With the constant high demand for paint due to continuous building and home construction, it can really be profitable to open a paint store to take advantage of the demand. Regular homeowners need paint when renovating their homes. Construction companies need a good and solid supply of paint to complete their construction jobs. Even a small boy may find that he needs paint to repaint his worn down bicycle. The demand is there and so will be the profit. However, starting up a new paint store is not that simple. There are several things that you need to know and accomplish to bring this bright idea to fruition.
Determine the type of paint store. Since you are so intrigued with the idea of opening your own paint store, the very first thing that you need to reflect on is the type of paint store. There are actually only two options. It is either to franchise a paint store or start one up with a private brand. The latter is usually the tougher option since you will need to set up and build your own brand. Franchising a paint store is a better option because it will provide you with a popular brand that already has credibility. Furthermore, the franchise support that they will give you is usually more than enough to get you started and acquire customers quickly. A private brand will need a large infusion of capital and a lot of time to build your brand name.
Familiarize yourself with the business. The next step in the process should be an in-depth study of paint and its business. You will need to know the different types and kinds of paint available in the market include the demands and supplier of these demands. In addition, it is highly recommended that you gather as much information from other paint stores in the area or in another city. All these data will help you develop a wider perspective in the business and assist you in creating a solid business plan.
Create a business plan and secure your capital. Once you have gathered the necessary data to make an informed decision about your plans, put them down on paper and create a business plan. Include your goals, objectives, financial projections, and marketing plans in the business plan. You will need to have a solid business plan if you are planning to secure a loan as capital for the business. If you are planning to use your own money, the business plan will give you an idea on the return and how much it will cost you to set things up.
Set it up. Find a suitable location and renovate the place suited to a paint store. If you went with the franchise, it is possible that they will require certain dimensions and designs in the place. Follow this to the letter. While in process, establish the supply chain for you to get a hold of the various paint products that you will be selling in your store. If you are a private store brand, then you will need to cultivate relationships with various branded paint suppliers. You can opt to sell rebranded paint named by you as well. If you went with a franchise, then you will not have to deal too much with this aspect since the franchiser will take care of this for you. When that is done, proceed with hiring your store staff. Finally, advertising and marketing is all that is left. Get some press releases, flyers, and radio ads out. Newspaper ads will do nicely as well. Hire some sales people to establish relationships with various constructions companies with the objective of supplying them paint for their business.
If everything is done to the letter and you aggressively market your products, you will surely see an influx of customers that will then translate to wads of cash being deposited to your bank account regularly.