Chad Frank And Kyle Carson Precision Auto Detailing

1260 words - 6 pages

Chad Frank and Kyle Carson or friends who are in their 20s that works for one of the largest package companies in the world. Frank and Carlson felt as though there was more to a job then just sorting out packages so they made the decision to purchase a local auto dealing business called Precision Auto Detailing. What Frank and Carlson plan on doing was to devote the early part of their day to their auto business while maintaining their 6 to 10 shifts at the packaging company. They both invested a total of $6000 to lease the building and buy tools and equipment. The building is located in a high-traffic area and has established a small base of clientele to whom some were local car ...view middle of the document...

The first thing that you need is a business plan. You need to incorporate on your management. They will want to know how the two of you work as a team and a track record on how profitable your business is. Secondly is the market size. They will want to know the research never done with the competition around him and how they are growing and the growth rates of your business. The third thing a banker is looking for in a business plan is your competitive advantage. What is it that distinguishes you from your competitors? They will also want to know what your strategies are for growth. What are your strategies to expand your business and target new customers? You will also need a financial model. They will want to know your capital investments, working capital and basis for operating your profits. Bankers will want to know what your revenue growth is.
There are many things that are needed when preparing an outline for a business plan. You will need to know what your current situation is and the factors that are the key to your business a success. You will also need to know what your financial situation is, with the overall market is looking like, what the changes in the market is in the consumers you plan on targeting in the market. When it comes to your competitors your outline needs to include or your primary competitors are and what the competitive products and services include. Your outline will also need to include what your competitors’ weaknesses are and their capabilities. When it comes to marketing the two of you will need to outline your marketing strategies, sales tactics, promotions and publicity. A few other important elements to include an outline is starting a balance sheet if you do not have one already, your projections of your profit and losses are and how much you project on the outlook of your cash flow.
What bankers and lenders are looking for in a business plan is how you are securing the funds for your business because you want to convince them that the loan will be repaid according to how detailed the business plan is. They are looking for an entrepreneur with experience and have a background in business instead of working for others. They will also want to know what your income sources are. They will want to see at least two sources of income with one of them being the income the businesses taking and have a secondary source of income that can provide support consistently. Bankers will want to see the research we have done in your business plan which includes the type of service your...

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