Businnes Plan

Retail Hardware Store Business Plan


Retail Hardware Store Business Plan


Opportunity

Problem

Women now own more than 40% of the homes in the area. A majority of the area’s rentals are also owned and occupied by women. More often than not, it’s a woman who will now head to the hardware store for repair parts and advice. Today’s hardware stores, which are more and more dominated today by mega-store chains than ever, are often cold and uninviting.

Solution

Clara&#8217’s Hardware will sell quality hardware in a friendly, customer-friendly environment. Customers will receive prompt assistance and leave the store ready to do the job right the first time. Clara’s Hardware will also focus on anticipating the seasonal needs of its customers and providing the best products at competitive prices. Clara&#8217’s Hardware will drive an additional 15 minutes to a mega-hardware shop, which is too far and too expensive to entertain.

Market

The demographics of home ownership has changed radically in the South Gate section of Gilmore. Women now own over 40% of the local homes. Women also own 60% of the area’s rental properties. It is more often than not a woman who visits the hardware store to get repair parts or advice. Today’s hardware stores are more dominated by mega-store chains. They are uninviting, cold, and take more driving time. Clara’s Hardware has the unique ability to benefit from this new way of life. Clara&#8217’s Hardware is located conveniently to serve the South Gate region. They offer parts, materials, and advice on any home repair as well as lawn maintenance. The focus is on helping the customer identify what they want as soon as they enter the store.

Competition

Clara’s hardware competes against:

True Value Hardware chain stores: The new True Value hardware stores are designed specifically for women. In addition to better lighting and organization, there’s “an expanded assortment of decorative door knobs and drawer pulls.”

McGukin Hardware was started by mom-and-pop stores. This store stocks hardware, as well as other goods so that women need only go to one place to purchase everything they want.

There are other stores in the area, no one has the same view on this that clara does.

Why Us

Clara believes a local hardware shop can offer a reasonable selection of the most essential product areas, be affordable in pricing, provide an environment that encourages repeat business, and give the customer a pleasant shopping experience.

Expectations

Forecast

The store will be organized to maximize sales and give customers the most attention. The projected growth rate for Clara’s Hardware is quite steady. The store is expected to reach profitability in the sixth months.

Financial Highlights Year-by-Year

You will need financing

Clara Johnson (founder) will donate $80,000.