Property Maintenance and Renovation Business Plan [Sample Template]

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Are you about starting a property maintenance & renovation business? If YES, here’s a complete sample property maintenance & renovation business plan template & feasibility report you can use for FREE to raise money. Okay, so we have considered all the requirements for starting a property maintenance & renovation business.

We also took it further by analyzing and drafting a sample property maintenance & renovation marketing plan template backed up by actionable guerrilla marketing ideas for property maintenance & renovation businesses. So let’s proceed to the business planning section.

Why Start a Property Maintenance & Renovation Business?

As a property manager, your core business responsibility is to maintain and renovate building facilities and to liaise with landlords, tenants and in some cases various contractors. For you to effectively conduct your business, you are expected to have a full grasp of the law when it comes to landlord and tenant relationships.

As a property manager, it is your responsibility to create efficient and effective protocols that will make you relate well with your clients (landlords, tenants and contractors).

For example, you are going to be responsible for the full and proper screening or testing of an applicant’s credit, criminal history, rental history and ability to pay his or her rent when due. If you can get that aspect of your job/business right, you will surely enjoy your business.

Interestingly, the minimum educational requirement for anyone that wants to start his or her own property management cum property maintenance and renovation business is a High School Diploma and hands on the job experience.

It is one of the many businesses that an individual can start with from his or her home and basically with just a business card. Since property management business is all about managing property/properties on behalf of your clients, then you may not need a huge financial base to be able to launch the business except you just want to start pretty big.

The truth is that it is one thing to have a fantastic idea cum business plan, it is entirely another thing for the business plan to translate to money (profits) that is why it is important to assemble a team of experts to work with if you want to be successful with your property maintenance and renovation company.

You can hardly run this type of business alone especially if you want to operate a standard property maintenance and renovation business as against running a one man show.

Below is a sample property maintenance and renovation company business plan template that will help you successfully launch your own business;

A Sample Property Maintenance and Renovation Company Business Plan Template

1. Industry Overview

Property maintenance and renovation or better still property management business which is a subset of the real estate industry is perhaps one of the easiest and affordable real estate businesses to start; it is basically about lease contracting or accepting rent using legal documents approved for the area in which the property is located.

In a nutshell, property management companies are responsible for taking care of and managing buildings and other real estate properties for individuals (landlords) or for groups of owners.

In the united states, states such as Texas, New York and Colorado make it mandatory for property management companies to be licensed real estate brokers if they are going to be involved in collecting rent, listing properties for rent or helping negotiate leases and doing inspections as required by their business.

Although a property manager may be a licensed real estate salesperson but generally they must be working under a licensed real estate broker. A few states such as Idaho, Maine and Vermont do not require property managers to have real estate licenses.

Other states such as Montana, Oregon and South Carolina, allow property managers to work under a property management license rather than a broker’s license. Washington State requires property managers to have a State Real Estate License if they do not own the property.

Landlords who manage their own property are not required by the law to have a real estate license in many states; however, they must at least have a business license to rent out their own home. It is only landlords who do not live close to the rental property that may be required by local government to hire the services of a property maintenance and renovation company.

As a property manager, your core business responsibility is to liaise with landlords, tenants and in some cases various contractors; and for you to effectively conduct your business, you are expected to have a full grasp of the law when it comes to landlord and tenant relationship.

As a property manager, it is your responsibility to create efficient and effective protocols that will make you relate well with your clients (landlords, tenants and contractors).

Property maintenance and renovation companies are also involved in mitigation and remediation regarding any maintenance issues, generally within a budget, with prior or conveyed consent via a Limited Power of Attorney legally agreed to by the property owner.

In fact, there are numerous aspects of the profession and some of them include helping clients in managing the accounts and finances of the real estate properties and participating in or initiating litigation with tenants, contractors and insurance agencies.

No doubt, if an aspiring entrepreneur who intends starting his or her own property maintenance and renovation business has the right connections, networks, managerial skills, and takes delight in managing real estate for clients, then he or she is going to find the property maintenance and renovation business very rewarding and lucrative.

2. Executive Summary

Crystal Property Maintenance & Renovation Company is a licensed property management company that will be based in Palm Beach – Florida but will operate in all states in the United States of America.

