Thinking about opening a water bed parts and supplies business? We tell you what you need to know to get started.
(article continues below)
How to Create a Winning Water Bed Parts & Supplies Company Business Plan
If you've done your homework, you already know that writing a business plan is the most critical thing you can do for your company.
The consequences of neglecting your water bed parts and supplies company's business plan can be severe - lenders and investors don't seriously consider funding businesses that lack a viable business plan.
If that's not enough, consider that business plans inoculate your business from common startup mistakes. Lacking a solid business plan, many startups find themselves rudderless and incapable of executing consistent decision making processes, while committed business planners rely on their plans to guide all of their decision making and short-term planning efforts.
Well in advance of opening a water bed parts and supplies business in your area, it's worthwhile to find out how many competitors you have. Try our link below to generate a list of competitors in your city. After following the link, enter your city, state and zip code to get a list of water bed parts and supplies businesses in your area.
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
If you are interested in starting a water bed parts and supplies business, you really ought to speak with somebody who is already 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.
On the other hand, an individual who has a water bed parts and supplies business in a location that is not competitive to you may be willing to share their entrepreneurial wisdom with you, as long as they don't view you as a competitive threat. Indeed, many experienced entrepreneurs enjoy offering advice to startup entrepreneurs. If you are persistent, you can find a business mentor who is willing to help you out.
How does one go about finding an entrepreneur who is running a water bed parts and supplies business in another community?
It's easy. Here's a link you can use to find a mentor outside of your area.
Acquisitions vs. Startups
Unfortunately, many inexperienced water bed parts and supplies business entrepreneurs approach ownership with the mistaken idea that a startup is their only option when they could also pursue a business acquisition.
Unless you have compelling reasons to launch a new business, buying an existing water bed parts and supplies business may be the better choice.
An acquired water bed parts and supplies business is a known quantity; a startup is less certain because its forecasts depend on estimated outcomes. If you're diligent about finding the right acquisition prospect, you may be able to leverage a business buying strategy to rapidly propel yourself into a position of industry leadership.
Don't Rule Out Franchising
Your chances for surviving in business greatly improve when you join the ranks of franchisees instead of doing it all on your own.
Prior to making the decision to open a water bed parts and supplies business, you ought to assess whether buying a franchise could simplify your entering the business.
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 currently own a water bed parts and supplies business, these resources will come in handy:
If you sell to water bed parts and supplies businesses, this isn't the right place for you. Try these resources instead:
If you are still exploring all of your options, please browse our directory of guides below.