Business Plan for Car Wash Busy Bee Car Centre

Question: Describe about the Business Plan for Busy Bee Car Wash Centre? Answer: Executive Summary Busy Bee Car Centre is a well established car serving business in town and it has a plan to serve the people with hand car wash and detailing in Bronte as there is not any specific business that offer such business in that location. The company will provide different range of service to customers related to cars or vehicles. On the other hand, the particular study has focused on conducting industry analysis by using Porters five forces model. Moreover, the business focused on the sales and revenue that they can generate in the period of five years from the proposed business. The market analysis has been conducted to know the feasibility of the selected market for running the business of hand car wash and detailing. The market segmentation has been done to target the potential customer that can increase the earnings and sales of the business. The marketing plan has been outlined and also the company structure to have clear idea about the management of Busy Bee Car Centre. Further, ope rational plan has been mentioned followed by financial projections taking account of income statement, balance sheet, cash flow and loan. Company Description Busy Bee Car Centre is a well known hand car wash which is located in Bronte, Sydney, Australia. The car wash business will be effectively involved in the business of car repair for over 12 years. Therefore, in order to penetrate in the market, the owner that is John Hayden has decided to enter into the car washing zone and detailing to provide better service to customers in maintaining their vehicles. It has also been seen that since past three years the profit of the business is decreasing which is affecting the business and growth. Moreover, the competitors have risen in that area which is one of the reasons that Busy Bee has decided to start hand car wash business for gaining competitive edge. Busy Bee will be engaged in delivering services such as interior car cleaning, exterior car cleaning and detailing. The owner has such taken decision as there are no any true rivals that provide superior quality service at affordable price. Therefore, entering into the new business will not help in increasing profit margin but also increase in the market share (Abrams, 2010). 1.1 Objectives of Busy Bee Car Centre To gain high profit margin and revenue To be regarded as a best car wash and detail service business in Bronte To provide quality service at reasonable cost to customers To expand business in two location after successful year To engage productive and efficient employees 1.2 Mission of Busy Bee Car Centre The mission of Busy Bee is to deliver superior and excellent washing and detail service all the time to the car owners. The employees will be treated with respect and dignity in order to provide productive customer service. 2. Industry Analysis The service of Car Wash and Detailing in Australia has seen a significant growth in last five years which is helping the car wash business to generate better income and profit. However, in spite of growth in the service, the market share has not been up to the mark but instead there is predication by market analyst that higher revenue will be generated along with market share in coming three to four years. On the other hand, it is evident that sale of the car has tremendously increased over the years and due to pollution people are not able to clean their car by their own (Bird, 2010). Moreover, they do not know the right technique to wash and detail the car. Therefore, there is huge opportunity for the Busy Bee Car Centre to provide service with car washing and detailing. Apart from that, it has also been known, since 1999, the car washing business has shown reasonable growth in comparison to home wash. Years Car Wash Home Wash 1999 55.1% 44.5% 2002 57.0% 43.0% 2005 62.0% 38.0% 2008 65.6% 34.4% 2011 71.3% 31.8% Table 1: Comparison in growth of car wash service with home wash Figure1: Car Wash and Home Wash Growth It can be