The tool and hardware industry are constantly expanding. It is a sector, which does not have many barriers to entry and has great prospects. For this reason, the possibility of setting up a hardware store (offline and online) has aroused the interest of many visionary entrepreneurs.
The need for these products is not only in civil construction. The items sold in these stores are in high demand by the population who want to carry out small household repairs. Below, you will find important information for those who want to set up a tool and hardware store but do not know where to start.
How much does it cost to set up?
To set up a 100 square meters hardware store, an estimated investment of $150 thousand is a good start. You can divide these expenses into several categories, such as the purchase of initial stock, security equipment, interior, office and other basic aspects.
However, if you do good market research and choose the right suppliers, you may be able to set up your store on a lower budget. If you are thinking of applying for a franchise, know that tool franchise opportunities at Cornwell Tools bring you the most profitable option.
What is a franchise?
Opening a franchise is like hiring the ready-made package, pre-determined by the franchisor – the brand’s reputation, market, expert assistance, technical help, marketing and promotion, use of logo and products, how the employees should perform the service and so on. To continue selling, you must renew the contract. Here we can see many positive points.
How to organize this type of store
It is very important that the internal space of your store is organized and without visual pollution. You can sort the products by segments or sectors. Separate the aisles and shelves by categories and according to their characteristics.
A trade in tools and hardware is very diverse in terms of customers, so the possibility of goods for sale is very wide. For your store to be successful, it is very important that you always have the products in stock. That way, you do not run the risk of losing sales due to lack of materials.
Choose the correct structure
For the physical point of your, an average space of approximately 200 square meters is crucial. Half of this space should be destined for the showroom, the office, the pantry and the bathrooms. It is necessary to plan the space for customers to circulate and create an ambiance for each type of furniture, using adequate lighting and coatings.
Choose your suppliers correctly
Besides having your documents in order and a well-qualified team. It is necessary that your products be of good quality for your business to work well. Therefore, it is important to create partnerships with suppliers with a good reputation in the market, who value quality and meet deadlines. Research the companies you want to buy from and find out about the materials. They work with and other companies that hire them.
Analyze the opening of an e-commerce
An online store brings many advantages to your business. Unlike a traditional store, the online store is open 24 hours a day. In addition, you have the possibility to serve customers from different regions. Another benefit of having an online store is low investment and can provide excellent financial results.
