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AUG.09, 2022

Hardware Retail Franchise Business Plan Sample

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    Hardware retail franchise business plan for starting your own business

    Whether it be a technological thing such as a computer or a pure natural setting such as a garden, hardware installation is a must. In addition to usage of big hardware tools, smaller ones like a miniature screw driver are also increasing in demand. And the demand of sophicated hardware and tools is expected to increase even more.

    So, if you are wondering whether or not you should open a hardware store, you should keep all the worries aside and read this blog. In this business plan hardware store we will be listing all the details of Sam Hardware World, a hardware retail franchise in New York City. It will help you in knowing how to put up a hardware business in.

    Moreover, the financial part would give you an insight into the profits you can earn via it. You could also discover whether or not you need to also consult business plan for loan to launch the startup.

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    Executive Summary

    2.1 The Business

    Sam Hardware World will be based in New York City. The business will operate in both B2B and B2C modes. The startup aimes at providing hardware for setting ranging from technological to household to business offices.

    2.2 Management of hardware retail franchise business

    To manage the hardware retail the first step is to create a business plan for hardware store. In that hardware store business plan you must enlist all the equipment to be procured and personnel you must staff to manage the operations. Since the business activity overlaps with other businesses as well, you will need to consult retail discount store business plan and toy business plan as well besides retail hardware store business plan.

    In this sample business plan for retail hardware store we’ll explain how Sam conducted and managed his business. Since he underwent the procedure to get a franchise, you can also see this if you need to study business plan for a franchise.

    2.3 Customers of hardware retail franchise business

    Knowing the customers before starting a business will help you in understanding their demands, likes and purchasing power. The customers of hardware retail franchise business are:

    • Construction Enterprises
    • Offices
    • Households
    • Educational Institutes

    2.4 Business Target

    Sam Hardware World aims at boosting sales at a specified rate after regular intervals that will be mentioned later in this sample. The financial targets for the first three years are given in this graph:

    3 Years Profit Forecast - Hardware Retail Franchise Business Plan Sample

    Any questions? Get in Touch

    Company Summary

    3.1 Company Owner

    Sam has acquired a degree in management sciences. After working as a business consultant in a tech firm for two years, he decided to capitalize on hardware store franchise opportunities.

    3.2 Why the hardware retail franchise business is being started

    Sam started the hardware shop business to benefit from the perks of doing one’s own business. He had unique hardware business ideas thus he decided to step only in this type of enterprise.

    3.3 How the hardware retail franchise business will be started

    Step1: Conduct Research

    The first step is to research on the types of hardware businesses with special focus on franchise hardware stores for if you want to get started from there. You must search for hardware store franchises for sale and select the best among them.

    Step2: Make Hardware Business Plan

    Next, you will have to devise hardware shop business plan to ensure you systematically carry out the operations of your business. In your business plan for hardware shop you should enumerate in detail the executive plan, marketing plam, sales strategy and financial plan.

    Step3: Set up the Hardware Store

    In the next stage you must acquire the place where you would be installing your setup. While procuring the equipment it is equally important to start recruiting talent.

    Step4: Market & Establish a Web Presence

    To reach your target customers, you will need to exploit the media platforms and websites to get renowned.

    Step5: Manage Finance

    Last, you will have to create balance sheets for cost analysis and determining prospective profits.

    Startup Cost - Hardware Retail Franchise Business Plan Sample

    Start-up Expenses  
    Legal $152,200
    Consultants $0
    Insurance $25,200
    Rent $35,200
    Research and Development $10,000
    Expensed Equipment $52,200
    Signs $3,400
    TOTAL START-UP EXPENSES $278,200
    Start-up Assets $252,400
    Cash Required $181,000
    Start-up Inventory $35,520
    Other Current Assets $251,000
    Long-term Assets $252,400
    TOTAL ASSETS $972,320
    Total Requirements $1,250,520
    START-UP FUNDING
    Start-up Expenses to Fund $278,200
    Start-up Assets to Fund $972,320
    TOTAL FUNDING REQUIRED $1,250,520
    Assets
    Non-cash Assets from Start-up $1,260,240
    Cash Requirements from Start-up $145,100
    Additional Cash Raised $50,000
    Cash Balance on Starting Date $35,000
    TOTAL ASSETS $1,490,340
    Liabilities and Capital
    Liabilities $18,420
    Current Borrowing $0
    Long-term Liabilities $0
    Accounts Payable (Outstanding Bills) $62,500
    Other Current Liabilities (interest-free) $0
    TOTAL LIABILITIES $80,920
    Capital
    Planned Investment $1,250,520
    Investor 1 $0
    Investor 2 $0
    Other $0
    Additional Investment Requirement $0
    TOTAL PLANNED INVESTMENT $1,250,520
    Loss at Start-up (Start-up Expenses) $158,900
    TOTAL CAPITAL $1,409,420
    TOTAL CAPITAL AND LIABILITIES $1,490,340
    Total Funding $1,250,520

