Can this be turned into a Fastlane??

[Kewal]

Just graduated from college and exploring further career options. My family has a business of CCTV installation and retail of security goods.
Our business currently caters to customers of three states. Now my question is that can this business be turned into a money tree leaveraging the latest technologies and marketing approaches.
By entering the business I want to expand this further and turn it into somewhat of a brand for this domain.

I would appreciate insightful discussions on this problem and thanks in advance for the help

 

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[SEBASTlAN]

if you can sell the products via an online shop, then yes it should mostly meet the C.E.N.T.S. criteria.

 

[NotFexelcraft]

Just graduated from college and exploring further career options. My family has a business of CCTV installation and retail of security goods.
Our business currently caters to customers of three states. Now my question is that can this business be turned into a money tree leaveraging the latest technologies and marketing approaches.
By entering the business I want to expand this further and turn it into somewhat of a brand for this domain.

I would appreciate insightful discussions on this problem and thanks in advance for the help

I think it could work, But here are some thoughts:

I think in a service business there would be a lot of competition mostly if it is a one-day sale and you won't need more for a couple of years like CCTV installation people will try to get the cheapest and best quality they can get because they only need it once (That's something I would do) so the profit margin will lower. I think it's generally harder to build a brand from such a business, So the best bet in my in my opinion is it do white label dropshipping and increase your customer base to more states.

I obviously don't know about the whole structure of the business but I think as a family business, if you keep going at a certain pace with the pre-made foundation, you can turn it into a successful venture.

 

[Kewal]

I think it could work, But here are some thoughts:

I think in a service business there would be a lot of competition mostly if it is a one-day sale and you won't need more for a couple of years like CCTV installation people will try to get the cheapest and best quality they can get because they only need it once (That's something I would do) so the profit margin will lower. I think it's generally harder to build a brand from such a business, So the best bet in my in my opinion is it do white label dropshipping and increase your customer base to more states.

I obviously don't know about the whole structure of the business but I think as a family business, if you keep going at a certain pace with the pre-made foundation, you can turn it into a successful venture.

Rightly said, as of now the main earning happens in the initial installation. I need to figure out how to turn the follow up services into a regular one, as its quite uncertin when the customer may require the servicing in the future with the current structure.

 

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[EliaR]

Rightly said, as of now the main earning happens in the initial installation. I need to figure out how to turn the follow up services into a regular one, as its quite uncertin when the customer may require the servicing in the future with the current structure.

How about keeping customers in a CRM and contacting them after 6, 12, 18 months to see if they need servicing?
Or upselling them with new products like an intercom, alarm systems and such?

I work with a CCTV installer and said his most profitable service is actually repair and upkeep rather than installs.

 

[Kewal]

How about keeping customers in a CRM and contacting them after 6, 12, 18 months to see if they need servicing?
Or upselling them with new products like an intercom, alarm systems and such?

I work with a CCTV installer and said his most profitable service is actually repair and upkeep rather than installs.

Good point, that definitely works while dealing with clients who require cameras in a bulk amount like factory owners, institution owners etc. as they constantly are in a need for more refined products.
But considering India, when we take into consideration the normal customers like small retailers, people who want CCTVs in their house they don't look for better products or service upgrades for about 2 to 3 years of installation.

 

[realbillperry]

How easily could you package up your processes and sell franchises?

 

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[Roli]

Just graduated from college and exploring further career options. My family has a business of CCTV installation and retail of security goods.
Our business currently caters to customers of three states. Now my question is that can this business be turned into a money tree leaveraging the latest technologies and marketing approaches.
By entering the business I want to expand this further and turn it into somewhat of a brand for this domain.

I would appreciate insightful discussions on this problem and thanks in advance for the help

It already is fastlane. The control is all within your family, I'd imagine the sector is reasonably difficult to enter. There is an obvious need for security systems, the more you sell, the more staff can come on board and reduce your time in the business and it is already scaling.

Spend time in the business, talk to existing customers, try and work out ways of innovating and making the customer experience even better than it already is.

As far as leveraging existing tech, I'm sure you can, go and visit some expos and join some surveillance communities to help give you ideas.

 

[Kewal]

How easily could you package up your processes and sell franchises?

The installation part cannot be fully automatized. But the after service part can be. Depending on this, if the business can be converted into a brand known for the same then it can be packaged very well and sold off for the final deal.

 

[ZackerySprague]

Yes you're business system would be your website, your mailing list, ecommerce channels.

Your options:
1. Selling on Amazon FBA.
2. If you sell in Volume, go to channels (Retailers) Home Depot, Lowes, Walmart, etc.
3. Your mailing list. Building it up through Advertising using (Google Ads, Facebook Ads, Instagram Ads, Snapchat Ads, etc).
4. Organic results such as SEO.

Eventually wanting to do a Productocracy of 1+1 = 3

 

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[Visida]

First of all, congratulations on graduating from college! It’s great that you are thinking about developing a family business. Expanding it and making it a brand is an admirable goal. To do this, it is important to analyze the current market, identify customer needs and develop a marketing strategy. Incorporating the latest technology into services and products will also be key. Let's discuss the details and possible steps to achieve this goal.