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People who venture into hardware store like Kennards Hire company needs patience, commitment and perseverance like any other work, the difference though is, hardware store are likely to shut down if not managed properly. There are very few who survive and top their game. Hence, being loaded with survival secrets and tactics is essential if you are thinking or already running a hardware store company.
- Know the huge market
That’s basically a thumb rule and you need to know it thoroughly before the investment of your hard earned money. Identify the places where you see great potential of running hardware products company. Moreover, one should be in complete sync with ruling prices and trends of the industry. Go through SWAT analysis.
Ask yourself questions like;
- Best place to start?
- How many tough competitors are there in the market?
- The amount of money that will be invested?
- Weakness of the competitor?
- What does the future look like?
- Best spot for starting your hardware store company
The most suitable area to start it up would be next to the upcoming community, where people are newly building up their homes. So one can actually start small in these areas and gradually grow big as by that time you would have gained customer loyalty. But one must also consider the spending power of the people in that specific area, as people must earn good capital to spend on the hardware store or else people with low earning capacity would not spend much leaving you helpless.
- What about the competition?
As there are no such barriers and quite less restrictions on starting up a hardware store company, there are several competitors one has to face. In order to build strong relationships with the customers one must do the following;
- Create the image of low price by giving discounts on stuff like steel bars, iron-sheets and cement and recovering it on things like hinges, door locks and sand paper.
- Gain trust of the consumers by taking orders through phone and delivering it, and allowing them to pay you later
- Know the products in demand and are purchased frequently
Products that are fast moving are;
- Rods and steel bars
- Welding rods
- Roofing nails
- Door hinges
- Plumbing materials etc;
Never run out of stock from these, and gradually try increasing the business with these necessary things, also keep in check other products that are demanded and add those products on their request.
Sitting inside your shop the whole day probably would be a very bad idea as hardware store company nowadays are many, and it would be required from you get the word out yourself or hire a sales person to do so. Ask the sales person to visit construction sites and bond with the foremen or owners, ask them about their requirements and help them give it. Also never charge too much for products like steel bars or cement, as the customers usually judge the deal through these products and check how cost friendly you can be!