Are you about to open an auto accessories store? If YES, see the full sample auto accessories business plan template. FREE TEO.
Ok, so we’ve covered all the requirements for starting an auto accessories store business. We also took it a step further by analyzing and preparing a sample auto accessory store marketing plan template, supported by actionable guerrilla marketing ideas for auto accessory stores. So let’s move on to the business planning section.
Why open an auto accessories store?
As people still use cars, auto accessories and parts will be in demand. The auto accessories and auto parts business is a very profitable business, as replacing damaged or worn auto parts and auto accessories is a must if you want your car to stay on the road and fulfill the purpose you want it to do. ‘bought.
If you are looking for a business to start a business and know that if you are interested in the automotive industry, you should start your own auto accessories store. While you don’t need to have a college degree to open your own auto parts and accessories store, but do need some form of informal learning, you may need to work as a as an apprentice for someone who owns auto parts and accessories. keep. This will make it easier for you to learn how to run your own auto parts and accessories store.
It’s important to note that selling auto accessories and parts is a business that cannot go out of fashion – it has to do with the role it plays in the auto industry. Depending on the scale you want to start, the start-up capital for this type of business can be considered moderate. In fact, you can start your own auto parts and accessories store and then grow it in no time by reinvesting your profits back into the business.
If you are convinced that this type of business is what you really want to do after doing your feasibility study and market research, the next step is to write a good business plan. Below is a sample auto accessory store business plan template to help you write your copy successfully without too much hassle.
An example of a business plan template for the car accessories store
- Industry overview
The auto parts store industry includes stores / stores that sell new and used auto parts and accessories, repair cars, and install auto accessories. Players in this industry may operate a store in one location or chains in multiple locations in the United States of America. In fact, auto stores can be found in all parts of the world if there are cars there.
IBISWorld predicts that the auto parts store industry will grow slowly over five years to 2016. He said per capita disposable income and corporate profits have increased demand for auto parts. In addition, favorable trends in vehicle use have boosted demand for the industry’s products in the short term.
However, advancements in automotive technology have made it difficult for vehicle owners to repair and maintain vehicles without professional help. In the future, operators in the sector are expected to grow at the same rate as in the previous period.
As the national level of per capita disposable income continues to rise, some consumers will increase their spending on car maintenance and repair, which will increase the demand for goods and services from the automobile. Shop industry.
The auto parts store industry is a very large industry active all over the world. According to statistics, in the United States of America alone, there are approximately 43,136 registered and authorized auto parts stores across the United States, directly employing 376,102 and generating a whopping $ 56 billion in business. industry per year. p103>
The industry is expected to grow by 1.9% per year in 2011 and 2016. It is important to note that Advance Auto Parts, AutoZone Inc., Genuine Parts Company and OReilly Automotive Inc account for the largest available market share of the industry. industry.
Close observation of the auto parts store industry reveals that this sector has a low barrier to entry. In the United States, few restrictive regulations apply to industry, and industrial workers generally do not require formal training to perform their duties.
The truth is that the start-up capital for opening an auto parts store, especially when it comes to starting a standard auto parts store with products from various auto companies, is intense. But if you decide to open a spare parts store like regular moms and pop businesses, you don’t have to tire yourself out because you only need minimal start-up capital to start a business.
The difficult part, because with regard to the starting costs, the need to organize the supply of auto parts from wholesalers or directly from companies producing auto parts is related. This is because an auto parts business cannot be started without finding products to sell. Despite low barriers to entry, the competitive nature of the industry makes it very difficult for new operators to enter the industry for a short period of time.
Finally, the auto parts industry is wide open. for aspiring entrepreneurs to start their own business in the industry. The good thing about the auto accessories and parts store business is that the business can be set up anywhere in the United States, and if proper market and feasibility studies are done, you can be sure that the business will be profitable.
Review of the business plan of the auto accessories store
Ken Garland® Stores, Inc. is a standard and registered auto parts and accessories store that will be located in one of the busiest stores. streets of Charleston – South Carolina. We were able to rent a space large enough (5,000 square feet) to match the design of the standard auto parts and accessories store that we plan to launch, and the facility is located in a corner. along the main road near one of Charleston’s largest residential areas – South Carolina.
