How to begin an antiques restoration and restore enterprise

Home Business Magazine Online

Restoring antiques to their former glory can be fulfilling and profitable. Running an antique furniture repair business takes more than passion and skill to restore decorative wood. Business acumen and determination are critical to the success of your new business.

Advantages of an antique repair shop

Of course, being your own boss sounds tempting, but there are a few other reasons to start an antique repair shop:

• Earn an income using your practical skills
• Build a loyal customer base of like-minded people who love antiques
• Set your own flexible hours while working from home (or supplement your income with this sideline)
• Save on overheads (like paying rent) when you work from home
• Startup costs could be minimal if you already have the equipment

Cons of an antique restoration business

On the other hand, there are a few downsides to being your own boss. More pressure and responsibility may not be what you’re looking for. When you own your own business, there is never really a vacation. The disadvantages of starting your own antique shop include:

• The amount of time it takes to build a strong customer base
• Competition can be fierce in some parts of the country
• You need to consider the financial side of running the company

While you may want to start an antique restoration and repair business because your passion is, you need to consider these factors to be successful.

Starting an antique repair business

Even as consumer demand for antique repair work grows, you need to find your place in the market. In order to make money, you need to do it the right way.

You need to know how to find customers, market your business, and keep careful financial records to thrive as an entrepreneur.

Step 1: Research Permits and Licenses

If you are planning a model at home, depending on your location, you may need a permit to run the business from home.

You also need to start a business unit and think about what makes the most sense for the size of your business and the way you want to handle your taxes. You can legally set up your business as an LLC or become a sole proprietor and operate under your own name.

Step 2: Register your company

Choose a memorable company name and protect it with a trademark that will allow customers to find you in their searches. You should also open a commercial bank account once your company is registered.

This is also an excellent time to register a website domain name that uniquely identifies your brand when people search for you on the web.

Step 3: create a business plan

You need a solid financial business plan for your new business to be successful. If you are looking to finance your business in the form of a small business loan, your bank can request that plan pending approval of your application. Hence, you need to create a planned budget and sales forecast.

A business plan requires more details than just cracking numbers. Include your branding and marketing strategy in your plan to hold yourself accountable for your decisions.

Step 4: set up an accounting system

Start accounting from scratch as this is a critical function that is often overlooked. Consider hiring an accountant even if you are new to making money. This means you can keep track of your expenses right from the start, and an accountant can help you with your tax returns and keep track of any tax deductions you are entitled to.

Step 5: research your competition

Antique furniture restoration can be competitive. When the market is oversaturated, you can struggle to acquire and retain customers. Visit your local Chamber of Commerce to judge the competition in your area.

If there is a lot of competition in your region, think about your unique value proposition – What makes your business different from others. If you can’t find anything that sets you apart, think about what your competitors are doing, what’s missing, and how you can improve it.

Step 6: partnership with local antique stores

If restoring unique, high quality antiques is your passion, partner with a local antique store. While residents may not have a lot of antiques in need of restoration, you can build relationships with local antique dealers to make sure you always have interesting items to work on.

You can even agree to a consignment agreement where any pieces you find and restore can be sold at the antique store.

Photo by Thirdman from Pexels

Step 7: create an online presence

A website is an important part of your startup as it builds your credibility. You can reach more people no matter where you are. It’s easy to find customers, and it’s a cost-effective way to get new customers.

Step 8: sell your goods in your own space

If your business takes off in the first year or two, you may want to think about it open a shop window. Paying rent for an entire retail space can get expensive, but it can bring in customers you wouldn’t find online.

You could even pay for a spot at a garage sale or host a garage sale to attract more customers in a traditional market setting. Rented stands in antique shops do not require you to manage and are an excellent way to have a retail space where customers can learn about your name and the services you offer.

Step 9: build relationships

Getting started often means you don’t have a good reputation, and networking can help with that. You may find that recovering parts for less (or no) gain builds your reputation.

Another way to build your business is to connect with local people who work in historic buildings and museums. Through these connections with passionate and knowledgeable people, you could find opportunities for antique furniture restoration, such as:

Establishing relationships with suppliers is just as crucial for business success – reliability, quality and ability to deliver also affect your business operations. Whether you are looking for antique hardware or stationery suppliers, a long-term relationship is vital.

Always have a plan

When you start an antique furniture repair company, it takes time to be successful. Develop a solid business plan, but be ready to change your strategy over time and evaluate the areas where you are successful or struggling.

As your business grows, keep updating and revising your business plan to make sure you are always moving forward. But with this carefully laid foundation, your antiques restoration and repair business is on the road to success.

The post How to start an antiques restoration and repair business appeared first Home business magazine.