Thinking about opening a solvents business? We tell you what you need to know to get started.
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Elements of a Solvents Company Business Plan
Your solvents company's business plan should be tailored to your business's unique traits and goals. However, the most effective business plans do address specific sound business plan elements:
- Mission Statement – A concise declaration of values, strategy and identity.
- Goals & Objectives – The end results of your company's business activities.
- Financial, Marketing & Action Plans – Each of these plans covers a specific aspect of your solvents business's strategy and direction.
Consider the Competition
Long before you open a solvents business in your area, it's a smart move to determine what the competition looks like. We've provided the link below to help you get a list of local competitors nearby. After following the link, enter your city, state and zip code to get a list of solvents businesses in your area.
How tough is the competition in the market you are considering? If the competition is too tough, you may need to think about starting the business in a different area or even start a completely different business instead.
Studying the Market
Once you've finished assessing the competion, it's essential that you learn from folks who are already in business. If you think your local competitors will give you advice, you're being overoptimistic. Why would they want to educate a future competitor?
However, a fellow entrepreneur who has started a solvents business in a location that is not competitive to you will be much more likely to talk 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.
How do you locate a solvents business manager that lives outside of your area?
We can help. Follow the link below, try a few city/state combos or zipcodes, and then start calling!
Three Arguments for Buying a Solvents Business
For years, street-smart entrepreneurs have known that whenever possible, it's more advantageous to buy an existing solvents business than it is to start one from scratch.
You'll want to conduct a comprehensive due diligence process, but here are three arguments why you should think about buying instead of a startup.
- Proven Profitability. Startups struggle to bring in revenue right out of the gate while existing businesses usually have a steady stream of income.
- Established Operations & Processes. When you're shopping for a solvents business, be sure to look for ones that have all of the necessary processes and systems to ensure seamless operations from your first day of ownership.
- Capital Acquisition. Lenders, investors and other funding sources almost always prefer business purchases to startups.
There are myriad benefits that come from franchising.
As part of your process in starting a solvents business, you may want to assess whether buying a franchise could simplify your entering the business.
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 sell to solvents 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.