Ken Garland® Car Accessories Stores, Inc. will retail bumpers and parts, air bags, HVAC systems, interiors and seat belts, brake systems, transmissions, clutches and parts, drive axles and differentials, steering systems and wheels, mufflers, exhaust gases and radiators, as well as electrical and other systems from various manufacturers (brands) in the United States and others country. We are dedicated to serving a wide variety of clients in and around Charleston and South Carolina.
We know that all over Charleston South Carolina there are several large and small auto accessory chains and auto parts stores. This is why we have invested time and resources in carrying out an in-depth feasibility study and market study in order to be well positioned to compete favorably with our competitors. We have an online service option for our customers and our point of sale is well protected with using various payment methods.
Ken Garland® Car Accessories Stores, Inc. will provide first class service to all of our customers on every visit. our shop. We have CRM software that will allow us to manage individual relationships with our clients, regardless of the size of our clientele. We will ensure that our customers are involved in choosing the brands that will be featured in our store, as well as in making business decisions that directly affect them.
Ken Garland® Car Accessories Stores, Inc. Times has demonstrated its commitment to sustainability both individually and as a business by actively participating in our community and incorporating sustainable business practices wherever possible.
We will ensure our responsibility to the highest standards by meeting the absolute needs of our customers when they frequent our products. We will create a work environment that offers a sustainable approach to earning a living.
Ken Garland® Car Accessories Stores, Inc. Is a family business owned by Kennedy Garland and his immediate family. Kennedy Garland has a degree in Automotive Technology, with over 5 years of retail industry experience, working for some of the biggest brands in the United States, although the company starts off with a single point of sale in Charleston – South Carolina, but plans to open additional outlets in major cities in the United States and Canada.
Ken Garland® Car Accessories Stores, Inc. operates in the business of auto accessories and auto parts stores to serve a wide range of customers and of course to make a profit, which is why we will do our best to to provide a wide range of auto accessories and auto parts from the world’s leading manufacturers in the United States and other countries around the world.
We will ensure that we do everything that is permitted by US law to achieve our goal and aspirations of starting a business. Our products are listed below.
- Bumpers and their parts
- Airbags, ventilation and air conditioning, interiors and seat belts
- Braking systems
- Gearboxes, clutches and parts
- drive axles and differentials
- steering systems and wheels
- mufflers, exhaust gases and radiators
- electric car radio
- Engine parts, batteries and tires
Our vision is to become one of the leading brands in the auto accessories and auto parts industry in South Carolina, and to establish a one-stop shop for auto accessories and auto parts in Charleston, South Carolina and across other key cities in the United States of America and Canada.
- Our mission statement
Our mission is to create a world-class auto accessories and auto parts retail store that will provide a wide range of auto accessories and auto parts from leading global manufacturers at affordable prices to residents of Charleston – Carolina South and other key cities in the United States of America and Canada, where we intend to open auto parts and accessories retail chains, as well as franchises.
- Our corporate structure
Ken Garland® Car Accessories Stores, Inc. has no plans to start an auto accessories and auto parts retail business like moms and the pop business around the corner; Our intention to start an auto accessories and parts retail business is to establish a standard and universal auto accessories and parts retail store in Charleston, South Carolina.
Although our auto accessories and auto parts retail business is not as big as Advance Auto Parts, AutoZone Inc., Original Parts Company and OReilly Automotive Inc. etc., we will make sure we have the right ones. structures. that would support our growth. be careful when starting a business.
We will ensure we hire people who are qualified, honest, customer-focused and willing to work to help us build a thriving business that benefits all stakeholders (owners, workforce and customers). In fact, the incentive arrangement will be available to all of our senior executives and will be based on their performance for ten years or more.
In this regard, we have decided to hire qualified and competent employees to fill the following positions:
- CEO (owner)
- Store manager
- HR and Amin manager
- Product manager
- Head of sales and marketing
- Information Technologist
- Accountant / Cashiers
- Sales agents / Customer service manager
Roles and responsibilities
Managing Director Managing Director:
- Improves management efficiency by recruiting, selecting, orienting, training, mentoring, consulting and disciplining managers; transfer values, strategies and goals; distribution of responsibilities; planning, monitoring and evaluation of work results; develop incentives; climate development to provide information and opinions; provide educational opportunities
- Creation, communication and implementation of the organization’s vision, mission and general direction, i.e. leadership in the development and implementation of the organization’s overall strategy
- Responsible for setting prices and signing trade agreements.
