Water is a basic requirement in life and in today’s health-conscious world, people are being mindful about the quality of water they drink every day. Starting a water treatment venture may be a brilliant move but you have to make sure you do it right.
If you’re thinking of starting a company related to water treatment and purification, do market research before putting a business plan in place. Here’s what you need to keep in mind before kickstarting it.
1. Study Your Region
Take some time to study your neighborhood and see what water treatment plans are popular among consumers. If there are competitors in your niche, research them and analyze their pricing. Your business plan should aim to make the life of your consumers easier and better. Identify your target customers, see what they’re looking for in the market, and work towards meeting their requirements.
3. Focus On The Location
Where you start your water treatment firm is important. You want to look for a quality water source, ease of accessibility, and make sure you’ve got a sizeable staff to help run your business operations, making sure they go smooth. 24/7 power supply and stable access to physical resources are also important.
4. Note The Profit Margins
For a water treatment company that specializes at selling single units of 1-liter jars, the profit margin can range between 15% to 20%. It increases with larger-sized water bottles. You should take into consideration business expenses when noting profit margins such as bottle sizes, cost of caps, interest rates on capital, and packaging costs.
5. Start Your Own Business
We’ve briefly mentioned the option of partnering with a franchise before but starting your own venture is simpler. If you’re on a low budget, you don’t want to tax yourself financially and may consider pool financing options. You can also look into loans from banks, angel investors, and water treatment financing for contractors when trying to raise enough capital to get your business running off the ground.
Build marketing strategies and slowly scale up your business once you start making profits. It takes time and dedication to build a brand but if you stay focused, nothing will stop you.
6. Keep The Marketing Simple
When you’re first starting out, don’t pour your budget on social media ads and marketing. Start simple by going door-to-door and interacting with your customers. Build awareness about your business in the neighborhood and spread the word. You can get in touch with small-scale enterprises, restaurants, and businesses and ask them to try out a sample of your water supply.
Start selling your brand in your locality and don’t bother competing with big names in the beginning. You can raise your rates once your products start gaining traction. A low price point coupled with a high-quality product is enough to get the ball rolling. Focus on distributing and delivering to areas where your competitors don’t service so you can build your own unique niche when it comes to target customers.
You can also organize product launches and events to talk about what you’re doing. Other advertising strategies you could use are printing ads on newspapers, billboards, and distributing flyers in the neighborhood.
7. Create A Catchy Brand Image
Your brand logo and visuals shouldn’t be ignored. It’s a crucial business step since what you do afterward will impact how it’s perceived. Work with a reputed graphic designer to create your brand logo and visual identity.
Make sure it aligns with your vision. Your brand name should be simple, catchy, and memorable. After you are done putting the finishing touches on the designs, you can connect with retailers in your area to start marketing your product in stores. Offer exclusive discounts to customers who buy in bulk and introduce referral programs that give them incentives. They’re more likely to recommend your brand to their friends and family that way.
Don’t forget to start a website for your brand and promote it on social media pages. Get your customers talking, collect testimonials, and post them on those platforms. It’ll make a big difference.
8. Update Your Technology And Find Ways To Scale Up
Once you’ve done everything you can to get your water treatment firm running, you’re going to have to focus on adapting to the changing landscape. Stay in touch with industry trends and consult with other water treatment business experts for advice whenever you feel stuck. Using fleet management solutions to track your logistics and getting real-time feedback about your stock and supply via a virtual dashboard can be helpful.
You should also consider upgrading the technology used in your water treatment purification units once you are financially doing better. Find ways to scale up your business by making your operations agile and not restricted. It’s a good idea to buy second-hand machinery when starting out for this reason. Keep your initial costs, start slow and once you’re growing you can afford to make more improvements to the business.
The endgame is to build a business that’s memorable, liked by customers, and has a reputation in the industry. Your product quality will speak volumes so make sure you offer the best when you start your own venture. Doing a bit of research will go a long way in this since you’ll know what other brands are doing.
Some brands infused added minerals to their purified water while others prefer mixing herbal extracts to make their products unique. You can offer a range of purified water products instead of solely limiting yourself to distilled water if you feel like you’re open to that.