Wondering how to start an observatory? We take you step-by-step from start to success.
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Elements of an Observatory Business Plan
Every business plan is unique. However, the most effective business plans do address specific sound business plan elements:
- Mission Statement – Your description of your observatory's reason for existing.
- 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 observatory's strategy and direction.
Evaluate the Competition
Prior to opening an observatory within your community, it's a smart move to find out how you will fit in the competitive landscape. Use the link below to find competitors in your city. Just enter your city, state and zip code to get a list of observatories in your community.
If there's too much competition, it may be wise to consider starting the business in a less competitive marketplace.
Finding a Non-Competitive Business Mentor
If you are interested in starting an observatory, it's a wise move to have a conversation with someone who is in the business. If you think your local competitors will give you advice, you're being overoptimistic. The last thing they want to do is help you to be a better competitor.
But, a person who owns an observatory in a different city may be willing to share their entrepreneurial wisdom with you, after they realize you reside far away from them and won't be stealing their local customers. In fact, they are often very willing to share startup advice with you. 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 an observatory manager in a different locale who can assist you?
No problem! Just use the link below and try a random city/state or zipcode. Then start dialing for advice until you are successful.
Three Arguments for Buying an Observatory
It's almost always preferable to buy an observatory than to pursue an observatory 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. When you're shopping for an observatory, 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. 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.
Explore Franchising Options
Purchasing a franchising lets you take advantage of a proven system developed by the franchisor.
Before you get too far along in your plan to open an observatory, a smart move is to assess whether franchising might 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 already are in business and came here to learn about growing an existing observatory, these resources will come in handy:
If you sell to observatories, we've got better information for you elsewhere on our site. 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.