- Responsible for providing advice to the company
- Creation, communication and implementation of the organization’s vision, mission and overall direction, i.e. leading the development and implementation of the organization’s overall strategy
- Responsible for signing checks and documents on behalf of the company
- Measures the success of the organization
- Reports to Council
Administrator and HR manager
- Responsible for overseeing the proper execution of staff and administrative tasks in the organization
- Maintains stationery by checking inventory; place and expedite orders; evaluation of new products
- Ensures the operation of equipment by meeting preventive maintenance requirements; call for repair
- Updates professional knowledge by participating in training opportunities; read professional publications; maintain personal networks; participation in professional organizations
- enhances the reputation of the department and the organization by appropriating new and different demands; explore the possibilities of adding value to the work done
- Identify hiring jobs and manage the interview process
- Briefing for new team members
- Responsible for training, evaluation and evaluation of employees
- Responsible for organizing trips, meetings and appointments
- Oversees the smooth running of the office and conducts business
- Responsible for managing daily activities in the store
- Ensures proper records of auto accessories and parts are kept and that inventory is not short of product.
- Ensures that the warehouse is in perfect condition and that the goods are correctly positioned and delivered easily. Locate
- Interacts with third party vendors (vendors)
- Oversees auto accessories and auto parts, manages parts distribution and supply chain
- Supervises the workforce in the automotive accessories and parts sales department
- Management of supplier relations, market visits and procurement services
- Help ensure consistent quality of bumpers and parts, airbags, HVAC systems, interiors and seat belts, brake systems, transmissions, clutches and parts, drive axles and differentials, steering systems and wheels, mufflers. , exhaust gases and radiators, electrical systems, etc. from different manufacturers are bought and sold resulted in a good price which will provide us with a good profit
- Responsible for sales planning, inventory tracking, product selection, drafting and pricing for suppliers
- Ensures that the organization works within the agreed timeframe. budget
Head of sales and marketing
- Manages external research and coordinates all internal sources of information to retain the best customers of the organization and attract new models
- demographic information and analysis of the volume of transactional data generated by customer purchases
- Identify, prioritize and connect with new partners and business opportunities
- Identification of development opportunities; monitors development and contacts; participates in the structuring and financing of projects; ensures the realization of development projects
- Responsible for overseeing implementation, protecting customer needs and communicating with customers
- Develops, implements and evaluates new plans to increase sales growth
- Document all contacts and customer information
- Represent the company at strategic meetings
- Helps increase sales and business growth
- Manages the organization’s website
- Manage the e-commerce aspect of the company
- Responsible for the installation and maintenance of the organization’s software and hardware
- manages logistics and supply chain software, web servers, e-commerce software and point-of-sale (point-of-sale) systems
- manages the organization’s video surveillance systems
- any other task related to technology and information technology
Accountant / Cashier:
- Responsible for preparing financial statements. ports, budgets and financial statements of the organization
- Provide management with financial analyzes, development budgets and accounting reports; analyzes the financial feasibility of the most complex proposed projects; conducts market research to predict business trends and conditions
- Responsible for financial forecasts and risk analysis
- Perform cash management, accounting and financial reporting
- Responsible for the development and management of financial systems and policies
- Payroll manager
- Ensure compliance with tax laws
- Manages all financial transactions for the organization
- Serves as the organization’s internal auditor
Head of customer service
- Ensures that all customer contact (email, walks to the center by text or phone) provides the customer with a personalized customer service experience of the highest standard.
- Through interaction with customers over the phone, use every opportunity to increase customer interest in the company’s products and services
- Manages administrative responsibilities, assigned human resources and administration. Efficient and timely
- Stay up to date with any new information on organizations’ products, advertising campaigns, and more. to ensure accurate and useful information is provided to customers when making inquiries (responding to customer inquiries regarding the store and products)
- Find out customer needs, recommend, select and help find the right product, describe product features and benefits
- make suggestions and encourage the purchase of products
- Provides information on warranties, manufacturing specifications, product care and maintenance, and shipping options
- Shopping bag or bags and gift wrap
- Responsible for cleaning all auto accessories and parts, as well as the shop. always
- Ensures toiletries and supplies are not out of stock
- Cleans both the interior and exterior of the store
- Perform any other task on behalf of the store manager
SWOT Analysis of Auto Accessories Store
Our intention to open a single retail outlet for our auto accessories and parts store in Charleston, SC is to test the business for 2-5 years to see if we will invest more money. , expand the business, then open. other retail outlets in all major cities of South Carolina and major cities in the United States and Canada.
