Boosted Auto is an auto parts store. The modifying scene in Australia is increasing rapidly and there remains a gap in the market for a retail store for car parts. Currently, there are businesses that are based overseas and are only accessible online. The business idea is to provide a local area for customers to buy parts and support Australian business.
Boosted Auto will target a specific market of people who want to personalise or upgrade their car, with the target market the age range of 20-65. This business plan will outline the goal and objectives of Boosted Auto and put in measures to ensure the business is meeting the vision
Influences: Motivation: this is the main influence in establishing the business as the owner is very passionate about cars and wants to improve the car scene
Competition: no competition is successfully doing what the business aims to do, the business aims to be the market leader and raise the quality and service of the businesses sector.
Situational analysis: the business is in the establishment phase of the business life-cycle.
· Location. Is near a race track which means an increase of potential customers
· The layout of business. Is in a commercial area and can have a spread out shop layout
· Easy to market. Has a very specific type of product
· Hard to get a customer base. Customers won’t know about the business as it is a new type of shopping for car parts
· Trends change. Store will be behind trends because of stock limitations
· Sporting events. Being able to advertise during the events
· Car sponsorship. Put logo on the side of the car to get exposure
· Pop-up stores. Give customers a taste of the store
· Change in laws. Car roadworthiness laws can have major effects
· Economic factors. If in a recession people won’t spend money of car parts
Vision: The vision for the business is to move into every major city around Australia and franchise out into smaller stores in the suburbs that act like a general store for car parts and service items.
Goal: The financial goal for the business is to be making a net profit of $200,000 by the third year of operation, and to get 20% of the market share within the 3 years by being the most efficient and cheapest car parts shop around.
The personal goal for the owner is to pay back the loan within the first year putting me back in the black. I would also like to have everything in the business to be owned by the business and not leased or rented, which can create potential uncertainty when it comes to the renewal of leases. The owner’s objective is to be able to have the business run itself, allowing the owner to find ways of expanding the business and tapping into new markets.
The social goals for the business are to employ people who have knowledge about cars, or people who are passionate about cars. This will improve the atmosphere within the shop creating a more enjoyable...