- Business Plans Handbook
- Business Plans - Volume 02
- Hardware Store Business Plan
Hardware Store
FICTIONAL BUSINESS PLAN
OSHKOSH HARDWARE, INC.
123 Main St. Oshkosh, WI 54901
The following fictional plan outlines how a small hardware store can survive competition from large discount chains by offering products and providing expert advice in the use of any product it sells. This plan is fictional and has not been used to gain funding from a bank or other lending institution.
EXECUTIVE SUMMARY
The business, goals implementation.
- JOB DESCRIPTION-GENERAL MANAGER
QUARTERLY FORECASTED BALANCE SHEETS
Quarterly forecasted statements of earnings and retained earnings, quarterly forecasted statements of changes in financial position, financial ratio analysis, details for quarterly statements of earnings.
Oshkosh Hardware, Inc. is a new corporation which is going to establish a retail hardware store in a strip mall in Oshkosh, Wisconsin. The store will sell hardware of all kinds, quality tools, paint and housewares. The business will make revenue and a profit by servicing its customers not only with needed hardware but also with expert advice in the use of any product it sells.
Oshkosh Hardware, Inc. will be operated by its sole shareholder, James Smith. The company will have a total of four employees. It will sell its products in the local market. Customers will buy our products because we will provide free advice on the use of all of our products and will also furnish a full refund warranty.
Oshkosh Hardware, Inc. will sell its products in the Oshkosh store staffed by three sales representatives. No additional employees will be needed to achieve its short and long range goals. The primary short range goal is to open the store by October 1, 1994. In order to achieve this goal a lease must be signed by July 1, 1994 and the complete inventory ordered by August 1, 1994.
James Smith will invest $30,000 in the business. In addition the company will have to borrow $ 150,000 during the first year to cover the investment in inventory, accounts receivable, and furniture and equipment. The company will be profitable after six months of operation and should be able to start repayment of the loan in the second year.
The business will sell hardware of all kinds, quality tools, paint, and housewares. We will purchase our products from three large wholesale buying groups.
In general our customers are homeowners who do their own repair and maintenance, hobbyists, and housewives. Our business is unique in that we will have a complete line of all hardware items and will be able to get special orders by overnight delivery. The business makes revenue and profits by servicing our customers not only with needed hardware but also with expert advice in the use of any product we sell. Our major costs for bringing our products to market are cost of merchandise of 36%, salaries of $45,000, and occupancy costs of $60,000.
Oshkosh Hardware, Inc.'s retail outlet will be located at 1524 Frontage Road, which is in a newly developed retail center of Oshkosh. Our location helps facilitate accessibility from all parts of town and reduces our delivery costs. The store will occupy 7500 square feet of space. The major equipment involved in our business is counters and shelving, a computer, a paint mixing machine, and a truck.
Oshkosh Hardware, Inc. will operate in the local market. There are 15,000 potential customers in this market area. We have three competitors who control approximately 98% of the market at present. We feel we can capture 25% of the market within the next four years. Our major reason for believing this is that our staff is technically competent to advise our customers in the correct use of all products we sell.
After a careful market analysis we have determined that approximately 60% of our customers are men and 40% are women. The percentage of customers that fall into the following age categories are:
The reasons our customers prefer our products is our complete knowledge of their use and our full refund warranty.
We get our information about what products our customers want by talking to existing customers. There seems to be an increasing demand for our product. The demand for our product is increasing in size based on the change in population characteristics.
At Oshkosh Hardware, Inc. we will employ three sales people and will not need any additional personnel to achieve our sales goals. These salespeople will need several years experience in home repair and power tool usage. We expect to attract 30% of our customers from newspaper ads, 5% of our customers from local directories, 5% of our customers from the yellow pages, 10% of our customers from family and friends and 50% of our customers from current customers. The most cost-effective source will be current customers. In general, our industry is growing.
We would evaluate the quality of our management staff as being excellent. Our manager is experienced and very motivated to achieve the various sales and quality assurance objectives we have set. We will use a management information system which produces key inventory, quality assurance and sales data on a weekly basis. All data is compared to previously established goals for that week and deviations are the primary focus of the management staff.
The short term goals of our business are:
- Open the store by October 1, 1994
- Reach our breakeven point in two months
- Have sales of $ 100,000 in the first six months
In order to achieve our first short term goal we must:
- Sign the lease by July 1, 1994
- Order a complete inventory by August 1, 1994
In order to achieve our second short term goal we must:
- Advertise extensively in September and October
- Keep expenses to a minimum
In order to achieve our third short term goal we must:
- Promote power tool sales for the Christmas season
- Keep good customer traffic in January and February
The long term goals for our business are:
- Obtain sales volume of $600,000 in three years
- Become the largest hardware dealer in the city
- Open a second store in Fond du Lac
The most important thing we must do in order to achieve the long term goals for our business is to develop a highly profitable business with excellent cash flow.
Oshkosh Hardware, Inc. Faces some potential threats or risks to our business. They are discount house competition. We believe we can avoid or compensate for this by providing quality products complimented by quality advice on the use of every product we sell. The financial projections we have prepared are located at the end of this document.
JOB DESCRIPTION: GENERAL MANAGER
The General Manager of the business of the corporation will be the president of the corporation. He will be responsible for the complete operation of the retail hardware store which is owned by the corporation. A detailed description of his duties and responsibilities is as follows:
Train and supervise the three sales people. Develop programs to motivate and compensate these employees. Coordinate advertising and sales promotion effects to achieve sales totals as outlined in budget. Oversee purchasing function and inventory control procedures to insure adequate merchandise at all times at a reasonable cost.
Prepare monthly and annual budgets. Secure adequate line of credit from local banks. Supervise office personnel to insure timely preparation of records, statements, all government reports, control of receivables and payables and monthly financial statements.
Administration
Perform duties as required in the areas of personnel, building leasing and maintenance, licenses and permits and public relations.
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Hardware Retail Franchise Business Plan
Start your own hardware retail franchise business plan
Hisarlik Hardware
Executive summary executive summary is a brief introduction to your business plan. it describes your business, the problem that it solves, your target market, and financial highlights.">.
Last year Wilusa Magazine surveyed current downtown residents and found that hardware stores are one of the top ten things needed to make downtown a great place to live. The same reasons that make downtown a great place to live also make it a great place to work.
The demographics of home ownership have changed radically in downtown Indianapolis. Today’s hardware store, which more and more is dominated by the “big box stores”, is cold, uninviting, and usually involves substantial driving time from downtown Wilusa. Hisarlik Hardware is uniquely positioned to take advantage of this new fact of life. Conveniently located to serve the Troas, Sinope Bay, Miletus Square, and Lycia areas, as well as all of Arazawa Township, Hisarlik Hardware offers parts, materials, and advice to tackle any home or do-it-yourself (d-i-y) project, whether the customer is a complete novice or a contractor. The focus is on helping the customer identify what they want and need as soon as they enter the store.
Through the use of superior personal customer attention, great product selection, and reasonable prices, Hisarlik Hardware will capitalize on this promising opportunity. A location is being secured that offers excellent traffic with a built-in magnet for urban dwellers–downtown’s only grocery store sharing the parking lot. The Building Blocks parent organization will help efficiently lay out and plan the store to increase sales and give the customers the utmost in attention. Hisarlik’s management team has a wealth of business, financial, and mechanical experience that will ensure a great investment and the overall success of the venture. The projected growth rate for Hisarlik Hardware is quite steady and has the potential to grow exponentially along with the increase in residential development downtown.
Hisarlik Hardware will produce positive cash flow its first year of operations. Hisarlik will also produce a net profit in its first year of operations.
1.1 Objectives
There are four major objectives of this business plan, of which three are immediate and the fourth is of a longer-term nature.
- Determine the feasibility of a downtown hardware store.
- Develop the strategy to open, manage and grow a profitable downtown hardware store venture.
- Establish a firm budget to operate and manage the business from concept to start up to operation, with good cash flow and consistent profits.
- Explore potential growth in downtown market and evolve new sources of business.
1.2 Mission
Hisarlik Hardware’s mission is to create a downtown hardware store that is reliable and convenient. A store that offers great service and selection of hardware and home improvement products in a customer friendly environment.
Hisarlik Hardware will cater to downtown residents, downtown property managers, downtown businesses, contractors, and suburban commuters. Our customers will become loyal because of the great advice, prompt service, good staff attitudes, the overall quality of the shopping experience, and the fact that we consistently have solutions for their needs.
1.3 Feasibility of the Business
Hector Priamson and Troy Enterprises went through a long and thorough process of looking at different business ventures that would allow them to go into business and be a long-term success. Through this process retail hardware became a potential opportunity. The following items are considered “must have” items in order to make Hector Priamson and Troy Enterprises not only feasible, but a tremendous success.