We are well aware that there are several auto accessories and parts stores in Charleston, and even the same place where we will find ours, so we go through the proper business formation process. …
We know that if the proper SWOT analysis is performed for our business, we can position our business to maximize our strength, seize the opportunities that come our way, reduce our risk and be profitable. ready to face our threats.
Ken Garland® Car Accessories Stores, Inc. utilized the services of an experienced HR business analyst with a retail bias to help us conduct an in-depth SWOT analysis and grow the business. a model that will help us achieve our goals and objectives.
This is a summary of a SWOT analysis performed for the automotive supply stores of Ken Garland®, Inc .;
Our location (our business will operate both a physical store and an online store), a variety of payment options, a wide range of auto accessories and auto parts from different manufacturers and for different vehicles, and our excellent customer service culture will certainly be a strong force for Ken Garland. ® Car Accessory Stores, Inc. Our team of highly qualified employees is also a plus for us.
The main downside that we can count on is the fact that we are a new auto parts and accessories retail store in Charleston South Carolina and do not have the financial capacity to compete with retail stores. ‘multi-million dollar auto accessories and parts such as Advanced Auto Parts, AutoZone Inc., an original parts company, OReilly Automotive Inc and When it comes to retailing all auto accessories and parts to very low price.
The fact that we are about to operate our private auto accessories and auto parts store on a main road next to one of the largest residential areas in Charleston – South Carolina gives us unlimited opportunities to sell. our auto accessories and auto parts to a large number of individuals and businesses. organizations with automotive mobile phones and automotive services.
We have been able to conduct extensive feasibility study and market research and we know what our potential customers will be looking for when they visit our auto accessories and parts stores; we are well positioned to take advantage of the opportunities that present themselves to us.
As with any business, one of the main threats we are likely to face is the recession, the fact that the recession affects purchasing power / purchasing power. Another threat we may face is the emergence of new auto accessories and parts in the same place as ours. Adverse government policies can also pose a threat to companies like ours.
Business plan for an auto accessories store MARKET ANALYSIS
- Market trends
Experts predict that the auto parts and accessories store industry will benefit from global economic growth in 2017. Per capita incomes around the world have increased and a growing middle class in emerging economies has started buying its own cars. . As the demand for new vehicles increases, original equipment manufacturers supply more components to operators in the industry.
Renewed demand for new vehicles boosted industry profits as operators were able to increase sales. Sustainable growth in an economic environment will create opportunities for consumers to meet pent-up demand for cars, hence increasing demand for primary supplies.
If you are familiar with industry-specific auto accessories and auto parts stores, you would absolutely agree that OE refers to auto parts and accessories that are manufactured to the specifications of auto manufacturers. These standards are global and car manufacturers tend to supply the same parts from different suppliers.
Although these parts and accessories are manufactured by companies in the industry, the original equipment bears the name of the ultimate vehicle assembler. For example, electronic systems manufactured by Delphi and used in GM vehicles will carry the GM mark.
Finally, the landscape for auto accessories and auto parts retail stores has undergone tremendous changes over the past 20 years. years; it has grown from a small retail outlet to a more organized and larger business. The introduction of a franchise and an online store allows the auto parts and accessories retailer to penetrate a larger market far beyond the areas where its physical store is located.
- Our target market
Those who frequent auto accessory stores cover all genders; Men and women over 18 who have the financial means and own a car, the target market for auto parts and accessories is therefore everything. Basically, your target market cannot be limited to a group of people, only those who own cars.
In this regard, we have located our auto accessories and parts retail store to serve the residents of Charleston – South Carolina and all other auto accessories and parts franchise and retail stores. will be located in all key cities in the United States of America and Canada. We have done our market and feasibility studies and have ideas on what our target market expects from us.
We retail a wide range of auto accessories and parts for the following groups. people and businesses;
- car owners
- automotive services for repair, maintenance and service
- car services / shops
- company transport
- Transport companies
Our competitive advantage
Close examination of the auto accessories industry and auto parts stores reveals that the market has become much more competitive over the past decade. In fact, you have to be very creative, customer focused, and proactive if you are to survive in this industry.
