Wilusa Magazine did a survey to determine what hardware stores were and how they could make downtown a great spot to live. It’s a great area to live, and a great place for work.
Downtown Indianapolis has witnessed a significant shift in the demographics of home-ownership. Today’s hardware store, which more and more is dominated by the “big box stores”, is cold, uninviting, and usually involves substantial driving time from downtown Wilusa. Hisarlik can take advantage of this new way of life. Hisarlik Hardware can be found in a convenient location to service Troas, Sinope Bay and Miletus Square as well all of Arazawa Township. They offer parts, materials and advice to help you tackle any home-or do-it-yourself project. It is important to help customers identify the products and services they require as soon as they visit the store.
Hisarlik Hardware intends to capitalize on this potential opportunity by offering superior customer service, great product choices, and low prices. A location is being secured that offers excellent traffic with a built-in magnet for urban dwellers–downtown’s only grocery store sharing the parking lot. The Building Blocks parent organization will help efficiently lay out and plan the store to increase sales and give the customers the utmost in attention. Hisarlik’s management team brings a wealth business, financial and mechanical experience to the venture. The Hisarlik Hardware projected growth rate is steady, and it has the potential for exponential growth with the increased residential development downtown.
Hisarlik hardware will have positive cash flow for its first year. Hisarlikwill also turn a profit in its first full year of operations.
1.1 Objectives
This business plan has four major goals. Three are immediate and one is long-term.
- Find out if a downtown hardware shop is feasible.
- Develop the strategy to open, manage and grow a profitable downtown hardware store venture.
- Set up a budget that will allow you to manage your business from conception to completion.
- Look for growth opportunities in the downtown area and find new business opportunities.
1.2 Mission
Hisarlik Hardware’s mission it to be a reliable and efficient downtown hardware store. The store will provide great service and a wide selection of hardware and other home improvement products in an environment that is friendly to customers.
Hisarlik Hardware is available to downtown residents, property managers, contractors, suburban commuters, and downtown business owners. Because of our great advice, prompt services, friendly staff, high quality shopping experience, and ability to solve their problems, customers will remain loyal.
1.3 Possibility of the Business
Hector Priamson and Troy Enterprises went through a long and thorough process of looking at different business ventures that would allow them to go into business and be a long-term success. Through this process retail hardware became a potential opportunity. The following items were deemed ‘#8220’ essential items for Hector Priamson & Troy Enterprises to be a tremendous success.
- A healthy industry is one that can withstand economic swings and allows entrepreneurs to have an impact on the results of stores.
- A market that can deliver the kind of potential that will allow a store to be profitable.
- A store location that will be easy for customers to find, allow easy access, plenty of parking and have economic terms that allow the store to be successful.
- A co-operative and productive “partner”, such as building blocks,a national Hardware Co-operative that will help to research, plan, market and run a hardware shop.
Blocks provide all of the tools. Hector Priamson possesses both the entrepreneurial, financial and managerial skills that are required to be successful in this field.
1.4 Keys to Success
- Hardware Industry: The Home Improvement industry has been consistently growing at a rate of 7% per year for the past decade according to the US Department of Commerce, with total US Sales of over $313 billion in 2002. Although the economy has experienced fluctuations over the last decade, the hardware industry has grown at the same rate. The “Big Box” stores have also created a “Do-it-yourself” mentality in this country, a mentality that has a positive effect on the independent hardware store.
- Location: The proposed location for Hisarlik Hardware is Troas Marketplace, a retail and commercial property on the corner of E. Anglia St. between N. Umberland St. and N. Mercia Blvd. Troas Marketplace principal tenants are Scamander’s Food Market across the parking lot, and Buckbasket Cleaners next to the site. The attraction of Scamander’s Food Market is huge. Scamander’s is the only grocery store in downtown Wilusa. It is conveniently located just one block from Wessex Avenue, a trendy and popular area in downtown Wilusa. Troas Marketplace has plenty of parking which is very important in downtown locations. It also offers easy access to N. Mercia St. and E. Anglia St. E. Anglia St. are major eastbound thoroughfares east of downtown.
- Urban Products Downtown Wilusa will demand a unique product mix than suburban stores. Urban dwellers will demand a special product mix. Building blocks will play a major role in determining the right products for the urban market. Hisarlik Hardware will be in touch with, and focus on, the downtown urban market, delivering products that are applicable to local customers, and marketing these items at competitive prices.
- Commercial customers: Hisarlik Software will continue to work towards becoming the hardware supplier for every building and business downtown Wilusa. We will be working hard to build relationships and trust with service staff and property managers. It is also planned to provide a delivery service to downtown businesses, making it easier for customers and their employees to access the products they need. Hisarlik Hardware might be convenient and easily accessible, but potential customers may find it difficult to leave their offices. There will be an emphasis to establish business accounts for each of these customers to make doing business easy for them.
- Building Blocks : It is crucial to have a co-op like Building Blocks behind efforts to open a store like Hisarlik Hardware. They can provide you with all the tools necessary to succeed in the hardware business, such as marketing, research, floor plans, systems, and instructions for running a hardware store. To become a Building Blocks Member (Member of the Building Blocks Co-op) really means they will provide an entrepreneur a “business in box”, yet allow the members to control their own business. A variety of marketing programs are available to members that can help increase sales, traffic and profit.
- Services and Convenience. Services and Convenience are keys to success in this industry. These qualities are also strengths of independent hardware retailers. The store needs to be easy to get to and easy to use when the customer walks inside. Our employees have extensive knowledge in high-end client services. This experience will be invaluable for dealing with customers. We will also keep meticulous records about what our customers are looking for and the stock we have.
A delivery program was discussed previously to make ordering products for businesses easy. We will also market to suburban commuters, who can use the convenience of stopping at work to get their products. Happy hour specials to encourage shopping after the five o’clock whistle will be instituted.
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I like to get everything I need for my home maintenance projects in one |
76.3% |
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I enjoy being able shop for home décor products and for building materials |
31.4% |
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A neighborhood hardware store meets most of my home improvement/maintenance needs |
25.8% |
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Most of my purchases are made at a neighborhood hardware shop |
24.1% |
| —Retail Forward, Home Improvement Shopper Update, 2001 |
All these key factors will work together to increase sales and eventually net profit.
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