How to Write a Towing Company Business Plan
The towing company industry, specifically its revenues and number of competitors, has been continually growing over the last several years which has prompted increased demand for towing company business plans, towing company business plan templates, and towing company pro forma financial projections.
Based on a little bit of research, our towing company business plan writer has come up with some thoughts as to why this industry is going well. First, an unfortunate reality is that if a person owns a car, then inevitably, is going to break down. When this happens, the need for a tow truck company is self-evident. Also, truck companies are able to exploit niche opportunities in the marketplace such as repossessing vehicles on a contract basis.
Regardless of the reason or reasons for the elevated demand for towing companies as well as towing company business plans, our towing company business plan writer has come up with some tips and tricks for writing a business plan for the towing industry as well as a towing company pro forma financial model.
Executive Summary for a Towing Company Business Plan or Template.
In the executive summary section for a towing company, towing company business plan writers should first and foremost address important aspects of the business such as location, company name, services provided, and the number of trucks that will be or are in operations. Also, our business when writer recommends providing a moderate amount of detail related to the geographic area serviced. An organization is going to provide towing services in the greater Orlando area, then make sure to specifically state which cities are included. In following this process, the business owner or business plan writer is able to set the reader’s expectations as to the breadth of areas serviced.
In the company information section, our business plan writer for towing companies prefers to offer in-depth discussions related to niche services provided by towing companies. For example, a toying company may have contracts with apartments in their service area to remove vehicles illegally parked. This niche service shows possible continuous revenue generation opportunities. In contrast, some other towing companies may specialize in telling specific types of vehicles such as semi-trucks. This niche service can then be supported through aligned discussions of the organization's industry research as well as marketing strategies.
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Popular Services offered by a Towing Company.
Popular services provided by towing companies may include towing cars and small trucks. However, towing companies continually seek to differentiate themselves from other competitors. From this, possible niche services provided by towing companies that should be included in a business plan would include providing roadside mechanical work, towing specialty vehicles such as big rig trucks, and providing tow-away services for apartments. By defining and discussing specialty services, tow truck business owners are able to provide readers with a clear understanding of the scope of work provided by the organization as well as how firms may exploit market opportunities in the tow truck company industry.
Pro forma financial projections for a towing company may be constructed in a wide array of manners depending on the niche services provided by the tow truck company. For example, our tow truck business plan writer prefers to structure revenues based on the number of customers serviced on daily basis as well as average revenues generated. By structuring the revenues in this manner, services provided by the tow truck company, such as towing specialty vehicles, offering roadside repairs, or towing unauthorized parking, matter little. It’s as simple as how many customers are provided services and what is the average ticket charge per customer. With this foundation, the variable cost may be identified, and fixed cost aligned with monthly charges. The result is a quick and simple financial model that may be extrapolated into pro forma financial projections.
Hopefully, these insightful tips and tricks for writing a business plan were helpful. As always, if you need help with a business plan or financial projections, just send us an email or give us a call.
Author: Paul Borosky, Doctoral Candidate, MBA., Author