Opening an asphalt pavement repair and maintenance business? This article guides you through the first steps of business ownership.
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Elements of an Asphalt Pavement Repair & Maintenance 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 – Your description of your asphalt pavement repair and maintenance business's reason for existing.
- Goals & Objectives – Goals are broad targets; objectives are the tactics you'll use to reach your goals.
- Financial, Marketing & Action Plans – Specific plans that describe your business environment, demographic targets and quantitative estimates.
Don't Overlook the Competition
Prior to launching an asphalt pavement repair and maintenance business within your community, it's a smart move to find out how you will fit in the competitive landscape. We've provided the link below to help you get a list of local competitors in your city. Complete the form by entering your city, state and zip code to get a list of asphalt pavement repair and maintenance businesses that are close by.
If there's too much competition, it may be wise to consider starting the business in a less competitive marketplace.
Finding a Non-Competitive Business Mentor
After you've evaluated your local competitors, it's a wise move to learn from folks who are already in 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 an asphalt pavement repair and maintenance business in a different city may be more than happy to give you a few tips, 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.
Where can you find an asphalt pavement repair and maintenance business founder in another community?
It's not that hard. Just use the handy link below and enter in a random city/state or zipcode.
Three Arguments for Buying an Asphalt Pavement Repair & Maintenance Business
It's almost always preferable to buy an asphalt pavement repair and maintenance business than to pursue an asphalt pavement repair and maintenance 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. Startups struggle to bring in revenue right out of the gate while existing businesses usually have a steady stream of income.
- Operational Efficiency. When you're shopping for an asphalt pavement repair and maintenance business, be sure to look for ones that have all of the necessary processes and systems to ensure seamless operations from your first day of ownership.
- 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.
Don't Forget About Franchising As an Option
If you prefer to partner with others to launch your new business, it might be wise to contemplate the pros and cons of franchising.
Prior to making the decision to open an asphalt pavement repair and maintenance business, you should check out whether buying a franchise could simplify your entering the business.
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 asphalt pavement repair and maintenance business, these resources will come in handy:
If you came here to learn about selling to asphalt pavement repair and maintenance 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.