Your executive summary is the first part of your business plan, but you usually write it last because it’s a summary of all the important parts.
The purpose of your Executive Summary is to quickly grab the reader’s attention. Tell them what kind of business you have fixing cell phones and how things are going. For example, are you a new business, do you want to grow your cell phone repair business, or do you have cell phone repair businesses in more than one market?
Next, give a quick summary of each part of your plan. For instance, you could give a brief summary of the business of fixing cell phones. Talk about the kind of business you have fixing cell phones. Detail your direct competitors. Describe your ideal customers. Briefly describe your marketing plan. Find the key players on your team. And tell us how you plan to handle your money.
In your business analysis, you will describe what kind of cell phone repair business you run.
For instance, you could run one of the following cell phone repair businesses:
- Mail-In Cell Phone Repair Service: People can send their phones to this type of cell phone repair business to be fixed, and then they send the phones back to the people who sent them.
- Brick-and-mortar phone repair service: This type of cell phone repair business has a storefront where customers can bring their broken phones and pick them up in person.
- White Label Cell Phone Repair is a type of business that fixes cell phones for other businesses that want to offer phone repair services to their customers under their own business name.
In the section of your business plan called “Company Analysis,” you need to describe what kind of cell phone repair business you will run and give some background information about it.
Questions like these should be answered:
- When and why did you start your own business?
- What are the most important steps you’ve taken so far? Milestones could be how many customers were helped, how many good reviews were given, how many phones were fixed, and so on.
- Your legal structure. Do you run your business as an S-Corporation? An LLC? A business with just one person? Tell us about your legal structure.
In your industry analysis, you need to describe the cell phone repair industry as a whole.
Even though this seems useless, it can be used in more than one way.
First of all, learning about the business of fixing cell phones gives you knowledge. It helps you understand the market better.
Second, market research can help you improve your strategy, especially if it shows you market trends.
A third reason to do market research is to show your readers that you know a lot about your field. You do that by doing the research and putting it in your plan.
In the industry analysis part of your business plan for fixing cell phones, you should answer these questions:
- How much money does it cost to fix a cell phone?
- Is the stock market going up or down?
- Who are your biggest competitors on the market?
- Who are the main sellers in the market?
- What are the changes in the field?
- How quickly do experts think the industry will grow in the next 5–10 years?
- What matters is how big the market is. That is, how large is the market for your business that fixes cell phones? You can get such a number by figuring out how big the market is in the whole country and then applying that number to the number of people in your area.
In the “Customer Analysis” section of your cell phone repair business plan, you should talk about the customers you serve or expect to serve.
Some examples of customer segments are stores that sell electronics, younger people who grew up with technology and use cell phones, and older people who use cell phones.
As you might expect, the type of cell phone repair business you run will depend a lot on the type(s) of customers you choose. Obviously, marketing campaigns for people who grew up with technology and for older people who use cell phones would be different.
Try to figure out who your best customers are based on how they look and what they think. In the demographics section, talk about the customers’ ages, genders, locations (if they matter), and income levels. This kind of demographic information is easy to find on government websites because many cell phone repair shops have customers in the same city or town.
Psychographic profiles explain what your ideal customers want and need. If you can understand and define these needs well, it will be easier to get customers and keep them coming back.
In your competitive analysis, you should list both direct and indirect competitors for your business and then focus on the direct ones.
There are other shops that fix cell phones that are direct competitors.
Customers can buy things from other places that aren’t direct competitors. This includes places that sell cell phone insurance, cell phones, make cell phones, and sell electronics. You should also mention this contest.
You should talk about the other cell phone repair shops that are your direct competition. Most likely, your biggest competitors will be the businesses near you that fix cell phones.
Give an overview of each of these competitors’ businesses and a list of their strengths and weaknesses. You won’t know everything about your competitors unless you’ve worked at one of their companies. But you should be able to find out important information about them, like:
- Who are the clients they work with?
- How can they fix cell phones?
- What are the prices (high, low, etc.)?
