Entrepreneur Idea Guide

Starting a Home Improvement Store

We've collected some good advice that is written for those who are thinking about starting a home improvement store. Read this before you begin your venture.

Thinking about opening a home improvement store? We tell you what you need to know to get started.

Characteristics of a Good Home Improvement Store Business Plan

Your home improvement store's business plan should be tailored to your business's unique traits and goals. However, the most effective business plans do address specific sound business plan elements:

  • Mission Statement � Your description of your home improvement store's reason for existing.
  • Goals & Objectives � A list of mile markers on your home improvement store's road to success.
  • Financial, Marketing & Action Plans � Specific plans that describe your business environment, demographic targets and quantitative estimates.

Don't Ignore Competitors

Prior to opening a home improvement store in your area, it's essential to find out how you will fit in the competitive landscape. We've provided the link below to help you get a list of local competitors nearby. After following the link, enter your city, state and zip code to get a list of home improvement stores in your area.

Before you open up shop, make sure you know what you will offer to your customers that provides a significant advantage over your competition's offering.

Learning More About the Industry

If you are seriously contemplating launching a home improvement store, it's a wise move to talk to somebody who is already in the business. Local competitors are not going to give you the time of day, mind you. It'd be crazy for them to teach you the business.

On the other hand, an individual who has a home improvement store outside of your community can be a great learning resource for you, provided that you won't be directly competing with them. In fact, they are often very willing to share startup advice with you. Our estimate is that you may have to contact many business owners to find one who is willing to share his wisdom with you.

How does one go about finding a home improvement store entrepreneur that lives outside of your area?

Here's how we would do it. Try the useful link below and key in a random city/state or zipcode.

Three Arguments for Buying a Home Improvement Store

It's almost always preferable to buy a home improvement store than to pursue a home improvement store startup.

You'll want to conduct a comprehensive due diligence process, but here are three arguments why you should think about buying instead of a startup.

  • Initial Revenue. If you're careful in your research, the home improvement store you buy will have a track record of profitability � a big plus since it may take months or even years for a startup to turn a profit.
  • Operational Efficiency. Existing businesses are established operations, with the necessary processes, people and other resources already in place.
  • Funding. Lenders, investors and other funding sources almost always prefer business purchases to startups.

Don't Forget About Franchising As an Option

The odds of achieving your primary goal of becoming a successful entrepreneur greatly improve when you franchise instead of doing it all on your own.

Prior to starting a home improvement store, you ought to check out whether there are good franchise opportunities available that might make sense for you.

The link below gives you access to our franchise directory so you can see if there's a franchise opportunity for you. You might even find something that points you in a completely different direction.

More Advice for Startups

These additional resources regarding starting a business may be of interest to you.

LLC Advantages

How to Find Angel Investors

Questions to Ask Before Starting a Business

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Additional Resources for Entrepreneurs

Lists of Venture Capital and Private Equity Firms

Franchise Opportunities

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