Concierge Service Business Plan, Marketing Plan, How To Guide, and Funding Directory
The Concierge Service Business Plan and Business Development toolkit features 18 different documents that you can use for capital raising or general business planning purposes. Our product line also features comprehensive information regarding to how to start a Concierge Service business. All business planning packages come with easy-to-use instructions so that you can reduce the time needed to create a professional business plan and presentation.
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Product Specifications (please see images below):
- Bank/Investor Ready
- Complete Industry Research for the Industry
- 3 Year Excel Financial Model
- Business Plan (26 to 30 pages)
- Marketing Plan (24 to 28 pages)
- 425+ Page Funding Directory
- PowerPoint Presentation
- Loan Amortization and ROI Tools
- Three SWOT Analysis Templates
- How to Start a Business Guide
- Easy to Use Instructions
- All Documents Delivered in Word, Excel, and PowerPoint Format
- Meets SBA Requirements
Concierge services cater specifically to the needs of upper middle income people as well as upper income people within the United States. Giving people’s busy and very hectic schedules these days, a number of private concierge services have been started in order to ensure that these individuals can have their daily needs fulfilled by a third-party company. Typically, most concierge services that provide service directly for individuals focus on making hotel reservations, making restaurant reservations, arranging laundry and cleaning services, and handling travel arrangements in certain circumstances. One of the best aspects of owning and operating a concierge services that once a large client base established these businesses are relatively immune from negative changes in the economy. This is due to the fact that most people to enroll in these services are wealthier people and are less swayed by deleterious economic conditions were an economic recession.
The startup costs associated with a new concierge service are relatively low. These businesses can be started for as little as $10,000 or as much as $100,000 depending on the type of office location that will be maintained by the business. Most of these businesses start out very small with the owner operator rendering most of the concierge services to clients while the business expands. It should be noted that there have been a number of applications and specialty firms that focus on the needs of middle income people as well. While these businesses do not carry the same level of economic stability as a concierge service that is geared towards wealthier people, they are often able to remain profitable at all times given that very busy people will want to have certain non-core functions outsourced to a third party. The barriers to entry for this business are considered to be very low.
The gross margins that are generated from services typically range anywhere from 80% to 95% depending on whether or not associated personnel are considered to be employees or independent contractors. In certain circumstances, the business model that is used by a concierge service will have an independently contracted third-party fulfill requests on behalf of a client.
Typically, these businesses are not often financed with a bank loan. However, a well-qualified borrower can receive a working capital line of credit which is usually more than enough to get this business off the ground. Of course, a concierge service business plan is going to be required. Like all capital raising and business planning documents, a financial model that features a three-year profit and loss statement, cash flow analysis, balance sheet, breakeven analysis, and business ratios page should be developed as well.
Beyond a very well-developed financial model, industry research should be included as well as part of the overall documentation. The concierge service industry is small with about 20,000 companies generating about $3 billion a year in revenue. Approximately 50,000 people are employed by this industry. Beyond the industry research information, a full demographic profile needs to be developed that will be used in conjunction with the company’s marketing plan. This includes taking a look at the population size, population density, median household income, median family income, percentage of people are more than $200,000, and the percentage of people that operate as a professional or executive. A highly focused marketing campaign is going to need to be developed in order to ensure that these businesses are able to specifically target the wealthier client base.
It should be noted that many concierge services have start to operate solely in an online capacity so that they are able to render these services to clients anywhere in the United States. However, while this is becoming a popular trend among these businesses to demand for a more localized concierge service that has an understanding of the local market is still much more preferred by the targeted wealthier customer base.
A concierge service marketing plan should include both elements of print advertising as well as online advertising in order to target wealthier customers. Foremost, a website that showcases the company’s services, their ability to carry out non-core functions on behalf of families and individuals, pricing information, and location information should be provided as well. Some concierge service websites to feature login information so that bills and an overview of services rendered can be seen any time by a client. The concierge service should also maintain profiles on popular social networking platforms including FaceBook, Twitter, and Google+. This will ensure additional visibility for business moving forward. Of special importance to social media marketing is both FaceBook and Google+. These entities allow for highly targeted demographic information as it relates to showcasing advertisements to the general public. As such, beyond simply having a page that discusses the operations of the business these platforms can be used to easily target people that would could become potential enrollees in the company services.
As it relates to the print advertising component of a concierge service marketing plan, many of these firms will take advertisements in local and regional periodicals that focus on lifestyles. These advertisements are usually a full page in length and clearly provide information regarding the exact services rendered by the company. While these advertisements can be somewhat expensive, they can pretty potentially reach thousands if not tens of thousands of people that fall into the company’s demographic profile.
A concierge service SWOT analysis should be produced as well. As early for strengths, the very low barriers to entry ensure that anyone that is looking to into this field can do so relatively easily. The gross margins were generated from services are extremely high, and the operating costs can be easily controlled. For weaknesses, it is very difficult to obtain the initial client base at the onset of operations. In fact, it can be expected that a new corporation may only receive 1 to 3 new clients per month. As such, a significant amount of working capital needs to be kept on hand in order to ensure that the business can pay its bills as it’s developing its client base and preaching profitability. For opportunities, this can be done in a number of ways. First, the number of services offered by the concierge service can be rapidly expanded. Two, additional concierge employees or independent contractors can be hired in order to service a greater number of clients. For threats, there’s really nothing that will impact the way that these companies conduct operations outside of the fact that there are technology companies that are developing on-demand concierge services. However, these businesses primarily cater to middle and upper middle income people and not the wealthier clients are to be using the services on a day-to-day basis. As such, this threat can be considered moderate.
The low start up costs, high gross margins, and low capital investment required allowed concierge services to operate in a unique capacity while being able to provide a potentially large of income to the owner operator. The key to thriving within this industry is to provide an outstanding level of service to customers while keeping the ongoing costs somewhat affordable even for very wealthy people. This is an industry that is expected to grow as the overall wealth of the American economy grows. However, a modest to severe economic recession can have some downward pressure on the revenues generated by a concierge service. Again, the ability to control the underlying costs will ensure these businesses are able to remain profitable and cash flow positive at all times.