understood from the above figure that Car Wash and Detailing service industry is growing at a good pace in Australia and it provide number of opportunity to the people to have a car wash business and earn a reasonable profit margin. The particular industry can be further understood by Porters Five Forces Model. Industry Rivalry: The intense competition in the industry can pose significant challenges to the business. However, Busy Bee Car Centre has found that in the selected location there are no true competitors that can pose threat to their car wash and detail service business. Apart from that, it has been also taken in account that presence of small competitors that hold automatic car wash machine can disturb the operation and their growth (Finch, 2010). Therefore, in order to be ahead, Busy Bee may have to provide timely and quick service with high quality. Threat of substitutes: As the owner of the Busy Bee Car Centre decided to clean the car manually than the presence of automatic car washing machine by small business in the area can take away the opportunity of Busy Bee to earn higher profit or price rising ability (Boone, 2012). Thus, Busy Bee has to remain aware about such substitute in order to conduct their operation in effective way. Bargaining power of buyers: The availability of many car washing centres can provide power to the buyers to have their impact on the prices (Dess, 2012). However, it is known that there is no or less car washing and detailing service in Bronte which means that buyers may not have advantage to negotiate on the price that will be charged for the provided service. Therefore, it is a positive sign for Busy Bee to fix the price for service that can not only help in increasing profit margin but also will help in increasing customer circle. Bargaining power of suppliers: If suppliers have the bargaining power than it can lower down the profit level of any business. Therefore, it has been seen that as the Busy Bee business is in the market for over long time thus, they have better relationship with the suppliers for receiving car equipments, cleaning materials, etc (Gandellini, Pezzi and Venanzi, 2012). Thus, it can be understood that Busy Bee does not have to worry about the suppliers. Moreover, the business has to provide right pay to the suppliers in order to gain higher benefit from them. Barriers to entry: It is evident that the rise in the industry of cash wash and detailing has provided large benefit to the business owner or sole proprietors to enter into the particular industry as the industry ensure good return on investment (Marburger, 2012). Therefore, it can be a possible threat for Busy Bee in future. Therefore, Busy Bee may have to continuously upgrade their service so that they can hold their loyal customers and market with higher efficiency. 3. Market Analysis The owner of Busy Bee has counted on Bronte for starting the proposed business as the selected market will ensure large benefit for the success of the business. Moreover, in the selected location, around 42% of the households earn approx $73000 annually. Therefore, many people in that location owns car and also lease cars and they have great value for their cars and its look. 3.1. Market Segmentation Busy Bee Car Centre divides their customers on the basis of car ownership. Further, in order more clear picture, the market has been segmented as: Owners of new car: The people that owns a brand new car mostly likes to have a hand car washing service. Therefore, in Bronte, there are about 33% of people that has brand new cars. Thus, in order to maintain the look and details of the car, the owners will prefer to visit the Busy Bee for hand car washing instead of going for machine car washing (Tsiotsou and Goldsmith, 2012). Owners of older luxury Cars: This particular group of people has been targeted as they can be holding high end luxury cars from many years or they may not be able to pay for the expenses of latest luxury cars (Mooradian, Matzler and Ring, 2012). Therefore, in order to keep their cars in good condition and look, the owners may take their