Now let’s discuss the art and science of selling faucets. We’ve broken down the process of outlining your business and getting its operations up and running in 11 broadly outlined steps.
Find Your Niche
Are you going to deal with commercial or home-use faucets? Do you want to sell designer faucets or something more entry-level? Will your customers are individuals or companies and what kind of individual or company do you want to target?
Draw Up a Preliminary Business Plan
Once you have some idea of what kind of niche you are targeting in the market, start writing down a preliminary business plan. This can include a list of to-do items as well as other suggestions.
Get Expert Advice
Seek out the leaders in your field and model their behavior. Find faucet stores online that you like and copy what they are doing if it is working. This is called benchmarking and it is one of the quickest ways for a startup to get going in the market.
Sketch Out Your Finances
How is the company going to fund itself and what will be its income streams? Will you need to rent space or is will you house your business out of an existing property you own? Will you need a loan or credit line of any kind? Answer those questions at this stage.
Figure Out Your Business Location
This is in reference to being an online play or and online plus brick-and-mortar outlet. While there are obvious costs associated with having a physical location, there might be huge benefits as well – especially if you plan on working heavily with local contractors and firms.
Devise a Company Structure
Outline how the company is going to organize itself and what the chain of command ideally would be.
Name the Business
Come up with a name that makes sense and, if possible, tells the customer something about your business. Of course, if you want to design and market your own faucets, the name can be a critically important aspect of your business.
Set Up Financials
Open up a checking account, establish a credit line, and get all of your other financials up and running so that you can begin building your faucet business.
Think About Branding
You may want to enlist a marketing and design expert to help you with the logos and branding of your business. Again, this is doubly important if you want to market your own ideas.
Establish an Online Presence
Consider hiring an expert web designer and e-commerce specialist to help you build out your online presence.
Build Your Team
While some work, in the beginning, can be farmed out to others (such as your website and even your payroll), you may need staff to assist you with other aspects of the business. Consult your business hierarchy chart and adjust as necessary if you find you need help at some point.