A business plan is key to success in the small appliance trade.
Getting a small appliance business can be a way to establish yourself as your own boss and work in an area that you enjoy. People from all walks of life need help with repairing and buying small appliances, so you should be able to attract customers with the right type of business model. As with any business, planning and marketing are key elements, and you should concentrate on these areas in the early stages.
Instructions
1. Devise a strategy for your business. Decide what type of appliances on which you will concentrate and the services you will offer. Will you focus on sales or repair, or both? Think about similar businesses in your locality and try to identify a gap in the market. Will you operate from retail premises or develop an online business? Understanding what you want your small appliance business to achieve is crucial to making it a success.
2. Formulate your business plan. You will need to find a location and storage facility for your business and get your finances in place. If you require financing from a bank, you will need to indicate how your activities will generate results and profit. Your plan needs to show what you want to achieve and how you will do it. Your bank will want to be assured that loans will be repaid, and other investors will want to be given confidence that they will see a return.
3. Find and develop contacts with suppliers. You may be able to quickly identify local suppliers if you have experience in the trade. Another option is to use sites such as Home Improvement Web that provide lists of small appliance wholesalers offering stock in large quantities at discount prices. Concentrate initially on selling or repairing appliances you know well before expanding your services.
4. Advertise your business and work on a marketing strategy. You may want to place ads in local newspapers or distribute leaflets door to door. Try and establish an online advertising presence as well, through developing your own website or publicizing on the Internet. Do this through advertisements and publicizing your business on forums and social networking sites. Referrals from happy customers can be a good source of work in the small appliance trade, so work hard on establishing a good reputation.
5. Develop your business skills. Attend small business workshops and try to sign up for training courses in skills such as book-keeping and marketing. You may have a great knowledge of small appliances, but succeeding in business is a new skill to learn.
Tags: your business, small appliance, appliance business, appliance trade, bank will, business plan, small appliance
