As an entrepreneur, a new business venture or opening your own business is an extremely exciting time. In the beginning stages, your business was simply an idea put into motion after developing a business plan, raising capital through investors or through your own bank account. Then, you found and set up the space from which the business operates, ordered office or service supplies, hired employees and settled in.
Most new business owners expect an immediate payoff, and that quite frankly isn’t always the result.
Setting expectations before regarding when your business will become profitable is a crucial step to be considered far before you hire employees, but shortly after your idea for the business has come to life. In the portable restroom rental industry, in particular, your profit expectations should fall after establishing your niche since it is quite specific.
The good news here is that you can always go backward and revisit profit expectations, even if the ball is rolling with your portable restroom rental business already. Want to hear more? We have outlined some simple steps regarding the setting of expectations of profit for your business in the portable restroom rental industry.
In the portable restroom rental industry, your customers/audiences will fall between the service industry, event planning industry, musical venues, sporting events, construction and new build industry as well as local community events, among others. If there are people gathered in an area or at an event without a non-freestanding restroom, portable restroom rentals are needed. If a large crowd is expected at a sporting event or community gathering, portable restroom rentals are needed.
Gather resources geared toward your audience as well as your local community. If there are upcoming events during the calendar year you believe you can apply for, start sending out emails to gauge the event planner’s interest. In the meantime, figure out what your customers want. What do they expect a portable restroom to have when they are at an event? What do they like and dislike regarding portable restrooms? How can the experience of a potential customer be taken to the next level of enjoyment? Understanding your target audience and catering to their needs will result in profit expectations being reached as well as repeat business.
This one is quite simple; if you have incredibly high expectations for profit (and you should) make sure you are financially ready to get going with the grand opening of your business. When you make financial decisions or profit evaluations without a backup plan you are essentially setting your business up for failure. Do your homework, set financial goals and don’t jump into the game unless you are confident in the cushion you have if you need it.
Don’t get lost in the idea that cheapest is best during your initial investment. In the portable restroom industry, you can expect high foot traffic and frequent use of equipment. The last thing you want as a business owner is to receive complaints about faulty seats, broken accessories or flimsy doors (among other potential complaints). Sometimes, spending just a little bit more in the initial investment means that the equipment lasts twice as long, ensuring financial success in the long run.
One particularly helpful tip is to go over the numbers with a financial consultant. He or she will be able to evaluate your financial expectations and give you concrete numbers on what to expect and how much to set aside in case you need to pull funds for something else. This way, you cover your bases and ensure long-term success.
Everyone wants to be the next big business superstar. Many of those expectations stem from a want or need to produce rapid results. Pump the brakes here. Repeated growth, especially in the portable restroom rental industry is far better for future, long-term business projections than rapid-fire rental requests. Say, for example, you receive business from a small concert venue in need of outdoor portable restroom rentals. When you couple an exceptional experience with your company, the event planners, venue and concert-goers you are establishing a lifelong, niche-specific customer base that will consider your company first for their next event. Perhaps the next concert will have a larger turnout, but regardless, your profit expectation will receive a shoe-in, guaranteed client to help your gross monthly or yearly profit.
As you begin the planning stages of your business, accept the advice and help from other industry professionals, as well as entrepreneurs and business owners from all walks of life. In order to project realistic expectations regarding when your business will become profitable, it is critical to talk to other business owners and get their advice and listen to their own personal experiences. Who knows, you might meet your next mentor or business partner in the process.
In the portable restroom rental industry, risk-taking can mean setting a meeting with a huge potential client or trying a new accessory in the portable restroom you are renting out for construction workers or concertgoers. If you don’t take the risk, you won’t reap the potential rewards. If you take the risk and fail, remember, your business didn’t fail, an idea did. Revamp the idea and continue moving forward. Constantly set new financial goals and choose to surround yourself with others who want success and are hungry for profit surges.