cars to Busy Bee for washing and detailing so that they can have relaxed driving and feel good about their vehicles. Owners of sport car: The owner of sport cars normally belongs to middle age or younger group people and they want to keep their car brand new as the costs of sports car are too expensive. Therefore, in order to maintain the shine and details, the owners may prefer to have hand car washing and cleaning as they have a view that machine car wash can scratch their car which will be costly for them to maintain it further. Lifetime Owners: It has been known that many people possess cars for more than five years and women are most in owning cars for such long period (Hughes, 2012). Thus, they are connected as a friend with their cars and also it may be difficult for them to own a new car. Therefore, they may prefer to bring their vehicles to Busy Bee occasionally so that they can keep their car dirt free and presentable look. Dealerships: The used and new car dealership can be effective for the Busy Bee to generate better profit and earnings from the car dealerships. It has been studied that within three and half miles of selected location, there are six car dealerships and they usually prefers outside car wash services for detailing the cars before it can be taken up for the sale purpose (Gandellini, Pezzi and Venanzi, 2012). Thus, it is an advantageous for the Busy Bee Car Centre to build strong relationship with car dealerships so that many cars can be brought into the car station for hand washing and detailing. Local Businesses: It has been found by the marketer of Busy Bee that there are some local businesses that hold small vans and fleets of cars. Therefore, focus is also on that group as they seek cleaning of their vehicles in order to maintain the image of their business (Nielsen, 2011). Moreover, the local businesses looks for cost effective therefore, Busy Bee will offer them service at reasonable cost so that they visit on regular basis. Options Car Owners New Car Owners 33% Sports Car Owners 12% Older Luxury Car Owners 35% Lifetime Owners 39% Used and New car Dealership 5% Table 2: Market Analysis of Car Owners Figure 2: Market Analysis of Bronte 4. Marketing Plan In order to generate higher benefit from the proposed business, the owner of Busy Bee has to build effective marketing plan. Situation Analysis: SWOT analysis is effective for understanding the current situation. The strength of Busy Bee is there long association with their car service business whereas there weakness is low market share (Nielsen, 2011). On the other hand, Busy Bee has opportunity to serve the people with hand car wash and detailing service in Bronte as such service is very negligible in that area. The possible threats are small business that offers automatic car wash service. Overall, the market of Bronte will be beneficial in gaining targeted customers (Pandey, 2012). Pricing Strategy: Busy Bee has to align the strategy of pricing and positioning in order to gain higher benefit from the market. The price should not be charged too low as it may dissuade the customers and not also too high as customers may not turn up for the service (Liozu and Hinterhuber, 2012). Therefore, the business may need to charge price as per the competitive price so that customer do not feel cheated. Moreover, it can help Busy Bee to position them strongly in the market. Forecasting Sale: The management of Busy Bee has to predict the sale that can be generated from the hand car wash and detail service from Bronte. The forecasting will help in preparing the budget that will be required for financing and arranging personnel that can provide best service to arriving customers (KumarSharma and Sharma, 2012). It has been assumed that Busy Bee will be able to make sale of total $200500 in first year which will gradually improve in next year. Service Year1 Year 2 Year 3 Full Wash 22% 31% 35% Interior Clean 8% 13% 18% Exterior Wash 17% 26% 30% Business Fleet Washes 11% 16% 19% End User Detail 12% 24% 27% Car Dealership Detail 30% 36% 42% Table 3: Sales Forecast in three consecutive years