How to Open a Furniture Consignment Store
You've always been drawn to fine furniture, and you appreciate classic craftsmanship regardless of the piece's style. Although your home is decorated in contemporary decor, you have fond memories of a mahogany dining set and Victorian armoire from your grandmother's home. Because you have a talent for melding mismatched pieces into stylish groupings, you've decided to open an upscale furniture consignment store. Of course, you'll be selective in the pieces you accept, so you'll provide your customers with excellent furniture that will truly enhance their homes.
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Things You'll Need
- Store dimensions and layout schematic
- Copy of lease
- Liability insurance
- List of store fixtures needed
- Telephone and Internet setup documentation
- Consignment acceptance standards
- List of local estate attorneys
- List of local real estate agents
- Name of local interior designer
- Local Chamber of Commerce information
Instructions
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Design your store from scratch. Ask yourself these questions: What's the best size for the store? What's the best location? Who are my target markets? What "look" do I want to create for the store? Should I stock as much furniture as the store can hold, with an emphasis on turnover? Would it make more sense to create furniture groupings to encourage purchases of multiple pieces?
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Lay out the logistics. Address these nuts-and-bolts issues: (1) lease arrangements, (2) liability insurance, (3) store fixtures and facilities, (4) telephone and Internet, (5) consignment acceptance standards, (6) consignment pickup and purchase delivery, (7) staffing and (8) marketing.
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Round up the consignments. Gather merchandise from multiple sources, such as (1) estate sales, (2) estate attorneys, (3) real estate agents, (4) business and personal contacts and (5) ads placed in upscale community newspapers.
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Partner with an interior designer. Recruit a professional to assist with store appearance and merchandise displays. This partnership offers two benefits: (1) a well-arranged store to hold customer interest and (2) potential business contacts for the designer. The American Society of Interior Designers can assist you in finding a designer in your area (see References).
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Open the store with a splash. Schedule your grand opening for your first day of business, or postpone it until you "work out the bugs." Regardless, ensure the store is spotless and your merchandise is impeccably displayed. Offer special grand opening pricing or package specials. Advertise in your target markets, and publicize the event within your business groups. Make your grand opening the event no one wants to miss.
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Hold a Chamber mixer in the store. Join your local Chamber of Commerce, and offer to host a business mixer. These popular networking events offer two benefits: (1) many business colleagues will visit your new store and (2) some attendees may want to purchase or consign furniture. To find your local Chamber of Commerce, visit the United States Chamber of Commerce website (see References).
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Keep your store in the spotlight. Keep your customer base growing through regular promotional events, such as (1) interior design seminars, (2) redecorating packages that include interior design services, (3) special savings for purchases of groupings or entire rooms and (4) special savings for first-time home buyers.
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