If you are planning to write the RV and Boat Storage business plan on your own, then this sample RV and Boat Storage business plan can be great for guidance. However, if you are looking for a professional business plan writer for a business loan, SBA loan or to find out the possibility of success for your new business then let’s talk!
Executive Summary
Overview: Hawkeye Premier Boat, RV, & Storage’s storage options provide you with the extra room you need during the off-season. We offer plenty of outside parking places for your boat, trailer, RV, antique automobile, mobile home, camper, or any other vehicle you’d want to park out of the way. You’ll never have to share a place with another RV owner since each of our huge RV bays has its entry with a wide door. Our pull-through lot makes it simple to move your boat trailer and gives convenient access to semis. Our property is also safe, with a surrounding fence and a controlled entrance. You can make most of your weekends by storing your RV or watercraft at Hawkeye.
Mission: Hawkeye’s mission is to give our clients secure, competent, and reasonably priced RV boat storage.
Vision: With a mix of clean rooms, courteous and informed employees, and excellent customer service, Hawkeye’s vision is to lead other storage organizations and make our standards their objective.
Industry overview: RV wholesale sales reached 400,000 units at the end of 2019, according to the RVIA (Recreational Vehicle Industry Association), with more than 404,600 units scheduled to ship in 2020. In 2019, 355,600 towable RVs were shipped, with another 344,400 projected in 2020. Despite shipments falling short of the all-time high of 504,600 units set in 2017, the RV market remains solid and robust in historical terms.
Financial Overview:
Financials is one of the most important sections of a RV and Boat Storage business plan. You can get an idea of your projected revenue, required investment amount, is the business sustainable without additional funding, etc.
Financial Highlights:
| Liquidity | 2020A | 2021A | 2022F | 2023F | 2024F |
| Current ratio | 6 | 12 | 23 | 32 | 42 |
| Quick ratio | 6 | 11 | 22 | 31 | 40 |
| DSO | 8 | 8 | 8 | 8 | 8 |
| Solvency | |||||
| Interest coverage ratio | 8.2 | 11.1 | 14.2 | ||
| Debt to asset ratio | 0.01 | 0.01 | 0.2 | 0.18 | 0.16 |
| Profitability | |||||
| Gross profit margin | 51% | 51% | 53% | 53% | 53% |
| EBITDA margin | 12% | 14% | 21% | 22% | 22% |
| Return on asset | 5% | 6% | 13% | 14% | 14% |
| Return on equity | 5% | 6% | 16% | 17% | 17% |
Fund Usage
Industry Analysis
The industry analysis section of the RV and Boat Storage business plan will help you get better insights into competitors, market growth, and overall industry prospects. You can order a custom market research report for your RV and Boat Storage business.
In the early 1920s, the first RVs reached the highways in the United States as towables or trailers hitched to other cars. By the 1930s, RVs were available for commercial purchase, resulting in a significant increase in popularity. Similarly, motorhomes, as we know them now, gained popularity in the 1950s, despite being relatively basic and lacking facilities such as sinks, toilets, and septic tanks.
In the forecast period of 2021 to 2027, the worldwide RV and Boat Storage market is expected to grow significantly. The market is likely to develop steadily through 2021, which is likely to increase over the projected horizon as major players embrace more tactics.
There were numerous pioneers in the RV sector. Winnebago, Ford, and Airstream were among the first recreational vehicle manufacturers. In the early 1930s, Airstream started manufacturing trailers. Airstream RVs have a devoted following that still exists today. They were made with an aluminum shell and aerodynamics in mind. Airstream trailers were the very first self-contained travel trailers available on the market. Airstream has weathered several economic storms, the deadliest being the World War II aluminum scarcity. They’re still making travel trailers today, demonstrating their capacity to adapt and persist despite the ups and downs of the economy.
US boat sales in 2019 were the second-highest in 12 years, with sales in 2020 likely to remain robust. Based on the statement of the National Marine Manufacturers Association (NMMA). According to the NMMA, sales in 2019 were roughly on pace with the 11-year record set in 2018, despite some weakening in the freshwater fishing category due to abnormally chilly and wet weather in the spring and early summer.
