Thinking about opening a contractors' equipment and supplies dealers business? We tell you what you need to know to get started.
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How to Create a Winning Contractors' Equipment & Supplies Dealers Company Business Plan
You've heard that a quality business plan is the first step toward a successful contractors' equipment and supplies dealers business.
Although it might seem like an unnecessary formality, your contractors' equipment and supplies dealers 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. If your business plan includes accurate industry metrics and conservative forecasts, your business will be less vulnerable to market fluctuations and catastrophic surprises.
Evaluate the Competition
Prior to launching a contractors' equipment and supplies dealers business in your town, it's a good idea to determine how you will fit in the competitive landscape. Try our link below to get a list of local competitors in your city. Just enter your city, state and zip code to get a list of contractors' equipment and supplies dealers businesses in your community.
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 learn as much as you can from somebody who is already in the business. If you think owners of nearby contractors' equipment and supplies dealers businesses will give you advice, think again. What's in it for them?
Fortunately, somebody who runs a contractors' equipment and supplies dealers business in another town 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. 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.
How would you find a contractors' equipment and supplies dealers business owner outside of your area who is willing to talk?
We can help. Follow the link below, try a few city/state combos or zipcodes, and then start calling!
Acquisitions vs. Startups
Unfortunately, many inexperienced contractors' equipment and supplies dealers 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 contractors' equipment and supplies dealers business than to attempt to build one from the ground up.
Established contractors' equipment and supplies dealers businesses are already equipped with the resources and processes new business owners struggle to acquire. 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 being a successful business owner are much better if you purchase a franchise in lieu of doing everything yourself.
Prior to starting a contractors' equipment and supplies dealers business, you would be wise to assess whether franchising might help you on your entrepreneurial journey.
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 getting started as an entrepreneur may be of interest to you.
If you already are in business and came here to learn about growing an existing contractors' equipment and supplies dealers business, these resources will come in handy:
If you came here to learn about selling to contractors' equipment and supplies dealers businesses, you're in the wrong place. Try these resources instead:
If you are still exploring all of your options, please browse our directory of guides below.