Running your own drainage franchise business can be a massively rewarding and enjoyable venture. But it all starts with a good business plan, so if you’re thinking of starting your own business in the drainage sector, here’s what you need to put together a great business plan.
The drainage industry has been one of the few sectors to buck the negative economic news of the last 18 months. As a result, more and more people are looking at moving into this busy and demanding industry.
Dealing with billions of litres of water on a daily basis, no two days will ever be the same in this industry. If that all sounds exciting, you could be the ideal candidate to run your own drainage business. First things first, you’ll need to write a sharp business plan. Here’s what you need to know.
How to build a business plan for a restaurant franchise
Generally, you’ll need to tailor your business plan to the specific audience that will be reading it. If you’re going to the bank for a loan or pitching to a potential franchisor, you’ll need to tailor your plan accordingly. However, there are a number of essentials that should always be included. These are:
- An executive summary
- Business description
- Product /service descriptions
- Pricing and financial details
- Sales, marketing and promotional summary
- Premises plans
This isn’t an exhaustive list and there will always be some tailoring involved, however, what will really make your business plan stand out are a number of important features. So here are 5 key tips to make your drainage business really stand out.
>> Read more:
1. A rough equipment inventory
In the drainage industry, your business will only be as good as the tools at your disposal. While you won’t necessarily want to list an exhaustive amount of equipment, as your franchisor will likely have a say in your final inventory, but it's worth showing you have a good understanding of the equipment you will need.
List everything from vans to on-the-job tools to safety and security equipment. By showing your knowledge of the sector, best practices, and understanding of the tools necessary to get the job done, you’ll really stand out to your potential franchisor.
Again, you can expect any franchisor to have an input on your final location, but if you’re able to outline a few possible locations and reasons why they suit your business’ needs, you’ll be showing that you’re paying attention right down to the small details.
And don’t stop there. Detail any expectations or ideas you have for the store itself. Mention ideal office space, heating, cleaning, floor space and everything in between. This level of attention to detail will really help your business plan stand out.
This is a very competitive sector, with lots of different businesses offering different services with different price points. Give a rough indication of where you want to price your business and how it fits into the local market? Is it more or less expensive than local competitors? Does it allow you to specialise your services? Is there demand for services at your price point?
4. Customer service
Pricing will only take you so far, but having exceptional customer service in a franchise is the sort of thing that can really make the difference between a successful business and a failed one. You could have laid out an exceptional plan, found a perfect location, and be set on providing the most cost-effective service in your area, but if your customer service is poor, you can wave goodbye to new and existing customers.
Businesses, especially in an industry as competitive as this one, no longer have the benefit of just doing a simple service, so you should be prepared with one or two strategies for how you intend to upsell, retain and gain new customers by providing the best service.
Since people today have so many buying choices and substitutes, you can no longer afford to ignore the importance of providing great experiences to your customers. Identifying key demands [...], gathering feedback [...] and applying trends will help you improve customer satisfaction – and subsequently generate more revenue and sales.
—Adeel Qayum, Oberlo
5. Research your competitors
Any business plan without a comprehensive assessment of your competitors, their strengths, weaknesses, advantages and disadvantages is going to have a hard time convincing a potential franchisor.
Your market research should include some details about:
- Competitors in your area
- What services competitors provide
- What price points do your competitors operate at
- How your drainage business will fit into the current market
- What your franchise will do differently
- How you can attract customers away from your competitors
There are several different ways of presenting this information to a potential franchisor or bank. But what matters above all is that you are able to accurately pinpoint your competitors’ strengths and weaknesses, and are able to critically evaluate how this will affect your own business.
>> Read more:
- 5 Advantages of Franchising for Young People
- 9 Things to Know Before Becoming a Franchisee
- Mythbusters: Common Misconceptions About What Makes a Successful Franchisee
- 5 Great Reasons to Become a Franchisee
- Franchising 101: Are You Ready to Become a Franchisee?
- Franchising 101: 6 Things to Know Before Becoming a Franchisee
Build a successful drainage business and enjoy a competitive and profitable business model
Running your own drainage business can be an exciting and profitable opportunity. If you’re ready to start your new business enterprise as part of a national franchise, hopefully you’ve picked up a few key tips for your business plan.
If you’re ready to take the plunge, you can see more about available drainage franchise opportunities by clicking on opportunities such as Metro Rod and Drain Doctor whose affordable and efficient services are in-constant demand.
Alternatively, if starting a drainage franchise sounds like the right thing for you, but you’re not yet sure where to get started, you can see more resources on how to start your own drainage business by staying on Point Franchise. Or, for a full list of other franchise opportunities, consult the UK franchise directory.
Elliott Fudge, Point Franchise ©