I am looking to start up a car service like UBER but owned and operated by veterans. I have no clue where to start. Since we are probably the most trusted members of almost any community I am hoping this would be a good idea. I have no idea where to start.
Answers
Contact the business experts at SCORE and SBDC for help with a business plan.
Their counseling is free and they know all downs and ups of starting a business.
Thanks,
Paul
Contact the business experts at SCORE and SBDC for help with a business plan.
Their counseling is free and they know all downs and ups of starting a business.
Thanks,
Paul
Jeremy,
I agree with Phil. Do your due diligence on the market first. Unfortunately, the ideas that we, as entrepreneurs, love are not always a good business. Know your competition. And sometimes your competition is "there isn't a market for it". I personally don't know the market for that, I am just suggesting you investigate it fully, first.
But by all means look into it. I would assume the liability alone would be a huge factor. Keep your head in the game. You might find a way to differentiate yourself and CREATE a market. Or you might run with another idea. As entrepreneurs we do that!
Brian Richardson
www.VetLaunched.com
Seek out and study some other mobile service franchises. You'll find the systems to build your own business are already out there. Your idea is both needed, and repetitive, but make sure you don't get stuck doing the actual driving. After all, one goal is to make a profit, but the secondary goal is to build a business that someone might want to pay you big bucks for down the road.
For all we know.. you might have the next hottest franchise concept being born as we speak! Good luck to you!
Nathan
Start at you Local City Hall. May have Resources such as help in Wrighting Buisness Plan & help with other Resources.
Let me emphasize what Beth said (at least one point - that I rarely hear people make):
"Another free source of information are bankers. They are naturally skeptical, are trained to think of all the barriers to success, and are aware of how the business community is doing and what loans they've been making that would benefit you."
My partner and I bootstrapped out business, but we know a lot of bankers (our firm does consulting for financial services), and we actually applied for loans from two banks, and pitched a VC firm. Not because we intended to take the money (we had sufficient start up money, and wanted to maintain complete control even if it meant growing more slowly at first).
What the process did was help us dramatically focus and refine our business model, cost estimations, revenue projections, and market feasibility. Anyone starting a business almost invariably looks first at what they need to do to get off the ground, what they need to do to be profitable. They are almost always optimistic (you sort of have to be).
Bankers, on the other hand, invariably look first at minimizing risk (this has always been a trait, but in my experience it has become even more intense since the 2008 banking collapse). They will punch holes in any assumptions you have. Force you to ask questions it may never have occurred to you to ask. They will plant your feet on the ground.
You'll make your business succeed by believing in yourself and your vision. They actually succeed by thinking through every single thing that might go wrong with you and your vision. Not always pleasant, but extremely valuable as an exercise.
(Additionally, it is free. You simply go to a local branch, ask to talk to whomever is in small business banking, and ask what is necessary to apply for a small business loan).
Jeremy,
Thank you for your service. Starting a business should start with some old-school research. To determine if there is a market for your business it's helpful to have conversations with your potential competitors and related businesses - maybe those who would supply you or you would refer to (the people on the ground). Try to determine if they are doing well, thinking of expanding, just getting by or hurting. Another free source of information are bankers. They are naturally skeptical, are trained to think of all the barriers to success, and are aware of how the business community is doing and what loans they've been making that would benefit you. For example, maybe they just loaned money to 3 big housing developments because the community is in an expansion state. Your community's economic development group often has useful information as well. Once you determine a need you can begin to develop your plan, and as others have said, their are many resources for creating a good business plan. Good luck!
Beth
Jeremy, In addition to the above recommendations, I suggest you find a local SCORE office where you can find a mentor to help you with the business plan. Check out www.score.org
Jeremy, Thank you for your service. I agree with Phil's points. I live in North Jersey like you and I am not sure if there is enough of a gap in our geographies' transportation system that warrants an Uber- like service. I love your entrepreneurial spirit but new ventures can be capital intensive and the demand needs to exist. A solid business plan than should follow.
Jeremy,
First I'd access what's already available in the area you want to serve. This article suggests that the market is already saturated: http://venturefizz.com/blog/mobile-technology-car-service-start-ups-too-many-great-options
Second I'd get a thorough understanding of the liabilities this business has and what it will cost to insure you, your partners, and your family.
If no. 1 and 2 haven't convinced you to try something else then you need to write up a budget and decide how much of your own money you want to sink into the venture.
Then you get to the easy part - a business plan.
Regards,
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