Thinking about opening a light bulbs and tubes retail business? We tell you what you need to know to get started.
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Successful Business Plans for Light Bulbs & Tubes Retail Businesses
By now, you're probably tired of hearing how important a good business plan is to your light bulbs and tubes retail business startup.
We'll add one more voice to the chorus – writing a solid business plan is the most important thing you can do for your startup. If you take your business plan seriously, the end product will be a document that will guide your company through the critical first year and beyond.
If that's not enough, consider that business plans inoculate your business from common startup mistakes. While other startup light bulbs and tubes retail 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.
Check Out the Competition
Prior to opening a light bulbs and tubes retail business within your community, it's a good idea to see how strong the competition is. Try our link below to get a list of local competitors in your area. After following the link, enter your city, state and zip code to get a list of light bulbs and tubes retail businesses in your area.
Is the local market large enough to support another light bulbs and tubes retail business? If not, you had better be sure that you are doing things much better than the competition.
Talk to People Who Are Already in the Business
After you've evaluated your local competitors, it's a wise move to talk to somebody who is already in the business. Local competitors are not going to give you the time of day, mind you. What's in it for them?
However, a fellow entrepreneur who has started a light bulbs and tubes retail business in another town may be more than happy to give you a few tips, as long as they don't view you as a competitive threat. Indeed, many experienced entrepreneurs enjoy offering advice to startup entrepreneurs. 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 can an aspiring entrepreneur like you find an owner of a light bulbs and tubes retail business who is willing to advise you because you live in different cities?
Here's how we would do it. Try the useful link below and key in a random city/state or zipcode.
Acquisitions vs. Startups
Unfortunately, many inexperienced light bulbs and tubes retail business entrepreneurs approach ownership with the mistaken idea that a startup is their only option when they could also pursue a business acquisition.
Unless you have compelling reasons to launch a new business, buying an existing light bulbs and tubes retail business may be the better choice.
An acquired light bulbs and tubes retail business is a known quantity; a startup is less certain because its forecasts depend on estimated outcomes. 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 Forget About Franchising As an Option
As an entrepreneur, your chances surviving in business are substantially improved when you opt to franchise and leverage their successful brand and track record.
Before you consider starting a light bulbs and tubes retail business, a smart move is to assess whether franchise opportunities in your space might make your life much easier.
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 currently own a light bulbs and tubes retail business, these resources will come in handy:
If you sell to light bulbs and tubes retail businesses, we've got better information for you elsewhere on our site. These resources are more appropriate for you:
If you are still exploring all of your options, please browse our directory of guides below.