Thinking about opening a project management business? We tell you what you need to know to get started.
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Characteristics of a Good Project Management Company Business Plan
Every business plan is unique. But if it's done right, your project management business's plan should contain a handful of sound business plan elements:
- Mission Statement – A foundational statement of your company's direction and strategy.
- Goals & Objectives – The end results of your company's business activities.
- Financial, Marketing & Action Plans – More detailed descriptions of how you will carry out your mission and achieve your project management business's goals.
Evaluate the Competition
Long before you open a project management business in your town, it's a smart move to see how strong the competition is. We've provided the link below to help you get a list of local competitors in your area. Just enter your city, state and zip code to get a list of project management businesses in your community.
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
If you are seriously contemplating launching a project management business, the next step is to talk to somebody who is already in the business. Local competitors are not going to give you the time of day, mind you. Why would they want to educate a future competitor?
On the other hand, an individual who has a project management business outside of your community may be willing to share their entrepreneurial wisdom with you, provided that you won't be directly competing with them. In fact, they are often very willing to share startup advice with you. If you are persistent, you can find a business mentor who is willing to help you out.
The key question new becomes: how to find a project management business owner 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.
Three Arguments for Buying a Project Management Business
At Gaebler, we think it makes a lot of sense to explore a project management business purchase before committing to a startup.
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. A good project management business should already function like a well-oiled machine.
- Funding. Lenders, investors and other funding sources almost always prefer business purchases to startups.
Is Franchising the Right Option?
Your odds of avoiding failure in business greatly improve if you buy a franchise and benefit from the prior work of others and their lessons learned.
Prior to starting a project management business, you may want to investigate whether buying a franchise could be the right move 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 interviews should be of interest to you.
These additional resources regarding starting a business may be of interest to you.
If you currently own a project management business, these resources will come in handy:
If you sell to project management businesses, you're in the wrong place. These resources are more appropriate for you:
If you are interested in starting a different kind of business, please browse our directory of guides below.