In those days, finding a place to park a recreational vehicle was not a problem; if you owned one, you just parked it in your garage, yard, or a nearby street. As RVs grew increasingly popular, the first storage sites for these vehicles arose as a convenience, despite being nothing more than a crude parking lot with a chain-link fence.
Storage space for RVs and boats was an intermediate use for land until something better could be developed on that location after the introduction of typical first-generation storage facilities. It’s easy to see how this early type of RV and boat storage has grown into a specialty niche never envisaged back then. This is partly owing to the considerable rise in the value of these vehicles, particularly mega-RVs with all the bells and whistles. If you had an RV or boat in the past, you would usually park it in your driveway or backyard. That is no longer the case, owing to rigorous HOA restrictions and the rising value of these adult toys. Consequently, the number of RV and boat storage facilities continues to rise.
In recent years, the rise of the storage sector has been fueled by the Storage of boats and RVs. It is now one of the most popular subjects among new developers looking at self-storage. While there are specific saturated sectors in the business, supply is still inadequate to fulfill the demand for RV and boat self-storage. There are particular distinctions between traditional self-storage and facilities that cater to boat and RV owners. One of the reasons investors may be hesitant is the higher initial cost. However, there may be a dividend since the renters are ready to pay for their high-end storage space.
While working on the industry analysis section of the RV and Boat Storage business plan make sure that you add significant number of stats to support your claims and use proper referencing so that your lender can validate the data.
Storage for boats and RVs has several advantages.
Owners of big recreational vehicles have flocked to self-storage facilities for various reasons, including the following:
- Less Invasion of Private Property
For homeowners, navigating the issue of storing their RV may be quite difficult. A boat or RV can seldom be accommodated in a big enough driveway. Keeping recreational vehicles in Storage is a better choice than driving them around every week. Incurring for self-storage at a facility is less costly than paying HOA penalties if your HOA prohibits inconspicuous RV and boat storage.
- Additional Protection
Boats and RVs are often significant investments. Boat and RV storage facility owners are aware of this and offer multi-layered security. RV and boat owners will likely continue
seeking a more secure storage facility if the following characteristics are missing.
- Fantastic lighting
- A security system with many levels of protection
- Video surveillance and security cameras
- secure entrance gates
- Sturdy fence
- Preventing Weather Damage
Although boats and RVs are designed to resist extreme weather, constant exposure to the outdoors poses issues. As the heat builds up on surfaces, UV radiation from the sun may be damaging. Seal damage, as well as fading and cracking paint, are frequent sun-related issues. Covered space is much superior to unprotected areas, paving the way for the boat and RV storage business.
Despite the COVID-19 epidemic, this real American hobby was a $27.5 billion business in 2020. After five years, industry revenue is predicted to increase by 3.2 percent annually. This income increase may be partly ascribed to the expectation of a rapid rebound in domestic travel once safety precautions are withdrawn and customers release pent-up demand.
Marketing Plan
A key part of the marketing plan in a RV and Boat Storage business plan is the marketing budget. The growth in the number of customers is proportional to the budget and dependent on the CAC.
Website: Hawkeye Premier Boat, RV, & Storage has a website with great visuals and valuable content which can set us apart from competitors.
Social Media: Having a social media account and being active on inquiries can build trust with Hawkeye Premier Boat, RV, & Storage potential customers.
Amenities: We at Hawkeye Premier Boat, RV, & Storage are offering amenities for customers to have an extra reason to store with us.
Boat/Trade Show: Attending boat/trade shows where RV and boat owners gather together can develop a relationship with customers and know their needs and suggestions.
Brochures: Distribution of leaflets containing information about Hawkeye Premier Boat, RV, & Storage is also a way to interact with customers.
Signage: Clear signage draws attention and is the primary way to showcase Hawkeye Premier Boat, RV, & Storage.
