Starting a hardware store might seem easy at first. All you have to do is get merchandise and start selling, right? If it were that easy, however, many more people would do so. Instead, there are some key steps you need to take when starting a hardware store that’s primed for success.
From aligning your operational goals to choosing the absolute best business model, there are several ways to give your business a leg up on the competition. Here are five smart steps to take if you’re ready to be a hardware entrepreneur.
1. Set effective, ongoing goals.
Many businesses set initial goals when starting their businesses and don’t always follow-up on them down the road. Goal-setting is a major component of entrepreneurship. From quarterly company goals to individual goals, there are always ways to give your business and your employees something to work towards. A great way to do so is with OKRs. OKR stands for objectives and key results. You typically review these goals on a quarterly basis and tweak them based on performance. OKR software like that provided by a company such as Work Board makes it easier to achieve smarter goal-setting.
2. Find the right goods.
Do you want to source your merchandise from local hardware stores with a pedigree for success? Or are you more interested in the big brand names like Honda that everyone loves? Whether you’re looking for new power equipment for sale in Gresham, OR or you’re shopping online for some quality hardware, you need to know what products will resonate with your customers. Mowers, lawn equipment, and a variety of outdoor power equipment can make your business the only stop for a customer’s outdoor power products. You can even create brochures that showcase a wide array of selections to find what works best for your business.
3. Customer service matters.
If you want to have a long list of satisfied customers, you need to consider how your startup’s service center will work. If you’re selling outdoor power equipment, you need staff members that can recommend quality products and provide additional information. You should also have a focused attitude when it comes to troubleshooting. Pay close attention to the interests of each customer and you’ll be providing excellent customer service in no time at all.
4. Choose your business model.
Do you want a brick-and-mortar store packed with knowledgeable staff? How about online businesses with different strategic priorities? Whether you’re selling lawn mowers, tractors, or power tools, your overall business model matters. Online businesses offer convenience and ease-of-use while brick-and-mortar stores allow customers to get up close and personal with the merchandise. However, presently, starting a brick-and-mortar is a little more difficult than many anticipate.
5. Do market research.
One of the principles of hard work in the hardware market is research. Demographic information, date information, and purchasing trends are important for your parts department, sales department, and customer service teams. Knowing which individuals are more likely to purchase your goods helps you market to them more effectively. Are you in an area where commercial lawn equipment is highly popular? Consider adding more outdoor power equipment to your lineup. Are indoor tools more popular than outdoor power needs? Factor the answers to some of these questions into your merchandise lines.
Of course, there are more details that matter when it comes to starting a business. You’ll need to consider capital, overhead costs, and cash flow management amongst other things. However, by following a few key steps, you’re setting yourself up for greater levels of long-term business success. The hardware industry can be tough to break into but it can also be incredibly rewarding.
