Are you about starting a GPS vehicle tracking service? If YES, here is a complete sample GPS tracking business plan template & feasibility report you can use for FREE. Okay, so we have considered all the requirements for starting a GPS vehicle tracking business. We also took it further by analyzing and drafting a sample GPS vehicle tracking service marketing plan template backed up by actionable guerrilla marketing ideas for GPS vehicle tracking companies. So let’s proceed to the business planning section.
Table of Content
- 2. Executive Summary
- 5. Job Roles and Responsibilities
- 6. SWOT Analysis
- 7. MARKET ANALYSIS
- 13. Startup Expenditure (Budget)
Why Start a GPS Vehicle Tracking Business?
When it comes to starting a business especially business like a GPS car tracking business could be a fun, profitable and an interesting business for someone with business sense, perseverance and smartness. With the right location, top-notch service and good marketing, you can serve large customers who require a GPS car tracking device to be installed on their vehicle for an affordable price.
It is important to mention that starting up a GPS car tracking business also needs a significant investment capital, solid planning, and concentration to detail in order to keep your business profitable.
In recent time, the demand for GPS car tracking device is on the increase but just like any other businesses, the demand for such device and services usually declined during recession period / economic downturn and this is due to the declining household spending on extra accessories for their cars and reduced demand from business clients. As the economy grows, and income increases, there will be corresponding increase in the demand for security cum automobile related services such as the installation of GPS car tracking device.
If you want to start a GPS Car Tracking business, you will need to draw up a business plan. Here is a sample below that will help you draw yours up;
A Sample GPS Tracking Service Business Plan Template
1. Industry Overview
Right from when the GPS car tracking systems came into existence, it has become very easy for fleet operators to comfortably manage their fleet of vehicles. With the advent of this device, investing in transport, haulage and logistic business and even ambulance services has become a profitable venture because the tracking device helps keep the drivers under check, monitor the fuel consumption, distance covered and also ensures safety of the vehicle.
The fact that you can install GPS car tracking devices that trigger automated bus stop announcements makes it easier to run a public transport service company. Much more than buying insurance for personal cars, most people also choose to buy and install GPS car trackers in their cars to prevent theft. The truth is that with car tracking devices, even if your car is stolen, it can easily be tracked and recovered.
Global statistics show that the need for GPS car tracking systems in cars is on the increase because of how efficient it has proven to be and as a matter of fact most transport operating companies won’t allow their cars to start plying the roads until they have installed a GPS vehicle tracking system on it.
The Automobile industry of which GPS car tracking services is a part of will continue to experience growth in all parts of the world especially in developed countries such as United States of America, Canada, United Kingdom, Germany, Australia and Italy et al.
As a matter of fact, there are no companies with a leading market share in the industry. In recent time, you can hardly find any modern car in the united states without a GPS car tracking device installed in it. This goes to show that it is a booming business to venture into.
There are numerous ways that you can promote and market your car tracking device. The best approach to start with is to work with auto insurance companies and become their vendors. As a matter of fact most countries’ security departments are making it compulsory for owners of cars to install car tracking device on their cars because it helps in fighting organized crimes and it also prevents car theft.
You can enter a deal with them that guarantee them some percentage on any deal they refer to you. You can also enter into partnership with car dealers because they can easily refer their clients to you as long as it is safe and it pays them.
When it comes to advertising your car tracking company, there shouldn’t be any limit to how far you can go. You could start with handbills and distribute them in car parks and public places. If you have cash you can place advert spots on Newspapers, TV and Radio, and if you don’t have enough cash you can start with the worldwide web. As a matter of fact the internet has become one of the cheapest and most potent advertising platforms.
Over and above, GPS car tracking businesses all over the world are still enjoying good patronage particularly if they are well positioned and if they know how to reach out to their target market (corporate organizations with fleet of cars, car owners transport companies and haulage companies, government and household et al).
