Thinking about opening a lighting maintenance business? We tell you what you need to know to get started.
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Core Characteristics of Lighting Maintenance Company Business Plans
Your lighting maintenance company's business plan needs to be tailored to your personal and professional goals while at the same time maintaining a consistency with other business plans, particularly in the critical business plan components that most business experts consider to be essential.
The mandatory components of a lighting maintenance company business plan include an executive summary, mission statement, strategic overview, financial plan, marketing plan and timetable. Without these elements, your plan will have limited use to lenders, investors and other stakeholders..
But in today's business environment, it's also important to discuss the external factors your lighting maintenance business is facing. As a rule, we recommend including a PEST (Political, Economic, Social & Technological) analysis in your business plan as a way of addressing potential threats and opportunities at the macro level.
Don't Ignore Competitors
Prior to opening a lighting maintenance business in your town, it's worthwhile to find out what the competition looks like. We've provided the link below to help you find competitors in your city. After following the link, enter your city, state and zip code to get a list of lighting maintenance businesses in your area.
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 essential that you talk to somebody who is already in the business. If you think owners of nearby lighting maintenance businesses will give you advice, think again. Why would they want to educate a future competitor?
Thankfully, an owner of a a lighting maintenance business in a location that is not competitive to you may be willing to share their entrepreneurial wisdom with you, as long as they don't view you as a competitive threat. Many business owners are happy to give advice to new entrepreneurs. 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 lighting maintenance business manager that lives outside of your area?
It's easy. Here's a link you can use to find a mentor outside of your area.
Advice for Acquiring a Lighting Maintenance Business
Many entrepreneurs elect to acquire a profitable lighting maintenance business instead of navigating the challenges of a business startup.
But without adequate financing, your plans to own a first-rate lighting maintenance business are going nowhere. If you're prepared to deal with lender requirements, you'll find that lenders are more open to financing established operations than they are to take a chance on a startup.
Our Business Acquisition Financing Tips have the information you need to successfully navigate the challenges of financing your new business.
Franchising May Be a Better Way to Go
Purchasing a franchise doesn't mean you still can't fail but does make everything a lot easier.
Before starting a lighting maintenance business, you may want to investigate whether buying a franchise could 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 starting a business may be of interest to you.
If you currently own a lighting maintenance business, these resources will come in handy:
If you came here to learn about selling to lighting maintenance businesses, you're in the wrong place. Try these resources instead:
If you are interested in starting a different kind of business, please browse our directory of guides below.