- An industry that is healthy, resistant to economic swings, and allows an entrepreneur to influence the stores results.
- A market that can deliver the kind of potential that will allow a store to be profitable.
- A store location that will be easy for customers to find, allow easy access, plenty of parking and have economic terms that allow the store to be successful.
- A successful and cooperative “partner”, such as Building Blocks, a national hardware co-operative, that will help research, plan, market, and operate a hardware store.
- A financial package that would allow the business to begin operations and operate in terms that would be realistic and successful for all involved whether it was private investors or the bank.
- Participants must possess the business skills, a strong work ethic, and a level of competitiveness required to make the business a success.
Building Blocks provides all of the tools and Hector Priamson possesses the financial, entrepreneurial, mechanical, and management skills needed to be successful in this business.
1.4 Keys to Success
- Hardware Industry: The Home Improvement industry has been consistently growing at a rate of 7% per year for the past decade according to the US Department of Commerce, with total US Sales of over $313 billion in 2002. While the economy has fluctuated up and down over the past decade, the growth of the hardware industry has continued to grow at the same pace. The “Big Box” stores have also created a “Do-it-yourself” mentality in this country, a mentality that has a positive effect on the independent hardware store.
- Location: The proposed location for Hisarlik Hardware is Troas Marketplace, a retail and commercial property on the corner of E. Anglia St. between N. Umberland St. and N. Mercia Blvd. Troas Marketplace primary tenants are Scamander’s Food Market located across the parking lot and Buckbasket Cleaners adjacent to the proposed site. Scamander’s is a huge draw. Scamander’s is the only grocery store in downtown Wilusa. The location of this store is known to all downtown residents, one block from the trendy and hip Wessex Avenue. The Troas Marketplace offers plenty of parking, very important for a downtown location, as well as easy access to the parking lot from E. Anglia St. or N. Mercia St. E. Anglia St. is a major eastbound thoroughfare east of downtown.
- Urban Products: The location in downtown Wilusa will require a different product mix than a suburban store. There will be a unique product demand from urban dwellers. Building Blocks will be a big part of determining the mix of products that will be right for the urban market through their IAIS program (Inventory Always In Stock). Hisarlik Hardware will be in touch with, and focus on, the downtown urban market, delivering products that are applicable to local customers, and marketing these items at competitive prices.
- Commercial Customers: Hisarlik Hardware will also focus on becoming the hardware products source for every building and business in downtown Wilusa. We will work hard to establish relationships with property managers and service personnel. There are also plans to set up a delivery service to the downtown business market making it even easier for customers to get the products they need, when they need them. While Hisarlik Hardware may be convenient and easy to access, potential customers may not find it to be convenient to leave their offices. There will be an emphasis to establish business accounts for each of these customers to make doing business easy for them.
- Building Blocks : It is crucial to have a co-op like Building Blocks behind efforts to open a store like Hisarlik Hardware . They provide all of the tools to be successful in the hardware business including research, floor plans, marketing, and systems and instructions for operating a hardware store. To become a Building Blocks Member (Member of the Building Blocks Co-op) really means they will provide an entrepreneur a “business in box”, yet allow the members to control their own business. There are extensive marketing programs that have been built based on input from members to help generate sales, increase traffic and ultimately increase profits.
- Repair/Project Resource Area: Hisarlik Hardware will leverage the strength of an established reputation for superb service built by other Building Blocks Co-op member stores. It is a reputation that has positioned Building Blocks to be the leading independent hardware stores (from Consumer Checkbook , Aug 2003), and filling the gaps in the “Big Box” retailers one-size-fits-all offerings. The Resource area will allow the customer to ask for help or directions as they enter the store. This area will also offer assistance as they start a project, help in finding what they need, sharing know-how in completing a project, and advice on how to get a project done. Store employees will be knowledgeable in home repairs/projects, home improvement, and mechanical repair and retro-fit. In addition, the resource area will be used to conduct short training sessions and demonstrations in home repair and home improvement projects.
- The Tool Room Rental : A rental business will be established under the Building Blocks’ “The Tool Room Rentals” tool rental program. This will not only help with the initial cash flow, but will also be a source of additional sales as every tool will need accessories to go with the rental. We will also think about party rental items to be included in the rental inventory. Building Blocks will aid in developing the right rental product mix for this urban market.
All of these keys will be combined to drive sales and ultimately the bottom line…net profit.
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How to Start a Hardware Store
Starting a hardware store can be very profitable. With proper planning, execution and hard work, you can enjoy great success. Below you will learn the keys to launching a successful hardware store.
Importantly, a critical step in starting a hardware store is to complete your business plan. To help you out, you should download Growthink’s Ultimate Business Plan Template here .
Download our Ultimate Business Plan Template here
14 Steps To Start a Hardware Store :
- Choose the Name for Your Hardware Store
- Develop Your Hardware Store Business Plan
- Choose the Legal Structure for Your Hardware Store
- Secure Startup Funding for Your Hardware Store (If Needed)
- Secure a Location for Your Business
- Register Your Hardware Store with the IRS
- Open a Business Bank Account
- Get a Business Credit Card
- Get the Required Business Licenses and Permits
- Get Business Insurance for Your Hardware Store
- Buy or Lease the Right Hardware Store Equipment
- Develop Your Hardware Store Marketing Materials
- Purchase and Setup the Software Needed to Run Your Hardware Store
- Open for Business
1. Choose the Name for Your Hardware Store
The first step to starting a hardware store is to choose your business’ name.
This is a very important choice since your company name is your brand and will last for the lifetime of your business. Ideally you choose a name that is meaningful and memorable. Here are some tips for choosing a name for your hardware store:
- Make sure the name is available . Check your desired name against trademark databases and your state’s list of registered business names to see if it’s available. Also check to see if a suitable domain name is available.
- Keep it simple . The best names are usually ones that are easy to remember, pronounce and spell.
- Think about marketing . Come up with a name that reflects the desired brand and/or focus of your hardware store.
2. Develop Your Hardware Store Business Plan
One of the most important steps in starting a hardware store is to develop your business plan. The process of creating your plan ensures that you fully understand your market and your business strategy. The plan also provides you with a roadmap to follow and if needed, to present to funding sources to raise capital for your business.
Your business plan should include the following sections:
- Executive Summary – this section should summarize your entire business plan so readers can quickly understand the key details of your hardware store.
- Company Overview – this section tells the reader about the history of your hardware store and what type of hardware store you operate. For example, are you a home improvement store, a specialty hardware store, or a big-box store?
- Industry Analysis – here you will document key information about the hardware industry. Conduct market research and document how big the industry is and what trends are affecting it.
- Customer Analysis – in this section, you will document who your ideal or target market are and their demographics. For example, how old are they? Where do they live? What do they find important when purchasing products like the ones you will offer?
- Competitive Analysis – here you will document the key direct and indirect competitors you will face and how you will build competitive advantage.
- Marketing Plan – your marketing plan should address the 4Ps: Product, Price, Promotions and Place.
- Product : Determine and document what products/services you will offer
- Prices : Document the prices of your products/services
- Place : Where will your business be located and how will that location help you increase sales?
- Promotions : What promotional methods will you use to attract a loyal customer base to your hardware store? For example, you might decide to use pay-per-click advertising, public relations, search engine optimization and/or social media marketing.
- Operations Plan – here you will determine the key processes you will need to run your day-to-day operations. You will also determine your staffing needs. Finally, in this section of your plan, you will create a projected growth timeline showing the milestones you hope to achieve in the coming years.
- Management Team – this section details the background of your company’s management team.
- Financial Plan – finally, the financial plan answers questions including the following:
- What startup costs will you incur?
- How will your hardware store make money?
- What are your projected sales and expenses for the next five years?
- Do you need to raise funding to launch your business?
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3. choose the legal structure for your hardware store.
Next you need to choose a legal structure for your hardware store and register it and your business name with the Secretary of State in each state where you operate your business.
Below are the five most common legal structures:
1) Sole proprietorship
A sole proprietorship is a business entity in which the hardware store owner and the business are the same legal person. The owner of a sole proprietorship is responsible for all debts and obligations of the business. There are no formalities required to establish a sole proprietorship, and it is easy to set up and operate. The main advantage of a sole proprietorship is that it is simple and inexpensive to establish. The main disadvantage is that the owner is liable for all debts and obligations of the business.
2) Partnerships
A partnership is a legal structure that is popular among small business owners. It is an agreement between two or more people who want to open a hardware store together. The partners share in the profits and losses of the business.
The advantages of a partnership are that it is easy to set up, and the partners share in the profits and losses of the business. The disadvantages of a partnership are that the partners are jointly liable for the debts of the business, and disagreements between partners can be difficult to resolve.
