Bus 210 SWOT Analysis
The business plan I chose was a racing parts services business plan titled Auto Parts Business Plan. This business plan is very well thought out and provides much strength. The owners have 30 years of experience in the industry combined and have all the knowledge of daily operations for a racing business. The industry motorsports has been fast growing and has over 1.5 billion in annual sales. The business model is very well developed and researched. The plan provides breakdowns of what capital is needed to start-up, maintain the business, and provides an anticipated growth plan for the next three years. The owners also researched the location and that there has been a 25% increase in population growth in the last decade. Furthermore a new kart racing company will be opening across the street from them. I feel the company has a sound mission statement and has put much thought into how to go about achieving the goals stated in the mission statement. I think this business will attract many clients as the owner intends to be active in the industry, form partnerships with local businesses, and offer discounts to clients of partnering businesses.
I feel the market segments are accurately targeted. The price the organization will charge for the services they intend to offer will meet this segment’s budget, and there is definitely a need for quality parts The Company has ideal plans for marketing their services. They have several marketing strategies from print ads, press releases, decals, apparel, and grand opening and racecar sponsorship. They will also have a catalog that they will give away in the store, personally hand out at race events. They will have some challenges the first year with being a small start up. With just them two running the company and trying to do everything. I think they should hire a part time employee who is an active racer and that can bring in more customers and free up some time for the owners to concentrate on growing the business.
I feel the market segments are accurately targeted. The price the organization will charge for the services they intend to offer will meet this segment’s budget, and there is definitely a need for quality parts The Company has ideal plans for marketing their services. They have several marketing strategies from print ads, press releases, decals, apparel, and grand opening and racecar sponsorship. They will also have a catalog that they will give away in the store, personally hand out at race events. They will have some challenges the first year with being a small start up. With just them two running the company and trying to do everything. I think they should hire a part time employee who is an active racer and that can bring in more customers and free up some time for the owners to concentrate on growing the business.