2. Executive Summary
System Spec GPS Tech®, Inc. is a standard, licensed and registered GPS car tracking company that will be located in will in Frankfort, Kentucky – United States of America. Our corporate office is located in the commercial capital of the city of Frankfort and we are set to service car owners in the city and throughout Kentucky and beyond.
We are well trained and equipped to carry out standard GPS car tracking installation and monitoring for our clients irrespective of the brand and model of vehicles they drive. Although our intention of starting System Spec GPS Tech®, Inc. is to offer only the above stated services, but we will not close our doors to diversification (additional services) as long as it does not affect our core services.
At System Spec GPS Tech®, Inc. we are passionate in the pursuit of excellence and financial success with uncompromising services and integrity which is why we have decided to start our own GPS car tracking business; we are in the industry to make a positive mark.
We are quite optimistic that our values and quality of service offering will help us drive System Spec GPS Tech®, Inc. to enviable heights and also help us attract the numbers of clients that will make the business highly profitable. We are a company that will be dedicated to establishing good business relationship with our clients giving them value for their money and reasons for them to hire our services over and over again.
We are quite aware that in order to become the number one choice in our city, we must continue to deliver quality GPS car tracking devices and services and that is exactly what we will do. We are open to the use of latest technology in the GPS car tracking device line of business.
No doubt our excellent customer service and the quality of services we offer will position us to always welcome repeated customers and handle massive deals from both government agencies and transport and haulage giants.
Our client’s best interest will always come first, and everything we do will be guided by our values and professional ethics. We will ensure that we hold ourselves accountable to the highest standards by meeting our client’s needs precisely and completely. We will cultivate a working environment that provides a human, sustainable approach to earning a living, and living in our world, for our partners, employees and for our clients.
System Spec GPS Tech®, Inc. is owned and managed by Sean Davidson and his friend and business partner Cole Perez. They both graduated from Illinois Institute of Technology and they are well – equipped with the required qualifications and experience to grow System Spec GPS Tech®, Inc. to favorable compete with leaders in the GPS car tracking line of business both in the United States of America and in the world.
3. Our Products and Services
System Spec GPS Tech®, Inc. is a standard and well – equipped GPS car tracking company that offers basic services such as the sales of car tracking devices, the installation of GPS car tracking devices, servicing of GPS car tracking devices and other related training, advisory and consultancy services.
We in the GPS car tracking line of business to make profit and favorable compete with leaders in the industry and we are going to do all that is permitted by the law of the United States of America to achieve our business aims and ambition.
4. Our Mission and Vision Statement
- Our vision is to become the number one GPS car tracking company in the whole of Kentucky with active presence in major cities in the United States of America and Canada.
- Our mission as a GPS car tracking company is to develop a highly successful, profitable business which provides quality GPS car tracking device and services in our city and to become a standard for an ideal GPS car tracking business not only in the State of Kentucky but also throughout the United States of America and Canada where we intend opening our offices and selling our franchise.
Our Business Structure
We are quite aware that the success of any business lies in the foundation on which the business is built on, which is why we have decided to build our car wash and auto detailing company on the right business foundation.
As a matter of fact, we are set out to build a GPS car tracking business that will be a standard for the GPS car tracking line of business in the United States of America and Canada. We want to build a business of dedicated workforce who will go all the way to ensure that our customers are satisfied and they get value for their money.
In other to achieve this, we aware that it takes a business with the right employees and structure to achieve all what we have set to achieve, which is why will be putting structures and processes in place that will help us deliver excellent services and run the business on auto pilot. The success of our GPS car tracking company will be anchored on the team not on any individual.
With the wide range of our service offerings, we are only expected to employ more than it is required to run a conventional GPS. Definitely, we will have various employees to man the various services offering of System Spec GPS Tech®, Inc. System Spec GPS Tech®, Inc. will employ professionals and skilled people to occupy the following position;
- Chief Executive Officer
- GPS Car Tracker Installation and Repair Engineers/Technicians
- Admin and HR Manager
- Marketing and Sales Executive
- Customer Care Executive/Front Desk Officer
5. Job Roles and Responsibilities
Chief Executive Office:
- Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results; developing incentives; developing a climate for offering information and opinions; providing educational opportunities.
