Courtesy-purdueglobal
Hydroponics is the new trend in home gardening. It is more cost-effective, environment and health-friendly. Many growers are turning to this technique. It is slightly upgraded than traditional gardening methods and needs special tools and equipment to manage the production. Hydroponic supplies are available in special hydroponic stores. The industry is becoming highly lucrative, with annual revenue of $654 million. It is fast-growing and therefore it is a good business to open a hydroponic supply store locally.
Business plan – You have to find answers to a few questions to begin with your new business.
What is the set up going to cost? – If you don’t own your space, rent is going to be the biggest expense. Other costs include utilities, supplies, maintenance, insurance and salaries if you hire any staff.
Who are your target customers? – Mostly nature enthusiasts flock hydroponics stores. People who are passionate about having plants close to them need a lot of equipment and supplies like seeds, pots, fertilizer, etc.
In how long the business can achieve its break-even? – A gardening supplies store mainly sells equipment, supplies, aesthetically made containers, as well as consultancy in landscaping and horticulture. Hydroponic stores make sizeable revenue. The store can earn increased revenue by introducing its own brand in supplies and soil nutrients. A business owner who is well versed in the field of horticulture can manage it in an excellent way. These products can be priced in a competitive way and manufactured at a low cost. For instance, compost hardly requires any active raw materials and is easily prepared from food waste.
Financial management – A good accountant can take care of profits and payments for your business.
If you are looking for financial management solutions, Accountants in Pimpana can help you in enhancing your business value.
