The landscaping and lawn care service market is a highly competitive field to work in. Nonetheless, aspiring business owners still have plenty of opportunities to enter into this 99.7 billion dollar industry and succeed. If you want to know how to buy a lawn care business in Charlotte, NC, consider these steps as you embark on this new business venture.
4 STEPS TO TAKE BEFORE PURCHASING A CHARLOTTE, NC LAWN CARE COMPANY
With an expected 1 percent growth rate in 2021, the lawn and landscaping sector is a relatively stable market to buy into. Still, becoming a lawn care business owner comes with its own set of challenges, unique to the industry. Keep these following tips in mind to set your business up for future success.
1. DECIDE BETWEEN A STARTUP OR EXISTING BUSINESS PURCHASE
Before you make any big decisions, you’ll need to question whether it’s better to buy an established Charlotte, NC lawn care business for sale or invest in a startup. Although startups may offer you more freedom as a new business owner, purchasing an existing company comes with its fair share of advantages. For starters, you’ll already have an existing clientele and won’t need to worry about finding as many new customers. Equipment and even employees often stick with a business even under new ownership too. Therefore, it’s likely that you won’t have to invest as many resources and time into growing your business.
2. CONSIDER YOUR COMPETITION AND CUSTOMER BASE
With minimal startup costs and low barriers to entry, there’s unlikely ever to be a shortage of Charlotte, NC lawn care business owners. With that said, you’ll need to think about how to gain an edge over the competition. Relying on word-of-mouth alone may not be enough. Start brainstorming other ways to expand your client base, improve customer retention, and stand out amongst your competitors. Consider:
- Enlisting in SEO and Social Media Services
- Creating a Referral Program
- Changing your Business Name
Additionally, don’t rule out the possibility of offering other lawn maintenance service options to homeowners. For example, if your expertise is lawn mowing, try branching out into other in-demand services, including fertilization, yard-clean up, or shrub trimming.
3. FIGURE OUT YOUR BUSINESS EXPENSES
Like any small business in Charlotte, first-year startup costs can accumulate quickly in the lawnmower and landscaping business field. Make sure you budget enough to cover your equipment costs, including lawnmowers, trimmers, leaf blowers, and other lawn and landscape essentials. Also, get a good understanding of your daily expenses as a new business owner. These expenses can range from fuel costs to equipment, cleaning supplies, and more.
4. DETERMINE THE ASKING PRICE
Last but not least, you’ll need to inquire about the asking price. Consult with the current owner upfront and ask how they calculated their price. If they hired a Charlotte business broker or another professional third-party evaluator, then the pricing is most likely a fair representation of the company’s real value. On the other hand, if they calculated it themselves, it could be inflated.
If you’re ready to purchase a Charlotte lawn care business and move onto the next phase, get in touch with the experts at VR Business Brokers. Our team of professional brokers can guide you through the business buying process from start to finish. Contact us today to get started!