Starting a drapery business is a life-changing event that takes time and effort. I suggest taking your time and getting as much information as possible before you get started so you know what you are getting into.
In this article, you will find the steps needed to get started. You will also find a collection of resources that will help during the startup phase and when your business is open and operational.
Let’s get started by looking at the required steps.
Steps to Starting a Drapery Business
1. Make Sure Running a Business Is Right For You
Making sure running a business is the right step for you is essential before you get started. There are many reasons why people start a business, and you want to ensure that your reason is the right one.
Business ownership isn’t easy, and it’s best to know what you’re up against before getting started. Owning your own business can be rewarding and life-changing once you get started.
I suggest you take some time to go over the points in my article, Business Startup Considerations, before proceeding.
2. Research
Business Research
Research is one of the most valuable exercises when starting your own business. The more you know about your business the better your decisions and the easier it will be to own and run a successful business.
There are some excellent techniques to help you get an inside look at a drapery business before starting and it’s something you will want to take advantage of because you will have clarity and a better idea of what to expect.
See An Inside Look Into the Business You Want To Start, for all the details.
Target Audience
Researching your target audience is something you will want to do because it will make the startup process easier.
When you know who your customers are before you start you will have them in mind from this point forward and as you’re going through the startup phase you will make adjustments to cater to your target customers.
For the details of this process see, How To Understand Your Target Market.
3. Setup Considerations
In this step, you have to get clear on the type of business you are considering. Opening a drapery business is a broad term and you want to figure out which type you want to get set up.
Do you want to sell materials wholesale? Are you considering, an installation service? Are you considering a retail environment, etc?
With a clear vision, you will be able to make better decisions. As you’re doing your research you might find that you make adjustments to your vision, which is fine, but at this point figure out the type of operation you want to start.
4. Choosing The Right Business Location
The location of your operation is a key factor in your business’s success.
When you have a prime location that is close to your target market and there is a demand for your products and services in your area then you are on the right track.
An area with high competition or little demand for curtains and blinds is a recipe for failure. You need a balance to find the best location you can without paying an outrageous price for your lease.
For more, see Choosing The Best Location for Your Business.
5. Choose a Business Name
The name you choose for your is the one you will use for as long as you own your business. Business names rarely change. Therefore, you should take your time to come up with a memorable, catchy name.
For choosing the best name for your drapery business see, How To Register a Business Name.
6. Legalizing Your Business
In this step, you need to consider making your business legal. You need to decide on the structure you will use to register your operation before you open your doors.
There are various structures such as a sole proprietorship, an LLC, a Corporation, etc.
Each has advantages and disadvantages. Some are better for partnerships and tax advantages, others are easier to set up but offer little protection and tax savings, such as a sole proprietorship.
I recommend you speak with an accountant, lawyer, or service that specializes in setting up companies, to get the best advice for your location and situation.
See, How to Register your Business for tips to legalize your company.
7. Creating a Corporate ID
Your Corporate ID is made up of a few components such as; your logo, your business sign, business cards, letterheads, website, promotional items, etc. Consider a Corporate ID as one way your customers recognize your business. You will want to make a good impression on your customers, therefore; you will want a design that is professional and appealing. You want t
See A Complete Introduction to Corporate Identity Packages for more.
8. Estimating Your Startup Cost
For this step, we will focus on start-up costs. If your estimate is low you could run out of money before starting. If your estimate is high you could risk the chance of getting investors or a business loan.
You want to be as accurate as possible so that you know what to expect and what you’re getting into and plan appropriately.
For more see, Estimating Start-up Costs: Are you Missing Anything?
9. Writing a Business Plan
An essential document known as a business plan is something you will want to create because you’ll need it if you’re looking for investors or planning to apply for a business loan. Lenders will not even process your application without a professional business plan.
There are many options for creating one and once you have it it is your roadmap to get you started and keep you on track.
For details see How to Write a Business Plan.
10. Set up Your Banking
Bank Account:
This step focuses on setting up your banking. Naturally, you want to have a bank account that is separate from your personal finances. Plus when you have a business bank account it shows that you have a professional operation and allows you to track expenses accurately. For more see, How to Open a Business Bank Account.
Banker:
When choosing a bank you want to focus on a professional relationship with your banker. They can help you with loan applications, and financial advice, and can even get you out of a bind when you’re in a financial pinch.
