Franchise Spotlight: Hardware
Hardware franchises benefit from an enormous B2B market and a growing market for home improvements.
Those in the hardware or home improvement sector are the go-to for DIY equipment, outdoor and garden materials and furniture, building materials and the like. Homeowners often come to rely on their favourite store to give them advice as well as supplies for their home maintenance.
Of course, businesses in this sector not only rely on B2C trade but can also find themselves selling to professional tradespeople. Different franchises will focus on different markets so think about the one that is right for you when deciding on which franchise to buy.
Hardware industry analysis
Owning a hardware franchise will not require that you have specific experience in the industry. Rather, keen interest is advisable with a good knowledge of products. As well as this, you will need to be willing to interreact with customers and have an entrepreneurial spirit.
Of course, if you plan to hire people, you will also need to have good management skills. Luckily, becoming a franchisee will allow you to take advantage of tried and tested systems so your ability to follow these instead of creating them is required.
One of the advantages of buying a franchise in this sector is the help that you will get in finding a prime location. Franchisors are careful about the locations that they choose for their franchisees. Franchises will also have bulk buying power which will give you an advantage in retail.
While retail has increasingly moved online, franchises have the resources to create effective ecommerce platforms running alongside bricks and mortar store. However, don’t underestimate the edge that in-person advice a hardware store can have in this industry.