HOW TO WRITE A BUSINESS PLAN FOR A PRIVATE CONCIERGE?

The concierge market is growing rapidly. As proof, in recent years, we have observed an average annual growth of almost 20% in this sector of activity. Initially reserved for a handful of privileged people, services to help people with their daily life tasks have become more democratic.

There are two main segments in the market: corporate concierge and private concierge. The first segment allows companies to increase the productivity of their workers since they can delegate their shopping and other daily needs to third parties. The private concierge, meanwhile, is aimed directly at individuals.

Getting into the concierge market can make some people want to.

However, before anything else, it is imperative to have a solid business plan.

This approach offers the possibility of establishing the growth strategy of your private concierge by reflecting, for example, on the budget, the development plan, the forecast turnover, the profitability ratios, and the future gains of your service. 

In addition, the business plan of your private concierge can be used as support in the context of financing from a bank. Click here for more info

What to include in the business plan is a private concierge?

What are the steps to follow?

Can we establish the starting budget for your private concierge?

What are the accounting ratios to be calculated in the business plan?

How to calculate the break-even point of a private concierge?

BUILDING A BUSINESS PLAN FOR A PRIVATE CONCIERGE

WHY WRITE A BUSINESS PLAN?

Establishing a business plan for your private concierge allows you to:

– analyze figures and data on the concierge market

– group innovations in the concierge services sector

– study the success factors of a private concierge

– understand your future customers as well as their needs

– think about a sustainable value proposition for this new project

– analyze competing for private concierge services, as well as their shortcomings

– find competitive advantages for your private concierge service

– explain, thanks to the Business Model Canvas, the business model of your concierge service

– develop a marketing strategy (in several steps)

– anticipate the risks that may arise in the management of your new business

– show a financial institution that your concierge service will become profitable

Our experts have taken care to build a good business plan for a private concierge service that respects these objectives.

WHAT PARTS SHOULD WE FIND IN THE BUSINESS PLAN OF A PRIVATE CONCIERGE?

A business plan presents several elements, data, and analyses.

However, it is advisable to group them all well to have a serious business plan.

We have done this in our business plan for a private concierge, structured in different parts, described below.

The part that opens the business plan is called “Market Opportunity.” In this part, we will report figures on the concierge market. The data is updated regularly.

This part of the business plan also makes it possible to summarize the latest advances that have emerged in the concierge services sector (for example, home concierge services, luxury concierge services, 100% online concierge services, digital concierge services, and “sans frontières,” or even the tourist concierge service).

To conclude, we discuss the variables that allow a private concierge to reach its break-even point.

After that, there is a part corresponding to the “Company Presentation.” It allows you to present your private concierge (What is the area of ​​activity of the concierge? What services are offered (laundry, childcare, grocery delivery, car maintenance, etc.)? What are the specialties of the concierge (e.g., a luxury concierge with expertise in luxury travel, art, business relationships? etc.).

This part also discusses the value proposition of your private concierge. Finally, it ends with the presentation of the project leader (the person who gave birth to this business project).

Then comes the part “Market Research,” which will make it possible to identify the customer segments of your concierge service.

It also presents competing private concierge services through a competitive analysis. This part includes a SWOT matrix, which is the preferred tool for listing the strengths and weaknesses of your concierge while revealing the opportunities and threats that can influence its development.

Then, the “Strategy” part will present, in turn, a marketing strategy containing specific actions that will allow your private concierge to reach its break-even point quickly.

It discusses, among other things, a marketing strategy that will allow revenue growth.

Finally, the business plan ends with a part called “Finances,” which allows presenting a financial strategy in detail from your private concierge.

HOW TO PROPERLY WRITE THE EXECUTIVE SUMMARY OF A PRIVATE CONCIERGE?

Certain criteria must be met to successfully write the Executive Summary (also called “executive summary”) of your concierge service.

First, the Executive Summary should be concise. Do not exceed two pages. In reality, it is introducing your private concierge’s business plan.

In addition, it must be educational, allowing you to present the great strengths of your project.

Do not make redundancies and emphasize the strengths of your business project (for example: offers a trial pack at a reduced price to increase the number of customers quickly, accept less common requests such as the organization of an appeal in marriage, forges partnerships with yacht or helicopter rental companies or even develops a luxury concierge service offering top-of-the-range services, etc.).

HOW TO PROPERLY WRITE THE MARKET STUDY FOR A PRIVATE CONCIERGE?

A market study for your private concierge provides an opportunity to understand the factors surrounding your business idea, such as demand patterns, industry trends, and competing personal concierges.

Every business idea should start with market research.

How to establish it? It is necessary for that to structure a significant number of elements.

Below is the information gathered in the “Market Study” part of the business plan designed for a private concierge 

– recent data, figures, and statistics that characterize the concierge market

– the latest breakthroughs in the concierge services industry

– the market segments of your concierge service

– the study of competing private concierge services

– examples of competitive advantages

– the SWOT analysis of a private concierge service

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