Promotion: On the other hand, in order to reach out to large customer group, Busy Bee has to adopt effective promotion technique. The business can use placing banners and hoardings at different places of Bronte so that most of the customers can become aware about the Busy Bee and its services. This will help in promoting the business and it will also help in increasing sales and generating expected sales and income (Melanthiou, 2012). Engaging Employee: Busy Bee may need to hire people that are capable and efficient enough to provide service of hand car wash and detailing to the customers. The efficient employee will help in growing the business (Furnham, 2012). Therefore, for each service the management of the company can hire different personnel so that quick service can be delivered with quality. Service No. Of Employees Full Wash 5 Interior Clean 3 Exterior Wash 2 Business Fleet Washes 2 End User Detail 3 Car Dealership Detail 6 Table 4: Engagement of Employee with services 5. Management Team and Company Structure It is known that car washing normally considered as seasonal business which has a high peak during the warm summer month. Therefore, Busy Bee Car Centre will be requiring both part time and temporary team for the managing the operations of hand car wash and detailing. Apart from that, company will be focusing on hiring five full time cash wash service and around three detail specialist so that best and quality service can be provided to the customers (Heagney, 2012). On the other hand, the two full time car wash specialists will be hired so that they can monitor the work of other workers so that they can provide assistance and training to improve their performance and service. The car wash specialist provides training to workers on used or old cars so that they may know which corner to clean and which part they should avoid (Hajro, 2012). Apart from that, the company will appoint one administrative assistant that will help and assist the owner of Busy Bee with the paperwork and the a ppointed person will act as a receptionist to provide details to the customers about the services and charges. Figure 3: Company Structure of Busy Bee Car Centre 6. Operation Plan Location: Busy Bee Car Centre will be located at the centre of Bronte so that it can be easily accessed by the customers and they do not find any difficulty. Moreover, the sign board will be placed so that customers can know the location of the company (Lambin and Schuiling, 2012). On the other hand, the building for operation will have the capacity to clean about four cars at one time which will provide quick service to the car owners. Supply and Inventory Management: In order to place all the required resources and equipment for cleaning and detailing the cars, the company has to arrange materials via suppliers so that the business does not fall short. The resources such as water spray gun, speedway car cleaning, car wash pipe, microfiber car duster, etc can be arranged in required quantity by the suppliers (Mackay and Wilmshurst, 2012). Therefore, having strong bonding with suppliers can help company to negotiate. On the other hand, the business may need to remove that entire inventory that is unproductive or that can affect sales. Hiring Efficient Employee: The different worker has to take up assigned role so that work can be aligned. The car washers has to completely involve in washing car only whereas detail specialist has to be involved only in car detailing work in order to provide satisfactory service to customers (McDaniel and Gates, 2012). On the other hand, accountant to be involved in accounting work and administrative staff has to be involved with their part. Therefore, higher productivity can be generated and better working environment can be developed. Set Timelines: The management of Busy Bee has to set time for each group member to clean and wash the car within the specified time. Therefore, for one car time can be fixed to maximum 30 minutes. On the other hand, for detailing part, time can be approx 1 hour if there is no any big issue and if there is then time can be extended. Therefore, it makes the employees to remain focus and concentrate on work for higher productivity (Melanthiou, 2012). Set Performance Indicators: The management many need to set performance indicators so that performance of the employees can be assessed along with overall performance of the Busy Bee. Therefore, for hand car wash and detailing work, the management can allot 15 cars that need to be cleaned by the workers (Mooradian, Matzler and Ring, 2012). On the other hand, fixing monthly sales target will be good indicator to measure the performance of the Busy Bee Car Centre. 