3) Limited Liability Company (LLC)
A limited liability company, or LLC, is a type of business entity that provides limited liability to its owners. This means that the owners of an LLC are not personally responsible for the debts and liabilities of the business. The advantages of an LLC for a hardware store include flexibility in management, pass-through taxation (avoids double taxation as explained below), and limited personal liability. The disadvantages of an LLC include lack of availability in some states and self-employment taxes.
4) C Corporation
A C Corporation is a business entity that is separate from its owners. It has its own tax ID and can have shareholders. The main advantage of a C Corporation for a hardware store is that it offers limited liability to its owners. This means that the owners are not personally responsible for the debts and liabilities of the business. The disadvantage is that C Corporations are subject to double taxation. This means that the corporation pays taxes on its profits, and the shareholders also pay taxes on their dividends.
5) S Corporation
An S Corporation is a type of corporation that provides its owners with limited liability protection and allows them to pass their business income through to their personal income tax returns, thus avoiding double taxation. There are several limitations on S Corporations including the number of shareholders they can have among others.
Once you register your hardware store, your state will send you your official “Articles of Incorporation.” You will need this among other documentation when establishing your banking account (see below). We recommend that you consult an attorney in determining which legal structure is best suited for your company.
4. Secure Startup Funding for Your Hardware Store (If Needed)
In developing your hardware store business plan, you might have determined that you need to raise funding to launch your business.
If so, the main sources of funding for a hardware store to consider are personal savings, family and friends, credit card financing, bank loans, crowdfunding and angel investors. Angel investors are individuals who provide capital to early-stage businesses. Angel investors typically will invest in a hardware store that they believe has high potential for growth.
5. Secure a Location for Your Business
There are a few things to consider when looking for a location for your hardware store.
First, you’ll want to think about the population of the area. You’ll want to be sure there are enough people in the area who will be potential hardware shoppers.
Additionally, you’ll want to think about the competition. If there are already several independent hardware stores in the area, you’ll need to find a location that offers something different or better than what is already available.
You’ll also need to find a space that is big enough to fit all of your inventory. Finally, you’ll want to think about your budget and find a location that is affordable.
6. Register Your Hardware Store with the IRS
Next, you need to register your business with the Internal Revenue Service (IRS) which will result in the IRS issuing you an Employer Identification Number (EIN).
Most banks will require you to have an EIN in order to open up an account. In addition, in order to hire store personnel, you will need an EIN since that is how the IRS tracks your payroll tax payments.
Note that if you are a sole proprietor without employees, you generally do not need to get an EIN. Rather, you would use your social security number (instead of your EIN) as your taxpayer identification number.
7. Open a Business Bank Account
It is important to establish a bank account in your hardware store’ name. This process is fairly simple and involves the following steps:
- Identify and contact the bank you want to use
- Gather and present the required documents (generally include your company’s Articles of Incorporation, driver’s license or passport, and proof of address)
- Complete the bank’s application form and provide all relevant information
- Meet with a banker to discuss your business needs and establish a relationship with them
8. Get a Business Credit Card
You should get a business credit card for your hardware store to help you separate personal and business expenses.
You can either apply for a business credit card through your bank or apply for one through a credit card company.
When you’re applying for a business credit card, you’ll need to provide some information about your business. This includes the name of your business, the address of your business, and the type of business you’re running. You’ll also need to provide some information about yourself, including your name, Social Security number, and date of birth.
Once you’ve been approved for a business credit card, you’ll be able to use it to make purchases for your business. You can also use it to build your credit history which could be very important in securing a small business loan and getting credit lines for your business in the future.
9. Get the Required Business Licenses and Permits
To launch a hardware store, you will need a business license and a tax ID number. You will also need to contact your local zoning commission to find out what restrictions are placed on hardware stores in your area. Depending on the size of your store and how it will be laid out, you may need a building permit.
10. Get Business Insurance for Your Hardware Store
The insurance you need to operate a hardware store may vary depending on your state’s laws and regulations.
Some common business insurance policies you should consider for your own shop include:
- General liability insurance : This covers accidents and injuries that occur on your property. It also covers damages caused by your employees or products.
- Auto insurance : If a vehicle is used in your business, this type of insurance will cover if a vehicle is damaged or stolen.
- Workers’ compensation insurance : If you have employees, this type of policy works with your general liability policy to protect against workplace injuries and accidents. It also covers medical expenses and lost wages.
- Commercial property insurance : This covers damage to your property caused by fire, theft, or vandalism.
- Business interruption insurance : This covers lost income and expenses if your business is forced to close due to a covered event.
- Professional liability insurance : This protects your business against claims of professional negligence.
Find an insurance agent, tell them about your business and its needs, and they will recommend policies that fit those needs.
11. Buy or Lease the Right Hardware Store Equipment
To run a hardware store, you will need the following equipment: cash register, computer, phone, security cameras, and shelves.
12. Develop Your Hardware Store Marketing Materials
Marketing materials will be required to attract and retain customers to your hardware store.
The key marketing materials you will need are as follows:
- Logo : Spend some time developing a good logo for your hardware store. Your logo will be printed on company stationery, business cards, marketing materials and so forth. The right logo can increase customer trust and awareness of your brand.
- Website : Likewise, a professional hardware store website provides potential customers with information about the products you offer, your company’s history, and contact information. Importantly, remember that the look and feel of your website will affect how customers perceive you.
- Social Media Accounts : establish social media accounts in your company’s name. Accounts on Facebook, Twitter, LinkedIn and/or other social media networks will help customers and others find and interact with your hardware store.
13. Purchase and Setup the Software Needed to Run Your Hardware Store
To run a hardware store, you will need accounting software and customer relationship management (CRM) software. You will also need software that will help you manage your inventory, track your sales, and create purchase orders. Additionally, you will need a point of sale (POS) system to handle purchases made by customers.
14. Open for Business
You are now ready to open your hardware store. If you followed the steps above, you should be in a great position to build a successful business. Below are answers to frequently asked questions that might further help you.
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How to Start a Hardware Store FAQs
Is it hard to start a hardware store.
No, it is fairly easy to launch a hardware store. All you need is an idea of the type of product you want to sell and where you want to sell it. You should also define your business model and plan how you're going to market, promote, maintain, and manage it.
How can I start a hardware store with no experience?
There are a few ways to go about starting a hardware store with no retail and hardware experience. One way would be to research the industry and learn as much as possible about the business. Another option would be to team up with someone who has experience in the industry. Finally, you could take on a consultant to help you get started. Whichever path you choose, make sure you have a clear plan and are prepared to put in the hard work necessary to make your own hardware store a success.
What type of hardware store is most profitable?
Generally speaking, stores that sell higher-priced items such as appliances or tools tend to be more profitable than stores that sell lower-priced items such as plumbing supplies or light bulbs. Additionally, stores that are located in high-traffic areas tend to be more profitable than stores that are located in low-traffic areas.
How much does it cost to start a hardware store?
It can cost a lot of money to open a hardware store. You'll need to invest in inventory, and you'll also need to pay for rent, utilities, and employee salaries.
Some startup costs involved in starting a hardware store include:
- Security system
- Computer system
- Purchasing inventory
- Credit card machines
- Building a retail space
- Fixtures and display cases
- Licenses and permits
What are the ongoing expenses for a hardware store?
Ongoing expenses for a hardware store generally include utilities, rent, and inventory. Additional expenses to keep in mind include insurance and wages.
How does a hardware store make money?
Hardware store owner s make money by selling products to repair or improve a home. These products can include tools, building supplies, appliances, and more. The store makes money by selling products and by charging customers for the labor to install hardware or appliances.
Is owning a hardware store profitable?
Owning a hardware store can be a profitable business venture. This is because hardware shops typically have high margins. This means that the store can sell products at a higher price than it paid for them, and thus make a profit.
Why do hardware stores fail?
Most hardware stores lose a large portion of their clientele due to the internet and the fast-paced shopping experience that comes with it. A lot of people now choose to order online because they can do so from the convenience of their own homes with the click of a mouse. Most often these transactions will be cheaper as well.
Another common reason hardware stores fail is from being in business for too long without changing their offerings with evolving customer preferences. Sometimes they fail because consumers simply need different goods than what the old-fashioned store offers. For instance, key cutting, lawn care booklets, or landscaping materials may not be as in demand as they once were.
Finally, some chain retail hardware stores fail because they are in the wrong location. If the store is in a location that is not easily accessible or visible to passersby, it may not get enough customers to sustain its operations.
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Hardware Retail Franchise Business Plan Sample
AUG.09, 2022
Hardware retail franchise business plan for starting your own business
Whether it be a technological thing such as a computer or a purely natural setting such as a garden, hardware installation is a must. In addition to the usage of big hardware tools, smaller ones like miniature screwdrivers are also increasing in demand. And the demand for sophisticated hardware and tools is expected to increase even more.
