop: 

  • Who are your target customers ? What is their age range and profession?
  • Where will your business be located? 
  • Is there a need for a home decoration shop in your location? 
  • Who are your competitors and what is your niche? 

If your business can afford it, hiring an experienced decoration retail business advisor to conduct an in-depth market research analysis could help propel your business to success and beyond.

Coming up with sale strategies 

Once conducting an intense market research and business plan, it is time to think about a sales strategy. It is important to remember when opening a home decoration shop that there is a lot of stiff competition on the market. This is exactly why it is crucial to have a strong sales and marketing strategy in place. When starting your home decoration business think about where your business wants to be advertised and why.  

Brand identity 

The identity of a brand is at the heart of any business. It is essential for its success. Creating the brand identity should be at the forefront when opening a home decoration shop. Keeping the DNA consistent is important for consumers. Think about colours, lighting, the brand logo and what you want your shop to represent.  

Set up a website 

Setting up a business website will allow potential customers to discover the business from the comfort of their potentially about-to-be decorated homes. It is also a great space to show off design portfolios, your business experience and even sell products online. There are various free and useful sources online to help with building a website. Squarespace and Wix are two of the most popular and easy to use for first time web builders! 

Marketing strategy

Most businesses today need to enter the digital world of social media to guarantee they are being seen and heard. Creating accounts on social media platforms such as Instagram, Facebook and Twitter are a great way to show off your decoration store and business. By blasting content online, this will maximise exposure and engagement with consumers. It will also allow them to understand the brand identity and even ask questions by sending direct messages to the platform. Today social media is the perfect artistic portfolio to show your creativity and design inspirations. 

In addition, every great business strategy should include an email marketing strategy. There are several platforms where this can be done for little to no cost. There are great free email marketing platforms, such as Mailchimp, that can be set easily and can guide you through your first email marketing campaign.

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Franchise fees 

Franchise fees are more commonly known as initial or starting fees when opening a business. For most entrepreneurs franchising their business is appealing as you can see your fees upfront and therefore budget accordingly. The initial franchise fee is the one time cost you must pay to be a franchise. This cost puts you in the business. Paying this initial franchise will allow you to use your own brand name, intellectual property rights and products. 

Operating costs

A home decoration shop will have several costs that will need to be accounted for before the business is even open. These are called operating costs which can be paid for by taking a loan from a bank or from savings. Money needs to be sent aside monthly for rent, insurance, employee salaries and general utility bills. Without this it will be difficult to get the shop running. Here is a list of elements to think about when opening a home decoration shop: 

  • Equipping the office (computers, laptops, printers, projectors, tables, chairs, decoration…etc.). 
  • Website costs. 
  • Software for computers and electrical equipment. 
  • Rent 
  • Health permit costs. 
  • Water, gas, and electricity bills. 
  • Parking. 
  • Employee Salaries. 
  • Additional expenditure. 

Inventory

Efficient retail inventory management is an important consideration. Stocking products that consumers want to purchase for your home decoration shop at quantities that meet demand is a skill that will need to be learnt. Shop owners look to retail wholesalers for inventory inspiration. By using a wholesaler it means they can either buy a certain product in bulk if they think it could be a best seller and negotiate lower prices. Wholesalers are the best places to find the latest trends and designs.  Shop owners can also look online for retail online for wholesalers. At Ankorstore online, decoration shop entrepreneurs can find a host of decor products to buy in large quantities. 

A few more  elements to consider when it comes to shop inventory include the below: 

  • Accurate product data 
  • Stock location tracking 
  • Regular inventory checks 
  • Analysis of sales and inventory

Job roles and responsibilities 

There are several different roles that can be found within a home decorating business. Although it depends on the size of the company, there are few roles to consider when opening a home decoration shop. 

Chief Executive Officer 

The Chief Executive Officer will most commonly be the owner and founder of the home decoration business. This role is responsible for providing the direction of the business and implementing its vision efficiently. 

Sales assistants 

Sales assistants are needed on the shop floor helping customers and drumming up sales in store. For a home decoration shop, they should have a good knowledge and passion for the industry of interior design. 

Accountant or financial advisor 

For any business it is extremely important to have an accounting team or at least someone with financial advisory experience. This role is responsible for preparing financial reports, budgets, and statements. They are one the ones keeping track of what is coming in and what is coming out. They also can be in control of sorting out legal documents for the company.

Need more advice about how to open a decoration shop`? Look no further than Ankorstart, a platform dedicated to helping entrepreneurs build their dream business from Ankorstore. Ankostart’s experts can help guide you through anything from business plans to local wholesalers and retailers to get your store ahead of  the rest! Find exciting products and ideas and more by checking out Ankorstore online. 

FAQ 

  • Do I need a degree to open a home decoration shop? 

Of course, a degree can help, but it is not the be all and end all. There are plenty of ways to learn how to open an interior design business without studying a formal degree. Look to videos online, business books and talk to people with experience in the business. A clear passion, motivation, and desire to succeed alongside a great eye for design and art can go along way. 

  • What are the most important things to consider when opening a home decoration shop? 

There are several important things to think about. A few crucial elements include: 

  • Brand identity and philosophy 
  • Design and layout
  • Location 
  • The customer
  • Products 
  • A passion for art, interiors, and design. 
  • Partnerships and collaborations 
  • Legals and financials environments
  • What is the target market for a home decoration shop? 

In general, the business of interior design and home renovation and decoration is extremely popular, which means it can also be highly profitable. Whether it is a student flat, a first time buy or redecorating a holiday home, there will always be a demand for home decoration products. Target market research is crucial in understanding who you are trying to reach.

Open your
store with

Ready to discuss your opening project?

Our experts share their expertise with you to help you launch your store in the best conditions.

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