As many of us spent more time at home last year, we realised that there were improvements that could be made and DIY tasks to carry out. In fact, figures from the Office of National Statistics revealed that by May 2020, there was a 147% increase in the time spent gardening and doing DIY, with Brits spending 39 minutes a day on home improvements.
This trend has continued beyond the initial national lockdown, with 46% of Brits saying they’d planned to attempt some DIY in the run-up to Christmas. As so many of us are still taking the time to care for our homes, it makes sense that you might feel like right now is a great time to set up your own DIY business.
If you’re still in the early stages and want some top tips to help you get started, read on.
Create a business plan
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Plan ahead
Before you do anything else, you’ll need to come up with a solid plan. To do this, consider the basics.
First up, how will you fund your business? Will you need a bank loan, do you have your own personal savings that could cover the setup costs, or can you gather some investors to help you out?
Once you’ve established how you’ll fund your DIY business, you’ll need to build budgets into your plan. Startup costs cover everything from paying for stock and for staff to covering the legal and insurance side of the business, as well as marketing costs so you can get your name out there.
The plan also needs to cover long-term goals. What are your aims beyond launch? How much profit would you need to turnover in order to keep going beyond the first year? Beyond the first five years?
What equipment will you stock?
If your background is in DIY, it’s likely that you’ll already know the reputable brands to stock. As you’re starting a new business, it’s worth planning what you’re selling by DIY area. For instance, you can have a power tools section, a hand-held tools section, as well as toolboxes and kits.
There are other areas to consider too, such as personal protective equipment and work wear, smaller items such as nails and screws, and dedicated garden equipment.
Where will you sell your goods?
Are you going for a high street store or online? There are things to factor in for both.
For instance, if you decide to open a physical store, you’ll need to research locations and rent prices in the area. If you opt for online, you’ll need to invest in a good quality website and make sure you put the time into the SEO to ensure your business is visible.
Whether you want a high street shop or online store, you’ll need to develop a brand to make your business stand out and recognisable. Consider what logo and signage you’ll need and factor this into the budget in your business plan.
Hiring staff
Hiring staff is an essential part of setting up any retail business, however this is especially the case with DIY stores. You need to budget for their salary and invest in a team that can help you sell your products and provide customer support. You need them to understand the products so they can not only get the sale but provide a genuinely useful service for customers. They’re more likely to return if they’ve been treated well by your team.
How many team members will you need? This also needs to be added to your business plan.
Give yourself time to work out the logistics before you jump in. It’ll be worth the effort when your business starts to turnover a profit.
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