So, if you are wondering whether or not you should open a hardware store, you should keep all the worries aside and read this blog. In this business plan hardware store we will be listing all the details of Sam Hardware World, a hardware retail franchise in New York City. It will help you in knowing how to put up a hardware business in the United States.
Moreover, the financial part would give you an insight into the profits you can earn via it. You could also discover whether or not you need to also consult business plan for loan to launch the startup.
Executive Summary
2.1 the business.
Sam Hardware World will be based in New York City. The business will operate in both B2B and B2C modes. The startup aims at providing hardware for setting ranging from technological to household to business offices.
2.2 Management of hardware retail franchise business
To manage hardware retail the first step is to create a business plan for a hardware store . In that hardware store business plan you must enlist all the equipment to be procured and personnel you must staff to manage the operations. Since the business activity overlaps with other businesses as well, you will need to consult retail discount store business plan and toy business plan as well besides retail hardware store business plan.
In this sample business plan for a retail hardware store, we’ll explain how Sam conducted and managed his business. Since he underwent the procedure to get a franchise, you can also see this if you need to study a business plan for a franchise .
2.3 Customers of hardware retail franchise business
Knowing the customers before starting a business will help you in understanding their demands, likes, and purchasing power. The customers of the hardware retail franchise business are:
- Construction Enterprises
- Educational Institutes
2.4 Business Target
Sam Hardware World aims at boosting sales at a specified rate after regular intervals that will be mentioned later in this sample. The financial targets for the first three years are given in this graph:
Company Summary
3.1 company owner.
Sam has acquired a degree in management sciences. After working as a business consultant in a tech firm for two years, he decided to capitalize on hardware store franchise opportunities.
3.2 Why the hardware retail franchise business is being started
Sam started the hardware shop business to benefit from the perks of doing one’s own business. He had unique hardware business ideas thus he decided to step only into this type of enterprise.
3.3 How the hardware retail franchise business will be started
Step1: Conduct Research
The first step is to research the types of hardware businesses with a special focus on franchise hardware stores. You must search for hardware store franchises for sale and select the best among them.
Step2: Make Hardware Business Plan
Next, you will have to devise a hardware shop business plan to ensure you systematically carry out the operations of your business. In your business plan for hardware shop, you should enumerate in detail the executive plan, marketing plan, sales strategy, and financial plan.
Step3: Set up the Hardware Store
In the next stage, you must acquire the place where you would be installing your setup. While procuring the equipment, it is equally important to start recruiting talent.
Step4: Market & Establish a Web Presence
To reach your target customers, you will need to exploit the media platforms and websites to get renowned.
Step5: Manage Finance
Last, you will have to create balance sheets for cost analysis and determining prospective profits.
Services of hardware retail franchise business
If you are thinking of starting a hardware business you must want to know are hardware stores profitable? Well, running a hardware store can be extremely profitable provided you have some unique hardware store ideas. To get them, you should search for how to start hardware business or how to start hardware store, mark your location, and analyze what others in the domain are doing. Your prospects will depend on your research on potential localities and selecting the right one for launching your franchise hardware store.
- Technical Hardware Products
Our major products will be hardware related to technology use such as computers and components, input and output devices, mobile parts and accessories, etc.
- Construction Hardware
The second category of our products will include hardware that is needed during construction projects.
- Garden Décor & Hardware
We’ll also provide hardware that is generally needed by households and institutions to set up the deck, or do landscaping.
- General Tools
We’ll also provide hardware tools that are required for minor and major repairs.
Marketing Analysis of hardware retail franchise business
Before you open a hardware store you must undergo a thorough analysis of all the available markets and explore hardware store franchise opportunities related to each market. It is to first, determine your customer groups, and second, identify the market trends and the price you can set provided your financial targets. The rates of your competitors in retail store hardware businesses and purchasing power of your target customers should also be catered to in the analysis.
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Considering the importance of accurate marketing analysis in retail hardware store business plan, you should hire a marketing expert. However, for a rough idea, you can search on your own on how to start a hardware company and the best locations to open a hardware franchise.
In this hardware shop business plan pdf we are providing the details of Sam Hardware World.
5.1 Market Trends
According to IBISWorld, nearly 20k hardware stores are running successfully in the United States. If you go through the hardware store financial district and some hardware retailing magazines you can see that the market size has reached $33 billion in the US alone. Therefore, the market trends are going right and you should not worry about the prospects if you completely understand how to start a hardware store and conduct it.
5.2 Marketing Segmentation
In this section, you should divide the whole population into distinct groups of your target customers. Since the customer groups of hardware stores overlap with other businesses, you can take help from business plan for video game store as well as business plan for farmers market .
5.2.1 Construction Enterprises
Our biggest group of customers will belong to the construction enterprise. They are expected to procure our hardware specified for their work as well as the general tools that are needed for generic tasks.
5.2.2 Offices
The second category of our target customers will be the offices. They will avail of our services and products mainly for setting up the office spaces. The products they would need would range from printers and computers to electronics.
5.2.3 Households
The third category of our target customers comprises households who will need all of our products but in a minor number. Their purchases can be related to technological items as well as garden & yard tools.
5.2.4 Educational Institutes
Educational institutes will also be a group of our target customers as they will be needing the same products that are demanded by offices and households.
5.3 Business Target
The business targets of Sam Hardware World are:
- Attaining a CSAT score of more than 90% within a year of our launch
- Expand the product line by the end of the first year
5.4 Product Pricing
For the first year, we aim at keeping our prices lower than that of our competitors. Afterward, we’ll bring them in the same range as theirs.
Marketing Strategy of hardware retail franchise business
If you are looking for a marketing plan for a hardware store, you have landed on the right page. In this retail hardware store business plan sample, we’re providing a detailed retail hardware store business plan of Sam Hardware World.
6.1 Competitive Analysis
- Our location is ideal for a hardware store startup. It is because we have several colleges, offices, and small businesses in our vicinity. In addition, the residential community is also not far away.
- We will be offering discounts to construction managers so that they procure the hardware from us and come into a long-term partnership.
- Our strategy to keep prices low during the first year will benefit us in reaching out to the target customers.
6.2 Sales Strategy
In this sample business plan for a hardware store, we are giving the sales strategy of Sam Hardware World. However, for more ideas you may also want to visit business plan for a stationery and vape shop business plan .
- We will offer small hardware products as gifts with large purchases.
- We will run social media campaigns to get known to a wider audience.
- We will offer a 20% discount to customers who enter into a long-term partnership with us.
6.3 Sales Monthly
6.4 Sales Yearly
6.5 Sales Forecast
Personnel plan of hardware retail franchise business
If you’re looking for how to start a hardware business , you must know that hiring the right people for the right job is of utmost importance. Owing to its significance, you must include the list of required people along with their job descriptions in retail hardware store business plan in any format. This will enable you to select the most talented individuals for opening a hardware store.
7.1 Company Staff
Sam will be the CEO. He will need the following people for available positions:
- 2 Sales Managers to manage hardware sales in different domains
- 1 Accountant to maintain financial record
- 1 Social Media Manager to manage online platforms
- 1 Store Operator to manage the inventory
- 1 Customer Care Executive to maintain contracts with long-term customers
- 1 Cleaner to maintain the facility
- 3 Drivers to procure and transport inventory to and from sites
7.2 Average Salary of Employees
Financial plan of hardware retail franchise business.
You may be starting a hardware business out of passion, but you would want to know how much profit can anyone make after they open hardware stores. Practically, hardware stores earn a lot. If the business operations and financial flows are managed then the business can yield immense profit.
To ensure that the finances go as projected, you must make a comprehensive financial plan for your business. That should include the break-even analysis, projected profits on a monthly and yearly basis for at least the first three years, gross margin calculations, balance sheet, and business ratios.
In this retail hardware store business plan pdf we are providing the financial plan of Sam Hardware World.
8.1 Important Assumptions
8.2 break-even analysis.
8.3 Projected Profit and Loss
8.3.1 profit monthly.
8.3.2 Profit Yearly
8.3.3 Gross Margin Monthly
8.3.4 Gross Margin Yearly
8.4 Projected Cash Flow
8.5 Projected Balance Sheet
8.6 business ratios.
- How profitable is a hardware store?
As you can see from the financial part of this retail hardware store business plan pdf, the hardware store can be immensely profitable if you provide unique services. If you have competitive advantages, that would be a plus.
- How do I start my own hardware business?
If you are looking for how to set up a hardware store you must study at least one sample retail hardware store business plan. The first step is doing research and the second is documenting a detailed business plan.
- Is a hardware store a good investment?
Owning a hardware store is the best investment you can make. It is because setting up and running a hardware store is not much difficult. You can make profits right after starting a hardware store.
Download Hardware Retail Franchise Business Plan Sample in pdf
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Hardware Store Business Plan
This is a free, printable business plan outlining the necessary services, organization and market strategies for hardware store owners and those working in the retail sector.
