Author: Smartfix UK
You’ve established your vision or maybe even started your alloy wheel repair business, but how do you move your vision or new business forward?
A clear and well defined business plan is vital to communicate your business’ vision, establishing where you are now and where you aspire to be. It’s also extremely attractive to potential investors and lenders, who may ask to see your business plan.
As well as creating a roadmap to provide guidance on how your alloy wheel repair business should be structured and run, a business plan sets clear milestones to achieving growth and steers operations towards defined business goals.
Here at SMARTFIX, we know the alloy wheel business and the tools it takes to succeed. Follow our guidance below to create a comprehensive business plan to enable your business to thrive.
1. Executive summary
The first chapter of your business plan, consider this your opportunity to show off your alloy wheel repair business.
The executive summary should provide a business snapshot and lay out your processes and goals that differentiate you within the alloy wheel repair marketplace.
2. Company description
Who are you and what do you do? Share your company's mission and values to show what sets you apart from the crowd. Highlight any niches you may have, perhaps you offer your repair services for high-end or vintage alloy wheels.
List all products and services you provide. This may include multiple options for alloy wheel repair, refurbishment and customisation.
It’s useful to outline your daily operations as well as your planned location, equipment and staffing requirements, if applicable. Including an operations plan can demonstrate consistency and attention to detail, so it’s worth mentioning your suppliers and supply chain processes.
Finally, define your business goals. Use this to pave the way for the remainder of your alloy wheel repair business plan, outlining next steps and key stages of how you plan on achieving them.
3. Market analysis
You will have carried out market research before starting your business, so show your understanding of the environment that you operate in. Who are your target audience and what makes them tick? Provide as much detail as you have on them including their preferences, buying habits and demographics.
It is also beneficial to include SWOT analysis, identifying competitors strengths and weaknesses and threats you face within the industry. Recognising your risks presents an opportunity to decide how to mitigate them, so you won’t end up on the back foot should the situation arise.
4. Marketing and sales strategy
Set out your marketing and sales strategy to show how you intend on attracting leads and converting them to paying customers. Discuss how you plan on reaching your target audience and the tools you will need in place to achieve this, this will require a strong brand identity with messaging that appeals to your target audience.
Take advantage of online marketing by staying active on social media and having a professional website, as well as following up on referrals gained through traditional marketing avenues. You may have already established good working relationships with local automotive shops or dealerships, so consider how your business can benefit from this.
Utilise your market research to create a competitive pricing strategy for the services you provide. Include any promotional offers or discounts you plan on implementing and consider having a rewards or loyalty programme if you don’t have one already.
5. Financial budgets & projections
To conclude your business plan, it’s essential to show your alloy wheel repair business is backed up by strong financial planning. Provide a detailed overview of your startup costs including operational costs, such as equipment, insurance and utilities, as well as initial marketing costs, for example setting up your website.
Again, referring to your market research, provide your financial projections. It’s important to keep your sales forecast realistic, so provide balance sheets, income statements and cash flow statements that are achievable for the marketplace.
Also include details of miscellaneous or unplanned costs, as it’s important to prepare for unforeseen circumstances.
If you require funding to start or expand your alloy wheel repair business, it’s worth sharing your funding plan and current funding sources.