We are in the business of property maintenance and renovation to be able to help our clients meet their needs and achieve their goals with little or no stress on their part because our role is to take the stress off them and deliver to them what they want.

We have been able to build a robust list of landlords and property owners in the whole of the United States and we look forward to helping a larger percentage of them manage their properties in any part of the United States of America.

Crystal Property Maintenance & Renovation Company will ensure that every property that is kept within our care are properly managed in terms of maintenance and renovation because we are in business to deliver excellent services to both landlords and tenants.

We have been able to acquire all the relevant training and certifications in the field of property maintenance and renovation (management) so as to enable us perform excellently.

Crystal Property Maintenance & Renovation Company will strive to minimize the risk of litigation and damage to rental units and also, we have perfected strategies to maximize profit by simply slashing vacancy rates, repair and maintenance costs of all properties under our care.

Much more than renting our properties out to tenants, we intend to build a loyal customer base and part of the plans that we have put in place to achieve this is to offer incentives to law abiding tenants under our care. Part of what we intend doing is to offer lower rent for tenants who agree to enter long term lease agreements with us and also to create a system where points will be awarded to loyal tenants.

As a property maintenance and renovation company, we are going to abide by the Fair Housing Act, which means not singling out one particular demographic group when sourcing for tenants for our properties. We will leverage on all available means to advertise our vacant properties and will not restrict our properties to any group of tenants but to anyone who is qualified and can afford the rent.

Crystal Property Maintenance & Renovation Company will be owned majorly the Mr. Pearson Wilberforce and his immediate family members. Pearson Wilberforce is a property guru that has worked with top Real Estate Companies in the United States of America for many years prior to starting his own business. He has a degree in estate management from University of Florida.

3. Our Products and Services

Crystal Property Maintenance & Renovation Company is set to run a standard and profitable property maintenance and renovation business within the scope of the real estate industry in the United States of America. Our intention of starting a property maintenance and renovation business is to make profit from the industry and we will do all that is permitted by the law in the United States of America to achieve our aim and ambition.

Our business offerings are listed below;

Collecting rent
Managing facilities, maintenance and renovation services
Managing security
Managing trash and recycling collection
Property accounting
Legally representing property owners
Finding and screening tenancy applicants
Coordinating repair contractors
Residential property management
Nonresidential property management
Land management
Real estate brokerage
Construction
Property Management Consultancy and Advisory Services

4. Our Mission and Vision Statement

Our Vision is to become the preferred choice for landlords and tenants when it comes to property rentals, property maintenance and renovation in the whole of the United States of America.
We are a company that is established with the aim of helping tenants (people and businesses) get the properties of their choice and to help property owners (landlords and group owners of properties et al) effectively manage (maintain and renovate) and maximize their properties in the United States of America.

Our Business Structure

Our company’s structure is not entirely different from what is obtainable in the real estate industry, as a matter of priority, we have decided to create a structure that will allow for easy growth for all our employees and also, we have created platforms that will enable us attract some of the best hands in the industry.

We will ensure that we hire people that are qualified, honest, customer centric and are ready to work to help us build a prosperous business that will benefit all the stakeholders (the owners, workforce and customers). As a matter of fact, profit-sharing arrangement will be made available to all our senior management staff and it will be based on their performance for a period of ten years or more.

Crystal Property Maintenance & Renovation Company is fully aware of the modus operandi in the real estate industry, hence adequate provision and competitive packages has been prepared for independent sales agents and contractors. Our marketing department will be responsible for managing this aspect of our business structure.

In view of that, we have decided to hire qualified and competent hands to occupy the following positions;

Chief Executive Officer
Project Manager
Company’s Lawyer/Secretary
Admin and HR Manager
Head of Construction and Renovation
Head of Assets Management
Head of Acquisition and Disposition
Business Developer/Sales and Marketing
Accountant
Front Desk Officer

5. Job Roles and Responsibilities

Chief Executive Officer – CEO (President):

Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling and disciplining managers; communicating values, strategies and objectives; assigning accountabilities; planning, monitoring and appraising job results; developing incentives; developing a climate for offering information and opinions; providing educational opportunities
Creating, communicating and implementing the organization’s vision, mission and overall direction – i.e. leading the development and implementation of the overall organization’s strategy
Responsible for fixing prices and signing business deals
Responsible for providing direction for the business
Creating, communicating and implementing the organization’s vision, mission and overall direction – i.e. leading the development and implementation of the overall organization’s strategy
Responsible for signing checks and documents on behalf of the company
Evaluates the success of the organization
Reports to the board

Project Manager

Responsible for the planning, management and coordinating all projects on behalf of the company
Supervise projects
Ensures compliance during project executions
Providing advice on the management of projects
Responsible for carrying out risk assessment
Using IT systems and software to keep track of people and progress of ongoing projects
Responsible for overseeing the accounting, costing and billing of every project
Represent the organization’s interest at various stakeholders’ meetings
Ensures that project desired result is achieved, the most efficient resources are utilized and different interests involved are satisfied

Company’s Lawyer/Secretary/Legal Counsel

Responsible for drawing up contracts and other legal documents for the company
Consult and handle all corporate legal processes (e.g. intellectual property, mergers & acquisitions, financial/securities offerings, compliance issues, transactions, agreements, lawsuits and patents et al)
Develop company policy and position on legal issues
Research, anticipate and guard company against legal risks
Represent company in legal proceedings (administrative boards, court trials et al)
Play a part in business deals negotiation and take minutes of meetings
Responsible for analyzing legal documents on behalf of the company
Prepares annual reports for the company

Admin and HR Manager

Responsible for overseeing the smooth running of HR and administrative tasks for the organization
Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products
Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
Updates job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations
Enhances department and organization reputation by accepting ownership for accomplishing new and different requests; exploring opportunities to add value to job accomplishments
Defining job positions for recruitment and managing interviewing process
Carrying out staff induction for new team members
Responsible for training, evaluation and assessment of employees
Responsible for arranging travel, meetings and appointments
Oversees the smooth running of the daily office activities

Head, Acquisitions and Dispositions

Manages overall acquisitions and dispositions
Identifies and analyzes acquisition opportunities; negotiates acquisitions
Responsible for identifying opportunities to acquire properties, possibly within a designated geographic region
Assists in the sourcing and acquisition of property for development; conducts market research; contacts brokers and owners about property acquisition opportunities; assists in negotiations with sellers and other parties.
Identifies and analyzes disposition opportunities; negotiates dispositions
Responsible for identifying opportunities to dispose of properties, possibly within a designated geographic region.
Assists in the disposition of property; conducts market research to determine the value of properties; contacts brokers and potential buyers; assists in structuring sales transactions and negotiations with buyers

Head of Asset Management

Oversees the company’s portfolio of real estate assets (which are owned and managed) through acquisitions, dispositions, and day‐to‐day operations, including management of revenue and expense items; works to maximize the portfolio’s performance
Provides strategic oversight of existing and potential real estate assets within a designated geographic area
Manages business plans and budgets for properties
Reviews the condition and maintenance of assigned properties; manages their bookkeeping and cash flow accounting; handles rent reconciliation; prepares property financial reports and annual budget forecasts

Head of Renovations/Construction

Establishes and enforces company’s engineering and construction standards
Ensures that construction work meets or exceeds standards within a designated geographic area
Enforces and construction standards; ensures that construction work meets or exceeds standards within cost estimates; monitors quality of work in progress; supervises regional construction heads
Ensures that construction work in a particular product line, such as office building, meets or exceeds standards within cost estimates; provides technical input on the feasibility of proposed projects; monitors quality of construction work
Provides overall direction on assigned construction projects; reviews and makes recommendations on planning and design of projects; negotiates contracts or participates in contract negotiations; monitors day‐to‐day progress and activities on project construction sites.