Sample text from Hardware Store Business Plan:
1.0 Executive Summary
[COMPANY NAME] will be a sole proprietorship owned by [NAME]. The Company is a start-up as [NAME] will purchase the rights to the existing location for $75,000. Upon purchase of the rights, the Company will demolish the existing structure and build a new State of the Art hardware store.
[COMPANY NAME] will be a standard general hardware store that offers the parts, material, and advice to tackle any home repair, as well as lawn care. The primary focus will be to satisfy the seasonal needs of the area's customers.
The Company will service the hardware and repair needs of the [COUNTY], [COUNTY], [COUNTY] and [COUNTY] County households. The Company would like to increase sales in all market segments above with a concentration of growth in sales to homeowners who do their own repairs.
The focus of this business plan is to put forth objectives to launch operations, work efficiently and effectively, and expand internal operations giving the Company the opportunity to grow with sales growth in the surrounding County areas. [COMPANY NAME] is ready to elevate to the next step. The Company is seeking grant funding in the amount of $600,000. The grant funding will be used to launch operations including purchasing the existing land & business, construction of a new Building and purchasing equipment and displays for the store. Additionally, the Company will purchase the opening inventory, develop a website and launch an advertising campaign.
1.1 Objectives
[COMPANY NAME] has the following objectives.
1. Obtain Grant funding to purchase an existing hardware store and rebuild the retail space.
2. Customer Service - Give our customers the highest quality product and service at a fair competitive price.
3. To create a safe environment for people in the community to come for their hardware store needs.
4. To provide jobs within the community.
5. To successfully manage a hardware store.
1.2 Mission
The mission of [COMPANY NAME] is to offer quality hardware products in a customer-friendly shopping environment. Our customers will get assistance quickly and will leave the store prepared to get the job done right the first time. [COMPANY NAME] will also focus on anticipating the seasonal needs of its customers and providing the best products at competitive prices.
1.3 Keys to Success
The keys to success for [COMPANY NAME] are:
1. Location: [COMPANY NAME] will be assuming ownership of an existing hardware store. The Company plans to demolish the existing building and build a new State of the Art hardware store. We will have an existing base of customers.
2. Seasonal Products: Each season has it own unique demand on a homeowner. [COMPANY NAME] will focus on this pattern and bring in local customers by marketing these items at competitive prices.
3. Repair/Project Resource Area: The first section customers will find when they enter is a repair/project resource area that they can use to plan repairs or projects. There will be a repair/project resource person to answer questions and direct them to the section of store where the needed products are.
4. In-Store Expertise: Store employees will be knowledgeable in home repairs/projects. In addition, the repair/project resource area will be used to conduct short trainings and demonstrations in home repair and home projects.
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How to Start a Hardware Store in 5 Steps
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Starting a hardware store — a brick-and-mortar shop that sells, essentially, brick and mortar (and everything else you need to build a house, fix a leaky faucet, or paint the garage) — might seem daunting in this day and age.
Smaller hardware stores, like small businesses in every industry, face cutthroat competition, not just from other local businesses but big box stores like Home Depot and e-commerce giants like Walmart and Amazon.
But if you have the expertise and passion for opening a hardware store, don’t get discouraged. You can actually control a number of factors to maximize your potential for success. Review these five steps in how to start a hardware store before you get your business started to see if you have a good shot at staying afloat.
What you need to know about starting a hardware store
According to IBISWorld, there are nearly 20,000 hardware stores in the United States today, producing about $24 billion in revenue and employing just over 148,000 people.
Its analysis of the industry is in line with something you may have noticed if you’re interested in getting into the business: As the economy has improved over the last five years, the housing market has strengthened, leading to an increase in the number of home improvement projects that require trips to the hardware store.
Additionally, low mortgage rates have encouraged people to buy and renovate homes, putting countrywide brands like True Value and Ace Hardware in a good position to capitalize.
The report does note that hardware store growth is expected to slow a bit in the next five years, but the overall industry does have a positive outlook.
How to start a hardware store in 5 steps
1. decide between opening your own hardware store or starting a franchise.
There are lots of completely independent hardware stores around the country, catering to the ultra-local community. If you’ve identified a market where you feel you can think about starting a hardware store and become the near-exclusive provider for — and if you’re a control freak who wants to make 100% of the decisions about how your business operates — you might feel good about opening your own shop. Starting a hardware store on your own also requires less money.
There is, however, another option: starting a hardware store with a popular franchise , which provides you access to an established name, as well as a proven operational model and efficient supply chain. You can still be the owner of the store with plenty of latitude to make business decisions.
That’s the situation at Waverly Ace Hardware in Baltimore, Maryland, which is part of an independently run co-op within the fold of Ace Hardware stores.
According to Michael Marren, the assistant manager of one of the 11 Waverly Ace Hardware stores across Maryland, Washington, D.C., and northern Virginia, the relationship between the store and the parent company is helpful and fruitful.
“Our parent, A Few Cool Hardware Stores LLC, is based out of the District, and the name denotes the company philosophy rather well. We're a small business, our leadership is independent and local — but we have the benefit of Ace's logistical umbrella,” he says.
For example, Marren says that his company offers “well above minimum wage” and “a robust benefits package,” which he notes is a distinct choice that makes employees happier.
It’s also nice when you’re starting a hardware store within an established franchise to have a supply chain and the logistics of running the store all ready for you to utilize, rather than figuring it out on your own.
2. Write a business plan
Whether you go with a brand or strike out on your own, you should have a business plan that details how you’ll put your hardware store in the best position to succeed.
Important things to cover include:
Knowing your customer: What does your typical customer look like? Are they DIY landlords and contractors, or homeowners doing pet projects? Depending on who you’ll be catering to, the way your store is designed and the weight of your stock will change.
What your finances look like: How much do you need to start up? Once you do get going, what is your break-even point? What do you expect your cash flow to be like on a monthly basis? If you’re joining an established brand, IBISWorld notes you need a minimum of $150,000 unencumbered cash available for investment in a True Hardware, while Ace requires between about $820,000 and $1.5 million — the total depends on how big your store will be and other factors.
Your marketing plan: If you join a national brand, you’ll have access to all kinds of programs and events you can use to boost your profile. But you should also consider local, perhaps even offline marketing campaigns, loyalty programs for repeat customers and a flexible national catalog program.
Location: This one is a no-brainer. You’ll want somewhere with a lot of foot traffic that doesn’t cannibalize the business of other stores — or put you in a position to be cannibalized in return.
3. Invest in supplies and excellent customer service
According to IBISWorld, the three most important factors for success are the ability to control stock on hand, an experienced workforce and having a loyal customer base.
These are sentiments that Marren echoes when discussing why people come to his hardware store, as opposed to shopping online with Amazon or hitting a big box store.
“In my view, people come to us for interaction, information, personalization, and proximity. We're closer, friendlier, and we'll actually help you when you come in,” he says.
But even the friendliest store associates can’t do anything for customers if what the customers need isn’t in stock.
“The first rule of customer service is having the thing that someone wants to buy,” says Marren. “Invest in inventory and point of sale software that can analyze the stock and keep your inventory responsive.”
IBISWorld says that challenges to starting a smaller hardware store revolve around competition — mainly those larger retailers and home improvement stores. Marren agrees, noting that bigger stores have an economy of scale that gives them an edge.
So, if you can’t beat the bigger stores on price, you need to beat them with better, more helpful, happier employees. Keeping those employees happy (e.g., with the benefits package Marren described) will go a long way toward gaining the loyalty and quality effort you need to succeed.
4. Obtain the necessary permits, insurance and a business bank account
You’ll need to register your business with your secretary of state, apply for a business tax identification number (also known as an employer identification number, or EIN) from the IRS, and open a business checking account .
Establish revolving lines of credit with your hardware distributors as well as with your financiers, if you have them, whether they are traditional banks or online lenders.
Depending on where you’re setting up shop, you may need specific local, state and city permits — and you might want to visit with an attorney or accountant familiar with local standards to make sure you’re in compliance.
Finally, get the right business insurance: If you have employees (and it’s doubtful you’ll be running one of these stores all on your own), you need workers' compensation insurance — a commercial insurance policy that covers the store inventory against loss or injury claims from customers.
5. Adapt your inventory, marketing and staffing
Your hardware store will hardly be a static entity. As the homeownership market changes, the seasons shift, or new challenges (and challengers) enter the scene, you’ll need to adapt your inventory, marketing campaigns, and staffing needs.
What should remain consistent is that you:
Continue to maintain inventory levels so that you’re never out of stock at a crucial moment.
Your commitment to keeping your staff informed and engaged is unwavering.
Always look to growth within your niche rather than overextending yourself.