- Creating, communicating, and implementing the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
- Responsible for fixing prices and signing business deals
- Responsible for providing direction for the business
- Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
- Responsible for signing checks and documents on behalf of the company
- Evaluates the success of the organization
GPS Car Tracker Installation and Repair Engineers/Technicians
- Responsible for installation, repair and maintenance of GPS car tracking device
- Responsible for conducting GPS car tracking trainings, advisory and consultancy services
- Responsible for writing and presenting reports, proposals, applications and contracts
- In charge of choosing the GPS car tracker components and software to be used and specifying the requirements for the project
- Adapts plans according to circumstances and resolving any problems that may arise during GPS car tracker installation and monitoring
- Responsible for making sure the project is running according to schedule and budget
- Plays a part in project and team management
Admin and HR Manager
- Responsible for overseeing the smooth running of HR and administrative tasks for the organization
- Designs job descriptions with KPI to drive performance management for clients
- Regularly hold meetings with key stakeholders to review the effectiveness of HR Policies, Procedures and Processes
- Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
- Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
- Defines job positions for recruitment and managing interviewing process
- Carries out staff induction for new team members
- Responsible for training, evaluation and assessment of employees
- Responsible for arranging travel, meetings and appointments
- Updates job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations.
- Oversee the smooth running of the daily office activities.
Marketing and Sales Executive
- Identifies, prioritizes, and reaches out to new partners, and business opportunities et al
- Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects; assures the completion of relevant projects.
- Writes winning proposal documents, negotiate fees and rates in line with company policy
- Responsible for handling business research, marker surveys and feasibility studies for clients
- Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
- Develops, executes and evaluates new plans for expanding increase sales
- Documents all customer contact and information
- Represents the company in strategic meetings
- Helps to increase sales and growth for the company
- Responsible for preparing financial reports, budgets, and financial statements for the organization
- creates reports from the information concerning the financial transactions recorded by the bookkeeper
- Prepares the income statement and balance sheet using the trial balance and ledgers prepared by the bookkeeper.
- Provides managements with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
- Responsible for financial forecasting and risks analysis.
- Performs cash management, general ledger accounting, and financial reporting for one or more properties.
- Responsible for developing and managing financial systems and policies
- Responsible for administering payrolls
- Ensures compliance with taxation legislation
- Handles all financial transactions for the company
- Serves as internal auditor for the company
Client Service Executive/Front Desk Officer
- Welcomes guests and clients by greeting them in person or on the telephone; answering or directing inquiries.
- Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
- Through interaction with clients on the phone, uses every opportunity to build client’s interest in the company’s products and services
- Manages administrative duties assigned by the manager in an effective and timely manner
- Consistently stays abreast of any new information on the company’s products, promotional campaigns etc. to ensure accurate and helpful information is supplied to clients
- Receives parcels / documents for the company
- Distributes mails in the organization
- Handles any other duties as assigned my the line manager
6. SWOT Analysis
GPS car tracking business is one of the many businesses that can easily generate sales with little stress as long as they are well positioned and equipped to carry out their services. We are building a standard GPS car tracking business with the plans to open centers and sell our franchise all across the United States of America and Canada which is why we have decided to subject our business idea (company) to SWOT Analysis.
Ordinarily we can successfully run a normal GPS car tracker installation and repair business without the stress of going through the required protocol of setting up a new business including writing a detailed business plan, but because of the fact that we intend becoming of the leaders in this line of business we want to establish, we don’t have any option other than to follow due process.
