Wondering how to start a hardwood business? We take you step-by-step from start to success.
(article continues below)
How to Create a Winning Hardwood 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 hardwood company's business plan is a document that will shape your goals and strategies on a go-forward basis.
If that's not enough, consider that business plans inoculate your business from common startup mistakes. While other startup hardwood businesses are floundering, your business will be on course for growth and profits, protected by a carefully conceived plan that reflects real world business conditions and your business's unique characteristics.
Take a Look at Competitors
Long before you open a hardwood business in your town, it's a smart move to see how you will fit in the competitive landscape. We've provided the link below to help you generate a list of competitors nearby. Just enter your city, state and zip code to get a list of hardwood businesses in your community.
Gain a knowledge of how existing firms have positioned themselves in the marketplace, and then design your business in a way that sets you apart from the others.
Getting Advice from Experienced Entrepreneurs
Once you've finished assessing the competion, it's a wise move to 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?
Fortunately, somebody who runs a hardwood business in a different city may be willing to share their entrepreneurial wisdom with you, once they realize that you are not going to directly compete with them in their community. 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.
The key question new becomes: how to find a hardwood business founder that lives outside of your area?
It's not that hard. Just use the handy link below and enter in a random city/state or zipcode.
Should I Buy or Launch a Hardwood Business?
Unfortunately, many inexperienced hardwood 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 hardwood business than to attempt to build one from the ground up.
The good news is that a hardwood business acquisition is a recognized name and usually comes with a loyal customer base. In a best case scenario, you'll be able to locate a turnkey operation with proven profitability and a well oiled business model.
Don't Rule Out Franchising
Your chances of achieving the entrepreneurial goal of surviving in business increase if you go the franchising route and benefit from the prior work of others and their lessons learned.
Prior to making the decision to open a hardwood business, you may want to assess whether buying a franchise could 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 additional resources regarding starting a business may be of interest to you.
If you sell to hardwood 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.