Hardware Store business plan PDF
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.
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.
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.