Here is how to write a home inspection business plan.
The real estate industry is one that accommodates a variety of professions and business opportunities. One of them is the home inspection. If you’ve been a player in this sector for a significant amount of time, there’s a likelihood that you’d want to set up your own independent operations.
Here, we’re making the starting process a lot easier by providing you with a home inspection business plan. Despite all your experience and certifications as a home inspector, running a business is quite different.
Here, you’ll have to juggle between responsibilities.
In other words, you’ll have to oversee the day-to-day process of running a home inspection business. This is, also, to actually getting the work done which you’re used to.
Without a plan in place to streamline and strategize your activities, there’s hardly going to be real progress.
HOME INSPECTION BUSINESS PLAN TEMPLATE
As a guide to help you write a home inspection business plan, we’re interested in showing you the different sections that must be added or included. Your business plan will be hardly complete without these.
They include the executive summary, company description, products, and services as well as the market analysis sections. Others include strategy & implementation, organization & management team, and the financial plan and projections section.
As you’ll find out, each of these sections is written to cover a specific detail or area about the plan.
By following this guide, you’d never be left stranded on how to proceed.
i. Executive Summary
This section of your home inspection business plan should always be written last.
While this is true, it always comes first in the business plan. The reason is simple; the executive summary gives a brief picture of the entire plan. Not every reader or investor would want to go through the entire plan.
They should be able to see what your home inspection business plan is about simply by going through the executive summary. The name clearly defines it. It’s a summary of what is contained in the plan and helps determine the viability of your entire plan.
Because this section is critical to the perception of your business idea, you’ll need to give it all attention it deserves. A good executive summary should highlight basic areas like your home inspection business name & location, as well as the services or products offered.
There’s more! Include your mission and vision statements as well as the specific purpose to be accomplished by the plan. Before we proceed to other sections, it will be good to further provide details about the mentioned area.
Business Name & Location
What will your home inspection service be called by?
This is important to smooth operations. A lot of work goes into choosing the right business name. This includes a thorough brainstorming session. You would have done all of that to arrive at your preferred name.
Include the name as well as your service area or location of the business. Remember, you’re out to inform. The reader shouldn’t be left with more questions after going through your plan.
Services or Products Offered
As a home inspector, your business is service-oriented. If you wish to include certain service packages or plans, all of these should be included here.
Mission & Vision Statements
This is quite brief and comes in the form of a statement that explains your home inspection company’s goals.
In other words, what it does for its customers, employees, and owners. Your vision statement states what you want your home inspection service to be at some point in the future.
Your home inspection business plan should be purpose-driven. Do you want to use it to secure investments or put strategies in place for meaningful growth?
If both, clearly include such purpose under this section.
ii. Company Description
Your new home inspection business needs to be fully described.
Remember, part of the objective is to inform your audience. As such, clearly state the legal structure chosen for your business. You might also want to include brief historical details about nature as well as demands for your service you wish to meet.
Has the industry evolved? If yes, in what ways has it evolved, and how do you intend to position your business to leverage on opportunities. Also include details on the types of home inspection services provided.
If you’ve been in business for some time, including a summary of business growth. Market and financial highlights must be added as well.
iii. Products and Services
As a service-based industry, you’ll need to give a rundown of all services offered and how these benefit your clients.
Does your home inspection service play a market role? What is it and what edge does it have over competitors.
To keep up with industry innovations, you’ll need to carry out research & development activities. State these and how they’ll lead to further growth.
iv. Market Analysis
The only way to get real data about the home inspection industry is by conducting a marketing analysis.
This is where you’ll need to include your findings. Things to add here include targeted customer data in form of sketches as well as the size.
The home inspection industry should be described under this section with statistics on past, current, and projected analysis for all services. What more? You’ll need to also focus on your competitors.
What are their strengths and weaknesses? Include all such information here.
v. Strategy & Implementation
How do you wish to implement your marketing and sales strategies?
In other words, you’ll need to state how you intend to promote your home inspection business. You’ll also need to supply information on cost, promotions, and pricing.
vi. Organization & Management Team
Under this section, you should include information about the owners.
Are you the sole owner or are you into a partnership? Whatever the case is, include basic information about the owner(s) with names and percentage ownership included.
Also include information about their skills and background. Information on your management team also needs to be supplied including names responsibilities and prior experience.
You’ll do well to have an organizational chart with key management employees and departments headed.
vii. Financial Plan & Projections
All the financial workings of your business are provided here.
If your home inspection business has been in operation, then include past or historical financial data. This includes cash flow statements, balance sheets, income statements, and cash flow statements. You’ll need help from a financial expert here.
With all these sections included and well written, you should have a sound home inspection business plan in place.