The key to attaining long-lasting success lies within one document that’ll help you build a rock-solid business… the perfect pool service business plan.
While creating a solid business plan might seem overwhelming to start, when you know the right steps to take, the process is a breeze.
Take advantage of this complete guide to simplify the process and create the perfect pool service business plan with ease.
Before we can jump into the business plan outline, let’s go over why it’s essential for the success of your business.
After all, the stepping stones to success lies within the best pool service business plan.
Using this business plan, you’ll be able to:
Though, keep in mind, your pool cleaning business plan is not a “one-and-done document.”
It’s crucial that you take the time to consistently update your plan with monthly financial revisions and yearly complete revisions.
As a result of regular updates, your pool service business plan will grow with your business!
Since your business plan is supposed to resemble a professional booklet, your cover page serves as a concise cover letter introducing your business.
In turn, readers can gather a quick management and contact structure overview, which streamlines the process of training.
Your cover page is especially helpful for new employees and financial professionals.
Also, if you apply for grants or loans, it provides financial institutions a quick reference point to find important contact information.
Take a look at a few essential items your cover page needs:
Your executive summary gives a brief synopsis of your entire pool service business plan.
By establishing concrete, clear, and achievable goals that’ll scale your growth, you’ll use your executive summary to formalize your business’ primary concepts.
Here are a few essential items that need to be included in your executive summary:
Use your business overview as a way to provide basic information to your readers about your everyday functions and operational structure.
In turn, anyone newly entering your business (e.g. new employees or third-party financial advisors) can automatically see how you operate.
In your company summary, you’ll provide a brief overview of your company vision.
This provides your readers with an idea of where you want your pool service business to go.
Plus, you can also use your company summary to give you a clearer picture of your ideal client.
Here are a few items you’ll want to include in your company summary:
Once you’ve answered the questions listed above, you’ll have completed your company summary.
Though, keep in mind, since every pool service business is different, you may need to include more information to fit the needs of your business.
Due to the tax implications, it’s important to include your company ownership in your pool service business plan.
In this section, you’ll state the business entity you’re registered as (e.g. partnership, corporation, sole proprietorship, etc.).
In addition, your company ownership is necessary to include since it establishes your business as a separate entity, so you’re protected from being personally liable for your business.
Your start-up summary determines your business’ value by weighing your start-up costs and assets, which are effective success predictors.
Keep in mind, if you apply for a grant or loan, your start-up summary is one of the most critical sections that financial institutions will look at.
However, if you’re not a start-up, then this section will include your expenses and assets.
In short, your start-up costs are the amount you need for equipment and materials to start your pool service business.
If you look for outside investors or loans, this section will help. Plus, it’ll help you develop a financial plan.
In order to maximize your profits, your start-up costs help you decide on your pool cleaning pricing. Get started by including your estimated start-up costs in your overhead.
Though, don’t include equipment and materials you already own. In this section, you’ll only include the items you need to purchase.
Your start-up costs may include things like:
After adding up your start-up costs, you’ll gain a better understanding of what you need.
Remember, even though estimating costs is tedious work, pool service business owners who skip this important step likely will undercut themselves on pricing and lose profits.
Long-term assets contribute to your pool service business in the long-term. This includes anything you already own that doesn’t need to be consistently replaced.
Your long-term assets are a huge predictor of your success because it shows how much your business is worth.
These are a few examples of some long-term assets:
As financial institutions review this section for grant and loan applications, they pay close attention to this section. For this reason, it’s important to be as specific as possible.
As you log your long-term assets, include the make, year, model, cost, and any other important asset information.
Opposite to long-term assets, your short-term assets are the items that need regular replacing.
Here are a few examples of some short-term assets:
Remember, you’ll have less overhead with the more short-term assets you own. In turn, you’ll have more revenue to put on the bottomline.
Much like your long-term assets, it’s important to ensure you’re as specific as possible on your short-term assets. Even though it’s tedious it’s essential you actively track inventory.
Expand on the pool services you offer by using the costs you’ve calculated in the previous steps.
