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Retail Hardware Store Business Plan

3 March 2023 Businnes Plan


Retail Hardware Store Business Plan


Opportunity

Problem

Today, 40% of the area’s homes are owned and occupied by women. A further 60% of the rental properties in the area are owned by women. More often than not, it’s a woman who will now head to the hardware store for repair parts and advice. The hardware stores of today, which are increasingly dominated by mega-store chains are cold and uninviting. They also require more driving time.

Solution

Clara’s Hardware is a quality hardware store that offers friendly customer service. Our customers will get assistance quickly and will leave the store prepared to get the job done right the first time. Clara&#8217’s Hardware will focus on anticipating seasonal needs of customers and offering the best products for competitive prices. Most importantly, Clara’s Hardware will make the additional 15 minute drive to a mega-hardware store, too far to go and too expensive to entertain.

Market

The South Gate area of Gilmore has seen dramatic changes in the demographics for home ownership. Today, 40% of the homes in the South Gate section are owned by women. 60% of the area’s rentals are also owned and managed by women. Most often, it’s a woman who now heads to the hardware shop for parts and advice. The hardware store of today, which is increasingly being dominated and controlled by mega-store chains, is cold, boring, and often requires more driving. Clara’s Hardware has the unique ability to benefit from this new way of life. Clara’s Hardware, conveniently located to service the South Gate, offers parts, material, advice, and assistance with any home-related repair. It is important that customers are able to find what they need as soon after they enter the store.

Competition

Clara’s hardware will compete against:

True Value Hardware stores can be found in chain stores. The store offers “an expanded selection of decorative door knobs as well as drawer pulls” in addition to better organization and lighting.

McGukin Hardware is a mom and pop store. This store offers hardware and other products so that customers don’t have multiple places to shop.

While there are many other shops in the vicinity, none of them have the same views as clara.

Why Us

Clara believes a local Hardware Store can provide a reasonable selection, be competitively priced, and offer customers a shopping environment that will encourage repeat business.

Expectations

Forecast

The store will be efficiently laid out to increase sales and give customers the best possible attention. Clara’s Hardware has a very steady growth rate. The store will reach profitability in six months.

Financial Highlights by Year

Financing is Required

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


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