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Furniture Business, also called woodwork or Woodworking Business involves making items from wood. It includes making various furniture, carpentry, carving, and wood-turning. Traditionally, the states contributing significantly to the Indian furniture business industry are Gujarat, Kashmir, Punjab, Uttar Pradesh, and Kerala. It is one of the most profitable manufacturing business ideas.
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The most important types of woods used in the Indian woodworking industry are Walnut, Sandalwood, Teak, Sheesham, Deodar, Ebony, Redwood, Rosewood, Cedar, Sal, and many other types.
Since the Indian terrain has been truly blessed with a wealth of green forests covering vast areas of land, and with all kinds of forests found in India be it the tropical forest or the coniferous forests or the deciduous or the evergreen forests help the woodworking industry get steady flow of raw materials and thrive and grow accordingly.
Some of the critical reasons for the growing demand of the woodworking industry in India are:-
The Indian woodworking industry is one of the fastest-growing sectors contributing to the growth of India’s economy. India has about 1,00,000 registered existing woodworking units and above 2,00,000 artisans working in these manufacturing units.
In the past few years, more than 3000 furniture business units in the organized sector have been developed in India. And the numbers are increasing every year.
As per a study conducted by the World Bank, India’s organized furniture industry will keep growing at 20% per annum until 2020. It was forecasted that the online home décor market would grow at a CAGR of 50.42% in revenue over the period 2015-20, whereas the Luxury Furniture Market would grow at 4.1% CAGR in the same period. India ranks at 14th position in the world furniture market.
The woodworking industry is easy to start and does not require high investments. The woodworking business owner needs to set up a manufacturing unit, buy tools and machinery, and employ necessary skilled staff to make the woodworking products. Also required are few licenses and registrations depending on the number of employees hired at the manufacturing unit, the size of the business, and the type of business.
Also, Read: How to Choose the Right Legal Structure of your Business.
The following are the necessary licenses and registrations that you need to procure in order to open a woodworking company:
The significant benefits of starting a woodworking industry in India are as follows;
Few significant concerns of the Wood Based Businesses are as follows;
The furniture business is a straightforward and inexpensive business to start. Also, it is one of the fastest-growing industries in India. Furthermore, there is a vast scope for improvement in the growth of this sector in our country. Moreover, Indian geographical weather contributes to the growth of this industry, as the weather and climate factors of our country are adequate for vegetation growth. Hence, you can think to start a woodworking business as your next business idea.
Recommended Post: Home-Based Business Ideas for Moms.
Tanya is working as writer & editor from past 2 years with experience in covering startup and technology related topics.
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