Thinking about opening a home office equipment and services business? We tell you what you need to know to get started.
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Best Practices: Business Plans for Home Office Equipment & Services Businesses
Struggling to get the attention of lenders and investors? Maybe it's because you're lacking a high quality business plan.
Business plans address a wide range of issues, including startup financials. The financial chapter of your business plan is one of the first places investors and lenders look, so it needs to contain forecasts and budgets that are rooted in business realities rather than your personal best case scenario.
With so much riding on your business plan, we recommend getting a firm grasp on business plan financial basics before you start writing the other parts of your business plan.
Don't Overlook Competitors
Well in advance of opening a home office equipment and services business in your area, it's a good idea to determine what the competition looks like. Try our link below to find competitors in your area. After clicking on the link, type in your city, state and zip code to get a list of home office equipment and services 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 home office equipment and services business, you really ought to talk to somebody who is already in the business. If you think owners of nearby home office equipment and services businesses will give you advice, think again. Why would they want to educate a future competitor?
However, an entrepreneur who owns a home office equipment and services business in a location that is not competitive to you may be more than happy to give you a few tips, as long as they don't view you as a competitive threat. 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 do you locate a home office equipment and services business owner outside of your area who is willing to talk?
No problem! Just use the link below and try a random city/state or zipcode. Then start dialing for advice until you are successful.
Home Office Equipment & Services Business Acquisitions: Financial Considerations
Startup home office equipment and 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.
Financial risk management requires you to at least consider the possibility of setting your startup plans aside to explore acquisition opportunities. At a minimum, it's worth exploring the financial benefits of buying a business to get an established customer base.
An acquired business also has documented assets and earnings - a big advantage with lenders and investors.
Explore Franchising Options
Your odds of surviving in business increase if you decide to franchise instead of doing it all on your own.
Before opening a home office equipment and services business, it's worthwhile to assess whether purchasing a franchise might increase your chances of success.
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 home office equipment and services business, these resources will come in handy:
If you sell to home office equipment and services 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.