    Strategic/Operational Business Plan

    Services of hardware retail franchise business

    If you are thinking of starting a hardware business you must want to know that are hardware stores profitable. Well, running a hardware store can be extremely profitable provided you have some unique hardware store ideas. To get them, you should search for how to start hardware business or how to start hardware store, mark your location and analyze what others in the domain are doing. Your prospects will depend on your research on potential localitirs and selecting the right one for launching your franchise hardware store.

    • Technical Hardware Products

    Our major products will be hardware related to technological use such as computers and components, input and output devices, mobile parts and accessories etc.

    • Construction Hardware

    The second category of our products will include hardware that is needed during construction projects.

    • Garden Décor & Hardware

    We’ll also provide hardware that is generally needed by households and institutions to set up the deck, or do landscaping.

    • General Tools

    We’ll also provide hardware tools that are required for minor and major repairs.

    Marketing Analysis of hardware retail franchise business

    Before you open a hardware store you must undergo a thorough analysis of all the available markets and explore hardware store franchise opportunities related to each market. It is to first, determine your customer groups, second, identifying the market trends, and last how much price you can set provided your financial targets, the rates of your competitors in retail store hardware and purchasing power of your target customers.

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    Considering the importance of an accurate marketing analysis in retail hardware store business plan, you should hire marketing expert. However, for a rough idea, you can search on your own on how to start a hardware company and best locations to open a hardware franchise.

    In this hardware shop business plan pdf we are providing the details of Sam Hardware World.

    5.1 Market Trends

    According to IBISWorld, nearly 20k hardware stores are running successfully in the United States. If you go through the hardware store financial district and some hardware retailing magazine you can see that the market size has reached $33 billion in the US alone. Therefore, the market trends are going right and you should not worry about the prospects if you completely understand how to start hardware store and conduct it.

    5.2 Marketing Segmentation

    In this section you should divide the whole population into distinct groups of your target customers. Since the customer groups of hardware store overlap with other businesses, you can take help from business plan for video game store as well as business plan for farmers market.

    Marketing Segmentation - Hardware Retail Franchise Business Plan Sample

    5.2.1 Construction Enterprises

    Our biggest group of customers will belong to the construction enterprise. They are expected to procure our hardware specified to their work as well as the general tools that are needed for generic tasks.

    5.2.2 Offices

    Second category of our target customers will be the offices. They will avail of our services and products mainly for setting up the office spaces. The products they would need would range from printers, computers, and electronics.

    5.2.3 Households

    The third category of our target customers comprise of households who will need all of our products but in a minor number. Their purchases can be related to technological items as well as garden & yard tools.

    5.2.4 Educational Institutes

    Educational institutes will also be our target customers as they will be needing the same products that are demanded by offices and households.

    Market Analysis
    Potential Customers Growth Year 1 Year 2 Year 3 Year 4 Year 5 CAGR
    Construction Enterprises 39% 44,200 53,040 63,648 76,378 91,653 10.00%
    Offices 34% 34,200 41,040 49,248 59,098 70,917 10.00%
    Households 16% 24,400 29,280 35,136 42,163 50,596 10.00%
    Educational Institutes 11% 10,400 12,480 14,976 17,971 21,565 11.00%
    Total 100% 113,200 135,840 163,008 195,610 234,732 10%

    5.3 Business Target

    The business targets of Sam Hardware World are:

    • Attaining a CSAT score of more than 90% within a year of our launch
    • Expand the product line by the end of the first year

    5.4 Product Pricing

    For the first year, we aim at keeping our prices lower than that of our competitors. Afterwards we’ll bring them in the same range as theirs.

    Any questions? Get in Touch

    Marketing Strategy of hardware retail franchise business

    If you are looking for a marketing plan for hardware store, you have landed on the right page. In this retail hardware store business plan sample, we’re providing detailed retail hardware store business plan of Sam Hardware World.

    6.1 Competitive Analysis

    • Our location is ideal for a hardware store startup. It is because we have several colleges, offices, and small businesses in our vicinity. In addition, the residential community is also not far away.
    • We will be offering discounts to construction managers so that they procure the hardware from us and come into long-term partnership.
    • Our strategy to keep prices low during the first year will benefit us in reaching out to the target customers.

