The phrase “do your research!” usually comes from an Aunt or Uncle who spends a little too much time on social media and not enough time actually doing their research. Be that as it may, if you’re planning to start your own moving company, or scale your existing company, you’re going to need to do your research!
Instead of leaving it at that - let’s break “Research” down into a group of key actionable sub-categories:
- Business Goals
- Market Research
- Target Market
Now that we’ve got our sub-categories let’s take a look at how they’re going to help you start or scale your business! Keep in mind if you find the information below helpful that it’s also available in our free eBook!
Starting a small business requires hard work, research, and determination. The process becomes easier when you have a clear idea of your ultimate business goals. You have reasons for starting a moving company, so by defining your goals at the early stages you can create a solid long-term business strategy that helps you build a successful company.
Spending time thinking about the what, where, why and how of your company can help to form your mission and vision statements.
Start by asking yourself these questions:
- Why do you want to start a moving company?
- What do you want to achieve with your business?
- What do you want your company to stand for?
Writing Your Mission Statement:
A mission statement describes the purpose of your company. These are examples of mission statements from existing companies:
Ikea aims to create a better everyday life for the many people
Tesla aims to accelerate the world’s transition to sustainable energy
Writing Your Vision Statement:
What do you want to be proud of in 1, 5, or 10 years? A vision statement is your chance to define what you want your company to become.
These are examples of mission statements from existing companies:
LinkedIn’s vision is to create economic opportunity for every member of the global workforce
When Microsoft began their vision was a computer on every desk and in every home
Market research involves reviewing industry statistics and demographic information to find your ideal customer base. It’s important to understand the market you’ll be operating in before you can become a successful moving company.
By conducting market research in the early stages of building your company, you’ll learn more about who your potential customers are, their specific pain points, and how you can help to make their lives easier. Research as much as you can about the moving industry in your local area.
This may include research in the following areas:
Market Size: How many people move each day, month, and year?
Economic Data: What are the statistics of local income and employment rates?
Market Saturation: How many moving companies already exist in your area?
Geography: Where are people moving to and from?
Pricing: What do people currently pay to move
The more you understand about the moving industry, the easier it will be to create a company that succeeds. A resource like the American Moving & Storage Association, AMSA is a good place to get started.
Moving companies focus on different target markets so you’ll have to decide what your specific market will be. It can be easy to assume that everyone can be your target, but companies generally have more success by honing in on a specific audience and marketing directly to them. This part will take some time as you’ll need to conduct thorough research into your potential target market.
Start by asking yourself these questions:
- Who lives in your local area?
- What moving services do they need?
- Are there services needed that aren’t already filled by existing moving companies?
The area you’ll be operating in can define your target market. Do you live in an area with a high number of college students? Find out when the semester starts and ends and when they are likely to require moving services. Do you live in an area with lots of families or is it more young professionals or people of retirement age? By understanding more about who lives in your local area you’ll be able to focus on a specific market to target.
Here are some resources you can use to get started with market research:
- Industry specific business statistics: Statistics of US Businesses
- Demographics: US Bureau of Labor Statistics
- Economic factors: Bureau of Economic Analysis
- Income statistics: US Bureau of Labor Statistics
Check out the rest of the Research Categories in Part 2 coming soon!
For even more in-depth information on how to start or scale your company, download our FREE eBook: The Ultimate Guide to Growing a Moving Company