We hired the services of Mrs. Abigail Williams, an HR and Business consultant with bias in startups to help us conduct SWOT analysis for our company and she did a pretty job for us. Here is a of the result we got from the SWOT analysis that was conducted on behalf of System Spec GPS Tech®, Inc.;
The strategic locations we intend covering, the Business model we will be operating on, ease of payment, wide range of GPS car trackers and our excellent customer service culture will definitely count as a strong strength for System Spec GPS Tech®, Inc. So also we have a well – experienced and qualified team that can go all the way to give our clients value for their money; a team that are trained and equipped to pay attention to details.
A major weakness that may count against us is the fact that we are a new GPS car tracking installation and Maintenance Company and we don’t have the financial capacity to compete with multi – million dollars GPS car tracking installation and maintenance companies.
The fact that we are launching out in the heart of Frankfort – Kentucky, provides us with unlimited opportunities to sell our products and services to a large number of corporate organizations with fleet of cars, car owners, transport companies and haulage companies, government and household et al.
We have been able to conduct thorough feasibility studies and market survey and we know what our potential clients will be looking for when they patronize our services; we are well positioned to take on the opportunities that will come our way.
Just like any other business, one of the major threats that we are likely going to face is economic downturn. It is a fact that economic downturn affects purchasing / spending power. Another threat that may likely confront us is the arrival of a GPS car tracking installation and Maintenance Company. Government policies can also pose a major threat to businesses such as ours.
7. MARKET ANALYSIS
- Market Trends
The market for GPS car tracking installation and maintenance services is driven by the purchase of cars and the increase in consumers’ spending – in essence, as the general economy of a country grows, more people will buy cars and more people will patronize the services of GPS car tracking installation and maintenance businesses.
GPS car tracking installation and maintenance services business responds to the increase in household spending and also increase in the volume of cars in a particular area or city. The trend of the market can be predicted without stress.
The trend in the GPS car tracking installation and maintenance line of business is that most GPS car tracking installation and maintenance companies in the bid to survive the recent global economic meltdown included additional services to their core service offerings.
Some GPS car tracking installation and maintenance companies includes services such as automobile electrical repair works, sale of auto electronic accessories and GPS car tracking installation and maintenance trainings, advisory and consulting services. It is much easier for GPS car tracking installation and maintenance companies to increase their revenues by diversifying as against increasing the scope of their market.
8. Our Target Market
Before choosing a location for our GPS car tracking installation and maintenance company, we conducted our feasibility studies and market survey and we were able to identify those who will benefit greatly from our service offerings.
Basically those who will benefit from our service offering are households, transport companies, haulage companies and government agencies with fleet of cars / trucks et al. They cut across different sectors of the economy.
The demographic component of those who need the services of car wash and auto detailing services spreads across the public sector, the organized private sector, and individuals from different strata of the society and from all walks of life.
Below is a list of the people and organizations that our GPS car tracking installation and maintenance services is designed for;
- The public sector; government ministries, agencies and parastatals.
- Organized private sector
- Corporate Executives
- Business People
- Car Dealership Shops
- Taxi and car rental company
- Transport Companies
- Haulage Companies
GPS car tracking installation and maintenance business is an easy to set up business especially if you are able to acquire the required training, start – up capital and of course the required license. It means that the possibility of GPS car tracking installation and maintenance business springing up in the location where our company is located is high. We are aware of this which is why we decided to come up with a business concept that will position us to become the leader in Frankfort – Kentucky.
Our competitive edge is that we are a standard and well equipped GPS car tracking installation and maintenance business that is positioned to handle both corporate clients and individual clients.
We can confidently say that the strategic locations we intend covering, the Business model we will be operating on, ease of payment, wide range of GPS car trackers and our excellent customer service culture will definitely count as a strong competitive advantage for System Spec GPS Tech®, Inc. So also we have a well – experienced and qualified team that can go all the way to give our clients value for their money; a team that are trained and equipped to pay attention to details.
