Thinking about opening a speech and hearing business? We tell you what you need to know to get started.
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Successful Business Plans for Speech & Hearing 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 speech and hearing 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.
Long before you open a speech and hearing business in your area, it's a smart move to find out what the competition looks like. Try our link below to get a list of local competitors near you. After clicking on the link, type in your city, state and zip code to get a list of speech and hearing businesses near you.
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
As part of your due diligence on opening a speech and hearing business, you really ought to talk to somebody who is already in the business. Local competitors are not going to give you the time of day, mind you. It'd be crazy for them to teach you the business.
But, a person who owns a speech and hearing business in another town will be much more likely to talk with you, provided that you won't be directly competing with them. In that case, the business owner may be more than happy to discuss the industry with you. Our estimate is that you may have to contact many business owners to find one who is willing to share his wisdom with you.
How would you find a speech and hearing business entrepreneur who is willing to advise you because you live in different cities?
No problem! Just use the link below and try a random city/state or zipcode. Then start dialing for advice until you are successful.
Acquisitions vs. Startups
Unfortunately, many inexperienced speech and hearing 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 speech and hearing business than to attempt to build one from the ground up.
The good news is that a speech and hearing 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.
Don't Rule Out Franchising
Your odds of achieving your top business goals greatly improve when you join the ranks of franchisees in lieu of doing everything yourself.
Before you get too far along in your plan to open a speech and hearing business, you should investigate whether franchising 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 interviews should be of interest to you.
These additional resources regarding starting a business may be of interest to you.
If you currently own a speech and hearing business, these resources will come in handy:
If you sell to speech and hearing 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.