    6.2 Sales Strategy

    In this sample business plan for a hardware store we are giving the sales strategy of Sam Hardware World. However, for more ideas you may also want to visit business plan for a stationery and vape shop business plan.

    • We will offer small hardware products as free gifts with large purchases.
    • We will run social media campaigns to get known to a wider audience.
    • We will offer a 20% discount to customers who enter into long term partnership with us.

    6.3 Sales Monthly

    Sales Monthly - Hardware Retail Franchise Business Plan Sample

    6.4 Sales Yearly

    Sales Yearly - Hardware Retail Franchise Business Plan Sample

    6.5 Sales Forecast

    Unit Sales - Hardware Retail Franchise Business Plan Sample

    Any questions? Get in Touch
    Sales Forecast      
    Unit Sales Year 1 Year 2 Year 3
    Technical Hardware Products 4,500 4,770 5,056
    Construction Hardware 3,500 3,710 3,933
    Garden Décor & Hardware 2,000 2,120 2,247
    General Tools 2,500 2,650 2,809
    TOTAL UNIT SALES 12,500 13,250 14,045
    Unit Prices Year 1 Year 2 Year 3
    Technical Hardware Products $99.00 $114.84 $133.21
    Construction Hardware $149.00 $172.84 $200.49
    Garden Décor & Hardware $119.00 $138.04 $160.13
    General Tools $99.00 $114.84 $133.21
    Sales
    Technical Hardware Products $445,500.00 $547,786.80 $673,558.65
    Construction Hardware $521,500.00 $641,236.40 $788,464.28
    Garden Décor & Hardware $238,000.00 $292,644.80 $359,836.05
    General Tools $247,500.00 $304,326.00 $374,199.25
    TOTAL SALES $1,452,500.00 $1,785,994.00 $2,196,058.22
    Direct Unit Costs Year 1 Year 2 Year 3
    Technical Hardware Products $20.00 $22.00 $23.10
    Construction Hardware $30.00 $33.00 $34.65
    Garden Décor & Hardware $25.00 $27.50 $28.88
    General Tools $20.00 $22.00 $23.10
    Direct Cost of Sales
    Technical Hardware Products $90,000.00 $104,940.00 $116,798.22
    Construction Hardware $105,000.00 $122,430.00 $136,264.59
    Garden Décor & Hardware $50,000.00 $58,300.00 $64,887.90
    General Tools $50,000.00 $58,300.00 $64,887.90
    Subtotal Direct Cost of Sales $295,000.00 $343,970.00 $382,838.61

    Personnel plan of hardware retail franchise business

    Hiring the right people for the right job is utmost important if you’re looking for how to start hardware business. Owing to its significance, you must include the list of required people alongwith their job descriptions in retail hardware store business plan in. This will enable you to select the most talented individuals for opening a hardware store.

    7.1 Company Staff

    Sam will be the CEO. He will need the following people for available positions:

    • 2 Sales Managers to manage hardware sales in different domains
    • 1 Accountant to maintain financial record
    • 1 Social Media Manager to manage online platforms
    • 1 Store Operator to manage the inventory
    • 1 Customer Care Executive to maintain contracts with long-term customers
    • 1 Cleaner to maintain the facility
    • 3 Drivers to procure and transport inventory to and from sites

    7.2  Average Salary of Employees

     Personnel Plan      
    Year 1 Year 2 Year 3
    Sales Managers $64,500 $70,950 $78,045
    Accountant $33,500 $36,850 $40,535
    Social Media Manager $33,500 $36,850 $40,535
    Store Operator $30,500 $33,550 $36,905
    Customer Executive $33,500 $36,850 $40,535
    Cleaner $25,500 $28,050 $30,855
    Drivers $64,500 $70,950 $78,045
    Total Salaries $285,500 $314,050 $345,455

    Financial Plan of hardware retail franchise business

    You may be starting a hardware business out of passion, but you would want to know how much profit can anyone make after they open hardware stores. Practically, hardware stores earn a lot. If the business operations and financial flows are managed then the business can yield immense profit.

    To ensure that the finances go as projected, you must make a comprehensive financial plan for your business. That should include the break-even analysis, projected profits on monthly and yearly basis for at least first three years, gross margin calculations, balance sheet and business ratios.

    In this retail hardware store business plan pdf we are providing the financial plan of Sam Hardware World.