Organogram
Financial Plan
This section of the RV and Boat Storage business plan helps your lender figure out whether you will be able to pay off the loan, whether the business is sustainable, what are the growth prospects, etc.
Earnings:
Break-Even Analysis:
Income Statement:
| 2020A | 2021A | 2022F | 2023F | 2024F | |
| ANNUAL REVENUE | |||||
| Item 1 | 9,217 | 59,117 | 175,410 | 415,277 | 781,357 |
| Item 2 | 34,701 | 222,558 | 660,368 | 1,563,394 | 2,941,580 |
| Item 3 | 4,067 | 19,561 | 46,432 | 78,519 | 114,905 |
| Total annual revenue | 47,985 | 301,236 | 882,211 | 2,057,189 | 3,837,842 |
| % increase | 528% | 193% | 133% | 87% | |
| COST of REVENUE | |||||
| Item 1 | 360 | 2,259 | 6,617 | 15,429 | 28,784 |
| Item 2 | 480 | 3,012 | 8,822 | 20,572 | 38,378 |
| Item 3 | 52,000 | 65,000 | 78,000 | 91,000 | 104,000 |
| Item 4 | 720 | 3,615 | 8,822 | 16,458 | 23,027 |
| Item 5 | 140,000 | 336,000 | 560,000 | 840,000 | 1,120,000 |
| Item 6 | 60,000 | 144,000 | 240,000 | 360,000 | 480,000 |
| Item 7 | 32,000 | 61,333 | 85,533 | 112,153 | 141,435 |
| Total Cost of Revenue | 285,560 | 615,220 | 987,794 | 1,455,612 | 1,935,625 |
| as % of revenue | 595% | 204% | 112% | 71% | 50% |
| Gross Profit | -237,575 | -313,984 | -105,583 | 601,578 | 1,902,218 |
| SELLING & ADMIN EXPENSES | |||||
| Item 1 | 28,000 | 96,800 | 154,880 | 175,692 | 193,261 |
| Item 2 | 75,000 | 105,000 | 120,000 | 120,000 | 120,000 |
| Item 3 | 36,000 | 96,000 | 108,000 | 120,000 | 120,000 |
| Item 4 | 8,000 | 12,000 | 12,000 | 12,000 | 12,000 |
| Item 5 | 3,839 | 18,074 | 44,111 | 61,716 | 115,135 |
| Item 6 | 3,359 | 12,049 | 26,466 | 41,144 | 76,757 |
| Item 7 | 5,600 | 10,000 | 12,904 | 15,034 | 17,376 |
| Item 8 | 6,667 | 14,000 | 22,067 | 30,940 | 40,701 |
| Total selling & admin expenses | 166,464 | 363,924 | 500,428 | 576,525 | 695,230 |
| as % of revenue | 347% | 121% | 57% | 28% | 18% |
| Net profit | -404,039 | -677,907 | -606,011 | 25,052 | 1,206,987 |
| Accumulated net profit | -404,039 | -1,081,947 | -1,687,957 | -1,662,905 | -455,918 |
Cash Flow Statement:
| 2020A | 2021A | 2022F | 2023F | 2024F | |
| CASH FLOW from OPERATING ACTIVITIES | |||||
| Net profit before tax | -$404,039 | -$677,907 | -$606,011 | $25,052 | $1,206,987 |
| Depreciation | $44,267 | $85,333 | $120,504 | $158,127 | $199,512 |
| Payables | |||||
| Item 1 | $4,333 | $5,417 | $6,500 | $7,583 | $8,667 |
| Item 2 | $11,667 | $28,000 | $46,667 | $70,000 | $93,333 |
| Item 3 | $6,250 | $8,750 | $10,000 | $10,000 | $10,000 |
| Item 4 | $3,000 | $8,000 | $9,000 | $10,000 | $10,000 |
| Item 5 | $667 | $1,000 | $1,000 | $1,000 | $1,000 |
| Total payables | $25,917 | $51,167 | $73,167 | $98,583 | $123,000 |
| change in payables | $25,917 | $25,250 | $22,000 | $25,417 | $24,417 |
| Receivables | |||||