7. Product Design and Development Plan Stages Month 1 Month 2 Month 2-3 Month 4 Month 4-5 Month 6 Follow up on press release Press Release Distribution of flyers Commencement for business Hiring of administrative staff Hiring of staff for car wash service Converting Premises Signing of Rental Contract Completion of Business Plan Table 5: Product/Business Design Plan Stages Week 1 Week 2-4 Week 5 Week 5-6 Week 7 Week 8 Idea Generation Idea Screening Concept Development and Testing Market Strategy Development Business Analysis Test Marketing Commercialization Table 6: Product Development Plan 8. Financial Projections 8.1 Profit and Loss Projections Year-by-year profit and loss assumptions Year 1 Year 2 Year 3 Year 4 Year 5 Annual cumulative price (revenue) increase - 2.00% 3.50% 4.00% 6.00% Annual cumulative inflation (expense) increase - 2.00% 3.50% 4.00% 6.00% Interest rate on ending cash balance 0.50% 0.50% 0.50% 0.50% 0.50% Year 1 Year 2 Year 3 Year 4 Year 5 Revenue Gross revenue $2,00,500 $2,04,510 $2,11,668 $2,20,135 $2,33,343 Cost of goods sold 17,300 17,646 18,264 18,994 20,134 Gross margin $1,83,200 $1,86,864 $1,93,404 $2,01,140 $2,13,209 Other revenue [source] $0 $0 $10,000 $0 $0 Interest income $1,000 $0 $0 $0 $0 Total revenue $1,84,200 $1,86,864 $2,03,404 $2,01,140 $2,13,209 Operating expenses Sales and marketing $25,000 $25,500 $26,393 $27,448 $29,095 Payroll and payroll taxes 32,000 $32,640 $33,782 $35,134 $37,242 Depreciation 27,000 30,192 30,636 30,784 31,376 Insurance 23,000 $23,460 $24,281 $25,252 $26,767 Maintenance, repair, and overhaul 10,000 10,710 10,868 10,920 11,130 Utilities 12,000 $12,240 $12,668 $13,175 $13,966 Property taxes 15,000 $15,300 $15,836 $16,469 $17,457 Administrative fees 14,500 $14,790 $15,308 $15,920 $16,875 Other 3,000 $3,060 $3,167 $3,294 $3,491 Total operating expenses $1,61,500 $1,67,892 $1,72,938 $1,78,396 $1,87,400 Operating income $22,700 $18,972 $30,466 $22,744 $25,809 Interest expense on long-term debt 3,433 2,740 2,013 1,250 449 Operating income before other items $19,267 $16,232 $28,453 $21,494 $25,360 Loss (gain) on sale of assets 0 0 1,000 0 0 Other unusual expenses (income) 0 0 0 0 0 Earnings before taxes $19,267 $16,232 $29,453 $21,494 $25,360 Taxes on income 5,780 4,870 8,836 6,448 7,608 Net income (loss) $13,487 $11,362 $20,617 $15,046 $17,752 8.2 Balance Sheet Assets Initial balance Year 1 Year 2 Year 3 Year 4 Year 5 Cash and short-term investments $30,500 $81,142 $1,32,378 $1,69,554 $2,15,367 $2,65,752 Accounts receivable 2,500 2,500 2,500 2,500 2,500 2,500 Total inventory 23,500 23,500 23,500 23,500 23,500 23,500 Prepaid expenses 0 0 0 0 0 0 Deferred income tax 0 0 0 0 0 0 Other current assets 5,000 5,000 5,000 5,000 5,000 5,000 Total current assets $61,500 $1,12,142 $1,63,378 $2,00,554 $2,46,367 $2,96,752 Buildings $78,000 $78,000 $78,000 $78,000 $78,000 $78,000 Land 86,000 86,000 86,000 86,000 86,000 86,000 Capital improvements 0 0 0 0 0 0 Machinery and equipment 70,000 70,000 70,000 70,000 70,000 70,000 Less: Accumulated depreciation expense 0 27,000 57,192 87,828 1,18,612 1,49,988 Net property/equipment $2,34,000 $2,07,000 $1,76,808 $1,46,172 $1,15,388 $84,012 Goodwill $0 $0 $0 $0 $0 $0 Deferred income tax 0 0 0 0 0 0 Long-term investments 0 0 0 0 0 0 Deposits 0 0 0 0 0 0 Other long-term assets 0 0 0 0 0 0 Total assets $2,95,500 $3,19,142 $3,40,186 $3,46,726 $3,61,755 $3,80,764 Liabilities Initial balance Year 1 Year 2 Year 3 Year 4 Year 5 Accounts payable $2,500 $2,500 $3,000 $3,000 $1,500 $1,500 