    Any questions? Get in Touch

    8.1 Important Assumptions

     General Assumptions      
    Year 1 Year 2 Year 3
    Plan Month 1 2 3
    Current Interest Rate 8.12% 8.20% 8.26%
    Long-term Interest Rate 8.40% 8.44% 8.47%
    Tax Rate 24.03% 24.21% 24.60%
    Other 0 0 0

    8.2 Break-even Analysis

    Break-even Analysis - Hardware Retail Franchise Business Plan Sample

     Break-Even Analysis  
    Monthly Units Break-even 5340
    Monthly Revenue Break-even $132,500
    Assumptions:
    Average Per-Unit Revenue $231.00
    Average Per-Unit Variable Cost $0.62
    Estimated Monthly Fixed Cost $163,800

     

    8.3 Projected Profit and Loss

     Pro Forma Profit And Loss    
    Year 1 Year 2 Year 3
    Sales $1,452,500 $1,785,994 $2,196,058
    Direct Cost of Sales $295,000 $343,970 $382,839
    Other $0 $0 $0
    TOTAL COST OF SALES $295,000 $343,970 $382,839
    Gross Margin $1,157,500 $1,442,024 $1,813,220
    Gross Margin % 79.69% 80.74% 82.57%
    Expenses
    Payroll $285,500 $314,050 $345,455
    Sales and Marketing and Other Expenses $145,000 $148,000 $156,000
    Depreciation $2,300 $2,350 $2,500
    Leased Equipment $0 $0 $0
    Utilities $2,900 $3,000 $3,100
    Insurance $2,100 $2,100 $2,100
    Rent $2,900 $3,000 $3,200
    Payroll Taxes $24,000 $25,000 $27,000
    Other $0 $0 $0
    Total Operating Expenses $464,700 $497,500 $539,355
    Profit Before Interest and Taxes $692,800 $944,524 $1,273,865
    EBITDA $692,800 $944,524 $1,273,865
    Interest Expense $0 $0 $0
    Taxes Incurred $138,560 $188,905 $254,773
    Net Profit $554,240 $755,619 $1,019,092
    Net Profit/Sales 38.16% 42.31% 46.41%
    Any questions? Get in Touch

    8.3.1 Profit Monthly

    Profit Monthly - Hardware Retail Franchise Business Plan Sample

    8.3.2 Profit Yearly

    Profit Yearly - Hardware Retail Franchise Business Plan Sample

    8.3.3 Gross Margin Monthly

    Gross Margin Monthly - Hardware Retail Franchise Business Plan Sample

    8.3.4 Gross Margin Yearly

    Gross Margin Yearly - Hardware Retail Franchise Business Plan Sample

    8.4 Projected Cash Flow

    Projected Cash Flow - Hardware Retail Franchise Business Plan Sample

     Pro Forma Cash Flow      
    Cash Received Year 1 Year 2 Year 3
    Cash from Operations
    Cash Sales $51,000 $55,080 $59,486
    Cash from Receivables $22,000 $23,760 $25,661
    SUBTOTAL CASH FROM OPERATIONS $73,000 $79,570 $85,936
    Additional Cash Received
    Sales Tax, VAT, HST/GST Received $0 $0 $0
    New Current Borrowing $0 $0 $0
    New Other Liabilities (interest-free) $0 $0 $0
    New Long-term Liabilities $0 $0 $0
    Sales of Other Current Assets $0 $0 $0
    Sales of Long-term Assets $0 $0 $0
    New Investment Received $0 $0 $0
    SUBTOTAL CASH RECEIVED $74,000 $79,000 $85,000
    Expenditures Year 1 Year 2 Year 3
    Expenditures from Operations
    Cash Spending $42,000 $42,000 $45,000
    Bill Payments $27,000 $28,000 $31,000
    SUBTOTAL SPENT ON OPERATIONS $69,000 $70,000 $76,000
    Additional Cash Spent
    Sales Tax, VAT, HST/GST Paid Out $0 $0 $0
    Principal Repayment of Current Borrowing $0 $0 $0
    Other Liabilities Principal Repayment $0 $0 $0
    Long-term Liabilities Principal Repayment $0 $0 $0
    Purchase Other Current Assets $0 $0 $0
    Purchase Long-term Assets $0 $0 $0
    Dividends $0 $0 $0
    SUBTOTAL CASH SPENT $69,000 $74,520 $80,482
    Net Cash Flow $21,000 $23,000 $25,000
    Cash Balance $27,000 $30,000 $33,000

