Are you looking to start up a lighting business? Keen to pave the way in online retail of specialist lighting products? Then you need a business plan in order to break into this competitive field of business.
The home decor industry has exploded in the past decade, as products have become more affordable, households have become more interested in design and have had the money to do up their homes and supply chains have been revolutionised as the global marketplace becomes more accessible.
Building an online business
The internet has also revolutionised how businesses sell to customers and nowadays, not everyone will have a physical shop front presence to promote their catalogue range. Many businesses will set themselves up as online retailers only - either through their own e-commerce website, or even through using sites such as eBay to sell stock.
Working with overseas suppliers
Better trade links abroad also offer up options for importing lighting from abroad and setting up specialist retail sites for certain international designs or classical lighting; Moroccan tea lamps or cutting-edge Bauhaus design, for example. By working directly with a manufacturer overseas, you can cut your cost base and cut out various layers of middlemen too, meaning that your route to market is quicker and your costs are lower. You can then pass on the cost savings to your customers, meaning that they can pick up a wide range of lighting at better prices than they might do on the high street.
If this is of interest to you as a business model, it's worth getting advice on the best way to build up an ecommerce business that specialises in home decor and consider too whether you wish to focus your product offering around one specialist line, or diversify into a range of other complementary home decor products.
Local legislation and other things to bear in mind
Remember that if you are selling lighting to a wide base of international customers, you need to consider the local legislations very carefully. For example, different nations have different home wiring systems and also different quality standards and rules around eco bulbs and other 'green' credentials. Certainly, the 'green' stamp can work as a very effective marketing strategy in the UK and Europe, as households here are very conscious of their carbon footprint and looking for ways to reduce it. Consumers who can buy attractive lighting with green credentials may just be swayed to give you their business!
Remember that a good business plan is essential whether you're looking to retail on the high street, or purely online and the figures must stack up. It's always worth speaking to a business adviser to talk through your plans and to seek out opportunities to network with potential partners and customers, look at low-cost marketing through social media and other viral means and also look for funding sources where banks aren't prepared to lend. With perseverance, good planning and resolute action, your lighting business could become a reality.
If your business is based in Cornwall and you're searching for free business advice or need some help with how to develop a business, contact Grown Cornwall to get the ball rolling!
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