As Marren puts it: “We take a more ecological view of the market — we fit a niche. We're not in the business of putting other local stores out of business.”
After all, since you’re starting a hardware store, you’re in the business of helping people improve their homes, and by extension, their lives. Conduct your business appropriately.
Home » Business Plans » Wholesale & Retail
How to Write a Hardware Store Business Plan [Sample Template]
Are you about starting a hardware store? If YES, here is a complete sample hardware store business plan template & feasibility report you can use for FREE . So we have considered all the requirements for starting a hardware store. We also took it further by analyzing and drafting a sample hardware store business marketing plan template backed up by actionable guerrilla marketing ideas for hardware stores. So let’s proceed to the business planning section .
Why Start a Hardware Store Business?
If you are looking for a business to start as an entrepreneur and you know you have an interest in running a store, then you should consider starting your own hardware store business. Although you don’t need a college degree to establish your own hardware store, but you would need some form of informal training.
It would help you to learn how to manage your own store. It is important to point out that hardware store business is one the businesses that can’t go out of fashion because of the role it plays in our society. The startup capital for this type of business can be considered to be moderate.
As a matter of fact, you can start your own hardware store and then grow it big within a short period of time by reinvesting your profits back to the business. Below is a sample hardware store business plan template that will help you successfully write yours without much stress
A Sample Hardware Store Business Plan Template
1. industry overview.
Stores in the Hardware Stores industry primarily retail a broad range of home renovation equipment and related supplies. Products such as hardware, plumbing, electrical and paint-related tools et al are the most commonly stocked goods you will likely find in a hardware store.
If you are a follower of happenings in the industry, you would have noticed that the industry has steadily improved over the five years to 2017. As the housing market has strengthened and consumer confidence has revived, individuals have started home improvement projects that had been put on hold during the recession.
Low mortgage rates during the period have also encouraged individuals to purchase and renovate new and existing homes. This flurry of construction activity has boosted demand for industry products from both contractors and do-it-yourself consumers. Going forward, revenue generated by the Hardware Stores industry is projected to grow at a slower rate.
The Hardware Stores Industry is indeed a large industry and pretty much active in all the countries of the world. Statistics have it that in the united states of America alone, there are about 19,935 registered and licensed hardware stores scattered all across the United States responsible for directly employing about 148,516 people and the industry rakes in a whooping sum of $24 billion annually.
The industry is projected to grow at 1.3 percent within 2011 and 2016. It is important to state that Ace Hardware, Do It Best and True Value Company have the largest chunk of the available market share in the industry. A recent report published by IBISWorld shows that the Hardware Stores industry has moderate barriers to entry.
The report further stated that high startup costs and the saturated nature of the market may deter new companies from entering the industry. Operators that plan to enter this industry need to consider the capital investment required to establish or purchase a store.
For example, to be eligible to join True Value Company, prospective operators must have a minimum of $150,000 unencumbered cash available for investment, while the total investment to open an Ace store ranges from $823,495 to $1,563,495, depending on store size and other variable factors. Of the total investment, $150,000 to $250,000 cash is needed.
The tough part as it relates to start-up costs most likely are the need to establish a supply of hardware and other related goods from wholesalers or directly from manufacturing companies. This is so because a hardware store business cannot be started without sourcing products for sale.
Regardless of moderate barriers to entry, the competitive nature of the industry makes it very difficult for new operators to break even within a short period of time in the industry.
Lastly, the Hardware Stores industry is pretty much open for aspiring entrepreneurs to launch their business. One good thing about hardware stores business is that the business can be opened in any part of the United States and if proper market survey and feasibility studies are conducted, then you can be rest assured of the profitability of the business.
2. Executive Summary
Mike Mendez® Hardware Stores, Inc. is a standard hardware store that will be located in High Street, Short North Arts District, Columbus – Ohio. We have been able to lease a facility that is big enough (a 4 thousand square foot facility) to fit into the design of the kind of standard hardware store that we intend launching and the facility is located in a corner piece along a major road close to one of the largest residential estates in Columbus – Ohio.
Mike Mendez® Hardware Stores, Inc. will retail products such as hardware, tools, plumbing and electrical supplies, lawn, garden and farm supplies, paint and lumber and other building materials from different manufacturers in the United States and abroad. We are set to service a wide range of clientele in and around Columbus – Ohio.
We are aware that there are several large and small chains of hardware store outlets all around Columbus – Ohio, which is why we spent time and resources to conduct a thorough feasibility studies and market survey so as to be well positioned to favorably compete with all our competitors.
We have an online – service option for our customers, and our outlet is well secured with various payments of options. Mike Mendez® Hardware Stores, Inc. will ensure that all our customers are given first class treatment whenever they visit our store.
We have a CRM software that will enable us manage a one on one relationship with our customers no matter how large our customer base may grow to. We will ensure that we get our customers involved in the selection of brands that will be in our store and also when making some business decisions that directly affects them.
Mike Mendez® Hardware Stores, Inc. will at all times demonstrate her commitment to sustainability, both individually and as a firm by actively participating in our communities and integrating sustainable business practices wherever possible.
We will ensure that we hold ourselves accountable to the highest standards by meeting our customers’ needs precisely and completely whenever they patronize our products. Mike Mendez® Hardware Stores, Inc. is a family business that is owned by Mike Mendez and his immediate family members.
Mike Mendez has a Diploma in Business Administration with over 5 years of experience in the retailing stores industry, working for some of the leading brands in the United States. Although the business is launching out with just one outlet in Columbus – Ohio, but there is a plan to open other outlets in major cities in the United States and Canada.
3. Our Products and Services
Mike Mendez® Hardware Stores, Inc. is in the hardware stores industry to service a wide range of clients and of course to make profits, which is why we will go all the way to make available a wide range of hardware and other related products from top manufacturing brands in the United States and other countries of the world.
Our product offerings are listed below;
- Retailing hardware
- Retailing tools and equipment
- Retailing plumbing fixtures and fittings
- Retailing electrical supplies
- Retailing paint and supplies
- Retailing garden products and equipment
4. Our Mission and Vision Statement
- Our vision is to become one of the leading brands in the hardware stores industry in Columbus – Ohio and in other key cities in the United States of America and Canada.
- Our mission is to establish a world – class hardware store business that will make available a wide range of hardware and other related products from top manufacturing brands at affordable prices to the residents of Columbus – Ohio and other key cities in the United States of America and Canada where we intend opening chains of hardware retail stores.
Our Business Structure
Mike Mendez® Hardware Stores, Inc. do not intend to start a hardware retail store business like the usual mom and pop business around the street corner; our intention of starting a hardware retail store business is to build a standard retail store outlet in Columbus – Ohio.
Although our hardware retail store business might not be as big as Ace Hardware, Do It Best and True Value Company et al, but will ensure that we put the right structures in place that will support the kind of growth that we have in mind while setting up the business.
We will ensure that we hire people that are qualified, honest, customer centric and are ready to work to help us build a prosperous business that will benefit all the stakeholders.
As a matter of fact, profit-sharing arrangement will be made available to all our senior management staff and it will be based on their performance for a period of ten years or more. In view of that, we have decided to hire qualified and competent hands to occupy the following positions;
- Chief Executive Officer (Owner)
- Store Manager
- Human Resources and Amin Manager
Merchandize Manager
Sales and Marketing Manager
Information Technologist
- Accountants / Cashiers
- Sales Agents / Customer Services Executive
5. Job Roles and Responsibilities
Chief Executive Officer – CEO:
- Grows management’s effectiveness by employing, selecting, orientating, preparation, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results; developing incentives; developing a climate for offering information and opinions; providing educational opportunities.
- Accountable for fixing prices and signing business deals
- Accountable for providing direction for the business
- Builds, interconnects, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
- Accountable for signing checks and documents on behalf of the company
- Evaluates the success of the organization
Admin and HR Manager
- Responsible for overseeing the smooth running of HR and administrative tasks for the organization
- Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
- Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
- Defines job positions for recruitment and managing interviewing process.
- Carries out staff induction for new team members.
- Responsible for training, evaluation and assessment of employees.
- Accountable for arranging travel, meetings and appointments.
- Oversees the smooth running of the daily office cum business activities.
Store Manager:
- Responsible for managing the daily activities in the store.
- Ensures that proper records of hardware and other related products are kept and the warehouse does not run out of products.
- Ensures that the store facility is in tip top shape and goods are properly arranged and easy to locate.
- Interfaces with third – party suppliers.
- Controls hardware distribution and supply chain inventory.
- Oversees the workforce in the hardware sales floor.
