Starting a car valet service can be a good way to earn a handsome living, while adding a touch of class to different events, openings, parties and conventions. There are many factors that will help determine if you are successful, and it all starts with your business plan.
Write out your mission statement. This will include why you chose to start a car valet business and what you hope to achieve in the first few years of running it. Be thorough and specific.
Write a current overview of the business. This will include the type of business it is, the current financial state of the company it is and if you will be affiliated with any other valet services. Also include what services you plan to offer as part of your overall business model. Aside from simply parking the cars, you may offer washing, detailing or oil changes as part of your overall package.
Write out a short history of the car valet industry, who your ideal customer is, and how you plan to establish your business within the local competition.
Write out a detailed profile of your competition. Include any car valet service operating within a 30-mile radius. Describe their strengths, weaknesses, opportunities your business has to gain market share and threats they may pose to your business. This is known as a SWOT Analysis. It is valuable to carefully monitor all of the services your competition provides so that you might offer something they don't. Maybe your competitors don't offer to fill up the tank or deodorise the interior. And since it is a service business, you can always best your competitors with the depth of your guarantees.
Write your marketing plan. You will include all of the services you plan to offer, the price structure of those services and specific tactics and strategies you will utilise to gain new customers. Research how much to charge drivers and businesses by asking other valet services. Ideally, you will have an a la carte menu of single services to choose from, which will play off different bundles of services. Make the bundles enough of a savings so your customers can't resist.
Write the operating plan. Include the management structure of the business, staffing requirements and any equipment or resources you will need to operate an a daily basis. Some examples would be car detailing supplies, pressure washers, uniforms, road signs and computers. Your employees will have to possess clean driving records and have some experience in the service industry.
Write your financial plan for the business. Detail the current financial state, as well as your sales projections and profit estimates for the first two to four years.
Write your executive summary. This is designed to highlight all of the main points of the business plan, including business goals, management structure, marketing objectives, funding and profit forecasts.
Decide if you will use your business plan to seek financing or as an operational guide, and adjust accordingly.
Tips and warnings
- Decide if you will use your business plan to seek financing or as an operational guide, and adjust accordingly.