Starting a Furniture Store in New York
Whether you’re planning on opening a furniture store or simply looking for some stylish pieces for your home, you’ll need to know the right steps to take. These include choosing the right business entity, determining the costs, and making sure you have clear cancellation, damage, and refund policies. Moreover, you’ll need to know where to go to find the best pieces for your home in New York.
Business entity for a furniture store
Forming a business entity is a critical step for starting a furniture store. The benefits of doing so include liability protection. As a sole proprietor, you run the risk of being sued for anything from personal injury to trademark infringement. Additionally, you could be sued for slandering another business. To avoid this, you should consider forming an LLC.
A furniture store can be an existing business or a new venture. Either way, you will need a place to rent or purchase inventory. If you have a partner or want to hire employees, you can start a co-ownership. While you are forming a furniture store, it is important to decide on the legal business structure and financing options. In addition, you should decide on a name and marketing strategy for your store.
A furniture store has recurring expenses similar to other retail industries, and you should factor these costs into your business plan. One of the most significant expenses is employee payroll. As the owner of the store, you may need to hire employees, including a manager. You should also consider the salary of this position.
Costs of starting a furniture store
Starting a furniture store involves a lot of investment and planning. You will need to conduct market research, create a business plan, and decide on a niche. The investment required will vary depending on your location, but you should expect to spend about $1 million to $20 million. In addition to the storefront, you will need to invest in inventory, raw materials, and electricity.
A furniture store must register for state and federal taxation. Whether you want to operate as a sole proprietor or as a limited liability company will affect how you pay taxes. You can consult a certified public accountant or business advisor for guidance. You can also use a business agent to minimize waiting times and hassles associated with registration.
You will also need a place to store your inventory. You can either rent a space in your home or partner with a warehouse. A climate-controlled garage or basement is an excellent option for storing inventory. If you need a larger space, you may need to lease a building.
Refund, cancellation, and damage policies of a furniture store
Before you purchase any furniture from a furniture store, it’s important to know what its return, cancellation, and damage policies are. When it comes to furniture, these policies can make or break your purchasing experience. You’ll need to know how long you’ll be able to return items if they’re damaged or don’t fit. You should also check if the store covers shipping costs or re-stocking fees in case you have to return an item.
Furniture stores are required by law to post their return, cancellation, and damage policies so that customers can easily compare. The store’s policy should state that if you are not satisfied with your purchase, you can return it within 30 days. However, if the delivery is not on time, or you receive damaged furniture, the store must give you a full refund of the purchase price.
Places to shop for furniture in New York City
If you’re looking to find a new sofa or set of chairs, there are plenty of places to shop in New York City. Joybird, for instance, specializes in custom mid-century style furniture. The brand’s first retail location was in SoHo, but it has since expanded to NoMad. The furniture here is stylish and made to order with the needs of the customer in mind. Founded in Brooklyn, the company is based in the city.
Another option for New York City furniture shopping is Copper + Plaid, a popular mid-century furniture store in Brooklyn. This store sells mid-century Danish modern furniture as well as wooden storage pieces. It also offers delivery for $15 in Brooklyn. The store is small and independently owned, which means that the furniture is of a high quality.
Another great place to shop for furniture in NYC is Jensen Lewis Gallery. This store, originally a canvas store, is now one of the city’s leading purveyors of modern furniture. Its sprawling showroom has painted walls and friendly staff, and the furnishings on display are mostly European.