Tips for Writing a Business Plan for an Auto Repair Business
Tips for Writing a Business Plan for an Auto Repair Business
Most people who complete the vocational schooling and apprenticeship hours required to become auto mechanics will continue to work for employers. However, some will channel their entrepreneurial spirit and open up their own auto repair business. According to UBC’s Small Business Accelerator Program, the auto mechanics industry in Canada will continue to experience steady growth, generating close to $12 billion annually. While new auto repair enterprises tend to be the regular brick-and-mortar shops, some entrepreneurs think outside the box and open mobile businesses that bring diagnostic, maintenance, and repair services right to a customer’s home. These startups are an expensive undertaking whether you intend to open a repair shop or plan on going mobile. Lenders or investors will want to see a professional business plan that doesn’t just outline revenue and expenses but one that is clear about your vision, objectives, marketing plan, strategies, industry experience, and the experience of those who will be working with or for you. A business plan is the most crucial document you’ll ever write. Having a professional business plan writer work with you to craft it will be money well spent (and it’s a legitimate business expense too!). If this is something you want to take on yourself, keep reading. If you are looking for a Business Plan Writer & Consultant for hire, there are many options in the marketplace.
Tips for Writing the Plan
Several sections make up a business plan, but let’s touch on a few essential points that should be included in yours:
Talk to a professional business plan consultant. These people are specialists who know how to write a business plan, develop a marketing strategy, find pertinent information about licensing requirements, and effectively point you in the right direction to help build your business.
Understand the value of a business plan. Many entrepreneurs tend to think its sole purpose is to secure funding. While that’s undoubtedly one of its functions, your business plan is also the roadmap that helps to get you to the destination of breaking even and turning a profit. Your business plan will outline your goals and how you’ll reach them and clearly define and explain the business. Some of the reasons businesses fail include not starting with enough money, planning, and overestimating revenue. The process of writing the business plan helps to identify potential problems and reduce the risk.
Starting a business is exciting and sometimes overwhelming. Use the process of writing the Objectives section to bring order to the chaos you might be experiencing as you prepare to open your auto repair shop. You may envision beginning a one or two-bay garage with yourself and one employee doing the work, and once the business has its footing, your goal is to expand to several shops or even franchising. The Objectives section will help you to identify the steps you’ll need to take to realize your dream.
Starting up an auto repair shop or a mobile auto repair business is an expensive undertaking. However, committing yourself to carefully crafting the Financials section of your plan will give you and your lender a clear picture of the amount of money you’ll need. This section requires you to be specific and to itemize revenues and expenses carefully. Always be conservative with your numbers and make sure you show the business breaking even at a particular point in time.
The Market Analysis and Marketing section will require you to do extensive research. How much time you’ve spent researching the auto repair needs of people in the area you plan to do business? Who are your competitors? What services do they offer? How do they reach customers? What sets your business apart from other shops? What tools will you be using to reach and retain customers?
Finally, practice, practice, practice. Know your business plan inside and out and practice presenting it to an audience. Ask a business plan consultant to critique your presentation. And finally, don’t forget to review your business plan at least once a year!