    8.5 Projected Balance Sheet

     Pro Forma Balance Sheet    
    Assets Year 1 Year 2 Year 3
    Current Assets
    Cash $275,000 $308,000 $338,800
    Accounts Receivable $24,000 $26,880 $30,213
    Inventory $4,300 $4,816 $4,900
    Other Current Assets $1,000 $1,000 $1,000
    TOTAL CURRENT ASSETS $282,000 $315,840 $355,004
    Long-term Assets
    Long-term Assets $10,000 $10,000 $10,000
    Accumulated Depreciation $19,400 $21,728 $24,444
    TOTAL LONG-TERM ASSETS $24,400 $27,328 $30,744
    TOTAL ASSETS $294,000 $329,280 $370,440
    Liabilities and Capital Year 4 Year 5 Year 6
    Current Liabilities
    Accounts Payable $18,700 $20,944 $23,541
    Current Borrowing $0 $0 $0
    Other Current Liabilities $0 $0 $0
    SUBTOTAL CURRENT LIABILITIES $19,000 $21,280 $23,919
    Long-term Liabilities $0 $0 $0
    TOTAL LIABILITIES $15,000 $16,800 $18,883
    Paid-in Capital $30,000 $30,000 $31,000
    Retained Earnings $53,000 $57,770 $63,547
    Earnings $193,400 $210,806 $231,887
    TOTAL CAPITAL $285,000 $310,650 $341,715
    TOTAL LIABILITIES AND CAPITAL $300,000 $329,280 $370,440
    Net Worth $293,400 $319,806 $351,787

    8.6 Business Ratios

     Ratio Analysis        
    Year 1 Year 2 Year 3 INDUSTRY PROFILE
    Sales Growth 7.25% 8.03% 8.90% 3.00%
    Percent of Total Assets
    Accounts Receivable 9.21% 10.20% 11.31% 9.80%
    Inventory 5.39% 5.97% 6.62% 9.90%
    Other Current Assets 2.11% 2.34% 2.59% 2.40%
    Total Current Assets 149.80% 151.00% 152.00% 158.00%
    Long-term Assets 11.55% 11.60% 11.64% 12.00%
    TOTAL ASSETS 100.00% 100.00% 100.00% 100.00%
    Current Liabilities 4.90% 4.94% 4.98% 4.34%
    Long-term Liabilities 0.00% 0.00% 0.00% 0.00%
    Total Liabilities 7.59% 7.65% 7.72% 7.38%
    NET WORTH 100.45% 101.25% 102.19% 110.00%
    Percent of Sales
    Sales 100.00% 100.00% 100.00% 100.00%
    Gross Margin 94.60% 97.15% 99.87% 99.00%
    Selling, General & Administrative Expenses 93.56% 96.09% 98.78% 97.80%
    Advertising Expenses 1.52% 1.56% 1.60% 1.40%
    Profit Before Interest and Taxes 41.50% 42.62% 43.81% 33.90%
    Main Ratios
    Current 34 35 36 32
    Quick 33 33.8 34.645 33
    Total Debt to Total Assets 0.18% 0.18% 0.17% 0.40%
    Pre-tax Return on Net Worth 74.08% 74.89% 75.00% 75.00%
    Pre-tax Return on Assets 96.30% 101.12% 106.17% 111.30%
    Additional Ratios Year 1 Year 2 Year 3
    Net Profit Margin 33.56% 34.60% 35.67% N.A.
    Return on Equity 55.80% 57.53% 59.31% N.A.
    Activity Ratios
    Accounts Receivable Turnover 7.7 7.8 7.8 N.A.
    Collection Days 100 100 100 N.A.
    Inventory Turnover 32.4 34.02 35 N.A.
    Accounts Payable Turnover 15.6 16 16.3 N.A.
    Payment Days 27 27 27 N.A.
    Total Asset Turnover 2.5 2.5 2.6 N.A.
    Debt Ratios
    Debt to Net Worth -0.04 -0.03 -0.04 N.A.
    Current Liab. to Liab. 1 1 1 N.A.
    Liquidity Ratios
    Net Working Capital $244,000 $257,664 $272,093 N.A.
    Interest Coverage 0 0 0 N.A.
    Additional Ratios
    Assets to Sales 0.85 0.87 0.89 N.A.
    Current Debt/Total Assets 1% 0% 0% N.A.
    Acid Test 29 29.12 29.16 N.A.
    Sales/Net Worth 2.1 2.2 2.2 N.A.
    Dividend Payout 0 0 0 N.A.

    FAQ

    1. How profitable is a hardware store?

    As you can see from the financial part of this retail hardware store business plan pdf, the hardware store can be immensely profitable if you provide unique services. If you have competitive advantages, that would be a plus.

    1. How do I start my own hardware business?

    If you are looking for how to setup a hardware store you must study at least one sample retail hardware store business plan. The first step is doing research and the second is documenting a detailed business plan.

    1. Is a hardware store a good investment?

    Owning a hardware store is the best investment you can make. It is because setting up and running a hardware store are not much difficult. You can make profits right after starting a hardware store.

    Download Hardware Retail Franchise Business Plan Sample in pdf

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