Custom Truck and Auto Accessories. Brad Himes
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1 Custom Truck and Auto Accessories Brad Himes
2 Table of Contents SECTION I: BUSINESS DESCRIPTION A. Business Concept...1 B. Business Name...1 C. Goals..1 D. Industry Analysis...1 E. Form of Ownership 2 F. Facility Requirements 2 G. Opening Date.3 H. Legal Requirements...3 SECTION II: MARKETING PLAN A. Geographic Market 4 B. Customer Profile 4 C. Potential Customers...4 D. Market Penetration.4 E. Competitive Analysis..4,5 F. Pricing 6 G. Promotion...6 SECTION III: MANAGEMENT PLAN A. Employees..7 B. Organizational Chart..7 C. Business Expertise.8 SECTION IV: FINANCIAL PLAN A. Initial Capitalization...9 B. Cash Flow Projection...10 APPENDICES Executive Summary
3 Have you ever wondered how many new vehicles are purchased each year in the United States? In 1996 there were 4.09 million new automobiles, both domestic and foreign, sold in the United States. In the past, this number has grown at an average rate of 15.2% each year, meaning more and more new cars and trucks will be packing the highways and city streets. Is this increasing number of new cars and trucks a bad thing? Not if your plan is to sell car and truck accessories. With this growing number of vehicles in the United States there is also a growing demand for parts and accessories to customize each car or truck. My plan is to open a retail store that would sell automotive accessories to the public; the name of my business is Custom Truck and Auto Accessories. My business carries a wide variety of automotive accessories for both personal and commercial cars/trucks. By starting this business, I seek to achieve a profit from sale of my products within 14 months. In addition to receiving profit, I would also like to create a substantial, loyal customer base through top quality products, customer-first service and overall satisfaction of the customer. With a total of 34,070 males between the ages of 16 and 64, predicting a market penetration percentage of 2% reflects a total of 680 customers, each spending an average of $500 per year. Annual cash sales for the first year are estimated at $340,500, with a cash position at the end of the year of $42, 110. My business is located in a heavy traffic area and is positioned close to other businesses in the automotive industry (auto parts, car dealerships, service stations, etc.). The facility will be equipped with all the necessary tools and supplies for the job, and will also have a 12,000lb. Vehicle lift.
4 The opening day for my business is in the early spring, when the weather is beginning to warm and car enthusiasts are beginning to spend more time outdoors with their automobiles. While this business will be hi gh in the spring/summer months, it will begin to slow down in the winter months, creating a seasonality effect on monthly sales. Operation of the business will require two full time persons and I; one for sales and one for installations. Both positions will be salary positions with each one having its own unique job description. The financing for my business is separated into two categories; building/land and initial capitalization. My initial capitalization includes everything I will need to open the doors of my business. Included in this figure is three months of operating expenses, equivalent to the cash on hand the first day of business. With a growing automobile industry, there will be a growing need for car and truck accessories for each individual to customize their vehicle, leading to a successful business opportunity selling and installing accessories for cars, trucks and SUVs. SECTION I: BUSINESS DESCRIPTION A. Business Concept My business is a retail store. We sell a wide variety of automotive accessories, both car and truck, for personal and commercial vehicles. My business also manufactures custom items such as toolboxes and fuel tanks for special applications. In addition to selling the merchandise, we also install the products that we carry.