We are aware of the fierce competition and are well prepared to compete favorably with the other leading cars. auto parts and accessories retail stores in Charleston, South Carolina, as well as the United States and Canada.
Ken Garland® Car Accessories Stores, Inc. is launching a standard one-stop shop for auto accessories and auto parts that will truly become the preferred choice for residents of Charleston – South Carolina and wherever our stores are located.
Our auto and auto parts retail store is located on a corner on a main road next to one of the largest residential developments in Charleston, South Carolina. We have enough parking space that can accommodate more than 10 cars at a time.
One thing is certain; We guarantee that in our store there is always a wide range of auto accessories and parts from leading manufacturers. It will be difficult for buyers to visit our store and not see what kind of auto accessories or auto parts they are looking for. One of our business goals is to make Ken Garland® Car Accessories Stores, Inc. a one-stop-shop for auto parts and accessories. Our excellent customer service culture, online shopping, multiple payment methods and reliable service system will give us a competitive advantage.
Finally, our employees will be taken care of and their wellness program will be one of the best in our category (auto parts stores for auto parts and auto parts) in the industry, which means they will be more than willing to develop business with us, to help us achieve our goals and achieve all of our goals and objectives. We will also offer good working conditions and commissions to independent salespeople that we hire from time to time.
Automotive Accessories Store Business Plan SALES AND MARKETING STRATEGY
- Source of income
Ken Garland® Car Accessories Stores, Inc. is engaged in the retail of a wide range of auto accessories and auto parts to residents of Charleston – South Carolina. We are in the auto and auto parts retailer to maximize profits and we will do our best to ensure that our business goals and objectives are met.
Our source of income will be the retail sale of a wide range of automotive accessories and parts at affordable prices.
Ken Garland® Car Accessories Stores, Inc. will generate revenue from the sale of the following products:
- bumpers and parts
- airbags, ventilation and air conditioning, interiors and seat belts
- braking systems
- Gearboxes, clutches and parts
- Drive axles and differentials
- Steering systems and wheels
- Mufflers, exhaust gases and radiators
- Electrical systems, car radios
- Spare parts for engines, batteries and tires
Regarding one thing, you can be sure that for auto accessories and auto parts retail stores, if your store is well stocked with various types of auto accessories and auto parts and is centrally located, you will always attract customers to sales, which will surely result in more revenue for Business. …
We are well positioned to capture the affordable Charleston SC market and are very optimistic that we will achieve our stated goal of generating sufficient revenue / profit within the first six months of operation and growing our business and our customer base.
We were able to critically examine the auto parts and accessories retail industry, analyze our chances in the industry, and were able to establish the following sales forecast. The sales forecasts are based on information gathered in the field and on certain assumptions common to startups in Charleston, South Carolina.
Below are sales projections for Ken Garland® Car Accessories Stores, Inc. based on our business location and other factors related to the launch of auto accessories and parts retail stores in the United States. ;
- First fiscal year -: $ 250,000
- Second fiscal year – $ 450,000
- Third year: $ 750,000
Note. This forecast is based on what is available in the industry, and assuming a major economic crisis, and there will be no major competitor in our market space. Please note that the above predictions may be lower and at the same time higher.
- Marketing strategy and sales strategy
Prior to choosing a location for Ken Garland® Car Accessories Stores, Inc., we conducted extensive market research and feasibility studies to ensure we could penetrate the existing market and become the preferred choice for residents of Charleston, Carolina from South. We have detailed information and data that we were able to use to structure our business in order to attract the number of customers we want to attract at the same time.
We have hired experts who are familiar with the auto accessories and auto parts retail industry to help us develop marketing strategies that will help us achieve our business goal of capturing a greater percentage of the available market in Charleston. – Caroline from the south.
To keep working and developing, we need to keep selling the auto accessories and auto parts we have in our store, so we will do our utmost to expand our sales and marketing team for shipping. As such, Ken Garland® Car Accessories Stores, Inc. will take the following sales and marketing approach to attract customers:
- Display our Flexi signs / banners in strategic locations around Charleston – South Carolina
- Use eye-catching manual invoices to raise awareness and guide our store
- Make sure we always have a wide range of accessories and auto parts from different brands.
