Currently, the economic market condition in the United States is in recession. This slowdown in the economy has also greatly impacted real estate sales, which has halted to historical lows.
Our large number of assets and varied services have made our situation difficult to analyze. However, we now know the basis for our cash shortages, and they are as follows: The addition of small gas engine repair to our services.
Increase in our labor force to accomplish the above. Financing the needed small gas engine parts inventory through existing cash flow and accounts payable. The age of some key rental equipment. Our low equity position.
This plan specifically addresses several methods that we will use to correct the cash flow, profitability, and equity deficiencies. We have already initiated several changes that have had positive results. The future changes fall into two categories: When these changes have all been implemented, the company will be within industry norms in two years, as will be shown later in the plan.
Business Objectives In the summer ofmy wife and I began discussing the possibility of relocating to Bradenton, Florida and starting a family business. We were attracted to Bradenton because of its proximity to family, the lifestyle, and the ability to raise our children in a more controlled environment.
After months of discussion, market studies, and reviewing several different potential business opportunities, we decided on the equipment rental business. The equipment being rented by the existing equipment rental business was in very poor condition and they had recently filed Chapter 11 Bankruptcy.
We spent time evaluating their particular circumstances and determined that their failure was primarily related to overextension financially, brought on by the tremendous drop in oil prices significantly hurting this area, as well as an absentee owner. The salient points in our consideration were as follows: To provide our family with long-term financial opportunity and to provide an adequate standard of living.
To have a business where competition could and would be limited. Long term, we wanted a business that was in a growth industry with greater opportunities for the entire area.
To open a family-owned business in which our children would later have the opportunity to participate and learn just how important small business is to the future of our country.
The equipment rental business met all of our needs. The Rental of Tools and Equipment. If you have a job to do, we have a tool to make it easier and quicker.
Service to our customers, both professional and "Do-It-Yourselfers," is a primary part of our daily operation. We must provide the equipment when it is needed. We provide complete written "HOW TO" information on all of our equipment and detailed verbal or visual explanations when needed.
We provide pickup and delivery for a fee. Last but far from least, when our customers have a problem, we go to them. The completion of their job becomes our No.
Also… We also provide, for sale or rent, most accessories needed to use our tools and equipment. We provide "damage waiver" to create a worry-free environment for our customers and ourselves by charging a ten percent mandatory fee.
This has been very successful in our operation. We are a Ryder Truck Rental Agent. In that capacity, we are able to provide consumers with a complete range of moving needs, from trucks to dollies of all kinds, pads, trailers, towing equipment, boxes, and related supplies.
The bulk of our profit and sales is directly related to Bilt Contract Co. We are a Western Union Agent with the capability to send and receive money, mailgrams, and telegrams. They provide an IBM Computer which we also use to run the business. However, we have decided as of March 1, we will no longer provide small engine repair service to walk-in trade.
We will limit this end of our business to the more lucrative commercial trade which will also reduce our manpower requirements and make it easier to schedule the work around our needs.
We will no longer allow outside repair work to conflict with the needs of our rental business. Our projections for are included in this business plan and are based on historical data, and augmented with the latest charges that are outlined in this plan.
In addition we have maintained records of most requests for equipment that we were unable to fill for whatever reason, and thereby have an accurate estimation of demand.Write a professional business plan with winning and practical strategies.
Take this step to starting your business, achieve independence, and become your own boss. NFIB is America's leading small business association, promoting and protecting the right of our members to own, operate, and grow their business.
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