Building Your Business Plan for a Home-Services Company

If you have decided to open a new business in the home services category, one of the first things you will want to do is create your business plan. Many people like the home services space because you are not constrained to a traditional brick-and-mortar, your schedule is flexible, and you get to build relationships with clients at their homes. Also, you get to find customers, instead of solely relying on customers coming to you.

All this freedom can have drawbacks if you are not organized in your go-to-market strategy. Here are some ideas to consider when thinking about your business plan to ensure long-term success:

• What is the business concept?
  • Describe the service you plan to provide including the types of products you want to focus on.
• Describe the company in more detail.
  • What is your mission statement? Do you have operating core values? What type of legal structure will own the business? What location or territory will your business cover?
• Do a market analysis.
  • Who is your target market? What are their demographics (age, income level, etc)? What competitors are there in the market? What are their strengths and weaknesses versus yours? What kind of trends are there in the market?
• Detail the services you will be offering.
  • Have you thought about your pricing, duration of installation, and how many team members it takes to complete the job? What aspects of your product are unique or competitive advantages?
• What is your marketing strategy?
  • Think about how you want to promote your brand and what mediums will attract your key buyers. Which customer acquisition strategy will yield the best return on investment? Detail how you will convert leads into paying customers.
• Describe your operations plan.
  • What kind of scheduling format will you follow? Will there be quality control metrics put in place? Who are the supplies and vendors you will be relying on and have you connected with them? How will you integrate technology into the daily operations?
• Build an organization chart.
  • Who are your key personnel? Clearly define everyone’s roles and responsibilities and explain to them how they will contribute to the company’s success.
• Thoroughly analyze the financial plan.
  • Estimate the initial investment needed to launch your business. How much cash will you use compared to outside funding? Factor the monthly payments of any loans into your operating costs. What kind of revenue projections can you forecast? How many jobs will you need to complete to break even?
• Identify potential risks.
  • How many competitors are already well established? Is there seasonality in your market? What kind of regulatory hurdles are there? Outline strategies to mitigate these risks.

To learn how GarageExperts® can help you build your business plan, call us at 214-984-3557 or fill out a form here on our website.