Federal Tax Identification Number TIN Financing Your Water Refill Station When looking to start your water refill station business, your thorough research will reveal how much you would need to start the business and while the start-up capital might vary due to the area where you intend to run your own business, it will give you an idea of how much you will need.
Starting a water refilling station is easy, but success in this business depends a lot on how you market and manage your business since the technical aspect is already developed.
To assist those who plan to start, some basic business tips are given below: Get a location where there is less competition. We are assuming here that you have a limited budget; those who have sufficient capital may focus on delivering to offices or households and so their retail location may not be critical.
If you go to an area crowded with competitors, there will be intense price competition and it will be much harder to get customers since most of them are already old clients.
Know your ideal price point by knowing your costs. You may lose customers if you price too high and you will suffer losses due to this. This is why you must have an accurate idea of your actual costs.
Too often, only the direct cost like packaging and water is factored in, while the effect of overhead on product cost is not examined carefully. In water refilling stations, the direct costs are far less than the overhead expenses, so prices are more affected by overhead.
It is suggested that you consult with a qualified accountant if you are not knowledgeable in costing. Always promote your business. Have a budget allocated for promotion so that it will be an on-going activity. Try to find innovative and cost effective ways to connect with your customers.
One of the most successful promotions are loyalty programs so that your customers will keep coming back. Another strategy is to be involved in the local community, as this will generate priceless goodwill and need not be too expensive.
Have added services that you can sell. This is an excellent strategy that may even boost your profits besides helping to retain your customers. The most commonly sold service is the lending out of hot and cold dispensers.
While some truly do not add this to the price, there are others who charge a higher amount. Do not neglect maintenance. Some companies try to save on costs by postponing the replacement of filters and other essential supplies.
This is short-term thinking.Purified water is cheap and most of the people can afford to buy it. A small space could suffice the area needed for the business. Aggressive/competent managers (MBA graduates) High-end technology b. Weaknesses • Purified water is just a “want”.
There is still tap water that could be used. • There are already many refilling stations in the city.
In addition, the water refilling station – Alpha Purified Water Refilling Station – will be targeting personal contacts as the prospective customers. This is an ideal market segment because a positive relationship already exists with the personal contacts, making the water refilling station’s job of selling the products significantly easier.
H 2 0 Industries' marketing strategy will be to execute and communicate its value proposition of service and market segmentation advantage in providing segregated regeneration of customers' resin. This will be expanded on in upcoming sections.
In the study of Magtibay (), water refilling stations can be a good source of safe drinking water in the Philippines. Purified water can meet the aesthetic performance of Purified Water Business in Batangas City, specifically: to describe the business profile of the Operational Performance of Purified Water.
Check competing water refilling stations in your potential location, and try to count the number of water stations. Don’t be discouraged if there are several stations.
If there is a booming market and there are just one or two water stations within the area, there might be room for one more.
Okay, so we have provided you an in-depth sample water refill station business plan template. We also took it further by analyzing and drafting a sample water refill station marketing plan backed up by actionable guerrilla marketing ideas for water refill companies.