Business Start Up- Timing?

BUSINESS START UP – TIMING?

A discussion of considerations as to when to start a new concrete repair business.

Paul DelFino

 

All businesses have cycles. Some are related to:  markets, weather, economy in general and even a paradigm of tradition.

All reports indicate the current economic conditions have positively buoyed the concrete raising and leveling business in 2019. Forecasts, due to economic indicators, suggest equal or better for 2020. While thinking this through and listening to the stories of entrepreneurs who started their business in 2019, I was intrigued with the fact that the balloon of startups still sits in Qtr. 1. Feedback from these individuals motivated me to question the conventional thinking of timing.

CONVENTIONAL THINKING

I am not sure if it is: a calendar orientation, a natural propensity for procrastination, a fear of un-leveraged capital investment or just a requirement of a New Year’s resolution – BUT – a strong majority of new business entries wait for quarter 1 to; come to training, order equipment, and begin the process of starting their business.  What 2019 suggests is that this behavior had some players strained with business startup minutia and missing market opportunity. Even worse the rush to market at season start up had many making mistakes.

THE BUSINESS STARTUP PROCESS

Every consultant or business expert will lay out ten essential steps in starting a new business.

  1. Do your research
  2. Do a business plan
  3. Plan your finances
  4. Choose your business structure
  5. Pick and Register your business name
  6. Get licenses and permits
  7. Choose your accounting system
  8. Set up your business location and equipment
  9. Get your team ready
  10. Promote your business

Yes there can be a bit of give and take in terms of sequence above and some steps can be accomplished simultaneously but like all things each step may take a bit longer than we all initially project.  Too often a January decision to “EXPLORE” means that you are really not functioning with any reasonable productivity until July or August.

PRAGMATIC COMMENTARY ON SELECTED STEPS

Business Plans: There is just something magical about putting your thoughts on paper. The process; forces logical thinking, highlights holes in logic, and serves as a GPS for a journey.  There are no shortages of business plan formats on line. Sometimes such plans evolve to be analysis paralysis. However the only bad plan is NO PLAN or just winging and “let’s see what happens.” The planning process itself requires Step 1 – research. The HMI Discovery and Training seminar was designed to give you all the answers for Step 1.

CHOOSING YOUR ACCOUNTING SYSTEM:  You say the answer is easy -“Quick books.” However; how your accounts are set up, integrating your financials with a CRM (Customer Relations Management System) as well as your Estimating System can create cost savings and sales capabilities beyond your wildest expectation. Systems and processes for the vision above are no longer limited to big business. Modest time and investment can have you begin with a paperless entity. I wish I had a DOLLAR for every time I heard an entrepreneur say – “I wish I started my business like this.”

SET UP YOUR BUSINESS LOCATION AND EQUIPMENT: Once decisions are made everyone is always in a rush. Have you ever ordered a boat or a pool in May? Seasonal demand causes delays. Delivery times are elongated. Business plans are pushed back and business opportunities are missed.

GET YOUR TEAM READY: The good news – our economic environment creates work. The bad news – our economic environment makes recruiting talent more challenging. Rushed training and resulting job errors can kill a startup business reputation faster than any other step.

PROMOTE YOUR BUSINESS:  How and where to promote your business based on: demographics, competitive positioning, and overall market considerations is a science and art. It takes experimentation. Care not to begin the journey when your trailer/van and team are ready to work. You may find work only dribbles in at the outset making your business start strained.

THE TAKEAWAY

The mere fact that you are reading this blog suggests you are considering a Concrete Raising and Leveling business or considering adding the service to your existing business. If you have visions of profit in 2020 consider attending “Discovery and Training” in:  SEPTEMBER, OCTOBER, or NOVEMBER 2019.

“RUSHING STEPS in any process leads to “DISAPPOINTMENT and LOSS OF BUSINESS OPPORTUNITY!”