Opportunity
Problem
The population in Richmond is growing. With more people come the need for more apartments and stores, in other words, new construction. Electricians are required to be skilled in order to wire everything.
Solution
Premiere Electric was founded by Robin to service the old Gardner and Miller customers and expand her services in the tri-county areas.
Market
The market is highly fragmented and crowded for commercial electrical contracting. Among these, only a few are large firms with 20 or more electricians on staff. The rest are small businesses with fewer than three full-time electricians. Premiere Electric’’s current niche lies in its strong relationship with Gardner and Miller’s customers. But, this is not enough for growth within a competitive market.
Robin’s focus on data and communication reduces her competition to the two largest electrical firms that bid for the largest projects in the local area. Premiere Electric is aiming to be a force in the most important projects in the region one day. But, Premiere Electric sees an opportunity for small projects that aren’t being pursued aggressively.
Competition
There are several electric contractors in Richmond: Above Code Electric. Frazier Electrical. H.O. Prism Industries, Langhorne Electric, and Feild Electric Company are just a few.
They all boast years of experience, training, and customers who trust them. They enter the homes of their customers as electricians. They should be able and willing to do great work, as well as being able to enter a person’s home without causing privacy invasion.
Why Us?
Premiere Electric is committed to providing the best electrical services possible for its customers. Robin emphasizes personal service and provides quick and easy service. Premiere Electric’s technological expertise allows us to install voice and data wireless systems as well as intelligence systems at any size facility. Finally, Robin has strong vendor relationships with the most service conscious vendors who are capable of shipping major parts rapidly (on an overnight timeline in most cases) minimizing the system down time for Premiere Electric customers.
Expectations
Forecast
Currently, there is $100,000 worth of business with former Gardner and Miller customers. Robin believes she is able to grab the lion’s share of that and build upon it. As her sales increase, she will be the sole employee of the company.
Financial Highlights by Year
Financing Needed
We will receive $62,000. Robin will invest $40,000, and we will receive a $22,000 loan over the long-term.