- Manages vendor relations, market visits, and the ongoing education and development of the organizations’ buying teams
- Helps to ensure consistent quality of hardware, tools, plumbing and electrical supplies, lawn, garden and farm supplies, paint and sundries and lumber and other building materials et al from different manufacturers are purchased and retailed in good price that will ensure we make good profit
- Accountable for planning sales, monitoring inventory, selecting the merchandise, and writing and pricing orders to vendors
- Manages external research and coordinate all the internal sources of information to retain the organizations’ best customers and attract new ones
- Model demographic information and analyze the volumes of transactional data generated by customer purchases
- Identifies, prioritizes, and reaches out to new partners, and business opportunities et al
- Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects; assures the completion of development projects.
- Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
- Develops, executes and evaluates new plans for expanding sales
- Document all customer contact and information
- Represents the company in strategic meetings
- Helps to increase sales and growth for the company
- Manages the organization’s website
- Handles ecommerce aspect of the business
- Responsible for installing and maintenance of computer software and hardware for the organization
- Manages logistics and supply chain software, Web servers, e-commerce software and POS (point of sale) systems
- Manages the organization’s CCTV
- Handles any other technological and IT related duties.
Accountant/Cashier:
- Accountable for preparing financial reports, budgets, and financial statements for the organization
- Provides managements with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
- In control of financial forecasting and risks analysis.
- Performs cash management, general ledger accounting, and financial reporting
- Responsible for developing and managing financial systems and policies
- Responsible for administering payrolls
- Ensures compliance with taxation legislation
- Handles all financial transactions for the organization
- Serves as internal auditor for the organization
Client Service Executive
- Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
- Through interaction with customers on the phone, uses every opportunity to build client’s interest in the company’s products and services
- Consistently stays abreast of any new information on the organizations’ products, promotional campaigns etc. to ensure accurate and helpful information is supplied to customers when they make enquiries
- Finds out the customer’s needs, recommend, select and help locate the right merchandise, describe a product’s features and benefits.
- make suggestions and encourage purchase of products
- Provides information about warranties, manufacturing specifications, care and maintenance of merchandise and delivery options
- Bags or packages purchases
- Responsible for cleaning all the products and the store facility at all times.
- Ensures that toiletries and supplies don’t run out of stock.
- Handles any other duty as assigned by the store manager.
6. SWOT Analysis
Our intention of starting just one outlet of our hardware retail store in Columbus – Ohio is to test run the business for a period of 3 to 5 years to know if we will invest more money, expand the business and then open other outlets all over major towns in Ohio and key cities in the United States.
We are quite aware that there are several hardware retail stores all over Charleston and even in the same location where we intend locating ours, which is why we are following the due process of establishing a business.
We know that if a proper SWOT analysis is conducted for our business, we will be able to position our business to maximize our strength, leverage on the opportunities that will be available to us, mitigate our risks and be equipped to confront our threats.
Mike Mendez® Hardware Stores, Inc. employed the services of a Business Analyst with bias in retailing to help us conduct a thorough SWOT analysis and to help us create a Business model that will help us achieve our business goals and objectives. This is the summary of the SWOT analysis that was conducted for Mike Mendez® Hardware Stores, Inc.;
Ability to control stock on hand, experienced work force and having a loyal customer base are some of our core strength. So also, our location, the business model we will be operating, varieties of payment options, wide range of hardware and other related products from different manufacturing brand and our excellent customer service culture will definitely count as a plus for Mike Mendez® Hardware Stores, Inc.
A major weakness that may count against us is the fact that we are a new hardware retail store outlet in Columbus – Ohio and we don’t have the financial capacity to compete with multi – million dollars’ hardware retail store outlets like Ace Hardware, Do It Best and True Value Company and co when it comes to retailing at rock bottom prices.
- Opportunities:
The fact that we are going to be operating our hardware retail store in a corner piece property along a major road close to one of the largest residential estates in Columbus – Ohio provides us with unlimited opportunities to sell our hardware and other related products to a large number of individuals.
We have been able to conduct thorough feasibility studies and market survey and we know what our potential clients will be looking for when they visit our hardware store outlets.
Just like any other business, one of the major threats that we are likely going to face is economic downturn. Another threat that may likely confront us is the arrival of a new hardware store in same location where ours is located. So also, unfavorable government policies may also pose a threat to businesses such as ours.
7. MARKET ANALYSIS
- Market Trends
Recent trends in the hardware industry show that external competition has slightly dampened both industry revenue and profit growth. Hardware stores have shifted business models to deal with heightened external competition and they will continue to be pressured by online retailers and larger home improvement stores. Experts projected that in 2017, the hardware stores industry is expected to profit from growing global economic conditions.
The hardware retail stores landscape has seen tremendous changes in the last 20 years; it has grown from the smaller outlets to a more organized and far reaching venture. The introduction of franchise and online store makes it easier for a hardware retailer to reach out to a larger market far beyond the areas where his physical store is located.
8. Our Target Market
Those who patronize hardware stores cut across all genders above 18 years with the financial means, and who own an apartment or office/business hence the target market for the hardware store business is all encompassing. In essence, your target market can’t be restricted to just a group of people but all those who reside in and around our store location.
In view of that, we have positioned our hardware retail store to service the residents of High Street, Short North Arts District, Columbus – Ohio and every other location where franchise cum outlets of our hardware retail stores will be located.
We have conducted our market research and feasibility studies and we have ideas of what our target market would be expecting from us. We are in business to retail a wide range of hardware and other related products to the following groups of people and corporate organizations;
- Construction and Real Estate Companies
- Banks, Insurance Companies and other related Financial Institutions
- Real Estate Owners, Developers, and Contractors
- The Government (Public works department)
- Schools (High Schools, Colleges and Universities)
- Sport Facilities
- Individuals and households
Our Competitive Advantage
A close study of the hardware stores industry reveals that the market has become much more intensely competitive over the last decade. As a matter of fact, you have to be highly creative, customer centric and proactive if you must survive in this industry.
We are aware of the stiff competition and we are well prepared to compete favorably with other leading stores in Columbus – Ohio and throughout the United States. Mike Mendez® Hardware Stores, Inc. is launching a standard one stop hardware store that will indeed become the preferred choice of residents of Columbus – Ohio and every other location where our outlets will be opened.
One thing is certain; we will ensure that we have a wide range of hardware and other related products from leading manufacturers available in our store at all times. It will be difficult for customers to visit our store and not see the type of hardware they are looking for. Our excellent customer service culture, online store, various payment options and highly secured facility will serve as a Competitive Advantage for us.
Lastly, our employees will be well taken care of, and their welfare package will be among the best within our category in the industry meaning that they will be more than willing to build the business with us and help deliver our set goals and achieve all our aims and objectives. We will also give good working conditions and commissions to freelance sales agents that we will recruit from time to time.
9. SALES AND MARKETING STRATEGY
- Sources of Income
Mike Mendez® Hardware Stores, Inc. is in business to retail a wide range of hardware and other related products to the residents of Columbus – Ohio. We are in the hardware stores industry to maximize profit and we are going to go all the way out to ensure that we achieve or business goals and objectives.
Mike Mendez® Hardware Stores, Inc. will generate income by selling the following products;
10. Sales Forecast
When it comes to hardware retail stores, if your store is well stocked with various types of hardware and centrally positioned, you will always attract customers cum sales and that will sure translate to increase in revenue generation for the business.
We are well positioned to take on the available market in Columbus – Ohio and we are quite optimistic that we will meet our set target of generating enough income from the first six months of operation and grow the business and our clientele base.
We have been able to critically examine the hardware retail industry, we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The sales projections are based on information gathered on the field and some assumptions that are peculiar to startups in Columbus – Ohio.
Below are the sales projections for Mike Mendez® Hardware Stores, Inc. it is based on the location of our business and other factors as it relates to hardware retail startups in the United States;
- First Fiscal Year: $250,000
- Second Fiscal Year: $450,000
- Third Fiscal Year: $750,000
N.B : This projection was done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and there won’t be any major competitor within our market space. Please note that the above projection might be lower and at the same time it might be higher.
- Marketing Strategy and Sales Strategy
Before choosing a location for Mike Mendez® Hardware Stores, Inc. we conducted a thorough market survey and feasibility studies in order for us to penetrate the available market. We have detailed information and data that we were able to utilize to structure our business to attract the number of customers we want to attract per time.
We hired experts who have good understanding of the hardware retail industry to help us develop marketing strategies that will help us achieve our business goal of winning a larger percentage of the available market in Columbus – Ohio.
In other to continue to be in business and grow, we must continue to sell the hardware and other related products that are available in our store which is why we will go all out to empower or sales and marketing team to deliver. In summary, Mike Mendez® Hardware Stores, Inc. will adopt the following sales and marketing approach to win customers over;
- Open our store in a grand style with a party for all.
- Introduce our hardware store by sending introductory letters alongside our brochure to residents, businesses and other key stakeholders in Columbus – Ohio.
- Ensure that we have a wide range of hardware and other related products from different brands at all times.
- Make use of attractive hand bills to create awareness and also to give direction to our store.