Accrued expenses 0 0 0 0 0 0 Notes payable/short-term debt 0 0 0 0 0 0 Capital leases 0 0 0 0 0 0 Other current liabilities 100 100 100 100 100 100 Total current liabilities $2,600 $2,600 $3,100 $3,100 $1,600 $1,600 Long-term debt from loan payment calculator $63,000 $56,655 $50,310 $35,440 $16,933 $0 Other long-term debt $81,000 $97,500 $1,13,027 $1,14,820 $1,34,810 $1,53,000 Total debt $1,46,600 $1,56,755 $1,66,437 $1,53,360 $1,53,343 $1,54,600 Other liabilities 0 0 0 0 0 0 Total liabilities $65,600 $59,255 $53,410 $38,540 $18,533 $1,600 Equity Initial balance Year 1 Year 2 Year 3 Year 4 Year 5 Owner's equity (common) $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 Paid-in capital 2,50,000 2,50,000 2,50,000 2,50,000 2,50,000 2,50,000 Preferred equity 0 0 0 0 0 0 Retained earnings 0 13,487 24,849 45,466 60,512 78,264 Total equity $3,00,000 $3,13,487 $3,24,849 $3,45,466 $3,60,512 $3,78,264 Total liabilities and equity $3,65,600 $3,72,742 $3,78,259 $3,84,006 $3,79,045 $3,79,864 8.3 Cash Flow Projections Year 1 Year 2 Year 3 Year 4 Year 5 Total Operating activities Net income $13,487 $11,362 $20,617 $15,046 $17,752 $78,264 Depreciation 27,000 30,192 30,636 30,784 31,376 1,49,988 Accounts receivable 0 0 0 0 0 0 Inventories 0 0 0 0 0 0 Accounts payable 0 500 0 -1,500 0 -1,000 Amortization 0 0 0 0 0 0 Other liabilities 0 0 0 0 0 0 Other operating cash flow items 0 0 0 0 0 0 Total operating activities $40,487 $42,054 $51,253 $44,330 $49,128 $2,27,252 Investing activities Capital expenditures $0 $0 $0 $0 $0 $0 Acquisition of business 0 0 0 0 0 0 Sale of fixed assets $0 $0 ($1,000) $0 $0 -1,000 Other investing cash flow items 0 0 0 0 0 0 Total investing activities $0 $0 ($1,000) $0 $0 ($1,000) Financing activities Long-term debt/financing $10,155 $9,182 ($13,077) $1,483 $1,257 $9,000 Preferred stock 0 0 0 0 0 0 Total cash dividends paid 0 0 0 0 0 0 Common stock 0 0 0 0 0 0 Other financing cash flow items 0 0 0 0 0 0 Total financing activities $10,155 $9,182 ($13,077) $1,483 $1,257 $9,000 Cumulative cash flow $50,642 $51,236 $37,176 $45,813 $50,385 $2,35,252 Beginning cash balance $30,500 $81,142 $1,32,378 $1,69,554 $2,15,367 Ending cash balance $81,142 $1,32,378 $1,69,554 $2,15,367 $2,65,752 8.4 Loan Payment Annual interest rate 5.0% Monthly rate 0.41% Loan amount $76,500 Term of loan (months) 60 Payment ($1,439.76) 1 $76,500 ($1,128) ($312) ($1,440) 2 75,372 -1,133 -307 ($1,440) 3 74,239 -1,137 -302 ($1,440) 4 73,102 -1,142 -298 ($1,440) 5 71,960 -1,147 -293 ($1,440) 6 70,813 -1,151 -289 ($1,440) 7 69,662 -1,156 -284 ($1,440) 8 68,506 -1,161 -279 ($1,440) 9 67,346 -1,165 -274 ($1,440) 10 66,180 -1,170 -270 ($1,440) 11 65,010 -1,175 -265 ($1,440) 12 63,835 -1,180 -260 ($1,440) 13 62,655 -1,184 -255 ($1,440) 14 61,471 -1,189 -250 ($1,440) 15 60,282 -1,194 -246 ($1,440) 16 59,087 -1,199 -241 ($1,440) 17 57,888 -1,204 -236 ($1,440) 18 56,685 -1,209 -231 ($1,440) 19 55,476 -1,214 -226 ($1,440) 20 54,262 -1,219 -221 ($1,440) 21 53,043 -1,224 -216 ($1,440) 22 51,820 -1,229 -211 ($1,440) 23 50,591 -1,234 -206 ($1,440) 24 49,357 -1,239 -201 ($1,440) 25 48,119 -1,244 -196 ($1,440) 26 46,875 -1,249 -191 ($1,440) 27 45,626 -1,254 -186 ($1,440) 28 44,372 -1,259 -181 ($1,440) 29 43,113 -1,264 -176 ($1,440) 30 41,849 -1,269 -170 ($1,440) 31 40,580 -1,274 -165 ($1,440) 32 39,305 -1,280 -160 ($1,440) 33 38,026 -1,285 -155 ($1,440) 34 36,741 -1,290 -150 ($1,440) 35 35,451 -1,295 -144 ($1,440) 36 34,156 -1,301 -139 ($1,440) 37 32,855 -1,306 -134 ($1,440) 38 31,549 -1,311 -129 ($1,440) 39 30,238 -1,317 -123 ($1,440) 40 28,921 -1,322 -118 ($1,440) 41 27,599 -1,327 -112 ($1,440) 42 26,272 -1,333 -107 ($1,440) 43 24,939 -1,338 -102 ($1,440) 44 23,601 -1,344 -96 ($1,440) 45 22,258 -1,349 -91 ($1,440) 46 20,908 -1,355 -85 ($1,440) 47 19,554 -1,360 -80 ($1,440) 48 18,194 -1,366 -74 ($1,440) 49 16,828 -1,371 -69 ($1,440) 50 15,457 -1,377 -63 ($1,440) 51 14,080 -1,382 -57 ($1,440) 52 12,698 -1,388 -52 ($1,440) 53 11,310 -1,394 -46 ($1,440) 54 9,916 -1,399 -40 ($1,440) 55 8,517 -1,405 -35 ($1,440) 56 7,112 -1,411 -29 ($1,440) 57 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