Business Developer

Identify, prioritize and reach out to new partners and business opportunities
Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects; assures the completion of development projects
Responsible for supervising implementation, advocate for the customer’s needs and communicates with clients
Finds and qualifies land for development based on company’s land requirements; maintains a land search database; initiates discussions with property owners about the possible sale of property
Develop, execute and evaluate new plans for expanding increase sales
Document all customer contact and information
Represent the company in strategic meetings
Help increase sales and growth for the company

Sales and Marketing Officer

Lists the property for rent/lease to the public
Markets space; finds tenants; participates in lease negotiations
Provides property owners with a real property condition disclosure (if required by law) and other necessary forms
Prepares necessary papers describing the property for advertising, pamphlets, open houses, etc.
Holds an open house to show the property.
Serves as a contact available to answer any questions about the property and schedule showing appointments
Ensures that tenants are pre-screened and financially qualified to rent/lease the property
Negotiates price on behalf of the property owners (Our Clients)
Acts as a fiduciary for the landlord, which may include preparing a standard real estate rental contract
Lease contracting or accepting rent using legal documents approved for the area in which the property is located
Responsible for the full and proper screening or testing of an applicant’s credit, criminal history, rental history and ability to pay his or her rent when due

Accountant

Responsible for preparing financial reports, budgets and financial statements for the organization
Provides managers with financial analyses, development budgets and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions
Responsible for financial forecasting and risks analysis
Performs cash management, general ledger accounting and financial reporting for one or more properties
Responsible for developing and managing financial systems and policies
Responsible for administering payrolls
Ensuring compliance with taxation legislation
Handles all financial transactions for the company
Serves as internal auditor for the company

Front Desk/Customer’s Service Officer

Receives Visitors/clients on behalf of the organization
Receives parcels/documents for the company
Handles enquiries via e-mail and phone calls for the organization
Distributes mails in the organization
Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
Through interaction with clients on the phone, uses every opportunity to build client’s interest in the company’s products and services
Manages administrative duties assigned by the line manager in an effective and timely manner
Consistently stays abreast of any new information on the company’s properties that are put up for sale, promotional campaigns etc. to ensure accurate and helpful information is supplied to clients when they make enquiries
Handles any other duties as assigned by the line manager

6. SWOT Analysis

The fact that property maintenance and renovation business is a very rewarding business does not mean that there are no challenges in the industry. Starting a property maintenance and renovation business in the United States of America comes with its own challenges, you would have to abide by the law and also compete with loads of other entrepreneurs in the real estate business value chain who also are interested in making a living and building a business in the United States.

In order to compete favorably in the real estate industry as a property maintenance and renovation company, we have been able to hire the services of tested and trusted business and HR consultants to help conduct critical SWOT analysis for us.

We intend maximizing our strengths, explore all opportunities we will come across, properly manage our weakness and confront our threats. Here is a summary from the result of the SWOT analysis that was conducted on behalf of Crystal Property Maintenance & Renovation Company;

Strength:

Some of our strengths that we will be bringing to the table in the real estate industry is our robust relations with properties investment moguls in the whole of the United States of America. Our access to funding and also, we have a team of experts who have cut their teeth in the industry. Our commission structure and relationship with freelance real estate agents in Palm Beach – Florida and other state in the US will also count in our advantage.

Weakness:

As a newbie in the property maintenance and renovation (property management industry)/real estate industry, we might have some challenges competing with big time property management companies and other property maintenance and renovation companies that have been in the industry for many years; that perhaps is part of our weakness.

Opportunities:

The opportunities in the real estate industry especially as a property maintenance and renovation company in the United States of America is massive and we are ready to take advantage of any opportunity that comes our way.

Threat:

Some of the threats that we are likely to face as a property maintenance and renovation company are unfavorable government policies and global economic downturn; global economic downturn usually affect spending power and the real estate industry is known to encounter decline in sales and profits during this period. There is hardly anything we could do as regards these threats other than to be optimistic that things will continue to work for our good.

7. MARKET ANALYSIS

Market Trends

The market trends as it involves the property management (maintenance and renovation) business is indeed dynamic and at the same time pretty much easier for a newbie to come in and still make money from the industry. All that is needed for any property management company to do well in the industry is to have good managerial skills and healthy relationship with landlords (property owners).

Some of the factors that count positively in this line of business are trust, honesty and relationship management and any property maintenance and renovation company that has this will indeed do pretty well in the industry. Landlords and property owners ensure that they put their properties under the care of someone they can trust.

One thing is certain for every property maintenance and renovation company; if they are hardworking, creative and proactive, they will always generate enough income to meet all their overhead and operational cost, keep their business going without struggle and make reasonable profits from all business deals that they are involved in.

