It is about the idea of opening a Furniture Store in Pakistan which may possibly be a very rewarding and meaningful business venture. The market offers good opportunities for entrants as the population grows, the population becomes more literate, more and more people become middle-class citizens; urbanization increases, and people require modern furniture and at the same time they want to get acquainted with the best traditional furniture. It is important to understand the dynamics involved in the Pakistani market regardless of whether you’re catering for the luxury market or the bargain hunters.
Market Research
As for the business, there is one crucial step which must not be neglected – the market research. This entails developing an understanding on the state of the market in Pakistan with regards to furniture, your customers and the competition.
A Marketing Analysis of the Furniture Market in Pakistan
The Furniture Store in Pakistan is entirely competitive, where customers want furniture that has both traditional and modern touch. Karachi Lahore and Islamabad will remain obvious markets to target however opportunities exist even in second- tier cities and rural Pakistan. Knowing the consumers and how they make their purchases and what they prefer with regard to the specifics of the zones can prove beneficial for the company.
Identifying Target Customers
Your target customers could be from clientèle setting up their first home to corporate bodies that need office furniture. Picking your key groups of customers will determine what products or services you offer, for how much and how you advertise.
Understanding Competitors
It is important that one recognises his/her competitors and their portfolio of services/products. Go to their shops; open their websites and try to get a feeling of what they can do and what they cannot. This knowledge will help you know the kinds of products you need to stock in order to make your store different from the others.
Business Plan Development
Every aspiring business needs to have a sound plan of its operation; this is the main base of any business. Indeed, it assists one to outline a business strategy and at the same time, call for investors and secure loans.
Having a clear formulated business plan does hold a lot of importance to any business.
Some of the elements, which should be included in a business plan, are business objectives, customers, competition, and expected finances. It acts as a signpost: pointing you to the right direction, especially during the early and formative years of your business venture.
Location Selection
Location plays a vital role in the success of your furniture store and hence, it should be strategic. The area should be convenient for your targeted clients and the space required to display your products decently.
This paper will seek to discuss some of the most important factors that need to be taken into consideration when choosing a location to establish the center.
Some of the audiences include; the amount of pedestrian traffic, visibility, the presence of parking spaces, and how close the furniture stores are to related industries like home décor. Also try to make sure that the location chosen fits your wallet and the local zoning laws for retail business.
Urban vs. Rural Locations
Even though it allows access to a large consumer market such as the areas of Karachi, Lahore, and Islamabad; these locations entail high rental costs and stiffer competition. On this side, rural places may take less competition and lower cost but it is more difficult to attract customers.
Legal Requirements and Registration
When you are planning to open up your furniture store, you have to go through some legal procedures. This ranges from registering your business name, getting the right permits and licenses as operated in the certain locality.
Doing Business in Pakistan A Simple Guide to Business Registration
In Pakistan the law requires the business to be registered with the Securities and Exchange Commission of Pakistan – SECP. The type of business formation that you can use is sole trader, partnership or a private limited company depending on the size of your business.
Necessary Licenses and Permits
I am aware that a trade license coupled with GST registration is important depending on the country and state of operation and also depending on the furniture type the other permit may be required. One ought to seek legal assistance in order to be informed of all legal necessities.
Sourcing Suppliers
In its operation, the identification of accurate and dependable suppliers is essential mainly because it impacts your products quality and stability. The furniture can be purchased directly from local producers or we can order it from other countries such as China, Malaysia or Turkey.
Finding Quality Furniture Suppliers
Go to the trade shows, visit manufacturing centers such as Chiniot, as well as communicating with other retail shops, in order to look for reliable suppliers. Altogether the quality of products should remain the most important as it determines the extent of satisfaction of the clients.