- Introduce our auto accessories and auto parts store by sending cover letters along with our brochure to car owners, auto repair, maintenance and service businesses, trucking and shipping businesses, and to ” other key stakeholders in Charleston – South Carolina
- Open our store in style and have a party for everyone
- Make sure our clients welcome and guide potential clients
- Create a loyalty plan that will allow us to reward our loyal customers
- participate in roadshows in our region to increase the visibility of our automotive accessories and parts store
- publish information about our company and our products on yellow ad pages (in local directories)
- Use the internet to promote our business
- Do direct marketing and sales
- Encourage the use of word of mouth marketing (referrals)
- Join local chambers of commerce to pool and market our products
Car Acce Business Plan ssories Advertising and in-store advertising strategy
While our auto parts and accessories retail store is well located, we will continue to increase our advertising for the business. We will explore all means available to promote our sporting goods store.
Ken Garland® Car Accessories Stores, Inc. We have a long term plan to open outlets in multiple locations in South Carolina and in key cities in the United States and Canada, so we will be deliberately growing our brand to that she be well received in Charleston before taking the risk.
In fact, our advertising and promotional strategy is not only designed to attract customers, but also to effectively communicate our brand. Here are the platforms we intend to use to promote and advertise Ken Garland® Car Accessories Stores, Inc .;
- Place advertisements in public newspapers, radio and television stations
- Encourage the use of word of mouth from our loyal customers
- Leverage on the Internet and social networks such as; YouTube, Instagram, Facebook, Twitter, LinkedIn, Snapchat, Badoo, Google+ and other platforms to promote our business
- Be sure to place our banners and billboards in strategic positions across Charleston – South Carolina
- Distribute our flyers and flyers to targeted areas in and around the neighborhood.
- Reach out to car owners, auto repair, maintenance and service companies, trucking companies and trucking companies by calling them and letting them know Ken Garland. ® Automotive Accessory Stores, Inc. and the products we sell
- Promote our auto parts and accessories retail network on our official website and apply strategies that will help us drive traffic to the site
- Mark all of our official cars and trucks and make sure all of our employees and management staff wear our branded shirt or cap on a regular basis.
Our pricing strategy
Besides quality, pricing is one of the key factors that gives auto accessories and auto parts stores an advantage, it is normal for consumers to visit places (auto accessories and auto parts stores) where they can get auto accessories and auto parts at a cheaper price, so big a player in auto accessories industry and auto parts stores such as Advance Auto Parts, AutoZone Inc., Original Parts, OReilly Automotive Inc. and others, will attract many corporate clients. and individual customers.
We know we do not have the ability to compete with Advance Auto Parts, AutoZone Inc., Original Parts, OReilly Automotive Inc and others, but we will ensure that the price and quality of all auto accessories and auto parts available in our store are competitive. s can be purchased from auto accessories and auto parts stores at our level.
- payment methods
The payment policy adopted by Ken Garland® Automotive Accessory Stores, Inc. is all inclusive as we are well aware that different customers prefer different payment methods as they wish, but at the same time we will ensure that the financial rules and regulations of the United States of America are respected.
Here are the payment methods that Ken Garland® Car Accessories Stores, Inc. will provide to its customers;
- Cash payment
- Credit card / point of sale payment machines
- Internet bank transfer payment
- Payment by bank transfer via mobile phone
- Payment by bank transfer
Keeping the above in mind, we have chosen banking platforms that will allow our customers to pay for our auto accessories and purchase auto parts without any stress on their part. Our bank account numbers will be available on our website and in promotional materials for customers wishing to deposit money or make an online transfer for our products.
- Start-up costs (budget)
When starting a business, the amount or cost will depend on the approach and scale you want to take. If you intend to be successful in renting / leasing a large property, you will need a significant amount of capital as you need to make sure that your employees are well looked after and that your institution is supporting the employees enough to be creative. and productive.
This means that startups can be low or high depending on your goals, vision, and aspirations for your business.
The materials and equipment that will be used cost roughly the same. everywhere, and any price difference will be minimal and overlooked. With regard to a detailed analysis of the costs of starting an auto parts and accessories retail business; in other countries, it may differ due to their money’s value.
These are the key areas where we will be spending our start-up capital;
- The total fee for registering a business in the United States of America is $ 750.
- Legal fees for obtaining licenses and permits and accounting services (software, POS and other software) $ 3,300 .
- Ken Garland® Car Accessories Stores, Inc. grand opening marketing advertising fee of $ 3,500, plus flyer printing (2,000 flyers at $ 0.04 per copy) for a total of $ 3,580 .