8. Our Target Market

Our target market as a property maintenance and renovation company cuts across people of different class and people from all walks of life. We are coming into the industry with a business concept that will enable us work with highly-placed people in the country and at the same with lowly placed people who are only interested in putting a roof under their head at an affordable fee that won’t be so much of a stress to raise.

Although finding tenants is relatively easy, but the truth is that finding qualified and law abiding tenants can be somewhat challenging. It is important to note that the target market for those who are into property maintenance and renovation business goes beyond those who make use of the internet (Craigslist to search for properties; some of them only rely on the print media (local daily or weekly newspaper both in English and in Spanish for the Spanish community in the US), some on word of mouth adverts and others on street to street search. The bottom line is that the market trend for property maintenance and renovation business is indeed a dynamic one.

In other words, our target market is the whole of the United States of America, and below is a list of the people and organizations that we have plans to do business with;

Families who are interested in renting/leasing or acquiring a property
Corporate organizations who are interested in renting/leasing or acquiring their own property/properties
Land owners and landlords who are interested in renting/leasing out their properties
Corporate organizations (real estate agencies, property development companies et al) who are interested in renting/leasing out their properties
Foreign investors who are interested in owning properties or leasing properties in the United States of America
Managers of public facilities

Our competitive advantage

Crystal Property Maintenance & Renovation Company might be a new entrant into the real estate industry in the United States of America, but the management staff and board members are considered gurus. They are people who are core professionals and licensed property managers in the United States property market. These are part of what will count as a competitive advantage for us.

Another competitive advantage that we are bringing to the industry is the commission model (our commission structure). We know that freelance (licensed) brokers and contractors would work for the highest bidder which is why we designed a commission structure that will be a win – win for all parties involved in any deal undertaken by us.

Lastly, our employees will be well taken care of and their welfare package will be among the best within our category (startup property maintenance and renovation companies) in the industry meaning that they will be more than willing to build the business with us and help deliver our set goals and achieve all our aims and objectives. We will also give good working conditions and commissions to freelance sales agents that we will recruit from time to time.

9. SALES AND MARKETING STRATEGY

Sources of Income

Crystal Property Maintenance & Renovation Company is established with the aim of maximizing profits in the real estate industry via managing houses / properties, renovating and maintenance. Although we are a property maintenance and renovation company but part of our workforce are also licensed real estate agents hence we intend generating additional income from diverse means in the real estate agency.

We have successfully built a vibrant real estate network that covers the whole of the United States of America so as to help us build a profitable business. Below are the sources we intend exploring to generate income for Crystal Property Maintenance & Renovation Company;

Collecting rent
Managing facilities maintenance and renovation services
Managing security
Managing trash and recycling collection
Property accounting
Legally representing property owners
Finding and screening tenancy applicants
Coordinating repair contractors
Residential property management
Nonresidential property management
Land management
Real estate brokerage
Construction
Property Management Consultancy and Advisory Services

10. Sales Forecast

The fact that the property market is indeed a booming market means that investors are always going to be attracted to the industry. No doubt it is difficult to see multi-millionaires who don’t have interest in investing in properties; real estate investment is one business portfolio that is common to all multi – millionaires in the world.

In essence, the more people acquire properties, the higher the chances that property management companies will secure business deals. Also, as long as tenants are always in search of accommodation, there will always be business for property management companies.

We have perfected our sales and marketing strategies and we are quite optimistic that we will meet or even surpass our set target of generating enough income/profits from the first month of operation and grow the business beyond Palm Beach – Florida to other states in the United States of America within record time.

We have been able to critically examine the real estate market and we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The sales projections are based on information gathered on the field and some workable assumptions as well;

Rent/lease a minimum of 30 housing units to clients (flats, duplexes, studio apartments et al) within the first 6 months of operation
Rent/lease a minimum of 20 office facilities to clients within the first 6 months of operation
Manage a minimum of 20 properties for clients within the first 6 months of operation
Sell a minimum of 20 hectares of land within the first 12 months of operation
Provide advisory and consultancy services for a minimum of 10 clients per month
Handle a minimum of 20 building makeover projects within the first 12 months of operation

N.B: Please note that we could not put a specific amount to the projection because the prices and commissions vary for different properties and for different clients. Part of our business strategy is to work within the budget of our clients to deliver quality property/properties hence it will be difficult to project what we are likely going to make from such deals.

