While starting a business may be more challenging and taxing than any other endeavor for some people, it’s becoming their only option. A lot of the younger generations, specifically, have had it with working conditions, and they simply don’t see themselves working for another person for the rest of their lives. So, they get into the entrepreneurship world and become owners instead of employees.
The hand and power tools industry are very popular nowadays, and a lot of people are considering getting in on that action. But there are quite a few things you need to take into consideration before starting your own hand and power tools business.
The market
While it is a popular field, it’s also a pretty saturated one, which means you can’t just get into the game without doing some market research. First of all, you need to find out what tools people really need, and why other companies have not been able to supply them. More importantly, you have to check out the competition, and you can be certain there is going to be a lot of it.
This will help you understand if the market can handle another hand and power tools provider, as well as see where your competitors’ shortcomings are so you could avoid them.
The cost
There’s a lot of money in this business, if you know what you’re doing. But to get there, you have to consider the initial costs. High-quality hand and power tools aren’t exactly cheap, and if you really want to make something out of your company, you will need a capital to start with. It’d help if you talked with someone in the field, preferably not a direct competitor, so they could give you some insight into this world and how to best get into it.
This also brings us back to the importance of market research, because the last thing you need is spending money on tools that aren’t really in demand in your area.
Marketing plan
Like with any other business, you’re going to need a solid marketing plan if you want to reach a lot of people. Relying on word of mouth isn’t going to cut it anymore, and people most likely won’t open the yellow pages to find a hand and power tools provider. So, you need to have on-ground and digital marketing plans.
Print flyers detailing your services and put them up at stores and markets, or any other place that would have them in your area. More importantly, create a website and social media pages and take advantage of the power and reach the internet gives you. You could land more customers than you can imagine via digital channels, and this is why it is important to create a digital marketing plan.
The kind of tools
You can’t really start a hand and power tools business without carefully considering the kind of equipment you will have in your store. As mentioned earlier, the market research will help you figure out what people really need, but there are essentials that have to be included in your inventory either way—like the scroll saw.
The thing about this type of saw is the fact that it will help users create intricate designs and patterns in wood or several other materials they’re working on. It is a must-have in any workshop, because the level of detail it gives is significantly better than most other hand tools out there.
Safety
Hand and power tools are not just meant to help users get whatever job they’re working on, done, but also provide a level of safety that ensures they wouldn’t get hurt. And this is another factor you have to take into consideration, because the last thing you want is for your brand to have a reputation of offering tools that don’t provide the necessary safety level. So, always make sure you’re going for the tools that not only give the best performance, but also provide a certain kind of protection to the person wielding them.
Durability
A major problem a lot of users face with hand and power tools is the fact that a lot of those aren’t very durable. A consumer doesn’t want to buy a saw or a drill that would malfunction or break down after six months. This is why durability is a very critical angle to consider when creating your selection of hand tools. Performance and safety are imperative, yes, but so is durability, and it’s a feature many users even prefer to the other two.
Seasonality
Consider what power tools you decide to work with. As some power tools for use in garden and yard maintenance are seasonal. For example String Trimmers, and Lawn Mowers are primary summer products. Whilst wood chippers, leaf blowers and chainsaws are used throughout autumn and winter.
Stock management needs careful planning to have the right tools available when demand spikes occur throughout the year.
Functionality
Having a diverse collection of hand and power tools in your inventory is important, and it’s something most consumers would appreciate. But you need to also consider functionality when it comes to the tool. Starting out, you will not have the money needed to get all the equipment you want. So, instead, try going for the ones that have different functions, which will save you money and offer consumers a multifunctional option.
Location
One more thing you have to consider when it comes to this kind of business is the location. For instance, it wouldn’t make much sense to focus mainly on woodworking tools in an area where structures are mostly metal. Taking the geographical position into consideration will help you choose the right products for your up-and-coming business.
Franchising
The thing about a business like this one is the fact that it has so much potential for growth. If you do all the right things—getting the right tools and going with a solid marketing plan—you should definitely start considering franchising. There’s nothing stopping you from taking it slowly, opening one store in a different city after the other.
A hand and power tools business can be extremely rewarding, but it’s also a lot of work. The competition is quite fierce, and if you don’t go the extra mile, your own brand will hardly stand out. The key to success here is a good plan and careful preparation, as well as having a thorough understanding of the market and their advances.