Also, make sure the pool services you offer align with:
In your pool services summary, remember to state the seasonality and frequency for ALL of your services. Also, don’t forget to label your one-time or emergency services.
As a result of creating a detailed market analysis summary, you’ll have the power to sell more effectively to ideal clients.
Use your market analysis summary to identify the needs of your ideal client.
Next, you’ll explain how you’ll meet those needs as well as optimize your marketing by identifying industry trends.
Get to know your target market and local competition by using your marketing analysis summary to improve sales strategies and grow.
In order to complete your market analysis summary, answer these questions:
As always, it’s important to be as detailed as you need in this section. In turn, the more detailed you are, the better you’ll be able to sell to your ideal clients.
Everything you’ve done up until this point has helped prepare you to create an effective business strategy for your pool service business plan.
Use this section to take everything you’ve done so far and bring it all together in your business strategy.
Plus, you can use this section to explore the best pool cleaning pricing structure for your business.
Using your business strategy, you’ll have the power to build a successful business by identifying the various ways you can maximize profits.
The best way to build a profitable business is by knowing how to utilize pricing to maximize profits and scale.
As you determine how much to charge for your pool services, consider factors such as:
Keep in mind, even though the items listed above offer a great starting place, there are numerous other factors you still need to consider in your pricing.
Always remember, it’s essential to work with your trusted financial advisor or accountant before finalizing prices.
In your implementation summary, you’ll take everything you’ve learned so far and use it to explain how you’re going to be successful in implementing the right marketing and sales strategies to win enough clients to conquer goals.
Use your overhead costs and pricing to determine how many clients you need to maintain profit goals. Then, explain how you’ll get those conversions.
On top of word of mouth advertising, it’s important to increase your reach by utilizing the top platforms for marketing.
To start, here are a few basic marketing strategies:
Also, don’t forget to include sales forecasts, sales strategies, milestones, and competitive advantages in your implementation summary.
Explore how to reach ideal clients by using your implementation summary to help you create an effective plan for conquering your goals.
On average, labor in the service industry makes up about 30% of annual revenue costs. Since other industries average at about 20% labor cost, 30% is a high percentage.
Due to the fact that labor makes up such a huge financial part of your pool service business, you’ll want to detail it as much as possible in your management summary.
Through your management summary, you can take charge of labor costs by streamlining everyday business operations and optimizing time management practices.
Here are a few essentials to include in your management summary:
Remember, when you start feeling exhausted and overworked, it’s likely time to start the hiring process.
Using your financial plan, you can make plans to scale your business for growth.
As a result, your financial plan provides you with a clear idea of your business’ financial state.
Since the financial plan usually takes the longest to create, it might be tempting to skim over this section (or worse, skip it altogether).
Though, the businesses that skim over this section are more likely to go bankrupt. This is because your finances are the heart of your business.
As you create your financial plan, it’s important to meet with a trusted financial advisor or accountant - especially before finalizing it. After all, there’s little to no room for error in your business finances.
Through this process, your financial advisor or accountant will pinpoint profit holes as well as help you weigh any concerns.
While a reliable financial advisor or accountant might slightly set your budget back, it’s one of the most important gifts you’ll ever give to your pool service business.
Here are a few elements you can include in your pool service financial plan:
Any items listed above in bold are required in your financial plan. Though, the rest of the items will help to provide a better picture of your finances.
While not everything listed above will apply to your business, it’s a great start in the creation of your perfect pool service business plan.
Finally, you can have a complete outline for creating the perfect pool service business plan to grow your business.
No matter if you’re new or established. It also doesn’t matter if you’re creating a pool service business plan for the first time, or if you’re updating an existing one… It’s never too late to start taking advantage of the power and success of the perfect business plan.
Just remember, your pool service business plan needs to be consistently updated. This means you need to set aside time for monthly financial revisions as well as yearly complete revisions.
Now, you’re ready to grow your business into a success using this outline to help you create the perfect pool service business plan!
Originally published Aug 26, 2021 7:00 AM