But the bottom line is that we are definitely going to make reasonable profit from any business deal that we execute since we work based on commissions. The property management market is structured in such a way that property managers will always make profit from any deal they handle as long as they conduct due diligence before signing the deal.

Marketing Strategy and Sales Strategy

We are mindful of the fact that there is stiff competition in the real estate market in the United States of America; hence we have been able to hire some of the best business developers to handle our sales and marketing.

Our sales and marketing team will be recruited based on their vast experience in the industry and they will be trained on a regular basis so as to be well equipped to meet their targets and the overall goal of the organization. The training is not restricted to only our full – time employees but also all our freelance brokers that are scattered all over the United States of America.

Our goal is to become one of the top 5 leading property maintenance and renovation company in the United States of America which is why we have mapped out strategies that will help us take advantage of the available market and grow to become a major force to reckon with in the industry.

Crystal Property Maintenance & Renovation Company is set to make use of the following marketing and sales strategies;

Introduce our business by sending introductory letters alongside our brochure to stakeholders in the real estate industry and also property owners and potential clients through the United States of America
Promptness in bidding for acquiring homes/properties that are put up for sale
Advertise our business in real estate magazines and websites
List our business on yellow pages (local directories)
Attend real estate related expos, seminars and business fairs
Create different packages for different categories of clients in order to successfully sell our homes/properties to them
Leverage on the internet (social media platforms) and our official website to promote our business
Places highly visible “For Sale” sign on any property that we put up for sale
Encourage word of mouth marketing especially when we have a home for sale

11. Publicity and Advertising Strategy

We have been able to work with our consultants to help us map out publicity and advertising strategies that will help us work our way into the hearts of our target market. We are set to take the real estate industry by storm which is why we have made provisions for effective publicity and advertisement of our company.

Below are the platforms we intend to leverage on to promote and advertise our property maintenance and renovation business;

Place adverts on both print and electronic media platforms
Place our flexi banners with our company’s logo and contacts in every property we put up for lease or rent or sale
Sponsor relevant TV shows so as to communicate our brand and what we do
Maximize our company’s website to promote our business
Leverage on the internet and social media platforms like Instagram, Facebook ,Twitter, LinkedIn, Badoo, Google+ and other platforms (real estate online forums) to promote our business and list our properties for sale and for lease
Install our billboards in strategic locations
Distribute our fliers and handbills in targeted areas from time to time
Attend landlord and residence association meetings with the aim of networking and introducing our business
Ensure that all our workers wear our branded shirts and all our vehicles are well branded with our company’s logo et al.

12. Our Pricing Strategy

Part of our business strategy is to ensure that we work within the budget of our clients to deliver excellent properties to them. The real estate industry is based on commissions and properties are valued by professionals based on the area the facility is located, the type of facility and other factors.

Since we are not directly in control of the pricing system in the real estate industry, we can only abide by what is obtainable when it comes to pricing structure. Part of what we intend doing that will help us cut cost is to reduce to the barest minimum all maintenance cost by renting/leasing any property under our care to responsible tenants who won’t cause damage to our facility.

Payment Options

At Crystal Property Maintenance & Renovation Company our payment policy is all inclusive because we are quite aware that different people prefer different payment options as it suits them, but at the same time we will not accept payment by cash because of the volume of cash that will be involved in most of our transactions. Real estate deals usually involve huge amounts of money.

Here are the payment options that we will make available to our clients;

Payment via bank transfer
Payment via credit cards/Point of Sale Machines (POS Machines)
Payment via online bank transfer
Payment via check
Payment via mobile money transfer
Payment via bank draft

In view of the above, we have chosen banking platforms that will help us achieve our plans without any itches and we will also pay our freelance sales agents (real estate brokers) with same platforms. Any agent who intends paying with cash will be directed to deposit the money into our corporate account and then present their payment tellers to us.

