Your business plan should state how you will structure, market, finance and grow your moving company. It will include details about the products and services you will offer, and the type of customers that you intend to reach. Other details including operating and marketing expenses, staffing, and an analysis of your competitors will help you prepare for your new career as a business owner. The following information will help you learn about the fundamental components of a successful business plan.
1) Executive Summary
Your business plan should contain an executive summary which summarizes the main components of your business plan. It should be fast moving and concise as it highlights those vital elements that make your business a winning proposition.
Reading your executive summary should be exhilarating as it rapidly informs readers about your biz model and legal structure. It also communicates your knowledge of the industry and market as well as how you intend to compete with established firms. Although you want this section to intrigue and engage readers, make sure it accurately conveys the results of your experience, achievements and research.
Image courtesy of pexels.com, licensed under CC0 Public Domain.
2) Company Description
As a business owner, you should have a clear vision of the purpose and mission of your company. Share your dream with the readers of your business plan in the “company description” section. Tell the story of your new venture, including its history, and let everyone know that you have dedicated yourself to the research, planning and other activities needed to build a successful moving company.
Remember to describe the structure of your company as well as the services that you intend to supply. List the responsibilities you will have as the owner of the business and define the human resources needed to operate your firm. Rather than stopping when you reach the present, give your readers a taste of the future by including your plans for sustainable growth.
Use your company description to emphasize the unique aspects of your business and how you intend to improve upon the typical tactics used by movers to serve their customers. Additionally, include a convincing statement that explains how and when your company will be profitable. This description will serve to share the essence of your company with others and remind yourself of your purpose during the challenging days that lie ahead of you.
3) Market Analysis
This part of your business plan will focus on the market that exists for your services. Also, it will identify the market segments which you intend to target. Your research should include current trends in the market and your expected market share. Your market analysis should also explain how you will position your business relative to your competitors and explain your price structure, opportunities for growth and anticipated future trends.
Dedicate a section of your market analysis to an in-depth competitive analysis. Highlight the strengths and weaknesses of your competitors and perform a SWOT analysis of your business (SWOT is an acronym that stands for “strengths, weaknesses, opportunities and threats”). Your company might have particular strengths that can include experience in the moving business. Your team or name recognition can also prove to be strengths.
Weaknesses that challenge your new venture could include a lack of experience, financial challenges, and an unrecognized brand. Develop strategies that mitigate your weaknesses and exploit your strengths in ways that give you an edge over your competitors. Also, you should explain how you can create barriers that will limit the opportunities for new competitors.
4) Sales and Marketing Strategy
Another section of your business plan supplies you and your readers with a detailed presentation of your sales and marketing strategy. Your marketing activities include all the ways you intend to promote your business and the services that you offer. Also, you need to identify the channels that you will use to have the best chance to reach the people whom you intend to convert into customers.
When you have performed extensive market research, you will have the knowledge needed to execute your strategy. This section of your business plan should summarize your marketing budget as well as your anticipated selling costs. Make sure you include references to any facts that support your marketing and sales strategy.
5) Financial Projections and Costing
Create forecasts about your anticipated financial needs that cover your operation from now through the next three to five years. Right now, your first year is the most important, so you should have more detail for that period than for the years to come. Your financial projections should also list your cost and revenue assumptions based on your anticipated expenses and selling prices.
Your financial projections and costing could present the greatest possible challenge to your objectivity. Although you should include your optimistic view of the financial aspect of your business, you should also include a pessimistic view that covers your worst-case scenario as well as what you believe are realistic financial expectations.
To complete the financial section of your business plan, include statements that include your estimated statements of cash flow, profit and loss, and sales. Afterward, discuss the amount of additional funds that you will need to get your business started.
Your business plan will create a framework that requires you to consider every aspect of your new moving business. Starting with your executive summary and company description, the process will help you define your market and formulate operational strategies. Finally, by giving adequate consideration to financial matters, you will arrive with a solid plan that will guide your efforts and attract investors.
If you need help, look for templates online that you can use to give you a head start. You can also hire a professional to guide you through the process. Writing a feasible business plan takes time and effort, but the work that you do will help ensure your success.