Do you wish to develop a hardware store business plan?
The success of such a great business idea largely rests on a strategy or plan.
The absence of such a plan is bound to affect the business development. As a crucial tool to business success, we’ve provided a template to follow in writing your hardware store business plan.
HARDWARE STORE BUSINESS PLAN SAMPLE
By following the key sections included you’re able to put in place a streamlined plan of action. Of course, your hardware store business plan needs to be implemented in the letter.
Here, we’ll be discussing all of that and more. We welcome you to read on to find such details.
A Good Hardware Store Business Plan Must have these Sections
Before we go any further, it’s pertinent to provide a framework around which the plan will be written. Here, we’re talking about must-have sections that are key to a good plan.
These include the executive summary, company description, and the products & services sections.
Others are the market analysis, strategy & implementation, organization & management team as well as the financial plan & projection sections.
i. Executive Summary
As a brief introduction and summary of your hardware store business plan, this section should be concise enough to grab the attention of your reader.
Here, you want to give them a reason why they should read through your entire plan.
The executive summary clearly defines whether the business idea is viable or not.
More importantly, it provides an implementable plan of action that is systematically followed. To make it quick and easy to read, your executive summary should have an average of one to four pages.
You want your executive summary to make up about 10% of your entire business plan. Within this section are key subsections such as the business name & location as well as the products & services sections.
Others include the mission & vision statements, and the purpose of the plan.
Business Name & Location
What’s the identity of your hardware store business? Of key importance is the name it will go by. Another detail that needs to be included in its location.
With this information, the reader understands your business from very scratch.
Products & Services
Although there’s a product and services section in the wider plan, this must also be included in your executive summary. Now, only the basics need to be captured here.
For a fuller detail of all products and services offered by your hardware store, the reader will need to read the plan.
You’re expected to have worked out all your hardware store products and/or related services well in advance. This may require research on your part. Ensure the basics are captured under this section.
Mission & Vision
This section explains crucial areas of your plan. The mission and vision statements set the performance standards for your hardware store business plan. What more?
They help provide employees with set goals to attain, thus promoting efficiency.
Your mission statement should be action-oriented in nature.
Here, an explanation of your business’s purpose and what benefits it has for clients is provided. It should also include your business’s goals and its core functions.
Your vision statement should give a vivid mental image of your hardware store business. Here, the image of what you intend to be at some point in the future is provided. This is largely based on your goals and aspirations.
Purpose of the Plan
What’s the purpose of your plan? Every business plan has a purpose and yours shouldn’t be any different.
Whatever it is, it must include set strategies and attract investors.
ii. Company Description
The company description section of your hardware store business plan focuses on key areas such as the legal structure, the business’ history, as well as the needs you intend to meet. What more?
Consider including an overview of products and services and also a company growth summary.
Another detail that must be added is your short and long-term business goals. More importantly, you’ll need to show investors your plans for making a profit.
iii. Products & Services
This was earlier discussed as a subsection under the executive summary.
Here, you’ll need to add all the important details like the description of such services and products. Information on the market role of your products as well as its advantages must be stated.
What’s the life cycle of your hardware products? All relevant information on patents, copyright, or trade secrets should be added. Are new products in the works?
Include information on any or other ongoing developmental activities.
iv. Market Analysis
In this section of your plan, you’ll need to show significant industry knowledge.
This level of understanding largely depends on thorough market research. Here, you’ll be providing a representation or sketch of targeted market segments.
A description of the hardware store industry will also be in order. Its outlook, as well as supporting statistics, are also necessary to gain a fuller and more robust understanding of what your business is about.
Also include information on historical, current, and projected marketing data for services and products.
An assessment of your competitors is also in order. Here, you’re looking at their strengths as well as weaknesses.
v. Strategy & Implementation
With the help of an operating plan, you’re able to implement your sales and marketing strategy.
Under this section, you’re looking at costing details, pricing, promotion as well as distribution or logistics. Your strategy and implementation section must also provide promotion details and how your products will enter the market.
How will your hardware store business function? Include details on labor sources as well as the number of employees.
vi. Organization & Management Team
This is the bedrock upon which every business is structured.
Your hardware store business will need an efficient management team in place. Provide details on this by including an organizational chart with key employees highlighted.
There should be additional information on owners, their names, percentage ownership, as well the extent of their involvement. Include a profile of your management team with names, positions, responsibilities, and experience provided.
vii. Financial Plan & Projections
The financial plan and projections section is a crucial component of your hardware store business plan. Here, the help of a financial expert such as a professional accountant is needed.
Details to include are the historical financial data with balance sheets, income statements, and cash flow statements spanning the past three to five years.
There should be realistic prospective financial data. This includes balance sheets, forecasted income statements, cash flow statements, and capital expenditure.
With all of these key sections and details included in your hardware store business plan, your chances for success are greatly improved.