Thinking about opening an estate planning and administration business? We tell you what you need to know to get started.
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Characteristics of a Good Estate Planning & Administration Company Business Plan
Your estate planning and administration 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 – Your description of your estate planning and administration business's reason for existing.
- Goals & Objectives – The end results of your company's business activities.
- Financial, Marketing & Action Plans – Specific plans that describe your business environment, demographic targets and quantitative estimates.
Long before you open an estate planning and administration business in your area, it's a good idea to see how many competitors you have. Use the link below to get a list of local competitors in your city. Just enter your city, state and zip code to get a list of estate planning and administration businesses in your community.
Is the established competition doing a good job? It's important to understand their strengths and weaknesses and think through how you'll stake up against those established businesses.
Learn from Others Who Are Already In This Space
After you've evaluated your local competitors, you really ought to learn as much as you can from 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, an entrepreneur who owns an estate planning and administration business on the other side of the country 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. 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.
Do you know how to find an entrepreneur who is running an estate planning and administration business in another city who you can speak with?
Here's how we would do it. Try the useful link below and key in a random city/state or zipcode.
Top Three Reasons to Buy an Established Estate Planning & Administration Business
For years, street-smart entrepreneurs have known that whenever possible, it's more advantageous to buy an existing estate planning and administration 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.
- Initial Revenue. Startups struggle to bring in revenue right out of the gate while existing businesses usually have a steady stream of income.
- Operational Efficiency. Existing businesses are established operations, with the necessary processes, people and other resources already in place.
- Funding. With several years of operations under its belt, a purchased company is much more appealing to lenders and investors interested in avoiding the risk of an unproven startup.
Is Franchising the Right Option?
Your odds of becoming a successful entrepreneur are much greater if you purchase a franchise rather than going it alone.
If you planning on starting an estate planning and administration business, it's worthwhile to investigate whether franchise opportunities in your space might make sense 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 currently own an estate planning and administration business, these resources will come in handy:
If you sell to estate planning and administration 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.