5 B. Business Name The name of my business is Custom Truck and Auto Accessories. I will register my business name with the Department of Revenue in Colorado with the appropriate form. Please see Appendix A for a copy of this form. C. Goals By starting this business, I seek to achieve a profit from sale of my products within 14 months. I hope to create a substantial, loyal customer base through top quality products, customer-first service and overall satisfaction of the customer. In addition to observing a profit and creating a loyal customer base, I also hope to receive personal gratification from doing work that I personally enjoy very much. D. Industry Analysis According to The University of Michigan Transportation Research Institute, in the United States the motor vehicle industry is constantly growing and remains the largest manufacturing industry in the United States. From 1982 to 1996,the industry has experienced an average growth rate of 15.2% in American automotive production, from 90,000 vehicles in 1982, to 2.37 million in This figure 2 however, only includes those automobiles manufactured in the United States, excluding all vehicle imports. In 1996, imported vehicle sales totaled 1.72 million, creating a total of 4.09 million automobiles sold in America. E. Form of Ownership
6 My business will run under the ownership of Sole Proprietorship. I choose this ownership because I am the only one involved in the start of the business and the business does not possess the need for a corporate structure. F. Facility Requirements The company building will be 5,120 square feet with a sales floor and a service area with vehicle lift for installations. This building is located on 1.9 acres and is at the corner of Independent and 25½ Road. This building resides in a heavy traffic area and is positioned close to other businesses in the same industry (auto parts stores, car dealerships, service stations, etc ). The property is for sale for $595,000. Improvements to the building/property are estimated at $10,000. My business sign will be a freestanding, roadside, illuminated sign consisting of two parts. The first part is the company name and picture in large, attractive font. The lower portion of the sign is a place for advertisement (promotions, sales, specials, etc ). In addition to my freestanding sign, my business will have a simpler, building-mount sign above the business entrance, with the company name displayed in large font. In addition to my signs, I will have lettering on my door entrance and have business advertising/lettering for one vehicle. Please see Appendix B for color photo of business location and illustration of my business sign. G. Opening Date I choose to open my business on March 1, I chose this date particularly because it is in early spring, where our climate is warming and people begin to heavily participate in outdoor activities. This is the busiest time of year for this particular type of business because people are going to start there outdoor activities,
7 requiring such items as trailer hitches and all types of towing accessories, and also with better weather, people can begin to take better care of their vehicle, adding accessories and custom parts, after the long winter period of dirty roads and dirty vehicles. H. Legal Requirements My business will need to satisfy the following legal requirements. A retail sales tax will be imposed on all retail goods in my business. I will need to collect Colorado state sales tax, Mesa county sales tax and the city of Grand Junction sales tax. I will also withhold an individual income tax from each employee s wages and pay proper taxes on my property. As an employer, I will pay federal and state unemployment insurance and Colorado Worker s Compensation. To cover any accidents in my business, I will carry proper insurance for both the building and the personnel inside. Road Side Sign (1) 5 x 10 Double Sided Pole Sign $3, (1) 4 x 8 Double Sided Letter Board 1, (1) Set of 8 letters Pole and Cover Installation Store Front Sign (1) 3 x 12 Single Sided Sign $1, Lettering Door Lettering 50.00
8 Truck Lettering Total $ 9, Section II. Marketing Plan A. Geographic Market My geographic market for this business is Mesa County. My potential customer base extends from Fruita to Palisade, encompassing the entire valley. Over the past ten years, Mesa County has experienced an average growth rate of 2.4%, with a current population of 115, 783 persons. Last year, 111,124 vehicles were registered in Mesa County, creating an average of almost 2.6 vehicles per household in Mesa County. B. Customer Profile According to Truck Stuff and Hitches, the target market in this business is the male population in Mesa County exceeding the age of 16, with a main sector being ages The male population in Mesa County is 49% of the total population. C. Potential Customers The population of males in Mesa County older than 16 is 43,485, and the number of males between the ages of 16 and 64 in Mesa County is 34,070. D. Market Penetration My market penetration is 2.0%. This percentage gives me 680 customers who spend an average of $500 annually, totaling $340,500 in annual sales.
