Thinking about opening a community homes business? We tell you what you need to know to get started.
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Best Practices: Business Plans for Community Homes Businesses
A great business plan will lay a strong foundation for growth in your startup community homes business.
Business plans address a wide range of issues, including startup financials. Not surprisingly, lenders immediately turn to the financial section and use the accuracy of your forecasts to gauge the value of other parts of the plan.
Subsequently, a thorough understanding of business plan financial basics is a prerequisite to effective business plan writing for community homes businesses.
Long before you open a community homes business in your town, it's a good idea to determine what the competition looks like. Use the link below to generate a list of competitors in your area. After clicking on the link, type in your city, state and zip code to get a list of community homes businesses near you.
Before you open up shop, make sure you know what you will offer to your customers that provides a significant advantage over your competition's offering.
Learning More About the Industry
Once you've finished assessing the competion, you really ought to learn as much as you can from somebody who is already in the business. If you think your local competitors will give you advice, you're being overoptimistic. It'd be crazy for them to teach you the business.
Fortunately, somebody who runs a community homes business outside of your community may be willing to share their entrepreneurial wisdom with you, as long as they don't view you as a competitive threat. Indeed, many experienced entrepreneurs enjoy offering advice to startup entrepreneurs. It can take a while to find an entrepreneur who is willing to talk, but it's well worth the effort.
Where do you find somebody who runs a community homes business who is willing to talk to you but doesn't live nearby?
Simple. Let your fingers do the walking by using the link below.
Community Homes Business Acquisitions: Financial Considerations
You've invested a lot of time and effort in planning your startup. But here's something you probably don't know: Startup community homes businesses consistently fail to achieve the financial performance of acquired community homes businesses.
One of the ways to mitigate the financial risk of a startup is to modify your approach to tap into the financial benefits of buying an existing community homes business. Established community homes businesses have reliable revenue streams and loyal customer bases – both of which will shape your company's financial landscape.
An acquired business also has documented assets and earnings - a big advantage with lenders and investors.
Franchising May Be a Better Way to Go
If this is your first venture, you ought to check into buying a franchise rather than starting a business from scratch.
If your goal is to start a community homes business, you ought to determine whether there are good franchise opportunities available that might be the right move for you.
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.
These additional resources regarding starting a business may be of interest to you.
If you came here to learn about selling to community homes businesses, you're in the wrong place. These resources are more appropriate for you:
If you are interested in starting a different kind of business, please browse our directory of guides below.