Introduction to how to start a furniture export business in India: As an unorganized sector specializing in hand-made furniture, India’s furniture sector is underdeveloped. Modernizing this sector with machines and technology will contribute to its growth since it has huge export potential. As a result, the organized sector is benefiting from an increase in domestic demand for furniture.
Growth in the construction of housing and commercial space, as well as rising income levels, contribute to increased demand for furniture, especially among urban affluent Indians. In 2018, as well as from 2014 to 2018, India’s furniture exports grew by 15% & 8.8%, respectively, which is way higher than the global average.
A country’s export business is responsible for improving its economy, production level, salaries, wages, and standard of living, as well as creating job opportunities. As compared to other industries, the furniture export-import business is currently one of the most developed. India’s wood furniture export business accounts for almost 60% of all furniture exports. India’s most popular export items are statues and intricate designs of various art pieces.
A guide to how to start a furniture export business in India, tips, and ideas
Concerning foreign trade and economic policies, India’s export business holds the top spot among its businesses.
Market potential of Furniture Export Business in India
Customer-friendly furniture markets have emerged in India. To meet market demands, players are offering readymade, branded furniture that is low maintenance and easily customizable. In India, furniture is mainly manufactured for the home, office & hospitality sectors. In spite of their efforts to meet domestic demand, India’s imports are growing rapidly. The rapidly expanding and transforming retail sector is expected to lead to the consolidation of furniture retailing in urban markets as large retailers continue to expand their presence.
During the period 2020-24, the Indian furniture market is predicted to grow at a CAGR of 12.91 %. There is a huge demand for furniture from online channels such as Pepperfry, Urban Ladder, and others. Additionally, the commercial sector is seeing a rise in the demand for low-cost plastic furniture. In India, policies that make it easier to do business are encouraging new business investments. Furthermore, small and medium businesses are increasing their demand for low-cost plastic furniture products. The Indian furniture market is expected to grow over the forecast period as a result.
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Exporters in India will be able to leverage their latent potential due to the global and domestic trade environment, as well as government’s intends to develop indigenous capabilities in the furniture sector. The opening of manufacturing bases in identified regions has been on the minds of exporters who wish to enhance their production capabilities. Small and micro-sized furniture units dominate the Indian market.ts. Manufacturing units lack technological expertise, access to capital, ability to design and innovate, control quality, and market their product internationally. In order to maximize their potential and contribute to the growth of the sector, these micro and small players must meet the production standards, quality, and design standards set by international markets.
It would enable them to synergize their existing resources and provide an opportunity for them to acquire technology, access capital, upgrade skills, encourage indigenous design, and help MSMEs units handle large orders or meet the needs of the international marketplace. Therefore, the proposed common facilities would benefit the entire industry, especially the MSME segment.
Things to note before starting a Furniture Export business in India
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Furniture exporting can be done by anyone. An Indian furniture export business requires a great deal of documentation work and compliances for a beginner. Before shipping the first consignment, the documentation work needs to be completed.
Check out this checklist for starting a furniture export business
- Decide on the export business name
- Registration of business entity
- PAN card submission
- Opening of a bank account
You will need the following items: import-export codes, registration codes assigned by the Office of Foreign Trade under the Ministry of Commerce, and a registration certificate from the Export Promotion Council.
To start a furniture import-export business, you don’t need to provide your PAN details if your furniture company is registered in India. Registration can be accomplished through your existing company and all the necessary procedures can be completed.
1. If you are a beginner, then you need a PAN card for your business
A PAN card for business is required for starting a furniture export company. Make sure your business partner has a valid ID and address proof if you are running a partnership. A furniture export business in India cannot be started without a PAN card.
2. Set up a current account for your furniture import-export business
A current account is a bank account used by entities to conduct their export business. In order to conduct business with vendors and customers, all new exporters and importers need to set up a current account in their registered name. According to the size of the business, the amount of documentation required for opening a current account varies. Business entities require different documents. Use vintage letterpress wood type to create an abstract word.
3. Pick the furniture product you are willing to export carefully
A successful furniture import-export business plan depends on choosing the right furniture product. Ensure that you thoroughly research the export market before selecting the right furniture product to export. Currently, the wood furniture business is one of the best export business ideas. In order to start a furniture export business, it is important to take into account a variety of factors, including international market regulations and the latest export trends.
4. Understand the importance of a registration or membership certificate
To facilitate the export of goods and services, India has established many promotion councils. If you are planning to export furniture from India, registering with these councils will help you expand your business. These certificates are valid throughout India.
5. Make sure your finances are in order
Your furniture export business does not have to be formulated one way or another. Always keep the financial projections in the right direction, in order to run a successful furniture export business. Before starting an export business, be sure to understand the financial requirements. The financial needs of your furniture export business should be considered both short- and long-term.
6. Starting a furniture export business in India: choosing the right market
The success of your furniture export business in India is solely dependent on the Indian market where you intend to export to. Choose the market based on factors such as product demand, trade barriers, political climate, and profitability. Starting a furniture export business will be easier if you choose the right market. Identify the countries where you export your products under your own conditions.
7. Assess the business opportunities as a furniture exporter
An important part of the country’s economy is the export and import of goods and services. Without interaction with other furniture exporters and importers around the world, you cannot expand your furniture export business.
Tips to follow
Identifying potential business partners can be accomplished in the following ways:
Online marketplaces: Exporting furniture this way is one of the best and most successful methods. The internet has many popular marketplaces where exporters can list their furniture products as vendors and stay in touch with customers all over the world. In addition to being a good platform, it builds a strong bridge between the exporter and the consumer thousands of kilometers away.
Getting to know your customers: Be sure that the furniture products you are exporting are in high demand and are considered essentials by your target market. It would be difficult to attract customers if you were exporting a low-demand product.
Conclusion
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The most important factor to consider when starting a furniture export venture in India is documentation. The second most important consideration is the policies and procedures that differ from country to country. The export promotion council has all the necessary information you need to run a successful furniture export business.
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