For the time being, System Spec GPS Tech®, Inc. has no real competitors that can match compete with the quality of services we offer and our business offerings et al. Our customer service will be customized to meet the needs of all our customers.
Lastly, all our employees will be well taken care of, and their welfare package will be among the best within our category (startups GPS car tracking installation and maintenance businesses in the United States) in the industry. It will enable them to be more than willing to build the business with us and help deliver our set goals and achieve all our business aims and objectives.
9. SALES AND MARKETING STRATEGY
- Sources of Income
System Spec GPS Tech®, Inc. is established with the aim of maximizing profits in the automobile industry and we are going to go all the way out to ensure that we do all it takes to attract both individual clients and corporate clients on a regular basis.
System Spec GPS Tech®, Inc. is a standard and well – equipped GPS car tracking company that offers basic services such as the sales of car tracking devices, the installation of GPS car tracking devices, servicing of GPS car tracking devices and other related training, advisory and consultancy services.
We are also open to generate income from other related services as long as it falls within the scope of the industry we are operating in.
10. Sales Forecast
One thing is certain, there would always be corporate organization and individual clients who would need the services of GPS car tracking installation and maintenance companies.
We are well positioned to take on the available market in Frankfort – Kentucky and we are quite optimistic that we will meet our set target of generating enough income / profits from the first six month of operations and grow our GPS car tracking installation and maintenance business and our clientele base.
We have been able to critically examine the GPS car tracking installation and maintenance market and we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The sales projection is based on information gathered on the field and some assumptions that are peculiar to similar startups in Frankfort – Kentucky.
Below are the sales projection for System Spec GPS Tech®, Inc., it is based on the location of our business and of course the wide range of related services that we will be offering;
- First Fiscal Year-: $200,000
- Second Fiscal Year-: $450,000
- Third Fiscal Year-: $750,000
N.B: This projection is done based on what is obtainable in the car wash and auto detailing industry and with the assumption that there won’t be any major economic meltdown and there won’t be any major competitor offering same additional dance related services as we do within same location. Please note that the above projection might be lower and at the same time it might be higher.
- Marketing Strategy and Sales Strategy
The marketing strategy for System Spec GPS Tech®, Inc. is going to be driven basically by excellent customer service, honesty and quality service delivery. We will ensure that we build a loyal customer base. We want to drive sales via the output of our jobs and via referral from our satisfied customers. We are quite aware of how satisfied customers drive business growth especially businesses like GPS car tracking installation and maintenance services.
System Spec GPS Tech®, Inc. is a GPS car tracking installations and maintenance business that is strategically located and we are going to maximize the opportunities that is available which is why we spend more to locate the business in a location that will be visible and enable us to access our target market.
Our sales and marketing team will be recruited based on their vast experience in the industry and they will be trained on a regular basis so as to be well equipped to meet their targets and the overall goal of System Spec GPS Tech®, Inc.
Our goal is to grow System Spec GPS Tech®, Inc. to become the leading GPS car tracking installation and maintenance company in Frankfort – Kentucky which is why we have mapped out strategy that will help us take advantage of the available market and grow to become a major force to reckon with in the GPS car tracking installation and maintenance services industry.
System Spec GPS Tech®, Inc. is set to make use of the following marketing and sales strategies to attract clients;
- Introduce our GPS car tracking installation and maintenance business by sending introductory letters alongside our brochure to corporate organizations, transport and logistics companies, households and key stake holders in Frankfort – Kentucky
- Print out fliers and business cards and strategically drop them in offices, car parks, libraries, public facilities and train stations et al.
- Use friends and family to spread word about our business
- Post information about our company and the services we offer on bulletin boards in places like car parks, schools, libraries, and local coffee shops et al
- Placing a small or classified advertisement in the newspaper, or local publication about our company and the services we offer
- Leverage on referral networks such as agencies that will attract clients who would need our customized services
- Advertise our GPS car tracking installation and maintenance company in relevant automobile magazines, newspapers, TV stations, and radio station.
