Lawn Care Business Forum Lawn Care Business Book Lawn Care Business Blog Lawn Care Software
Home Forum Contract & Flyer Templates Blog Software Videos Podcast Calculators / Estimators Store Mower Review Design It Yourself Lawn Business School

Go Back   GopherHaul Landscaping & Lawn Care Business Marketing Forum > Business > General Business Discussions

General Business Discussions A place to talk about general business discussions.

Gopher-preneur book of the month

General Business Discussions

A place to talk about general business discussions.
Thread Tools Search this Thread
Old 04-04-2005, 11:42 AM
Steve's Avatar
Steve Steve is offline
Join Date: May 2003
Posts: 38,073
Rep Power: 10
Steve has disabled reputation

Gopher-preneur book of the month, April '05, Built from Scratch : How a Couple of Regular Guys Grew The Home Depot from Nothing to $30 Billion

Home Depot was started by Bernie Marcus and Arthur Blank. They had both recently been been fired from another home improvement chain when a friend, Ken Langone, told them this was their chance to make the company they always dreamed about. Neither of them had much in the way of savings and because they were older, they felt their job prospects weren't too good. They were also pretty scared of losing everything they owned if they didn't start making money soon. Ken told them again, now was their golden opportunity to start The Home Depot. Ken believed in Bernie and Arthur's management abilities so much, he was able to raise about two million dollars from investors to start the company.
In 1977 the average markup on products in home improvement stores was 45%. The selection at most stores was limited. The world was waiting for someone to step up to the plate and make things better. The first store opened in Atlanta, Georgia in June of 1979. The store offered a selection people just couldn't believe, a vast warehouse of home improvement products all under one roof. What a great idea! In the beginning, The Home Depot would advertise sales in newspapers that offered a few products steeply discounted to attract customers to their stores. The sale products would quickly sell out and the stores would empty of customers until the next big sale came along. Trying to find a way to break this cycle Bernie and Arthur met with Sam Walton, founder of Walmart. Sam told them he had been down their road in the past. Sam said instead of only getting customers in their stores for the sales, why not drop their prices and lower their markup to offer customers low prices all the time. This would help Home Depot sell more and sell more often. And you know what? Sam was right. The Home Depot adopted this strategy and put many other home improvement retail chains out of business. Stores like Somerville Lumber, Grossman's, HomeQuarters, Channel and Rickel's just couldn't compete. As time went on, The Home Depot expanded it's product line to over 40,000 items and has improved it's ability to reach out to a diverse customer group by offering in store how-to training.
The Home Depot now has over 320,000 employees working at 1,800 stores, with a new store opening every 48 hours on average. This company is a great monument to capitalism at work. Thank you Bernie, Arthur and Ken for helping us improve our homes and our lives.
If you are interested in learning more about Home Depot please read this book "Built from Scratch : How a Couple of Regular Guys Grew The Home Depot from Nothing to $30 Billion" by Bernie Marcus, Arthur Blank, Bob Andelman, we did!
- Subscribe to my Lawn Care Marketing Blog Feed and get daily tips sent to you. Free!
Download your Free trial of Gopher Lawn Care Software.
Reply With Quote

Stop guess-timating. Learn how to estimate and make money! $$$
Mow Time Estimator Lawn Care Price Estimator Mulch and Topsoil Calculator Snow Plow Estimate Calculator



Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On
Forum Jump

» Recent Threads
  RatingTitle, Username, & Date Last Post Replies Views
Say Hello !!!
03-19-2007 11:18 AM
10-21-2016 10:11 AM
by Steve
1,262 446,865
Been here for a while
01-29-2014 04:49 PM
10-12-2016 09:57 AM
by Steve
3 1,550
Any successful one man...
09-26-2016 06:04 AM
10-06-2016 05:07 PM
by WarriorLandscapingCAN
9 801
Is there a sticky about...
10-03-2016 06:08 PM
10-04-2016 09:50 AM
by Steve
1 201
What were your top...
09-13-2016 05:10 PM
09-30-2016 11:49 AM
by AKDave
6 2,542
Define Successful
Fireman Gus
05-10-2012 05:12 PM
09-30-2016 11:39 AM
by AKDave
12 5,855
A quick Intro
08-14-2016 05:17 PM
09-29-2016 12:53 AM
by myrlage
3 1,672
Enter to win Free...
09-25-2016 11:28 AM
09-26-2016 05:41 PM
by Steve
1 577
» Popular Tags
annual apartment become an entrepreneur best mower be your own boss bidding business business education business help business management complex contractor hacks contracts convention converting customer dethatcher edging entrepreneur entrepreneur education estimate estimates fuel problems fuel pump half moon blade intro introduction jjandm lawncare landscape landscape design landscaping landscaping design company landscaping richmond va lawn lawncare lowering grade marketing mulch planting raising grade residential lawn care richmond va richmond virginia lawn care seasonal snowblower snow plowing snow shovel sprayer start a business start a lawn care business start business start up toro timecutter townhome tree tree service web design websites what to charge work from home z-max z-spray
Powered by vBadvanced CMPS v3.1.0

All times are GMT -5. The time now is 06:07 PM.

(C) 2011 Riggs Publications - Terms of use & Privacy Policy

All times are GMT -5. The time now is 06:07 PM.

(C) 2011 Riggs Publications - Terms of use & Privacy Policy