Thinking about opening a business services business? We tell you what you need to know to get started.
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Best Practices: Business Plans for Business Services Businesses
A great business plan will lay a strong foundation for growth in your startup business services business.
Business plans address a wide range of issues, including startup financials. Since investors and lenders rely heavily on your business plan's financial forecasts, fudged numbers and vague forecasting are a sure way to sabotage your funding efforts.
As a result, we strongly recommend educating yourself in business plan financial basics before finalizing your business plan's financial chapter.
Assess the Competition
Before you open a business services business in your area, it's a good idea to find out how strong the competition is. We've provided the link below to help you get a list of local competitors in your area. Simply enter your city, state and zip code to get a list of business services businesses in your town.
Prior to opening your doors for business, be sure you fully understand the competitive landscape and where your new business will fit in.
Turning Competitors Into Collaborators
If you are seriously contemplating launching a business services business, it's essential that you learn as much as you can from somebody who is already in the business. If you think your local competitors will give you advice, you're being overoptimistic. What's in it for them?
However, a fellow entrepreneur who has started a business services business in another town may be willing to share their entrepreneurial wisdom with you, provided that you won't be directly competing with them. 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 would you find a business services business entrepreneur in another city who you can speak with?
Here's one way to do it. Just use our link below, find somebody and call them.
Business Services Business Acquisitions: Financial Considerations
Startup business services businesses carry a host of financial risks and concerns. Without an operational history, it's hard to predict how your startup will actually perform in the marketplace.
Although there are many benefits to buying an existing business services business, the financial advantages rank near the top of the list. Many entrepreneurs buy an existing business for the sole purpose of tapping into the financial benefits of an established customer base.
But most importantly, existing business services businesses have documented financial histories. Although you can create pro forma earnings and financial statements for a startup, a business-for-sale should have a well-documented, multi-year history of financial performance.
Explore Franchising Options
The four-year survival rate for business startups is less than fifty-percent. Survival rates improve when entrepreneurs launch a business services business franchise. Unlike traditional business models, franchise startups launch with many of the resources and learnings that other startups acquire over time.
The link below will take you to our business services franchise directory where you will find business services business opportunities with some of the nation's leading franchises. Since franchises vary in quality, we recommend carefully researching each potential franchise before you decide on the one that is right for you.
These additional resources regarding starting a business may be of interest to you.
If you currently own a business services business, these resources will come in handy:
If you sell to business services 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.