- Attend relevant automobile expos, seminars, and business fairs et al to market our services
- Engage in direct marketing approach
- Encourage the use of Word of mouth marketing from loyal and satisfied students
- Join local chambers of commerce and industry to market our product and services.
11. Publicity and Advertising Strategy
System Spec GPS Tech®, Inc. is set to establish a standard for GPS car tracking installation and maintenance business in Frankfort – Kentucky and throughout the United States which is why we will go all the way to adopt and apply best practices to promote our business. Good enough there is no hard and fast rule on how to advertise or promote a GPS car tracking installation and maintenance business.
The challenge is that most GPS car tracking installation and maintenance companies do not have the required money to pump into publicity and advertising. The cash they have will be reserved to take care of overhead and operational cost.
We will ensure that we leverage on all conventional and non – conventional publicity and advertising technique to promote our GPS car tracking installation and maintenance business. Here are the platforms we intend leveraging on to promote and advertise System Spec GPS Tech®, Inc.;
- Encourage our loyal customers to help us use Word of Mouth mode of advertisement (referrals)
- Advertise our GPS car tracking installation and maintenance business in relevant magazines, local newspaper, local TV stations and local radio station
- Promote our business online via our official website
- List our business on local directories (yellow pages)
- Sponsor relevant community programs
- Leverage on the internet and social media platforms like; Instagram, Facebook , twitter, et al to promote our brand
- Install our Bill Boards on strategic locations in and around Frankfort – Kentucky
- Direct coupon mailing approach
- Engage in road show from time to time in target communities in and around Frankfort – Kentucky
- Distribute our fliers and handbills in target areas in and around Frankfort – Kentucky.
12. Our Pricing Strategy
Our pricing system is going to be based on what is obtainable in the GPS car tracking installation and maintenance line of business, we don’t intend to charge more (except for premium and customized services) and we don’t intend to charge less than our competitors are offering in Frankfort – Kentucky.
Be that as it may, we have put plans in place to offer discount services once in a while and also to reward our loyal customers especially when they refer clients to us. The prices of our services will be same as what is obtainable in the open market.
- Payment Options
The payment policy adopted by System Spec GPS Tech®, Inc. is all inclusive because we are quite aware that different customers prefer different payment options as it suits them but at the same time, we will ensure that we abide by the financial rules and regulation of the United States of America.
Here are the payment options that System Spec GPS Tech®, Inc. will make available to her clients;
- Payment via bank transfer
- Payment with cash
- Payment via online bank transfer
- Payment via check
- Payment via mobile money transfer
- Payment via bank draft
In view of the above, we have chosen banking platforms that will enable our client make payment for farm produces purchase without any stress on their part. Our bank account numbers will be made available on our website and promotional materials to clients who may want to deposit cash or make online transfer for our services and products.
13. Startup Expenditure (Budget)
In setting up any business, the amount or cost will depend on the approach and scale you want to undertake. If you intend to go big by renting a place, then you would need a good amount of capital as you would need to ensure that your employees are well taken care of, and that your facility is conducive enough for workers to be creative and productive.
This means that the start-up can either be low or high depending on your goals, vision and aspirations for your business.
The tools and equipment that will be used are nearly the same cost everywhere, and any difference in prices would be minimal and can be overlooked. As for the detailed cost analysis for starting a GPS car tracking installation and maintenance business; it might differ in other countries due to the value of their money.
However, this is what it would cost us to set up System Spec GPS Tech®, Inc. in the United of America; These are the key areas where we will spend our start – up capital on;
- The Total Fee for Registering the Business in the United States of America – $750.
- Legal expenses for obtaining licenses and permits – $1,500.
- Marketing promotion expenses (2,000 flyers at $0.04 per copy) for the total amount of $3,580.
- Cost for hiring Business Consultant – $2,000.
- Insurance (general liability, workers’ compensation and property casualty) coverage at a total premium – $30,800.
