Thinking about opening a phone card business? We tell you what you need to know to get started.
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Characteristics of a Good Phone Card Company Business Plan
Your phone card company's business plan should be tailored to your business's unique traits and goals. Yet good business plans universally hit on sound business plan elements:
- Mission Statement – Your description of your phone card business's reason for existing.
- Goals & Objectives – Goals are broad targets; objectives are the tactics you'll use to reach your goals.
- Financial, Marketing & Action Plans – Each of these plans covers a specific aspect of your phone card business's strategy and direction.
Don't Ignore the Competition
Long before you open a phone card business in your area, it's worthwhile to determine what the competition looks like. We've provided the link below to help you generate a list of competitors in your area. Simply enter your city, state and zip code to get a list of phone card businesses in your town.
Is the local market large enough to support another phone card business? If not, you had better be sure that you are doing things much better than the competition.
Talk to People Who Are Already in the Business
As part of your due diligence on opening a phone card business, you really ought to learn as much as you can from somebody who is already in the business. If you think your local competitors will give you advice, you're being overoptimistic. Why would they want to educate a future competitor?
But, a person who owns a phone card business in a different city may be more than happy to give you a few tips, provided that you won't be directly competing with them. Indeed, many experienced entrepreneurs enjoy offering advice to startup entrepreneurs. It can take a while to find an entrepreneur who is willing to talk, but it's well worth the effort.
What's the best way to find an entrepreneur who is running a phone card business in another community?
We can help. Follow the link below, try a few city/state combos or zipcodes, and then start calling!
Three Arguments for Buying a Phone Card Business
It's almost always preferable to buy a phone card business than to pursue a phone card business startup.
Due diligence and other business buying requirements are essential. But there are several reasons why buying a phone card business may still be your best bet.
- 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 a phone card 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.
- Funding. Lenders, investors and other funding sources almost always prefer business purchases to startups.
Don't Forget About Franchising As an Option
If you want to minimize your chances of failing, it's smart to think through whether there are good franchise opportunities that would be right for you.
Prior to starting a phone card business, you should check out whether purchasing a franchise might be worth investigating.
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 came here to learn about selling to phone card 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.