For years, the typical retirement age was 65 years old however, government programs such as social security may not be available to you until you turn 70. Many people reaching the retirement age are looking for ways to supplement their income without taking on another full time job. One lucrative area for business minded folks is in the Public Storage Lubbock TX market. A good business plan is essential to determining if this is a feasible area of business to start supplementing your retirement income with.
If you have worked all your life for another person or company you may not be comfortable putting together a business plan. There is an old saying that countries die for lack of planning and the same can be said of companies. A business plan is a blueprint of the short and long term goals of what you vision for the company and it helps you figure out a step by step process on how to achieve these goals.
Essentially, in the opening statement of the business plan you will describe the company purpose. In one sentence you will define what you hope to see in public self storage. Next, the logical step will be to describe the need of the customer and how the issue is a problem today and hopefully for the sake of your business, into the future as well.
To complement your company purpose and problem, you will offer up a solution. In this scenario, you have a general public that has either had to downsize due to the economy or has accumulated more than they can live with. The solution offers the customer a better way of life in terms of your product and show examples of how people can be helped with this option.
The business plan can be complex or very simple but there is a lot to address to establish the plan. The more detail oriented the better the planning process. Other items to focus on would be market size, competition, product, business models you like, the team of people you will have working on the project and their particular roles along with financial including profit and loss, balance sheets and cash flow.
