Evaluating Your Kitchen Remodeling Business Plan
Today’s post highlights some common weaknesses with kitchen remodeling business plans, while in turn spotlighting some Kitchen Solvers best practices you can use for better results.
Laying out your funding requirements
Estimating startup costs is one of the hardest parts of any kitchen remodeling business plan. And because everybody starts in different places and circumstances, there is no real standard amount to base your estimate off of.
Unfortunately, a lot will depend on an accurate estimate. And you’ll need to leave a lot of liquid capital on-hand for miscellaneous costs.
These estimates often come down to “best guesses,” which is no way to invest your family’s savings. And that’s one reason why so many entrepreneurs choose our franchise opportunity – our kitchen remodeling business plan includes a fully transparent, itemized breakdown of your startup costs, so you can plan down to the penny. You can find that in full at https://kitchensolversfranchise.com/research-kitchen-solvers/what-are-the-start-up-costs/
Reining in your financial projections
Setting ambitious goals is a good thing, but you’ll need to be realistic.
Yes, the remodeling industry is worth around $300 billion annually, but that’s obviously not all going into your pocket. Without realistic financial goals and projections, your business simply won’t stay afloat.
When you work with our team, your kitchen remodeling business plan is informed by the Kitchen Solvers Business System, which factors in your unique goals, spending, and territory metrics to give accurate financial projections you can use for productive long-term planning.
Moreover, our brand has dozens of franchise success stories you can consult as “case studies” to make your own projections. And you’ll get a closer look at franchisee earnings if you choose to explore the Franchise Disclosure Document.
Bringing your advertising into the 21st century
Does your kitchen remodeling business plan include a website? What about a social media strategy? And how are you going to rank in Google searches?
In the Information Age, online marketing deserves a big spot in your kitchen remodeling business plan. Consider this:
- According to WordStream research, 81% of shoppers conduct online research before making big purchases;
- Search Engine Land reports that 78% of local-mobile searches result in offline purchases;
- 72% of adult internet users are active on Facebook, according to Pew Research Center, with 70% of these users logging on daily;
- 84% of people trust online reviews more than recommendations from their friends and family, according to the Local Consumer Review survey.
People are using the internet like the new Yellowpages. And since adults spend so much time on Facebook, posting engaging ad content there can be as valuable as the high-priced TV commercial spots of old. Moreover, people seem to believe what they read online when it comes to your business.
When you consider all of these facts together, it’s obvious that online marketing and reputation management will play an important ongoing role in your business. If your current plan omits this, you’re in trouble. Word of mouth is great, but it’s simply not enough to sustain your business anymore.
At Kitchen Solvers, we use the KBizPro system, which integrates all online marketing tasks in a simple, streamlined software package. In the hands of our trained franchisees, the KBizPro system keeps us on to of the search listings and allows our real-world reputation to shine brightly online. Just Google us and see for yourself!
Learn more about Kitchen Solvers’ kitchen remodeling business plan at http://www.kitchensolversfranchise.com.
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