Plan, plan, plan. That is what it boils down to during the initial development of a new business venture. You cannot simply dive right in, open doors, and expect it to flourish. At best you’ll be disappointed with initial activity; at worst it will sink. It’s all about the business plan. Creating and implementing a plan will set goals for each aspect of the business and will outline every area and employee who will work to ensure these goals are met. A business plan will position your company for success, plain and simple.
It’s time to hit the drawing board. The initial writing of the plan may sound daunting as every single facet within your business will need to be hit upon. It will take extensive research to familiarize yourself with the current market into which you’re stepping. You’ll need to explain in detail what tactics you plan to take in each area of your business in order to align yourself for success. At TWO MEN AND A TRUCK® we understand the fear this can instill, especially for someone coming into a brand new niche. Don’t worry. We have experts within our system who can guide development.
Although every business plan is custom to each market and owner, the following sections are must-haves for creating a thriving business.
Target audience. It is vital to understand who your target audience is within your business’ service area. When opening a new TWO MEN AND A TRUCK® franchise, our owners research the types of residents within the area to determine if they are college student, single home owners, or families. Understanding the demographic will allow you to implement an effective marketing campaign which will both reach and resonate with the desired target audiences.
Competition. Here in the moving industry, we understand all about competition. There are countless moving companies across the nation that promise the best service possible for customers. Learn who you’re competition is and what they offer. This knowledge will equip you with the power to explain to customers that while your competition promises to offer this feature, your business can offer so much more.
Marketing strategy. You need to make a name for yourself within your community and let people know how your business benefits the community. Develop an in-depth strategy which will touch on everything from Internet campaigns to local events you plan to support for further promotion.
Capital investments. Going into your business with a description of the costs to open the business and where you plan to make your initial spending will ultimately aid in later headaches. You must know what it will cost you to initially open up the business, as well as the amount of continued funding necessary to keep it running for years to come.
Goals. What do you hope to see after your business has been open for several months? A year? Ten years? A business plan should outline your goals and what you hope to achieve throughout the development of your business.
Now that you’ve developed a beautifully crafted roadmap, it’s time to share it and assign the tasks. One person cannot run a successful, thriving business – meaning that your employees will be key in carrying out your vision for its operation. The employees need to understand your plan for the business and where they fall in contributing to its execution. An organizational chart can be crafted once all of your employees are in place, detailing what areas they will manage and specifically how they will be doing so. If you do not delegate responsibilities and share your desired goals for the business with your employees, they will not understand your direction which might create inconsistencies and inevitable mishaps later.
It’s all about the follow-through. You can have the best, most-well versed, exceptionally crafted business plan which will propel your business toward victory; however, if it is not followed and merely put on the shelf to collect dust, the business will be jeopardized. Ensure the business plan is accurately followed. Review the plan quarterly each year to determine that every area has been accounted for and look at it to see if adjustments need to be made. These reviews will determine if areas of the plan need to be altered depending on changes surrounding your business’s location.
Again, our experts at TWO MEN AND A TRUCK® will be able to assist throughout the entire process, from the plan’s creation, its delegation, and its final execution to ensure your new business will be nothing short of a triumph.
For information on starting your own TWO MEN AND A TRUCK® franchise location, and to access performance information which is available to prospective owners, click here.