Before you take the final decision of opening your hardware store, first consider whether it would be a safe decision for you.
Although there’s a tough competition in the field, there is a minimum requirement to start this business, and with the right way of conducting the business, it can be a profitable one.
Here are the steps to start a hardware business in India:
1. First, know what a hardware store should have
A hardware store usually sells hand tools, building materials, keys, locks, hinges, chains, electrical supplies, plumbing supplies, cleaning products, utensils, paint, etc.
Therefore, make a list of items you wish to keep in your hardware store.
2. Try to understand the market
Learn about the various competitors that are there in the market. Then decide on a budget or the amount of money you are willing to put. It is better to know how much you can invest so that you do not land into any financial trouble.
3. Learn about the details involved in a hardware store business
Know about the customer, what are their preferences, what is the growth potential of your business, the operational cost, legal formalities, other rules and regulations to be followed, etc.
4. Conduct research and know about the places with growth potential
Know where there is a demand for such items, the latest trends, and the pricing and select an area where there is business growth potential.
5. Decide on keeping other modes for payment than cash
It is essential to offer your customers different modes of payment so that they can pay with their comfort. You might lose on some customers if you are still following the old and rigid ways of payment.
6. Advertise properly
Advertising is important for any business. For advertising for a hardware store, billboards, yellow page ads, flyers, email marketing, WhatsApp, etc. can be used.
Adopt ways which will not be a big expense to your business and which will help your business reach potential customers.
7. Invest in the right products
Invest in products like cement, steel bars and rods, nails, hinges, tiles, and plumbing material to be on the safer side as these items sell quickly.
8. Offer discounts
Offer some discounts on a few products which are commonly bought by the customers.
9. Allow customers to shop via ways other than visiting your store
Allow your regular clients to order on a call with online payment and give them free delivery at the site or their homes. When you do this, your customers will be satisfied with your service and will return back with a few more customers.
10. Manage stock
Keep a tab on the stock every few weeks to know which items need to be restocked or have to be bought.
Use some softwares to track inventory so that you have a clear picture and your customers are not disappointed as well.
If you want to take a loan for expanding your hardware shop, contact Gromor Finance for unsecured loans at affordable and attractive interest rates!