| Item 1 | $320 | $1,506 | $3,676 | $5,143 | $9,595 |
| Item 2 | $360 | $1,807 | $4,411 | $8,229 | $11,514 |
| Total receivables | $680 | $3,314 | $8,087 | $13,372 | $21,108 |
| change in receivables | -$680 | -$2,634 | -$4,773 | -$5,285 | -$7,736 |
| Net cash flow from operating activities | -$334,536 | -$569,958 | -$468,280 | $203,311 | $1,423,180 |
| CASH FLOW from INVESTING ACTIVITIES | |||||
| Item 1 | $16,000 | $13,200 | $14,520 | $15,972 | $17,569 |
| Item 2 | $20,000 | $22,000 | $24,200 | $26,620 | $29,282 |
| Item 3 | $28,000 | $22,000 | $14,520 | $10,648 | $11,713 |
| Item 4 | $96,000 | $88,000 | $72,600 | $79,860 | $87,846 |
| Item 5 | $20,000 | $22,000 | $24,200 | $26,620 | $29,282 |
| Net cash flow/ (outflow) from investing activities | -$180,000 | -$167,200 | -$150,040 | -$159,720 | -$175,692 |
| CASH FLOW from FINANCING ACTIVITIES | |||||
| Equity | $400,000 | $440,000 | $484,000 | $532,400 | $585,640 |
| Net cash flow from financing activities | $400,000 | $440,000 | $484,000 | $532,400 | $585,640 |
| Net (decrease)/ increase in cash/ cash equivalents | -$114,536 | -$297,158 | -$134,320 | $575,991 | $1,833,128 |
| Cash and cash equivalents at the beginning of the year | – | -$114,536 | -$411,693 | -$546,014 | $29,978 |
| Cash & cash equivalents at the end of the year | -$114,536 | -$411,693 | -$546,014 | $29,978 | $1,863,105 |
Balance Sheet:
| 2020A | 2021A | 2022F | 2023F | 2024F | |
| NON-CURRENT ASSETS | |||||
| Item 1 | $16,000 | $29,200 | $43,720 | $59,692 | $77,261 |
| Item 2 | $20,000 | $42,000 | $66,200 | $92,820 | $122,102 |
| Item 3 | $28,000 | $50,000 | $64,520 | $75,168 | $86,881 |
| Item 4 | $96,000 | $184,000 | $256,600 | $336,460 | $424,306 |
| Item 5 | $20,000 | $42,000 | $66,200 | $92,820 | $122,102 |
| Total | $180,000 | $347,200 | $497,240 | $656,960 | $832,652 |
| Accumulated depreciation | $44,267 | $129,600 | $250,104 | $408,231 | $607,743 |
| Net non-current assets | $135,733 | $217,600 | $247,136 | $248,729 | $224,909 |
| CURRENT ASSETS | |||||
| Cash | -$114,536 | -$411,693 | -$546,014 | $29,978 | $1,863,105 |
| Accounts receivables | $680 | $3,314 | $8,087 | $13,372 | $21,108 |
| Total current assets | -$113,856 | -$408,380 | -$537,927 | $43,349 | $1,884,214 |
| Total Assets | $21,878 | -$190,780 | -$290,791 | $292,078 | $2,109,122 |
| LIABILITIES | |||||
| Account payables | $25,917 | $51,167 | $73,167 | $98,583 | $123,000 |
| Total liabilities | $25,917 | $51,167 | $73,167 | $98,583 | $123,000 |
| EQUITIES | |||||
| Owner’s equity | $400,000 | $840,000 | $1,324,000 | $1,856,400 | $2,442,040 |
| Accumulated net profit | -$404,039 | -$1,081,947 | -$1,687,957 | -$1,662,905 | -$455,918 |
| Total equities | -$4,039 | -$241,947 | -$363,957 | $193,495 | $1,986,122 |
| Total liabilities & equities | $21,878 | -$190,780 | -$290,791 | $292,078 | $2,109,122 |
