Thinking about opening a drivers ed business? We tell you what you need to know to get started.
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Characteristics of a Good Drivers Ed Company Business Plan
Your drivers ed 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 drivers ed business's reason for existing.
- Goals & Objectives – A list of mile markers on your drivers ed business's road to success.
- Financial, Marketing & Action Plans – Specific plans that describe your business environment, demographic targets and quantitative estimates.
Well in advance of opening a drivers ed business in your town, it's worthwhile to find out how strong the competition is. We've provided the link below to help you find competitors in your city. After clicking on the link, type in your city, state and zip code to get a list of drivers ed businesses near you.
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
After you've evaluated your local competitors, it's a wise move to have a conversation with someone who is in the business. It's very unlikely that the local competition will talk to you. It'd be crazy for them to teach you the business.
On the other hand, an individual who has a drivers ed business in a different city may be more than happy to give you a few tips, 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.
The key question new becomes: how to find a drivers ed business entrepreneur in another city who you can speak with?
It's easy. Here's a link you can use to find a mentor outside of your area.
Three Arguments for Buying a Drivers Ed Business
It's almost always preferable to buy a drivers ed business than to pursue a drivers ed business startup.
Although buyers should always perform thorough due diligence, there at least three reasons you should consider a drivers ed business purchase as your entryway to business ownership.
- Initial Revenue. 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 drivers ed 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. In general, it's easier to finance an existing business than it is to fund a startup. While a startup only exists on paper (initially), established businesses have the benefit of historical earnings statements and tangible assets.
Is Franchising the Right Option?
Starting a business via franchising does not mean that can take it easy and just be in cruise control but it can mitigate many risks that increase your chance of failure.
Before opening a drivers ed business, you would be wise 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 already are in business and came here to learn about growing an existing drivers ed business, try these useful resources:
If you sell to drivers ed businesses, you're in the wrong place. Try these resources instead:
If you are still exploring all of your options, please browse our directory of guides below.