Merchant Account:
You will require a merchant account so your customers can pay using their debit or credit cards.
Your banker can also assist you with the application process.
See, What Is a Merchant Account and How to Get One.
11. Get the Funding for Your Operation
Business loans are difficult to obtain since lenders view new businesses as high-risk and prefer to lend to established and successful companies. Consider how you can guarantee the loan and ensure your business plan is professional and clear.
Make copies of your business plan and meet with vendors to determine whether you qualify for a business loan after you estimate your startup and operating costs.
If your loan has been declined by multiple lenders, then it’s time to figure out why you are getting declined and address those concerns if possible.
Listen to their advice as well. Is your risk profile too high? Why do they think you won’t be able to make the payments and succeed? Don’t be afraid to address their concerns and give it another try.
Another way to get funding is to sell assets you are not using, look for silent partners, find investors, etc.
See, Getting a Small Business Loan for tips and insights to help you prepare.
12. Software Setup
13. Get The Right Business Insurance
Business insurance is one of those things that you pay for but rarely use. However, you can’t ignore it. There must be sufficient coverage for any incident that may occur for people entering your business or if you’re installing drapery on the job.
For more on business insurance, see What to Know About Business Insurance.
14. Choose Your Suppliers
15. Physical Setup
Business Layout
Whether you’re planning a service type or retail type of business you need to set up the layout so that it’s convenient and efficient for customers and productive for you and your staff.
Your Office
You will be spending a lot of time managing your business from your office. Therefore you want to ensure your office is set up so that you are productive and organized. The more organized you are the more productive you’ll be. You’ll need your office to be fully equipped and functional and set up and away that is comfortable because you’ll be spending a lot of time there.
See, Here are Considerations for The Setup of Your Office, for the details.
Signage
Your business sign will be one of the first things a customer encounters when they’re in the market for drapery. Your sign should incorporate your logo and have a great design. You also want to incorporate your logo for the signage inside your business.
For more see, All About Company Signs.
16. Creating a Website
Your website is an important component of your business. It will contain all the information related to your business that customers need.
Your site will also contain a portfolio of the jobs you’ve completed. You can even set up an e-commerce site where you can sell products online. In addition to your website, you can have social accounts such as a Facebook page, but it shouldn’t be your main property.
You will want to register a domain name and sign up for hosting so that you have full control over your website.
For more see How to Build a Website.
17. Create an External Support Team
An external support team consists of a group of people that aren’t on your payroll. Instead, you will use their services as needed. You may pay them on a per-use basis, hourly, on a contract, or on a retainer. Your team may consist of a lawyer, an accountant, consultants, a marketing specialist, an IT specialist, etc.
It takes time to find the right team members and build relationships, so this is an ongoing process that can take months and years, but once you have developed your team you have people you can count on that are your go-to people.
For more see, Building a Team of Professional Advisors for Your Business.
18. Hiring Employees
In the early stages of operations, you may be planning to do everything yourself, from sales to installation to managing the business. That’s a smart idea because payroll is a significant expense. When your business begins to gain traction, you will need to hire staff to keep up. It’s essential only hire for the jobs you need, and each open position must be a suitable fit.
For more see, How and When to Hire a New Employee.
Next Steps to Evaluate
Getting Customers Through The Door
Once your business is set up you can’t just sit and wait for customers, you have to find ways to get customers through the door. You need a healthy cash flow and revenue flowing in, to keep your business open. There are a few techniques you can use from our article How To Get Customers Through the Door.
Your Grand Opening
Holding a grand opening is an excellent way to draw attention to your business. When it comes to grand openings you need to make it a memorable event and increase awareness in the community to get people talking about your business.
For example, you may want to have a grand prize where you give away a curtain makeover for someone’s home as a raffle for those people that are in attendance at your grand opening. Involving a local radio station creates awareness about your grand opening and the prize giveaway.
You may be able to work out a deal where the radio station covers the event. The radio station benefits from the revenue from your advertising campaign and brings value to their listeners because, in a way, if they are hosting the event, they are part of the giveaway that can be anywhere from two to five thousand dollars in value.
Ideas like these can create excitement and ensure you have a great turnout. For more see How To Plan a Grand Opening.
Marketing Ideas
Marketing is an essential part of any business and it’s an ongoing process that is something you’ll have to become familiar with.
For more ideas to market your business, see our marketing section to spark your creativity.