Starting a backflow device installation, testing, and service business? This is an ideal guide to newcomers to the business.
(article continues below)
Business Plans 101 for Backflow Device Installation, Testing, & Service Business Startups
Startup entrepreneurs slave over the creation of their business plans, investing countless hours in the details of their startup strategy. Now it's time to address details about your industry.
Industry analyses are standard chapters in backflow device installation, testing, and service company business plans and are often required by lenders or investors. Industry analyses are critical for contextualizing your startup within an industry setting.
Although you'll need to provide the right information, you'll also need to be careful to avoid common industry analysis mistakes because the wrong tone and content here could negate all of the hard work you've invested in the rest of your business plan.
Review the Competition
Prior to opening a backflow device installation, testing, and service business in your area, it's essential to see how strong the competition is. We've provided the link below to help you find competitors near you. Complete the form by entering your city, state and zip code to get a list of backflow device installation, testing, and service businesses that are close by.
It's important to be aware of what the competition is doing. Take the time to visit the competition to properly assess their strengths and weaknesses.
A Good Source of Advice
After you've evaluated your local competitors, it's essential that you talk to somebody who is already in the business. It's very unlikely that the local competition will talk to you. What's in it for them?
On the other hand, an individual who has a backflow device installation, testing, and service business outside of your community may be willing to share their entrepreneurial wisdom with you, once they realize that you are not going to directly compete with them in their community. Indeed, many experienced entrepreneurs enjoy offering advice to startup entrepreneurs. In my experience, you may have to call ten business owners in order to find one who is willing to share his wisdom with you.
Want the scoop on finding an entrepreneur who is running a backflow device installation, testing, and service business in a different locale who can assist you?
Here's how we would do it. Try the useful link below and key in a random city/state or zipcode.
Gaining Access to Backflow Device Installation, Testing, & Service Business Ownership
Common sense will tell you that to enter the world of backflow device installation, testing, and service business, you'll either need to start a new business or acquire a promising company on the business-for-sale marketplace. But despite the attraction startups have for many entrepreneurs, you should also consider the benefits of buying a backflow device installation, testing, and service business.
If you're on the fence consider this: There has never been a better time to acquire a backflow device installation, testing, and service business. The down economy has resulted in a glut of available businesses, many of which can be acquired for bargain prices.
Franchising May Be a Better Way to Go
Your chances for making a success of your new business are greatly increased when you franchise and leverage their successful brand and track record.
As part of your process in starting a backflow device installation, testing, and service business, you should check out whether purchasing a franchise might alleviate your startup process.
The link below gives you access to our franchise directory so you can see if there's a franchise opportunity for you. You might even find something that points you in a completely different direction.
Relevant Industry Associations
To learn more about the industry, join the Association of State Floodplain Managers. In addition, there are likely local associations you should join. For example, in Illinois, where we are based, there is the Illinois Association of Storm Water and Floodplain Managers. Many states, and countries if you are abroad, will have similar associations that you can join.
These additional resources regarding getting started as an entrepreneur may be of interest to you.
If you currently own a backflow device installation, testing, and service business, these resources will come in handy:
If you sell to backflow device installation, testing, and service businesses, you're in the wrong place. These resources are more appropriate for you:
If you are still exploring all of your options, please browse our directory of guides below.