- The cost of accounting software, CRM software and Payroll Software – $3,000
- The cost for leasing standard office cum warehouse facility- $100,000.
- The cost for facility remodeling – $10,000.
- Other start-up expenses including stationery – $1000
- Amount needed for phone and utility deposits – $3,500
- Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $40,000
- The cost for Start-up inventory (car tracking devices and accessories) – $50,000
- The total cost for store equipment (cash register, security, ventilation, signage) – $13,750
- The cost for the purchase of furniture and gadgets (Computers, Printers, Telephone, TVs, Credit card machine, POS, tables and chairs et al): $4,000.
- The cost of Launching a Website: $600
- The total cost for the purchase of utility truck – $15,000
- The cost for our grand opening party: $1,500
- Miscellaneous: $10,000
We would need an estimate of $350,000 to successfully launch our GPS car tracking installation and maintenance business in Frankfort – Kentucky.
Generating Funding / Startup System Spec GPS Tech®, Inc.
System Spec GPS Tech®, Inc. is a business that will be owned and managed by Sean Davidson and his friend and business partner Cole Perez. They are the sole financial of the business which is why they decided to restrict the sourcing of the start – up capital for the business to just three major sources.
These are the areas we intend generating our start – up capital;
- Generate part of the start – up capital from personal savings and sale of his stocks
- Generate part of the start – up capital from friends and other extended family members
- Generate a larger chunk of the startup capital from the bank (loan facility).
N.B: We have been able to generate about $100,000 (Personal savings $80,000 and soft loan from family members $20,000) and we are at the final stages of obtaining a loan facility of $250,000 from our bank. All the papers and document has been duly signed and submitted, the loan has been approved and any moment from now our account will be credited.
14. Sustainability and Expansion Strategy
The future of a business lies in the numbers of loyal customers that they have the capacity and competence of the employees, their investment strategy and the business structure. If all of these factors are missing from a business (company), then it won’t be too long before the business close shop.
One of our major goals of starting System Spec GPS Tech®, Inc. is to build a business that will survive off its own cash flow without the need for injecting finance from external sources once the business is officially running. We know that one of the ways of gaining approval and winning customers over is to offer our GPS car tracking installation and maintenance services a little bit cheaper than what is obtainable in the open market. We are well prepared to survive on a low level profits margin for a short period of time.
System Spec GPS Tech®, Inc. will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and re – training of our workforce is at the top burner.
As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of ten years or more. We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.
Check List / Milestone
- Business Name Availability Check: Completed
- Business Registration: Completed
- Opening of Corporate Bank Accounts: Completed
- Securing Point of Sales (POS) Machines: Completed
- Opening Mobile Money Accounts: Completed
- Opening Online Payment Platforms: Completed
- Application and Obtaining Tax Payer’s ID: In Progress
- Application for business license and permit: Completed
- Purchase of Insurance for the Business: Completed
- Acquiring facility and remodeling the facility: In Progress
- Conducting Feasibility Studies: Completed
- Generating capital from family members: Completed
- Applications for Loan from the bank: In Progress
- Writing of Business Plan: Completed
- Drafting of Employee’s Handbook: Completed
- Drafting of Contract Documents and other relevant Legal Documents: In Progress
- Design of The Company’s Logo: Completed
- Graphic Designs and Printing of Packaging Marketing / Promotional Materials: In Progress
- Recruitment of employees: In Progress
- Purchase of the Needed pressure washing machines and industrial cleaning equipment, electronic appliances, office appliances and bar accessories: In progress
- Creating Official Website for the Company: Completed
- Creating Awareness for the business both online and in the neighborhood: In Progress
- Health and Safety and Fire Safety Arrangement (License): Secured
- Opening party / launching party planning: In Progress
- Establishing business relationship with vendors – suppliers of our needed GPS car tracking devices and accessories and supplies et al: In Progress.