Inspection Connection is in the process of being formed as a Limited Liability Company owned and operated by Jacques Clouseau. This plan is written as a guide for starting and managing this new business. The following is a summary of the main points of this plan:
- The objective of Inspection Connection is to provide high-quality, ethical Home Inspection services which provide education and peace of mind for the clients while providing sufficient profit for Inspection Connection to continue operations.
- The mission of Inspection Connection is to provide friendly, professional, ethical and quality conscious Home Inspection Services to the community.
- The Keys to success for Inspection Connection will be maintaining visibility and offering high-quality services in a particular marketing niche.
- The local market for this type of business is not new, but offers plenty of opportunity for new Home Inspection businesses.
- An initial financial analysis indicates that the venture is viable and could generate sufficient profits to sustain operations.
As a service-oriented business, Inspection Connection will start with very low overhead, operating out of Mr. Clouseau's home. Inspection Connection will advertise its high-quality inspection services for buyers, sellers, and home owners concerned about maintenance with bulk mailings to the targeted ZIP Codes, an informative website, and by becoming known locally as a real estate "expert" through writing columns for the local paper and attending real estate association meetings.
The largest single expense in the first year, aside from the owner's payroll, is a CT licensure internship to be undertaken in summer, which will qualify Mr. Clouseau to do inspections in Connecticut, as well as New York. This expense will be paid with a low-interest-rate credit card, and repaid within 2 years from the cash flows of the business.
Inspection Connection expects to reach the break-even point in July, but will not show an annual profit in the first year, largely because of the internship expense. If sales can be maintained at year-end levels, the business will be very profitable in years 2 and 3, and will pay Mr. Clouseau a reasonable wage.
In conclusion, as shown in the highlights chart below, this plan projects promising net profits over the next three years. Proper marketing and relation management by Inspection Connection will ensure success.
The objectives of this business plan are:
- To provide a guide for starting and managing this Home Inspection business; a framework for developing a comprehensive marketing plan.
- The intended audience is the owner of the business only; this plan is not intended to obtain financing from outside sources.
- The scope of this plan is to provide detailed monthly projections for the current plan year, and yearly summaries for the following two years.
The objectives of Inspection Connection are:
- Education: To educate Home Buyers, Sellers and Owners about the systems and components of a home and about the importance of maintenance. Additionally, to provide the community with continuing education courses and seminars
- Quality: To provide quality services to the community in the form of professional Home Inspections.
- Profit: To generate sufficient profit to finance future growth and to provide the resources needed to achieve the other objective of the company and its owner.
My Home Inspection, LLC's mission is to provide friendly, professional, ethical and quality-conscious Home Inspection services to the community. Inspection Connection will maintain membership with ASHI (American Society of Home Inspectors). Inspection Connection will continue to obtain education through accredited organizations and will provide education to the community through Home Inspections and by sponsoring seminars and educational events.
1.3 Keys to Success
The Keys to Success for Inspection Connection will be:
- Visibility - In order to succeed Inspection Connection will need to attend Real-Estate functions and provide educational opportunities to Real-Estate professionals and the community. Effective marketing will be a key factor to success.
- Quality services - It will be very important that Inspection Connection provide high quality Inspection services. In doing so, clients will be more likely to recommend our services to friends and family. With many Home Inspection companies to choose from, a positive reference from a satisfied client will direct future customers to Inspection Connection.
- Niche services - Based on data collected from MelissaData.com, if Inspection Connection were just offering Buyer Inspection Services, we would need to capture 5% of the existing Buyer Home Inspection Market in order to schedule 31 Inspections per month. By marketing inspection services that other Home Inspection businesses are not currently offering, such as Maintenance Inspections, Inspection Connection will only need to capture 2.5% of the existing Buyer Market and will focus marketing efforts on the Owner Market by advertising Maintenance Inspection services.