Homeowners, apartment dwellers and small businesses are increasingly appreciating the importance of properly documenting possessions, inventory and important documents. Fire, weather events, flooding and theft can hit unexpectedly, and the first thing the insurance company wants to know is whether there is a home inventory list with valuations available. The National Association of Home Inventory Professionals recommends the use of professional property documentation services to ensure that accurate and thorough inventory lists are prepared so that losses are minimized. There is a growing need for professionals who can prepare these detailed records that are able to meet legal and insurance standards. Interested entrepreneurs can enter the industry by first preparing a home inventory business plan that serves as an operating plan and a presentation document that can be used to attract investors. It should address the following types of information:
- Management qualifications and credentials for doing inventory appraisals
- Use of professional appraisal services for valuations of antique or collectible items
- Business certification and state insurance and licensing requirements
- Equipment requirements, i.e. digital camera, audio equipment, other recording media, computer, etc.
- Security as related to long-term storage of inventory records
- Staffing requirements
- Description of final product delivered to customer like an inventory catalog in a binder, digital copies and/or archiving services
- Backup services available and the type of storage media used
- Marketing plan that will produce regular leads for new customers, i.e. website, social media and offline strategies
- Whether the business will be an affiliate, franchisee or independent
- Fee schedule for various types of properties, i.e. based on square footage, number of rooms, residential or commercial, per hour, etc.
Key aspects of the Home Inventory Business Plan
In the Company Description of the home inventory business plan, it is important to show knowledge of what insurance companies and attorneys in the state of operation usually require before they will accept inventory lists in support of claims or cases. Developing alliances with insurance companies, attorneys, mortgage companies, financial planners and real estate agents is an effective marketing strategy because they will recommend the home inventory business to their clients. Like any high quality business plan, the document must include careful analysis of the targeted market niche, industry and competition. The plan should also have a carefully prepared five year proforma financial statement.
OGS Capital has extensive experience in preparing the home inventory business plan able to attract angel or other types of investors or meet requirements for conventional loan request documentation. Business owners can quickly contact us by completing the online contact form.
Illustrative business plan samples
OGSCapital’s team has assisted thousands of entrepreneurs with top-rate business plan development, consultancy and analysis. They’ve helped thousands of SME owners secure more than $1.5 billion in funding, and they can do the same for you.