- Position our signage/flexi banners at strategic places around Columbus – Ohio
- Position our greeters to welcome and direct potential customers.
- Create a loyalty plan that will enable us reward our regular customers.
- Engage in roadshows within our neighborhood to create awareness for our hardware retail store.
- List our business and products on yellow pages ads (local directories).
- Leverage on the internet to promote our business.
- Engage in direct marketing and sales
- Encourage the use of Word of mouth marketing (referrals).
- Join local chambers of commerce and industries to network and market our products.
11. Publicity and Advertising Strategy
Despite the fact that our hardware retail store is well located, we will still go ahead to intensify publicity for the business. We are going to explore all available means to promote our hardware retail store.
Mike Mendez® Hardware Stores, Inc. has a long-term plan of opening outlets in various locations all around Ohio and key cities in the United States and Canada which is why we will deliberately build our brand to be well accepted in Columbus – Ohio before venturing out.
As a matter of fact, our publicity and advertising strategy is not solely for winning customers over but to effectively communicate our brand. Here are the platforms we intend leveraging on to promote and advertise Mike Mendez® Hardware Stores, Inc.;
- Place adverts on community based newspapers, radio and TV stations.
- Encourage the use of word of mouth publicity from our loyal customers.
- Leverage on the internet and social media platforms like YouTube, Instagram, Facebook, Twitter, LinkedIn, Snapchat, Google+ and other platforms to promote our business.
- Ensure that we position our banners and billboards in strategic positions all around Columbus – Ohio.
- Distribute our fliers and handbills in target areas in and around our neighborhood.
- Advertise our hardware retail store business in our official website and employ strategies that will help us pull traffic to the site.
- Brand all our official cars and trucks and ensure that all our staff members and management staff wears our branded shirt or cap at regular intervals.
12. Our Pricing Strategy
Aside from quality, pricing is one of the key factors that gives leverage to hardware retail stores, it is normal for consumers to go to places where they can get hardware and other related products at cheaper price.
In view of that, our prices will conform to what is obtainable in the industry but we will ensure that within the first 6 to 12 months, our products will be sold a little bit below the average price of various hardware stores in the United States of America. We have put in place business strategies that will help us run on low profits for a period of 6 months; it is a way of encouraging people to buy into our brand.
- Payment Options
The payment policy adopted by Mike Mendez® Hardware Stores, Inc. is all inclusive because we are quite aware that different customers prefer different payment options as it suits them but at the same time, we will ensure that we abide by the financial rules and regulation of the United States of America.
Here are the payment options that Mike Mendez® Hardware Stores, Inc. will make available to her clients;
- Payment via bank transfer
- Payment with cash
- Payment via credit cards/Point of Sale Machines (POS Machines)
- Payment via online bank transfer
- Payment via check
- Payment via mobile money transfer
- Payment via bank draft
In view of the above, we have chosen banking platforms that will enable our client make payment for our hardware and other related purchases without any stress on their part. Our bank account numbers will be made available on our website and promotional materials to clients who may want to deposit cash or make online transfer for our products.
13. Startup Expenditure (Budget)
From our market survey and feasibility studies, we have been able to come up with a detailed budget on achieving our aim of establishing a standard hardware shop in Columbus – Ohio and here are the key areas where we will spend our startup capital;
- The total fee for registering the business in the Unites States of America – $750.
- Legal expenses for obtaining licenses and permits as well as the accounting services (software, P.O.S machines and other software) – $3,300.
- Marketing promotion expenses for the grand opening of Mike Mendez® Hardware Stores, Inc. in the amount of $3,500 and as well as flyer printing (2,000 flyers at $0.04 per copy) for the total amount of $3,580.
- The cost for hiring business consultant – $2,500.
- Insurance (general liability, workers’ compensation and property casualty) coverage at a total premium – $2,400.
- The cost for payment of rent for 12 months at $1.76 per square feet in the total amount of $105,600.
- The cost for shop remodeling (construction of racks and shelves) – $20,000.
- Other start-up expenses including stationery ($500) and phone and utility deposits ( $2,500 ).
- Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $60,000
- The cost for start-up inventory – $350,000
- The cost for counter area equipment – $9,500
- The cost for store equipment (cash register, security, ventilation, signage) – $13,750
- The cost of purchase and installation of CCTVs: $10,000
- The cost for the purchase of office furniture and gadgets (Computers, Printers, Telephone, TVs, Sound System, tables and chairs et al): $4,000.
- The cost of launching a website: $600
- The cost for our opening party: $7,000
- Miscellaneous: $10,000
We would need an estimate of $750,000 to successfully set up a standard hardware retail store in Columbus – Ohio.
Generating Funds/Startup Capital for Mike Mendez® Hardware Stores, Inc.
Mike Mendez® Hardware Stores, Inc. is a private registered business that is solely owned and financed by Mike Mendez and his immediate family members. They do not intend to welcome any external business partner which is why he has decided to restrict the sourcing of the startup capital to 3 major sources.
These are the areas we intend generating our startup capital;
- Generate part of the startup capital from personal savings
- Source for soft loans from family members and friends
- Apply for loan from my Bank
N.B: We have been able to generate about $250,000 (Personal savings $200,000 and soft loan from family members $50,000) and we are at the final stages of obtaining a loan facility of $500,000 from our bank. All the papers and documents have been signed and submitted, the loan has been approved and any moment from now our account will be credited with the amount.
14. Sustainability and Expansion Strategy
The future of a business lies in the number of loyal customers that they have, the capacity and competence of their employees, their investment strategy and the business structure. If all of these factors are missing from a business, then it won’t be too long before the business closes shop.
One of our major goals of starting Mike Mendez® Hardware Stores, Inc. is to build a business that will survive off its own cash flow without the need for injecting finance from external sources once the business is officially running.
We know that one of the ways of gaining approval and winning customers over is to retail our wide range of products such as hardware, tools, plumbing and electrical supplies, lawn, garden and farm supplies, paint and sundries and lumber and other building materials et al from different manufacturers (brands) a little bit cheaper than what is obtainable in the market and we are well prepared to survive on lower profit margin for a while.
Mike Mendez® Hardware Stores, Inc. will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and retraining of our workforce is at the top burner.
We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.
Check List/Milestone
- Business Name Availability Check: Completed
- Business Registration: Completed
- Opening of Corporate Bank Accounts: Completed
- Securing Point of Sales (POS) Machines: Completed
- Opening Mobile Money Accounts: Completed
- Opening Online Payment Platforms: Completed
- Application and Obtaining Tax Payer’s ID: In Progress
- Application for business license and permit: Completed
- Purchase of Insurance for the Business: Completed
- Leasing of facility and remodeling the shop: In Progress
- Conducting Feasibility Studies: Completed
- Generating capital from family members: Completed
- Applications for Loan from the bank: In Progress
- Writing of Business Plan: Completed
- Drafting of Employee’s Handbook: Completed
- Drafting of Contract Documents and other relevant Legal Documents: In Progress
- Design of The Company’s Logo: Completed
- Graphic Design and Printing of Promotional Materials: In Progress
- Recruitment of employees: In Progress
- Purchase of the needed furniture, racks, shelves, computers, electronic appliances, office appliances and CCTV: In progress
- Creating Official Website for the Company: In Progress
- Creating Awareness for the business both online and around the community: In Progress
- Health and Safety and Fire Safety Arrangement (License): Secured
- Opening party planning: In Progress
- Compilation of our list of products that will be available in our store: Completed
- Establishing business relationship with vendors – manufacturers and suppliers of hardware and other related products: In Progress
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- Is Discontinued By Manufacturer : No
- Date First Available : August 16, 2008
- Manufacturer : BizPlanDB
- ASIN : B001EDY5YY
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The Hardware Store Business Plan is a comprehensive document that you can use for raising capital from a bank or an investor. This document has fully automated 3 year financials, complete industry research, and a fully automated table of contents. The template also features full documentation that will help you through the business planning process. This is a full and complete business plan with original research, financial models, and marketing/advertising plans that are specific for a Hardware Store. Since 2005, BizPlanDB and its parent company have helped raise more than $100,000,000 through its developed plans.
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The store will sell hardware of all kinds, quality tools, paint and housewares. The business will make revenue and a profit by servicing its customers not only
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1.1 Objectives · Determine the feasibility of a downtown hardware store. · Develop the strategy to open, manage and grow a profitable downtown hardware store
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Get a FREE High Quality Business Plan Template. Here: https://www.bizmove.com/business-gifts.htm.
1. Decide between opening your own hardware store or starting a franchise · 2. Write a business plan · 3. Invest in supplies and excellent
It would help you to learn how to manage your own store. It is important to point out that hardware store business is one the businesses that can't go out of
The Hardware Store Business Plan is a comprehensive document that you can use for raising capital from a bank or an investor.