A well-crafted business plan is more than a tool for attracting investors. It can also help you assess your ideal customer and be more effective with your marketing budget.
In the United States, over half a million new small businesses start every month. With that in mind, there are several things you can do to make the dream of your service company a reality! The most important step? A business plan. From dry cleaning to travel agents, every service business needs a road map for success.
When you own a small service business, time is money. A good business plan tells you where to focus your efforts by answering these questions:
- What is your budget for sales and marketing?
- How will you determine the success of your initial marketing tactics?
- How can you adapt if your initial tactics are not a success?
- Can you promote your services yourself, or will you need professional help
Business plans work exceptionally well for service-based businesses. Why? Because they answer the question every consumer is asking.
“How can you solve my problem better than XYZ company?”
You won’t have to make vague statements about why your company is better. In fact, you’ll have a business plan that tells your customers exactly why you’re different. Your business plan for a service company will analyze everything. From market demand to competition weaknesses and strengths, you’ll know it all.
Service-based companies need tools. Whether you’re a barber or an accountant, you’ll have to decide if you have the capital to purchase new assets. A business plan gives you the clarity to make easy decisions. Even if you’re pretty budget-conscious. Should you lease? Buy? Can your projected revenue support buying a new computer. What about opening a second location? You won’t have to guess with a good plan. You’ll have the numbers right there in front of you!