The Plan For Our 5 EveningsDate Topics ProductTuesday, 11/6 Legal Forms of Business First section of Methods of Going Into Business business planWednesday, 11/7 Types of Plumbing Businesses Second section of Analyzing the Competition business plan Marketing, Part 1Tuesday, 11/13 Estimating Income Spreadsheets Startup & Operating Budgets Depreciation & TaxesWednesday, 11/14 Sources of Funds Spreadsheets, Tax Loans Form Cash BudgetTuesday, 11/20 Marketing, Part 2 Final Business Accounting Statements Plan
Tonight’s Objectives Understand the advantages and disadvantages of types of plumbing businesses: – Service – New Construction – Remodeling Understand how to analyze the competition – Using census data – Planning a competitive advantage Marketing, Part I – Goals – Social Media
Types of Plumbing Businesses Service New Construction Remodeling
Competition the effort of 2 or more businesses to win over the same group of people as customers
Understanding the Competition Who are your competitors? How many miles away do you look? Are there also indirect competitors? Are some locations more in need of a new plumbing business than others? Where do you find information? – Yellow Pages – Census.gov
Analyzing Competition What are the strengths and weaknesses of each business? – Price? – Availability? – Reputation? – Location?
Study Your Competitors Using this data, plan your strategy. Try to compete against their weaknesses, not their strengths. Competitive Advantage What are possible competitive advantages for a plumbing business?
Marketing, Part 1 – Social Media LinkedIn Facebook Web site Web presence – What do people see when they Google you?
Why LinkedIn? Networking Advertising Other ideas? LinkedIn Example
Why Facebook? Networking Advertising Other ideas? http://www.facebook.com/young.landscapes Be very careful – don’t mix business with – Politics – Inappropriate activities – Anything that might turn off a potential customer
Why a Web Page? Advertising Soliciting feedback, potential customers Other ideas? http://www.keiththeplumber.com/ http://www.rabyplumbing.net/ www.dennismwhiteplumbingandheating.com (Tools – Web Developer – Page Source)
Creating a web presence: Angies List BuildZoom – Justin – Jake – Get some good reviews!!! Licensed Plumber List Customers Web Site Positive Non-plumbing Sites
Business Plan Assignment Would you like to own a service, new construction, or remodeling business? Why? Who is your competition? – Go to census.gov and find the number and size of similar businesses in the area you plan to open your business. – Go to the yellow pages and find similar businesses in your area – Describe your competitors’ strengths, and your planned competitive advantage Google yourself. Fix any problems you find. Google your competitors. Copy things they did well. Consider creating a LinkedIn if you don’t have one.