The market size for mattresses is growing and shows no signs of slowing down. People want to sleep comfortably, and they’re looking for a mattress that will allow them to do that. Starting a mattress business is definitely a lucrative option, but you need to know how to start it correctly for it to be a success. The experts at Queensway Mattress provide these steps for starting a mattress business.
Step 1: Choose Your Business Model
This step is critical because it will determine the rest of your business plan. You can choose to sell other manufacturers’ mattresses or you can choose to sell your own. If you decide to sell your own, you can either sell directly to customers or you can sell through retailers. Either way, this is the time to consider your options before moving on to the next step.
Step 2: Create a Business Plan
If you intend to get funding from anywhere to help start your business, you’ll definitely need a business plan, but even if you don’t take money from investors or other sources, having a business plan is always wise. It outlines the operations and goals of your company and includes components like target market, target audience, marketing channels, startup costs, projected profits, competitive analysis, and an action plan.
Step 3: Determine a Location for the Sales
There are two primary outlets for mattress sales: brick-and-mortar stores and online stores. Traditionally, mattresses were sold out of physical stores so that customers could see and feel the merchandise before buying it.
More recently, mattress sales have moved online in a direct-to-consumer model. If you decide to go the traditional route, you’ll need to find a physical location and ensure it’s big enough to have a showroom and warehouse for mattress storage. It should also be easily accessible to your customers.
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Step 4: Obtain Licenses and Permits
Nearly all businesses require some sort of license or permit to operate. Contact the local government office in charge of issuing business licenses to ensure you obtain everything you need to operate legally.
For example, you might need a certificate of incorporation, a business tax license, a tax identification number, an operating agreement, a building license, and more. If you intend to sell other manufacturers’ products, you may also need a franchise license or trademark license.
If you intend to sell mattresses online, you’ll also need to set up your terms of use and return policies and make sure they appear clearly on your website. They need to be easy to find and you might even require customers to acknowledge them before they finalize their purchase.
Step 5: Set Up Your Store
This step can be quite extensive, as you will need to source your products or have them manufactured so that you can have stock in a physical store. You’ll also need display racks and shelves, a checkout counter, and salespeople.
If your store is online, you will need photographs of your mattresses so that you can create product pages and descriptions. You may be able to handle an online store yourself, but if not, you’ll need to hire employees as well.
Conclusion
Once your store is set up, you can launch your business! Try different marketing strategies to see which one works best for your needs and continue tweaking your operations until you’re turning a profit.
