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Association Management Business Idea

On the surface, starting an association management business seems like an interesting, but complicated business. The good news is that after you learn the fundamentals, it can be an exciting and potentially profitable pursuit.

An association management business can be quite rewarding because it often involves assisting start-up companies with the various logistics of managing their associations. If you are highly organized and enjoy being a part of planning from the ground floor, an association management business may be right for you.

Starting An Association Management Business

To run a community or homeowner association management business successfully, it is necessary to have a thorough understanding of the basics. First time managers should start off small so that they can learn and gain experience at the same time. This will help them in forming a schedule of services for clients as the business grows.

While starting an association management business, it is crucial to devise a standard operating procedure that is easy to execute. Standard procedures free up time that can be spent on attracting more customers. There is a variety of software available that simplifies association management, making it more efficient.

Software gives association management the tools to develop website portals and build membership. Software also makes it easy for associations to manage memberships, plan events, compose newsletters, and receive payments.
Plan your business strategies by researching the competition. It is imperative that your business offer different services, a unique approach, or a more favorable pricing structure than your competitors for you to have a chance for success.

Determine which services you will provide for clients. Some association management businesses offer consultation services where clients get advice on how to make an association active, responsive and efficient. Other association management companies assist in the transition of association property from the control of a developer to a homeowner. Management services sometimes includes basic legal services.

In addition, community association management typically operates and manages the association, holds regular inspections, looks after maintenance of the necessary records and payments due, and attends annual meetings. Other association management services may include the preparation of annual budgets, financial reporting, asset management, and insurance policies. You may choose to do all or some of these, but define your services and pricing strategies before you open.

Obtain your business license and any related permits or certifications.

Becoming Successful

It is important to establish a professionally run association management business from the first day and run it efficiently to build a solid reputation. Some of the requirements for building a positive reputation include easy accessibility through phone and email, possession of excellent communication skills, immediate responsiveness to client requests, advance preparation before attending meetings, being knowledgeable about an association’s rules and procedures, and the desire to look out for the association’s best interest.

Starting an association management business small paves the way for expanding as you gain more experience and a foundation of satisfied customers. In time, hiring staff may be required so that you can take on more clients. If so, ensure that they are as knowledgeable and capable as you have become and you will find yourself on the road to success.

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