- What are they really good at?
- Why do they mess up?
Try to answer the last two questions from the customer’s point of view. And don’t be afraid to ask the people who buy from your competitors what they like and don’t like about them.
In the last part of your competitive analysis, you should list the ways you are better than your competitors. For instance:
- Will you have better ways to fix things?
- Will you offer things that your rivals don’t?
- Will you be nicer to your customers?
- Will you make better prices?
In this part of your plan, you should think about how you will do better than your competitors and write those ideas down.
Usually, a marketing plan includes four parts: the product, the price, the place, and the promotion. Your marketing plan for a business plan to fix cell phones should include:
Product: In the product section, you should write about the type of cell phone repair business you wrote about in your Company Analysis. Then, describe in detail what you’ll be selling. Do you, for example, fix tablets or offer any other services besides fixing cell phones?
Price: Write down what you’ll be charging and how it compares to what your competitors are charging. The product and price sections of your marketing plan are basically where you list the services you offer and how much they cost.
Place is where the place is that fixes your cell phone. Write down where you are and how it will affect your success. For example, is your business that fixes cell phones in a busy shopping area, plaza, mall, etc.? Tell your customers why your location might be the best for them.
Promotions: The section on promotions is the last part of your plan to market your cell phone repair business. Here, you’ll list how you’ll get people to your location (s). Here are a few ways you could promote your business:
- Putting ads in local newspapers and magazines
- calling up local websites
- Marketing with social media
- Local radio advertising
You wrote about your goals in other parts of your business plan. In your operations plan, you talk about how you will reach these goals. Your operations plan should have two different parts.
Everyday short-term processesInclude everything you do to run your cell phone repair business, like fixing phones, talking to customers, offering service at the point of sale, and advertising.
Long-term goals are the things you want to accomplish in the future. These could be the dates when you hope to fix your 1,000th phone or make $X. It could also be when you move to a new city and want to start repairing cell phones there.
Your cell phone repair business needs to show that it can be successful by having a strong management team. Showcase the backgrounds of your key players, focusing on the skills and experiences that show they can help a company grow.
You and/or your team should have run a cell phone repair business before. If so, talk about your skills and experience. But you should also talk about any experience you have that you think will help your business succeed. If your team is missing something, you may want to form an advisory board. The same way that a mentor would help your business, a two-to-eight-person advisory board would do the same. They would help answer questions and give suggestions about how to plan. If you have to, look for advisory board members who have managed small businesses or businesses that fix cell phones.
Your 5-year financial plan should start with a monthly or quarterly breakdown for the first year, then switch to an annual breakdown for the next four years. Your financial statements include your income statement, your balance sheet, and your cash flow statement.
A more common name for an income statement is a P&L, which stands for “Profit and Loss.” It shows how much money you made and then subtracts how much you spent to show if you made a profit.
To make your income statement, you need to make some assumptions. For example, will you fix 100 phones once a month or every three months? And will sales grow each year by 2% or 10%? As you might expect, the assumptions you choose will have a big impact on the financial forecasts for your business. Try to find out as much as you can about your assumptions to see if they are true.
Balance sheets show what you own and what you owe. Balance sheets can have a lot of information, but try to get down to the most important parts. For example, you won’t make money right away if you spend $50,000 building up your cell phone repair business. Instead, it is an asset you can use to make money for years to come. Also, if a bank gives you a check for $50,000, you don’t have to pay it back right away. You will have to pay that back slowly instead.
Cash Flow Statement: Your cash flow statement will help you figure out how much money you need to start or grow your business and make sure that you never run out of cash. Most business owners and entrepreneurs don’t realize that you can make money and still go bankrupt if you run out of money.
Make sure to include some of the most important costs of starting or growing a cell phone repair business on your Income Statement and Balance Sheet.
- Location build-out, which includes construction, design costs, etc.
- Cost of materials and tools
- Payroll or salaries given to workers Insurance for businesses
- Charges and permits
- Legal expenses