- The cost of hiring a business consultant is $ 2,500.
- Insurance (general liability, worker’s compensation and property accident insurance) for a total premium of $ 2,400.
- The 12 month rental fee is $ 1.76 per square foot for a total of $ 105,600 .
- The cost of rebuilding the store (building racks and shelves) is US $ 20,000.
- Other start-up expenses, including office supplies ( $ 500 ) and telephone and utility deposits ( $ 2,500 ).
- Running costs for the first 3 months (salary of employees, payment of invoices, etc.) 60,000 USD.
- Initial inventory cost (storage with a wide range of vehicles). auto accessories and parts from various manufacturers) USD 350,000 .
- The cost of equipment for the reverse zone is US $ 9,500 .
- Cost of store equipment (cash register, security, ventilation, signs) US $ 13,750 .
- Cost of purchasing and installing video surveillance systems: USD 10,000 .
- The cost of purchasing office furniture and gadgets (computers, printers, telephones, televisions, audio system, tables and chairs, etc.): 4000 USD.
- Website launch cost: $ 600.
- Our launch party costs: $ 7,000.
- Miscellaneous: USD 10,000.
We will need $ 750,000 for a successful installation. our standard auto parts and accessories store in Charleston – South Carolina. Please note that this amount includes the salaries of all staff for the first three months of work.
Funding / Seed Capital Formation for Ken Garland® Car Accessories Stores, Inc.
Ken Garland® Car Accessories Stores, Inc. Is a privately held, registered business owned and funded exclusively by Kennedy Garland and his immediate family. They have no plans to host an outside business partner, so he decided to limit his start-up capital to three main sources.
These are the areas that we intend to generate with our start-up capital;
- Generate part of the start-up capital from personal savings
- Source of concessional loans from family and friends
- Apply for a loan from my bank
Note: . We managed to get around $ 250,000 ( personal savings of $ 200,000 and a low rate loan). family members $ 50,000 ), and we are in the final stages of obtaining a loan of $ 500,000 from our bank. All documents and documents have been signed and submitted, the loan has been approved and at any time from that moment the amount will be credited to our account.
Sustainable development strategy and business plan extension of the automotive accessories store
The future of the company lies in the number of repeat customers, the skills and competence of the employees, their investment strategy and their business structure. If all of these factors are missing in the business (business), the business will close soon.
One of our primary goals for creating Ken Garland® Car Accessories Stores, Inc. is creating a business that will survive on its own cash flow without the need for an infusion of funds from external sources after the official launch of the company. ‘business.
We know that one way to gain acceptance and gain customers is to retail our wide range of quality auto accessories and parts at a little less than what is available in the market, and we are well prepared to survive at lower margins for some time.
Ken Garland® Car Accessories Stores, Inc. will ensure that the right foundations, structures and processes are in place to ensure a good perception of the well-being of our employees. of. Our corporate culture aims to take our business to higher levels, and the training and retraining of our workforce is at the top.
In fact, the incentive agreement will be available to all of our executives based on their work for six years or more. We know that if this is done we can be successful in recruiting and keeping the best hands we can get in the industry; they will be more committed to helping us build our dream business.
Checklist / checklist
- Company name availability check: complete
- Company registration: complete
- Opening of corporate bank accounts: complete
- Point of Sale (POS) Security: Completed
- Opening of Mobile Cash accounts: complete
- Launch of online payment platforms: complete
- Request and receipt of tax identification number: in progress
- Business license and permit application: Completed
- Purchasing business insurance: complete
- Rental of premises and reconstruction of store: In development
- Feasibility studies: Completed
- Creation of family members’ capital: completed
- Bank loan requests: In Progre ss
- Business plan writing: finished
- Compilation of employee handbook: complete
- Drafting of contractual documents and other relevant legal documents: in development
- Creation of the company logo: finished
- Graphic design and printing of marketing / promotional material: in progress
- Recruitment: in progress
- Purchase of necessary furniture, shelves, shelves, computers, electronics, office equipment and CCTV systems: in progress
- Creation of an official website for the company: In progress
- Raising awareness among businesses online and within the community: ongoing
- Health and safety and fire safety conditions (license): protected
- Planning to open / launch a participant: in progress
- Compilation of our list of products that will be available in our store: Done
- Establishment of business relationships with suppliers – Manufacturers and suppliers of auto accessories and auto parts: in progress