9 E. Competitive Analysis My three main competitors in Mesa County are Truck Stuff and Hitches, D & M Truck Accessories, and Pine Country Truck Accessories. The most significant of my competition is Truck Stuff and Hitches because, until recently, they have been operating in this particular market without any competition, creating a large customer base and very good name recognition. After visiting this business, I have determined that their weakness is customer relat ions. The persons in this business are not friendly. I find this to be a very critical disadvantage when dealing with customers, and especially older customers. The second company I have listed is D & M Truck Accessories. I find that this businesses main strength is in the custom fabrication of special order items. They are able to manufacture toolboxes, hitches, bumpers, and other special order accessories. The main disadvantage concerning this business is location. They are located on Orchard Mesa, on the side of a busy highway; however, the entrance/exit to the store is very poor. Entrance is only allowed from the eastbound lanes of the highway and customers can only exit the location via the eastbound lanes. Another competitor in the market is Pine County Truck Accessories. This business is an indirect competitor. This business is primarily a used truck dealer, however they do carry some accessories and parts on a customer order basis. Their main strength is their name recognition, and customer base in the used car and truck market. Resulting in them not having to attract customers because they are already at the business looking at the vehicles. Their main disadvantage is
10 also their presence in the used truck market because they are not driven by truck accessories, resulting in a very minimal inventory of items in stock. The following table illustrates my competitors and my businesses strengths and weaknesses. Strengths Weaknesses Truck Stuff Name recognition and Customer relations customer base D & M Custom manufacturing Location Pine Country Name recognition and Indirectly involved in market Custom Truck Customer Relations, Name recognition, finances manufacturing, experience F. Pricing I will begin my business with a market penetration pricing strategy to attract customers to my store and gain their loyalty. Approximately three months after opening my business, I will move to a Status Quo pricing strategy, having already built a substantial, loyal customer base. G. Promotion
11 For the promotion of my business, I will start by promoting my grand opening. One month prior to my grand opening, I will begin advertising on local radio stations that reach my target market, and will continue to advertise on the radio for two months after my grand opening. In addition to radio advertisement, I will place a half-page advertisement in the Daily Sentinel one week before my grand opening. Please see appendix C for an illustration of my advertisement. SECTION III: MANAGEMENT PLAN A. Employees In addition to myself, I will need to hire two more full time personnel for my business. I will have one full time employee for installation of products, and one full time employee for customer assistance on the sales floor. Job Descriptions are as follows: Installations Potential applicant must possess mechanical knowledge of automobiles including both cars and trucks in general areas (electrical, technical). Must be very detailed and experienced in the automotive industry, with possible ASE certification. Sales Floor Potential applicant must possess exceptional customer relation skills, with experience in business transactions. Must also include experience in automotive parts industry and knowledge of general automotive mechanics. B. Organizational Chart
12 As owner of the business, I will reside over both employees, each being responsible for a different section of the business. Owner Installations Sales C. Business Expertise I have been working with cars/trucks for the past six years. During this time, I have read literature on numerous products and methods of automotive mechanics, acquainting myself with their design and operations. Working at Himes Drilling in fleet maintenance has given me the opportunity not only to become familiar with cars and trucks, but also tractor-trailers, and other heavy equipment. Although there is a large difference between large trucks, pickups and cars, they share many similarities in the basics of automotive mechanics. I have also invested a lot of time and effort into my own personal truck, outfitting it with numerous accessories from front to rear, exterior accessories to performance parts/accessories. It is through these functions that I have gained a broad, thorough understanding of cars/trucks and their mechanics. Please see Appendix D for a personal resume.
