Badm475 U4db - Create a Business Plan

· The problem of needing this business

· No local mechanic shops other than expensive dealerships

· Expensive

· What problems this business will solve 

· Fast turn around

· Not as expensive 

· Personal care with customers 

· Environmental Analysis 

· Economic

· Cheaper than dealerships 

· New constructions nearby 

· Competitive

· Certifications for mechanics 

· Cultural

· Mechanics can work on new and old automobiles 

· Technological

· New equipment evolving to speed up troubleshooting 

· Computer systems to track timing and give estimates for services

· Political

· New zoning regulations allow for the business to be built in a new shopping center 

· Products or Services 

· Troubleshooting and fixing automobile engines 

· Oil changes 

· Tire changes 

· Wrecker services for initial transportation if needed

· Management Team/Employees 

· Mechanical skills 

· Techs will be certified from various dealers 

· Experience with automobile mechanics 

· Financial skills 

· How to budget from week to week until profits are being made and equipment is paid off. 

· Compensation

· How much money can be paid out to employees until a profit is being made at the shop 

· Training

· Employees will need to be trained on new equipment and the business system to help give accurate timing and quotes 

· Time Line 

· January 1st 2019 - Opening day 

· March 29th 2019 - 1st quarter earnings in – If earnings are good some equipment will be paid off.  

· June 28th 2019 - 2nd quarter earnings in – If earnings are good some equipment will be paid off.

· September 30th 2019 - 3rd quarter earnings in – If earnings are good some equipment will be paid off.

· December 31st 2019 – 4th quarter earnings in – If earnings are good some equipment will be paid off.

· March 2020 – If all major equipment is paid for the company will expand and add 3 more bays and 2 more mechanics to expand its services. 

· December 31st 2020 – The Company has made enough money to pay off the shop and all equipment needed to initially start the business. 

· Benefits to the Community 

· Quicker services 

· Cheaper service 

· Local jobs 

· Financial Plan 

· Sources of funding 

· Money that was set aside for retirement 

· Small business loan from credit union 

· The plan is to pay off needed equipment and the business shop within 2 years of opening.  Once that occurs the bank will get any remaining amount of money needed to pay them off.  Then the retirement fund will be replenished last. 

· Conclusions and important points: 

· Money and financial status 

· Most important part of initial start up

· Expected payback period for loans