13. Startup Expenditure (Budget)

Starting a property maintenance and renovation business is indeed capital intensive hence an entrepreneur would have to pool cash together or welcome investors to partner with you. Although the capital needed to set up an office structure for such business might not be expensive, but the running capital of the business is always the real deal. You would need huge capital base to be able to maintain and renovate properties.

Here are the areas we intend spending our start – up capital on;

The total fee for incorporating the Business in the United States of America- $750
The budget for permits and license – $2,000
The cost for hiring business consultant – $2,500
The cost for the purchase of computer software (Accounting Software, Payroll Software, CRM Software, Microsoft Office, QuickBooks Pro, drug interaction software, Physician Desk Reference software) – $7,000
The budget for insurance (general liability, workers’ compensation and property casualty) coverage at a total premium – $5,400
Cost for payment of rent for a suitable office facility with enough space in Palm Beach – Florida for 12 months at $1.76 per square feet in the total amount of – $105,600
Cost for office remodeling (construction of racks and shelves) – $20,000
The Cost for equipping the office (computers, printers, fax machines, furniture, telephones, filing cabins, safety gadgets and electronics et al) – $15,000
Other start-up expenses including stationery ($500) and phone and utility deposits ($2,500)
Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $100,000
The Cost of Launching our official Website – $600
Additional Expenditure (Business cards, Signage, Adverts and Promotions et al) – $5,000

Going by the report from our research and feasibility studies, we will need about $500,000 to set up a standard property maintenance and renovation company in Palm Beach – Florida. Please note that the cost for payment of employees is part of the total budget.

Generating Funds/Startup Capital for Crystal Property Maintenance & Renovation Company

Crystal Property Maintenance & Renovation Company is a private business that is solely owned and financed by Pearson Wilberforce and his immediate family members. They do not intend to welcome any external business partners for the first 3 years which is why he has decided to restrict the sourcing of the startup capital to 3 major sources.

These are the areas we intend generating our startup capital;

Generate part of the startup capital from personal savings
Source for soft loans from family members and friends
Apply for loan from my Bank

N.B: We have been able to generate about $200,000 (Personal savings $150,000 and soft loan from family members $50,000) and we are at the final stages of obtaining a loan facility of $300,000 from our bank. All the papers and document have been signed and submitted, the loan has been approved and any moment from now our account will be credited with the amount.

14. Sustainability and Expansion Strategy

The future of a business lies in the number of loyal customers that they have, the capacity and competence of the employees, their investment strategy and the business structure. If all of these factors are missing from a business (company), then it won’t be too long before the business close shop.

One of our major goals of starting Crystal Property Maintenance & Renovation Company is to build a business that will survive off its own cash flow without the need for injecting finance from external sources once the business is officially running.

We know that one of the ways of gaining approval and winning customers over is to maintain and renovate properties a little bit cheaper than what is obtainable in the market and we are well prepared to survive on lower profit margin for a while.

Crystal Property Maintenance & Renovation Company will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and re – training of our workforce is at the top burner. As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of three years or more.

Check List/Milestone

Business Name Availability Check: Completed
Business Incorporation: Completed
Opening of Corporate Bank Accounts various banks in the United States: Completed
Opening Online Payment Platforms: Completed
Application and Obtaining Tax Payer’s ID: In Progress
Application for business license and permit: Completed
Purchase of All forms of Insurance for the Business: Completed
Renting of Office Facility in Palm Beach, Florida: Completed
Conducting Feasibility Studies: Completed
Generating capital from the CEO/President and Business Partners: Completed
Application for Loan from our Bankers: In Progress
Writing of Business Plan: Completed
Drafting of Employee’s Handbook: Completed
Drafting of Contract Documents and other relevant Legal Documents: In Progress
Design of The Company’s Logo: Completed
Graphic Designs and Printing of Marketing/Promotional Materials: Completed
Recruitment of employees: In Progress
Purchase of the needed furniture, office equipment, electronic appliances and facility facelift: In progress
Creating Official Website for the Company: In Progress
Creating Awareness for the business (Business PR): In Progress
Health and Safety and Fire Safety Arrangement: In Progress
Establishing business relationship with key players in the industry (networking and membership of relevant real estate bodies): In Progress