13 APPENDICES APPENDIX : PERSONAL RESUME Brad J. Himes 244 W. Mango Ave, Grand Junction, CO (970) OBJECTIVE By starting this business, I seek to achieve a profit from sale of my products within 14 months. I hope to create a substantial, loyal customer base through top quality products, customer-first service and overall satisfaction of the customer. In addition to observing a profit and creating a loyal customer base, I also hope to receive personal gratification from doing work that I personally enjoy very much. SKILLS AND CAPABILITIES Organizational/Management Demonstrated leadership capabilities by conceptualizing, organizing, and teaching members involved in the Mesa County 4-H junior leadership program. Trained and supervised two employees at Himes Drilling. Accounting Ability to journalize entries accurately in general and specialized journals. Proficient in posting to general ledger, preparing trial balance, and detecting discrepancies. Trained in preparing andanalyzing balance sheet and other financial statements Computer Experienced in using Windows, Office Suite, dbase. Advanced knowledge of networks, Internet, web pages. Ability to learn new computer programs and applications with little instruction EDUCATION Mesa State College, Grand Junction. B.B.A degree expected May 2002 Major: Computer Information Systems for Business GPA: 3.3 (A = 4.0) EMPLOYMENT 1997-present, Himes Drilling Company, Inc, Grand Junction, Colorado
14 Initial Capitalization Land/Building Price Building and Lot $595,000 less down payment (20%) ($119,000) Required Mortgage $476,000 terms: 20 years, 9% interest Equipment/Supplies Building Improvements painting, carpet, clean-up $10,000 Retail Equipment desks, racks, file cabinets, cash box, shelving, etc $10,000 Office Supplies letterheads, envelopes, pens, paper $1,000 Electronics computer, phones, software, printer $3,500 Shop Tools hand tools, power tools - Snap-On $22,000 Shop Equipment air compressor, vehicle lift, welder, etc - Snap-On $14,500 Shop Supplies nuts, bolts, screws, electrical hardware - KAR products $5,000 Signage (2) signs, message board, pole, letters, changing arm $9,400 door lettering, automotive lettering Total Equipment/Supplies $75,400 Beginning Inventory Grill Gaurds $9,000 Tool Boxes $10,000 Running Boards/Steps $15,000 Hood Shields $8,000 Hitches and Wiring $22,000 Headlight/Taillight Covers $3,500 Lighting (driving lights, fog lights) $2,000 Interior (floor mats, dash mats, interior accessories) $7,000 Bed Liners, Protectors, and Accessories $10,000 Mud Flaps/Splash Gaurds $4,000 Miscellaneous $9,500 Total Beginning Inventory $100,000 Other Associated Costs Advertising intial promotional campaign $2,998 Legal Fees accountant/attourney for start up $1,500 Utilities Hook-up and Initial Costs $2,000 Insurance Policy deposit/initial cost $500 Miscellaneous $1,000 Total Associated Costs $7,998 3-months Operating Expenses $29,181
15 Total Initial Capitalization Costs (less building/land) $212,579 Less: Principles Portion 20% of Total Costs ($42,516) Required Financing $170,063 terms: 5 years, 9% interest
16 10 MARCH APRIL MAY JUNE JULY AUGUST estimate actual estimate actual estimate actual estimate actual estimate actual estimate actual 1 CASH ON HAND $41,790 $52,625 $63,460 $76,295 $75,830 $74,265 2 CASH RECEIPTS a Cash Sales* $28,375 $28,375 $30,375 $32,375 $32,375 $30,375 3 TOTAL CASH RECPTS $28,375 $28,375 $30,375 $32,375 $32,375 $30,375 (2a+2b+2c=3) 4 TOTAL CASH AVAIL. $70,165 $81,000 $93,835 $108,670 $108,205 $104,640 (1+3) 5 CASH PAID OUT a Wages $8,000 $8,000 $8,000 $8,000 $8,000 $8,000 b FICA $612 $612 $612 $612 $612 $612 c Utilities $365 $365 $365 $365 $365 $365 d Business Insurance $100 $100 $100 $100 $100 $100 e Inventory $15,000 $16,000 $16,000 f Truck Payment $350 $350 $350 $350 $350 $350 g Gas Expense $100 $100 $100 $100 $100 $100 h Auto Insurance $200 $200 $200 $200 $200 $200 i Shop Supplies $300 $400 $400 f Subtotal $9,727 $9,727 $9,727 $25,027 $26,127 $26,127 g Loan Principal $4,283 $4,283 $4,283 $4,283 $4,283 $4,283 h Short Term Loan $3,530 $3,530 $3,530 $3,530 $3,530 $3,530 6 TOTAL CASH PD. OUT $17,540 $17,540 $17,540 $32,840 $33,940 $33,940 (5a thru 5p) 7 CASH POSITION $52,625 $63,460 $76,295 $75,830 $74,265 $70, MONTH CASH FLOW CYCLE * Monthly Cash Sales = (680 customers * $500 annual expenditures)/12 months Figure is adjusted for seasonality
17 12 MONTH CASH FLOW CYCLE SEPTEMBER OCTOBER NOVEMBER DECEMBER JANUARY FEBRUARY TOTAL estimate actual estimate actual estimate actual estimate actual estimate actual estimate actual estimate actual $70,700 $66,185 $60,720 $54,305 $52,940 $45,475 $28,375 $26,375 $24,375 $28,375 $24,375 $26,375 $340,500 $28,375 $26,375 $24,375 $28,375 $24,375 $26,375 $340,500 $99,075 $92,560 $85,095 $82,680 $77,315 $71,850 $8,000 $8,000 $8,000 $8,000 $8,000 $8,000 $96,000 $612 $612 $612 $612 $612 $612 $7,344 $365 $365 $365 $365 $365 $365 $4,380 $100 $100 $100 $100 $100 $100 $1,200 $15,000 $14,000 $13,000 $12,000 $14,000 $12,000 $127,000 $350 $350 $350 $350 $350 $350 $4,200 $100 $100 $100 $100 $100 $100 $1,200 $200 $200 $200 $200 $200 $200 $2,400 $350 $300 $250 $200 $300 $200 $2,700 $25,077 $24,027 $22,977 $21,927 $24,027 $21,927 $243,724 $4,283 $4,283 $4,283 $4,283 $4,283 $4,283 $51,396 $3,530 $3,530 $3,530 $3,530 $3,530 $3,530 $42,360 $32,890 $31,840 $30,790 $29,740 $31,840 $29,740 $340,180 $66,185 $60,720 $54,305 $52,940 $45,475 $42,110
18 Saturday, March 1 Specials All Day Long On All Your Truck & Automotive Accessories COME CHECK US OUT!!! 8:30-6:00 6&50 N Independent Ave.
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