5 Hardware Store Success Stories [2024]
A hardware store sells tools, farm implements, and construction materials such as nails.
To start hardware, decide between opening your hardware store or starting a franchise. A franchise store provides access to an established name, a well-proven operational model, and a reliable supply chain. On the other hand, starting your hardware store lets you make independent decisions about how the business will operate.
Here are some real life success stories of starting a hardware store:
1. Suffolk Latch Company ($840K/year)
When Carl Benson's coat hooks supplier became unreliable, he discovered that the hooks were actually from an Indian manufacturer and cost significantly less. Recognizing this opportunity, Benson started Suffolk Latch Company, specializing in traditional ironmongery, and has experienced a 20% increase in turnover compared to last year.
How much they make: $840K/year
Current team size: 7
Suffolk Latch Company, an online store specialising in traditional and hand forged ironmongery, has experienced a 20% increase in turnover compared to the previous year despite economic turbulence, attracting and retaining customers through a multi-pronged approach of Google ad campaigns, reviews and social media, blog articles, and selling through eBay and Amazon.
2. Mermar Electronics Inc ($6M/year)
decade ago when I was in college, one of the students in my class came up with the idea for a new product. She noticed that there was a need for a lightweight, portable laptop stand that could be easily carried around and used in multiple settings. She conducted market research and found that there was a growing demand for such a product, especially among students and professionals who frequently traveled or worked in different locations. Inspired by this opportunity, she decided to start her own business and develop the laptop stand herself. She launched a successful crowdfunding campaign to raise funds for manufacturing and production, and within a few months, her product was available for sale. Since then, her business has grown significantly and she has expanded her product line to include accessories and other tech gadgets. She attributes her success to identifying a gap in the market and being proactive in addressing it, as well as constantly innovating and adapting to customer needs. Today, she is a respected entrepreneur and her company is a leader in the tech accessories industry.
How much they make: $6M/year
Current team size: 0
Mermar Electronics, a California-based PCB manufacturing and assembly company established in 1974, has served over 100 unique clients and generated $2M in monthly revenue, with plans to upscale to $5M every month through facility expansion.
So... can you actually make money with a hardware store?
Of course. There are millions to be made in this industry.
But how?
- Research real, profitable businesses and see exactly how much money they make.
- Study exactly what works, and what doesn’t.
- Take action, because now you have the roadmap.
Join Starter Story and build your next big thing:
3. Smartbuy Kenya Limited ($360K/year)
Mark, the co-founder of Smartbuy Kenya, came up with the idea for the e-commerce website specializing in electronics after building an e-commerce site for a B2B company he was freelancing for. Recognizing the potential in the industry, Mark and his friend Abdirizak decided to start their own venture, investing in SEO to drive traffic to their site. After months of hard work, their determination paid off, and they started seeing a spike in traffic, leading to the growth of their business, which now generates an average of $30,000 per month.
How much they make: $360K/year
How much did it cost to start: $500
Current team size: 20
Smartbuy Kenya, an e-commerce website specializing in electronics, increased their monthly revenue from $8,000 to $30,000 through investing in SEO, cutting down on ad-marketing costs, and providing quality products and customer service, with plans to expand internationally and diversify their product range.
- 4,818 founder case studies
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- 4,818 founder case studies
- Access to our founder directory
- Live events, courses and recordings
- 8,628 business ideas
- $1M in software savings
- 4,818 founder case studies
- Access to our founder directory
- Live events, courses and recordings
- 8,628 business ideas
- $1M in software savings
- 4,818 founder case studies
- Access to our founder directory
- Live events, courses and recordings
- 8,628 business ideas
- $1M in software savings
- 4,818 founder case studies
- Access to our founder directory
- Live events, courses and recordings
- 8,628 business ideas
- $1M in software savings
- 4,818 founder case studies
- Access to our founder directory
- Live events, courses and recordings
- 8,628 business ideas
- $1M in software savings
- 4,818 founder case studies
- Access to our founder directory
- Live events, courses and recordings
- 8,628 business ideas
- $1M in software savings
- 4,818 founder case studies
- Access to our founder directory
- Live events, courses and recordings
- 8,628 business ideas
- $1M in software savings
