The size of the initial investment will obviously depend on the size of your retail space and the concept (hardware or supermarket).
In particular, you will need to plan:
- Layout of the premises: renovation work, shelves, boxes, storage and loading area for materials
- Purchase of initial stock: tools and materials
- Company establishment costs: registration, contracts, etc.
- Administrative equipment: office furniture, computer equipment, etc.
- Buying trucks if you deliver
- Creation of a website and promotional material
Do not hesitate to ask for quotes from several suppliers and to negotiate your partnerships before making a commitment.
As for staff requirements, the size of the workforce will again depend on that of the store.
In particular, staff should be provided for the following positions:
- Sales: departmental advice, collection, ancillary service such as cutting for example
- After-sales service: deliveries, management of returns and any problems
- Administrative: accounting, payroll, planning management, inventory management, etc.
- Marketing: budget management, organization of promotional campaigns, etc.
- Care and maintenance: store maintenance, compliance with safety standards, vehicle maintenance, etc.
Regarding the training of sales staff, although there are specific diplomas for working in a DIY store, these are by no means compulsory. You can therefore simply recruit salespeople passionate about DIY, or embark on the adventure on your own if you open a small neighborhood hardware store.
The main qualities required are linked to the commercial aspect of the profession: sense of service, accessibility, advice, etc. Being methodical and rigorous is also necessary, in particular with regard to stock management.
Follow a marketing strategy to open a DIY store
The next step in starting a DIY store is to establish a marketing plan. The goal? Promote yourself: bring in new customers and retain existing customers.
There are many options available to you, for example you can:
- Communicate on the internet: via your site, social networks, or advertising
- Set up a newsletter system to keep your customers informed of news and promotions
- Establish a loyalty program giving entitlement to discounts
- Distribute flyers in mailboxes
- Display advertising near the premises
- Communicate in the media: local radio, newspapers, etc.
You will need to make your choice, and quantify the cost of the actions you want to put in place to integrate them into your estimated budget.
Decisive step: the DIY store business plan
After you’ve done your market research, chosen your concept, found your location, and established a marketing strategy, you can start working on your DIY store business plan.
The business plan is the reference document for seeking funding. This is a detailed, argued, and costed presentation of your project. It is structured in several parts: summary, presentation of the company, product and service offer, market study, commercial strategy, financial forecasts, etc.
The business plan of a DIY store has several objectives:
- Allow you to verify that your project is financially viable before you start
- Present the strengths of the project in a convincing way to the financial partners
- Highlight the need for financing and the profitability potential of your store
Using spe has several majecialized softwaror advantages:
- You will be guided step by step in the drafting by instructions and examples for each part of the plan
- You will easily realize your financial forecast, leaving the software to take care of the calculations and accounting aspects.
- You will have access to business plan models already written
- At the end you will get a professional document, formatted, and ready to be sent to your bank