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Your plan should address these seven elements. This video is sponsored by the MyPlace4Parts Studio.
A Harvard University study found that the amount of time spent on assembling a business plan is directly related to that business’s success. Owners who spend six months or less on the plan ended up with an 80% failure rate, but those who spent a year or more on the plan had an 80% success rate.
Business plans are for start-ups, right? Why would an established business need one? The fact is, the questions you have to answer as a start-up get forgotten in the daily hubbub of running a business. A little time spent asking some basic questions can trigger new opportunities, greater freedom or both.
As a tire or automotive service shop owner looking to sell your business, you may be making the process even more challenging by mistakenly disqualifying potential buyers who would actually make great owners.
Many shop owners get their start the old-fashioned way: Their dad or uncle owned a shop, and they grew up learning how to fix cars. Essentially, it was “in their blood” so to speak. But Matt Weber, co-owner of Clark’s Car Care, has a very different back story, one that starts with a detour from an accounting degree to take a less traveled road to shop ownership.
