Thinking about opening a feeders business? We tell you what you need to know to get started.
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Successful Business Plans for Feeders Businesses
If you've done your homework, you already know that writing a business plan is the most critical thing you can do for your company.
Although it might seem like an unnecessary formality, your feeders company's business plan is a document that will shape your goals and strategies on a go-forward basis.
Furthermore, a good business plan will help you avoid key startup mistakes. Lacking a solid business plan, many startups find themselves rudderless and incapable of executing consistent decision making processes, while committed business planners rely on their plans to guide all of their decision making and short-term planning efforts.
Evaluate the Competition
Well in advance of opening a feeders business in your town, it's essential to determine how strong the competition is. Use the link below to get a list of local competitors near you. Just enter your city, state and zip code to get a list of feeders businesses in your community.
How tough is the competition in the market you are considering? If the competition is too tough, you may need to think about starting the business in a different area or even start a completely different business instead.
Studying the Market
If you want to open a feeders business the next step is to learn as much as you can from somebody who is already in the business. If you think owners of nearby feeders businesses will give you advice, think again. The last thing they want to do is help you to be a better competitor.
On the other hand, an individual who has a feeders business in a location that is not competitive to you may be willing to share their entrepreneurial wisdom with you, given that you don't compete with them in their area. In fact, they are often very willing to share startup advice with you. 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.
Where do you find a feeders business entrepreneur on the other side of the country to talk to?
Simple. Let your fingers do the walking by using the link below.
Acquisitions vs. Startups
Unfortunately, many inexperienced feeders business entrepreneurs approach ownership with the mistaken idea that a startup is their only option when they could also pursue a business acquisition.
Unless you have compelling reasons to launch a new business, buying an existing feeders business may be the better choice.
The good news is that a feeders business acquisition is a recognized name and usually comes with a loyal customer base. If you're diligent about finding the right acquisition prospect, you may be able to leverage a business buying strategy to rapidly propel yourself into a position of industry leadership.
Consider Buying a Franchise
You should know that your odds of thriving in your new business are substantially improved when you choose to franchise in lieu of doing everything yourself.
Before starting a feeders business, it's worthwhile to check out whether there are good franchise opportunities available that might help you on your entrepreneurial journey.
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 already are in business and came here to learn about growing an existing feeders business, try these useful resources:
If you sell to feeders businesses, this isn't the right place for you. Try these resources instead:
If you are interested in starting a different kind of business, please browse our directory of guides below.