Becoming an Entrepreneur
Starting a Cabinet Installation Business
Opening a cabinet installation business can get you on the path to a secure financial future but it's important to plan out the business in detail before you start. We provide a few secrets on the startup process.
This article gives you all the information you need to start a cabinet installation business.
Becoming an Independent Cabinet Installation Contractor
Kitchens and baths are a $200+ billion industry in the U.S. Does that surprise you? It should -- according to some estimates, that means kitchens and baths earn 7 times more revenue than the movie and recording industries combined!
As a prospective cabinet installation business owner, you're probably already familiar with installation techniques and procedures. But to tap into your share of industry revenues, you will now need to learn how to make the transition from an installation employee to a cabinet installation entrepreneur.
By nature, entrepreneurs are risk-takers. But even though there are no guarantees in entrepreneurism, you can manage your risk by applying sound business and decision-making principles to the ownership task. If the idea of owning and operating your own company sounds intimidating, we recommend connecting with a mentor or local business owners' association for guidance.
HR Advice for New Cabinet Installation Business Owners
Many first-time cabinet installation business owners struggle to adapt to their new role as an employer. Recruiting and supervising installation workers is no picnic, not even for experienced installation entrepreneurs. Here are a few tips to help keep your HR program on track.
- Hire Smart. Many (but not all) employee problems can be traced back to bad hiring decisions. So the best way to ensure a productive workforce is to exercise diligence in the recruitment and hiring process. Experience counts in cabinet installation, but it's not the only characteristic to look for. A solid employment history, great recommendations and personal enthusiasm can sometimes be more important factors than decades of installation experience.
- Engage Your Workforce. Another way to minimize HR snafus is to remember that employers aren't robots -- they're people. Employee commitment is closely tied to employee engagement, i.e. the effort you invest in nurturing your workforce. Personal interaction, respect, recognition and other leadership activities can go a long way toward creating a more engaged and productive team.
- Schedule Periodic Reviews. Ideally, regularly scheduled employee reviews should be an opportunity to encourage your cabinet installers and recognize their contributions to your company's success. But for problem employees, reviews can also be an opportunity to communicate expectations for improvement and if necessary, initiate disciplinary or probationary processes.
Proven Strategies for Cabinet Installation Company Business Plans
The process of writing a business plan for your cabinet installation business can be grueling. If it's comprehensive and well-written, however, your business plan will serve as a strategic anchor point and a calling card for external stakeholders.
After you have written you plan, you'll also need to develop a strategy for your next steps.
Business plan distribution is just as important as business plan creation. Generally, effective distribution models include the incorporation of tracking systems into the company's startup plan.
Investigate the Competition
Prior to opening a cabinet installation business in your town, it's a good idea to determine how many competitors you have. Use the link below to find competitors nearby. After clicking on the link, type in your city, state and zip code to get a list of cabinet installation businesses near you.
Gain a knowledge of how existing firms have positioned themselves in the marketplace, and then design your business in a way that sets you apart from the others.
Getting Advice from Experienced Entrepreneurs
After you've evaluated your local competitors, the next step is to learn from folks who are already in business. It's very unlikely that the local competition will talk to you. What's in it for them?
But, a person who owns a cabinet installation business outside of your community 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. Our estimate is that you may have to contact many business owners to find one who is willing to share his wisdom with you.
How does one quickly and easily locate an entrepreneur who is running a cabinet installation business in another community?
Simple. Let your fingers do the walking by using the link below.
Branding Advantages of Buying a Cabinet Installation Business
Branding a new business takes time, resources and a lot of hard work. Given the choice, most new cabinet installation business owners would prefer to buy an existing brand rather than invest the time and energy it takes to build a new brand.
To compensate, one of the techniques entrepreneurs use is to buy a business to get an established brand. As a startup, the best you can hope for is to gradually develop brand awareness over a period of months and years.
However, a cabinet installation business acquisition can put you at the helm of a brand that is already highly trusted by your target market.
Consider Franchising
Your chances for becoming a successful entrepreneur go up significantly if you opt for franchising in lieu of doing everything yourself.
As part of your process in starting a cabinet installation business, you may want to check out whether there are good franchise opportunities available that might alleviate your startup process.
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.
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