Want information on how to start a machine shops business? We walk you through the most important things you need to know.
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Elements of a Machine Shops Company Business Plan
Looking for a one-size-fits-all business plan? Good luck. . . because it doesn't exist. However, the most effective business plans do address specific sound business plan elements:
- Mission Statement – A foundational statement of your company's direction and strategy.
- Goals & Objectives – Goals are broad targets; objectives are the tactics you'll use to reach your goals.
- Financial, Marketing & Action Plans – Each of these plans covers a specific aspect of your machine shops business's strategy and direction.
Investigate the Competition
Well in advance of opening a machine shops business in your town, it's a good idea to find out how many competitors you have. Use the link below to find competitors near you. After clicking on the link, type in your city, state and zip code to get a list of machine shops 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, it's a smart move to talk to somebody who is already in the business. If you think owners of nearby machine shops businesses will give you advice, think again. Why would they want to educate a future competitor?
But, a person who owns a machine shops business in another town may be willing to share their entrepreneurial wisdom with you, after they realize you reside far away from them and won't be stealing their local customers. In fact, they are often very willing to share startup advice with you. It can take a while to find an entrepreneur who is willing to talk, but it's well worth the effort.
Do you know how to find a machine shops business entrepreneur in another city who you can speak with?
It's not that hard. Just use the handy link below and enter in a random city/state or zipcode.
Three Arguments for Buying a Machine Shops Business
It's almost always preferable to buy a machine shops business than to pursue a machine shops business startup.
You'll want to conduct a comprehensive due diligence process, but here are three arguments why you should think about buying instead of a startup.
- Initial Revenue. If you're careful in your research, the machine shops business you buy will have a track record of profitability – a big plus since it may take months or even years for a startup to turn a profit.
- Established Operations & Processes. Existing businesses are established operations, with the necessary processes, people and other resources already in place.
- Capital Acquisition. In general, it's easier to finance an existing business than it is to fund a startup. While a startup only exists on paper (initially), established businesses have the benefit of historical earnings statements and tangible assets.
Consider Buying a Franchise
Your chances for doing well with your venture increase when you choose to franchise instead of doing it all on your own.
Before opening a machine shops business, it's worthwhile to check out whether there are good franchise opportunities available that might increase your chances of success.
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 machine shops business, these resources will come in handy:
If you sell to machine shops businesses, this isn't the right place for you. 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.