So, you’re interested in starting a portable toilet hire business? Congratulations! Now that you’ve made this decision, the crucial next step is creating a business plan. Once you have your master plan down on paper, it is time to organize, plan, investigate, advertise and execute.
To briefly summarize, a business plan can be a 1- to 5-year projection (usually 3-5) to establish and grow your business. Generally speaking, experts believe a successful business plan is broken down into the following bullet points:
- Generate an executive summary of the plan
- Describe the company’s foundation
- Choose a line of work, product or service plan
- Investigate advertising and marketing niches
- Strategize marketing and sales
- Organize funding, startup costs and investments
- Project financial goals
- Make it all stand out
Your business plan might need two, three, four or all of these aspects, but we will dive into the entirety to guide you toward learning what it takes to create a solid, attractive and successful business plan.
Generate an Executive Summary of the Plan
As mentioned before, generating an executive summary of your business plan is where your initial idea comes to life. In this first step, the generation of an executive summary means you are highlighting the bullet points of your business plan. You are presenting the best and most important parts of your business plan to potential investors here. Give a good description of the company, your mission statement and other pertinent information you believe is crucial to the success of the business.
Describe the Company’s Foundation
Here, you are laying down the framework for the company. What is it you hope to provide to consumers with your new business or business plan? What services within the portable sanitation industry do you hope to provide? What makes the services you’ll provide with your mobile toilet hire business different from the rest? Now is the time to talk your business plan up as best you can. Include mission statements, basic goals, dreams and aspirations you have for the company.
Choose a Line of Work, Product or Service Plan
This step seems obvious, but it’s an important aspect to highlight in your business plan. You’ve already chosen a line of work, product or service, so now it is your job to explain what it is you want to accomplish through this mechanism or idea. If you have a new product or portable toilet accessory you wish to launch, talk about its shelf life, describe its purpose, function, design, what makes it different from the competition and how it will make your portable toilet hire business more yearly revenue. Why have you chosen the route of going into the portable sanitation industry? What services will you provide for events, concerts, parties and fundraisers that make your business unique? Focus your energy on explaining the basic services, as well as the finer details.
Investigate Advertising and Marketing Niches
Even if you are planning to hire an expert in marketing and advertising, it is a crucial point in a business plan to discuss. How do you envision your business being advertised? Do you have a specific strategy or plan you wish to share? Marketing and advertising directly correlate with sales, so be specific, be bold and really think about what you want to do when choosing your avenue of marketing and advertising. Outline if your business plan is catering to large sports events or long-term portable toilet rentals for a construction company.
Strategize Marketing and Sales
Use this section of your plan to go over the numbers, make projections and structure your financial goals as far as advertising and marketing. Do you plan on hiring an advertising firm to promote your business? What are your financial goals for marketing and advertising? You can be broad or specific, as long as the strategy is approved by you and relevant to your business.
Organize Funding, Startup Costs and Investments
Organizing funding, estimating startup costs and outlining potential investors gives your business a sense of financial security. Knowing you have the money to back the idea is everything to potential investors. If you are looking to finance outside of an investor, do your homework and talk to a financial planner. Smart financial decisions often end in smart financial success!
Don’t be afraid to ask mentors, business partners and/or colleagues to go over your business plan with you before you make a presentation or begin to implement strategies. Consider your business plan carefully, cater the details to the audience and make your plan shine with your goals, financial projections, investment opportunities, line of work and optimism for the plan. If you are presenting to a business partner, you will need to be as detail-oriented as possible, and especially if you will be presenting to a panel of potential investors. Most importantly, be prepared, passionate and ready to launch your business to the next level!