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Starting a hardware store is a good business opportunity as people often require tools, and other important items for performing various home activities such as repairs, cleaning, gardening, etc. Your day-to-day activity would be selling a range of products – cabinet hardware, door hardware, nails, screws & fasteners, etc.
Your product categories should be as wide and diverse as possible in your store. It will make sure that you make your business popular in your local area and at the same time earn more and more profits. However, it isn’t necessary at all that you sell all the expensive items.
To help you get started with your hardware store, we share with you some practical insights expressed by Shakeel Ansari – a successful hardware business owner who hails from Ahmedabad city of Gujarat, India. His views on startup costs and the potential of earning profits have been covered hereunder:
Choose your hardware items
There are plenty of products to include in your list of hardware items – cabinet hardware, door hardware, nails, locks, etc. Your items should not be too few rather should be in such a range so that the maximum possible number of customer needs from cleaning to home improvement be satisfied. Shakeel talked about keeping those items that are in demand around your place and exclude items that don’t drive your sales. He also thurst for selling quality products as low-quality items can ruin your market reputation.
Choose your location
There is no special focus required for the placement of a hardware store, but it is desirable that your store be located at a place where your customers can easily find and reach you, this will provide your an opportunity to receive maximum possible customer exposure.
You will have to purchase the necessary equipment and buy your main product assortment from suppliers with whom you need to make an agreement for the continuous delivery of goods. It is most likely that you will have to look for a few suppliers as few will be able to supply you list of goods you need.
Hire people. In the first couple of months, one to two employees are sufficient for helping you handle customers orders. The moment you start receiving more customers, extend your employee strength.
Businesses of this kind don’t usually need heavy regular advertising. However, you will need to tell the people about your existence in the initial stages of your business, an ads in your local newspaper for a few days or more is enough.