The name of the Hardware Store is also included prominently in the list of businesses starting from Gali mohallas. Yes, friends, there are many small businesses that a man can start from his street neighbourhoods because people need the goods or items available in them in their daily lives.
Although there is no doubt that everything from nail to utensils, paints, electrical materials to building materials is easily available in a hardware store. Hence their demand is always available in every area where people reside. Whenever a person has to buy manual tools such as Hammer, Ax, Spade, Scythe, Shovel or any other, then his or her steps towards the Hardware Store located in that area happen.
Since hundreds of such items can be sold and kept in such stores, which people need in their daily life and sometimes even once a month. Therefore, in today’s time when people are aware of the construction and revival of their homes, starting such a business can be beneficial.
What is a hardware store?
Although the hardware store is also a shop located in a street, people from here use tools and accessories used in construction and repair such as pipes, water tanks, taps, electrical fittings, door latch, manual tools, Paint etc. can be purchased. Therefore, it can be said that when a seller is selling various types of tools, fasteners such as nut bolts, paints, ropes, pipes, etc. materials used in construction and repairing, then this business done by him is Hardware Store Business It is called.
Steps To Start a Hardware Store in India?
However, opening a Hardware Store in India is as easy as opening a grocery store. But if this business is started without thinking or doing any research, then the chances of failing in it increases. However, it cannot be denied that hardware content is required by people residing in almost every area.
But it is also very important to analyze the area based on the demand of the people in different areas and the shops available there, which have the responsibility of supplying them. According to one figure, 60-70% of the shops are forced to close their hardware stores within two years due to a cash shortage or some other problem. Therefore to avoid such a situation the entrepreneur needs to proceed in advance as planned.
By properly planning the business, the entrepreneur can save his hardware store from many problems. Therefore, here we are mentioning some necessary steps to be taken to start this kind of business.
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1. Select the location
If the entrepreneur also opens a tea shop, then it is also very important for him at which location his shop is located. That is, having a good location is necessary for the success of a small business. Therefore, there is no doubt that it is very important to choose a good location for Hardware Store Business.
A store that is away from the main road and available in a secluded or less crowded place is less likely to run. On the contrary, if the store is available on the main road in a crowded area, then its chances of success are high. Therefore, it will be necessary for the entrepreneur to choose a location for his business where there is a crowd of pedestrians and his store can be easily accessible from the main road.
Apart from this, it may be appropriate to do such a business in a particular area which is famous for providing construction and repairing materials. The entrepreneur can start such a business by renting an empty shop at the selected location only, but keep in mind that because the entrepreneur needs to keep large items in heavy and size, the entrepreneur will have to rent a large space.
2. Prepare the material list for the Hardware Store
As we have already said that starting the Hardware Store Business is not as easy as opening a grocer’s shop, the place has not been arranged that the entrepreneur has to do the renovation work and fill the goods and sell them to the customers.
But as we all are well aware that there are not one but hundreds of items in the hardware material, then it is a dilemma for the entrepreneur to keep which hardware items in his store and which items should not be kept. Because it will not be possible for the entrepreneur to keep all the items and in the initial stages it will not be appropriate to make too many items part of the shop.
Therefore, entrepreneurs may want to find out which of their best-selling items are by interacting with the owners of hardware stores already in that area. Because in the initial phase, the entrepreneur opening the hardware store should keep only those in his shop who have more demand in that area. This will reduce the cost of the entrepreneur in this business and no goods will remain in his store for a long time. Therefore, the entrepreneur should make a list of goods and ask for quotations from various suppliers so that he can manage the finance based on them.
3. Manage Finance
If the entrepreneur has also managed the vacant space at the selected location and has also completed the work of fixing and furniture. Apart from this, by preparing the list of goods to be kept in the Hardware Store, they have also asked for quotations from various suppliers. So by now, the entrepreneur must have guessed about how much capital he needs to start his business.
However, to start a hardware store with paint, an entrepreneur may need to spend around Rs 5-7 lakh. But here again, I want to say that it does not include manpower cast etc. So the actual cost depends on the entrepreneur’s plan for his business, business location and the items to be kept in the shop. To manage finances, entrepreneurs have many formal routes such as bank loans, loans under the government scheme, etc. While informal routes like taking loans from relatives, family members etc. are also available.
4. Choose Permanent Supplier
By now the entrepreneur would have asked for quotations etc. for the material to be kept in his Hardware Store, but if the entrepreneur had asked for all these quotations through the medium of contact from online sources. So it should be noted that the entrepreneur should not choose any of those suppliers or a single condition in which they are persuaded that they are willing to supply the entrepreneur regularly at his location.
Otherwise, it may be that in the initial stage the entrepreneur has to place a slightly larger order, so once he reaches the location of the entrepreneur, but later refuses to supply the smaller one. Therefore, the entrepreneur should choose a supplier who is ready to supply the material as soon as possible at any time when needed. And only such local supplier can give such facility to the entrepreneur, so he can get the contact of that supplier from the entrepreneur running an existing hardware store.
5. Advertise Hardware Store
Proper marketing means paying more attention to engaging your potential customers. However, the Hardware Store Business does not target people of any particular category. Since the entrepreneur is selling a lot of home use items, it can be said that almost every local person is a partial customer of the entrepreneur. So the entrepreneur can advertise his business through billboards, posters, yellow pages, local cable networks, newspapers, etc.
But apart from this, the entrepreneur needs to strengthen his relationship with the position carpenter, electrician, plumber, mechanic, contractor, builder, property dealer etc. in that area. They are required to offer such a temptation that will force them to pull up the entrepreneur’s hardware store. The entrepreneur can develop a plan to offer a discount offer for them or several other offers on buying material after a limit. But keep in mind that such schemes should be started keeping in mind the business interests.
6. Provide other payment options besides cash
However, even today in India, most people prefer to buy from shops only by giving cash and cash. But in this journey of shoplifting, there are many occasions when customers are solicited whether they would like to take any kind of payment other than cash? In such a situation, if the entrepreneur does not have another option to pay then he may lose the biggest customers.
Currently, various types of shopping credit cards are issued by the banks to the people, by which the user gets reward points etc. when shopping. This is the reason that such people prefer shopping with credit cards etc. Not only this, but people also do not like to stand in ATM and bank lines to withdraw money. And such people turn to the same shops where payment can be digitized. Therefore, an entrepreneur starting a hardware store business can offer payment options like card swapping point of sale machine and Paytm etc. in his shop.