Thinking about opening a ship building and repair equipment and supplies business? We tell you what you need to know to get started.
(article continues below)
How to Create a Winning Ship Building & Repair Equipment & Supplies Company Business Plan
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 ship building and repair equipment and supplies 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.
Take a Look at the Competition
Long before you open a ship building and repair equipment and supplies business within your community, it's worthwhile to determine how strong the competition is. Use the link below to get a list of local competitors in your area. After clicking on the link, type in your city, state and zip code to get a list of ship building and repair equipment and supplies businesses near you.
How are you going to successfully complete with existing firms? It's important that you never underestimate the competition.
Find Good Remote Business Advice
Once you've finished assessing the competion, it's essential that you learn as much as you can from 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?
However, a fellow entrepreneur who has started a ship building and repair equipment and supplies business in a different city will be much more likely to talk with you, as long as they don't view you as a competitive threat. In that case, the business owner may be more than happy to discuss the industry 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.
Do you know how to find a ship building and repair equipment and supplies business owner outside of your area who is willing to talk?
It's easy. Here's a link you can use to find a mentor outside of your area.
Acquisitions vs. Startups
Unfortunately, many inexperienced ship building and repair equipment and supplies business entrepreneurs approach ownership with the mistaken idea that a startup is their only option when they could also pursue a business acquisition.
Both ownership strategies have their benefits and drawbacks. For first-time business owners, it makes more sense to buy an existing ship building and repair equipment and supplies business than to attempt to build one from the ground up.
An acquired ship building and repair equipment and supplies business is a known quantity; a startup is less certain because its forecasts depend on estimated outcomes. 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
Your chances of achieving the entrepreneurial goal of thriving in your new business immediately improve if you decide to franchise and leverage their successful brand and track record.
Before you consider starting a ship building and repair equipment and supplies business, it's worthwhile to investigate whether franchising might make it easy to get started.
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 ship building and repair equipment and supplies business, try these useful resources:
If you sell to ship building and repair equipment and supplies 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.