Important Things to know before starting your Home decor venture.
22nd, August 2019 - Startup community
Each decision comes with its own share of challenges— whether minimal dietary adjustments or a whole new business venture. There are no specific guidelines for starting up a business, but it's always useful to do in-depth research whenever you decide to take the plunge. For those imaginative souls who want to set up their own home decor business, here are a few tips:
Offline & Online: Enable your business to be present online and offline as a fresh player in the current industry situation. While your offline presence will give you brand identity, your online presence will carve your business identity and help you reach a wider audience. If you're in the nascent stage of your venture and low on budget, use an online presence to draw your potential customers before you go for offline.
Define Your Goals: For every new business venture, establishing a target audience is immensely important. You need to set that right, especially based on the age group you want to cater to and offer price range accordingly. This will also enable you to position your brand correctly, placing it amongst the right customers. Set parameters depending on whether you want to be identified as a luxury brand or an affordable one. Once you gain a foothold in the market, as a known name or a trusted brand, you can expand to other categories with different price ranges and product variants.
Show it Off: Another important aspect is to market yourself well, showcasing your uniqueness. In order to tap the right customer base, you first need to be able to communicate about your brand and your USP efficiently. Invest in creating an interesting website with an interactive interface. Focus not just on the products you offer, but also try to curate appealing content. Engaging content will not only give your brand and website an edge over the competitors, but will also highlight the aspects of your website, giving an exact idea of your offerings. Also, choose the correct social media platform to endorse your brand, creating an interactive and aesthetically pleasant page, consistent with your website, product and service offerings. Social media platforms can also be utilized for direct sales, creating an inviting page with a direct call-to-action button, thus being a plus for your business.
Flexibility: While designing your products or creating interesting content for your website, it’s advisable to do a thorough research on the current trends of the industry. Keep at pace with what the industry is showcasing presently, as well as what the major players are focusing on for the future trends. While it’s important to create more refined and set designs for clueless customers, allow gaps for customization for the ones who know exactly what they want. If possible, devise ways for consultations through a questionnaire, if not one-to-one, for a more personalized experience.
Sustainability: Sustainability is a big word today and is consistently growing as a concept at every industry, across platforms. Join the bandwagon with sustainable solutions in your product offerings, in terms of the materials you use and the kind of products you create. For example, with more and more people adopting vegetarianism, create more designs with cruelty-free material. Moreover, with portability being a challenge in home décor, create structures that can be dismantled and reassembled easily, targeting customers who are always on the go.
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