Tips to Begin a Mattress Wholesale and Retail Business
Mattresses will always be in demand as they are an essentiality for any household. Thus, owning your mattress retail store is a lucrative business. If you are looking to begin your mattress retail store, then read this article.
This complete guide will equip you with all the necessary information to begin a mattress wholesale and retail business without any expert knowledge and huge capital investment.
Why Start a Mattress Retail Business?
The demand for top-rated mattresses has been rising for the last few years. So, this shows that the chances of a recession in this industry are very low. To make a successful and the best online mattress retail store requires learning the skill of purchasing and selling along with soft business skills such as customer service, negotiation, accounting, etc.
It is required that businesses should pay due diligence when it comes to market research, cost analysis, course feasibility studies, and economic analysis. Launching your mattress retail business in this way, and staying creative and consistent, will help you generate profits in no time.
An Overview of Mattress Industry
The mattress industry is a key business in America and several other nations. It generates a massive sum of $15 billion per year from over 15,525 licensed and registered mattress retail stores present all across the USA.
A business in the mattress retail sector involves selling a line of sleeping equipment, that includes bedding, mattresses, cots, box springs, pillows, airbeds, and waterbeds. Looking at the prospects of the industry, we can say they are very promising.
This is because consumers are prioritizing the quality of sleep and are inclined to buy advanced mattresses that offer them a better sleep experience. The increase in spending power and the reduced unemployment rate have led to more sales and increased growth of the mattress industry. Over the coming five years, it is projected that the revenue will continue to grow, although at a slow pace of 5.6 percent annual rate.
What Legal Documents Do I Require to Run My Mattress Wholesale and Retail Company?
To start your mattress selling business, you would need to furnish the basic legal documents. It will help you legally run your mattress wholesale and retail firm in the US:
- Certificate of Incorporation
- Employment Agreement
- Business Plan
- Employee Handbook
- Tax Payer’s ID
- Operating Agreement for LLCs
- Business License
- Contract Documents
- Insurance Policy
- Memorandum of Understanding
- Building License
- Company Bylaws
- Franchise or Trademark License
How to Source Capital for Mattress Wholesale and Retail Firm?
Here are some of the things that can help you get the needed funds to start your mattress business.
- Personal savings
- Money generated from the sale of personal properties, and stocks
- Raise money from stockholders and business partners
- Sell your company shares to keen investors
- Apply for a Loan from a Bank
- Apply for business grants and seek funding from angel investors, and donor organizations
- Seek monetary assistance from family and friends
What Platforms Can Help Boost Brand Awareness for My Company?
These are the few and effective marketing strategies to promote your mattress wholesale and retail business.
- Place ads on both print media such as magazines and newspapers
- Publish ads on electronic media platforms
- Sponsor related community-based programs, and events
- Leverage your business on the social media and internet platforms such as Instagram, Twitter, FB, Google + YouTube, etc. for store promotion
- Install billboards and banners at strategic sites throughout the state or city
- Engage in roadshows often in targeted neighbourhoods to make people more aware of your mattress company
- Distribute fliers in target locations
- List your company in yellow pages or local directories
- Promote your mattress store on your website. Adopt strategies that will assist you to pull traffic to your website.
- Do content marketing by writing mattress-related blogs on your blog/website.
A business in the mattress retail and wholesale sector proves to be promising and profitable. Though the industry seems to be over-saturated, it still provides opportunities for aspiring entrepreneurs who desire to open their mattress retail businesses.
What makes it a thriving business is the convenience to set up and effectively manage with negligible capital. So, with the above information, you are all set to lay the foundation of your mattress retail store.