Before you start to build your senior move manager business you need to have a solid business foundation. This is especially true when you are developing a business to provide services to clients who are virtually strangers to you before they hire you. This is why it is important to be able to answer these six questions with certainty before taking on your first clients.
1 – What Is Your Legal Structure?
The importance of this question comes from how your business will be taxed. You have three choices – sole proprietor, partnership or limited liability company – and each has advantages and disadvantages. It is a good idea to seek professional advice on this one to ensure you are legally operating your business. You’ll find lot’s of free help in this area at Nolo.com.
2 – What Is Your Business Name?
Although this may seem unimportant to some, having a good, solid business name is essential when it comes to marketing and advertising. Do everything possible to avoid using cute names, names with misspellings and names that don’t translate well on the internet (you will want to use the internet at some point). The business name should include what the service is, who you are and where your service is being provided.
3 – Employees or not?
In the start up phase of your senior move manager business you will very likely be able to handle everything yourself but what if you need help? What if your business explodes and you need assistants? What if you get sick and need someone to fill in to complete contracts in place? You will have to visualize your business in the next two, five, ten, fifteen and twenty years. If you think you will need more staff, you should think about training a part-time assistant as the business grows.
4 – What Is Your Advertising Budget?
There are very few businesses that have been successful because they never advertised or promoted themselves. In the beginning you may want to spend next to nothing but in reality, it may be wiser to spend as much as you can afford in the early months of your business to get the word out through multiple marketing platforms. You should also incorporate various free or low-cost marketing tools as well to let potential customers know your business exists. Our guide covers this area in depth, so you can keep advertising costs to a minimum.
5 – What Are Your Services?
You can’t attract customers if you don’t really know what services to provide. With your senior move manager business there will be some standard things but it is also wise to be flexible enough with your offerings to provide additional services that may not be directly related to your business but would fit with the needs of your clients. Some of these will be obvious where others may become the result of requests from customers. You still need a list of what you are prepared to provide as part of your business. Our guide covers this, and explains how to earn money even if you don’t directly provide all the services!
6 – What Are The Costs of These Services?
The biggest hurdle for the average entrepreneur is what to charge customers for their services. When it comes to a senior move manager business the established rates fluctuate between $40 and $60 per hour. There will be local and regional variables that will have a bit more to do with the exact rate you charge. Other factors will likely include any promotional offers and discounts you promote and prices for service bundles that you will offer. Once you set your rates, allow yourself to be flexible but stay firm.
Once you are able to answer all six of these questions you are ready to launch your senior move manager business. It will be an interesting opportunity for you as well as rewarding. I wish you much luck with this business as the demand is there and that if you complete all the steps provided, you will be able to benefit from offering a service that is needed and will continue to be needed for decades to come.
Our step-by-step guide, How To Start A Profitable Senior Relocation Service, has everything you need to get started tomorrow: 