Ben's Boat Repair

Executive Summary:

     (Ben's Boat Repair is a very small marine repair and service facility that believes in focusing on the customer.)

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Market Analysis:

     Industry: Boat Maintenance and Repair, or Marine Mechanical Services, is a recreational or extracurricular expense. The past decade of economic recession has had an impact in many sectors of the marine industry, making it difficult to predict how current econmic conditions  will affect current and future growth.

     Target Market: Owners of older and vintage boats, with manufacture dates ranging from the 1950's through the 1990's. The primary target is any boat that is turned away from other shops because of age.

     Distinguishing Characteristics: We work on the boats other shops turn away. We're open 24/7/365 for the convenience of the customer. We also offer trailer and tow vehicle services, allowing our customers the convenience of one-stop grille-guard-to-skeg service. We're far from the water but we're between two lakes. We offer individualized consultations. Every member of the staff knows how to fingerspell (ASL).

     Target Market Size: We estimate the market size to be a few thousand potential customers. We have tried researching this, but do not have access to current confidential registration information in the Texas Parks and Wildlife databases. The potential customer gain of the target market is also difficult to gauge because our existence has had a small impact on our competitors. They still turn away older boats, but not as many as they used to. Economic factors also affect the potential customer gain, factors such as stagnant wages, employment changes and cost-of-living increases have forced some to become Do-it-Yourself-ers.

     Pricing: Our current hourly rates are as follows: Regular hourly rate ranges from $75 per hour up to $200 per hour, depending on the customer's attitude and how many pieces it arrives in. Diagnosis without repair is $37.50 for mechanical issues, $75 for electrical. Trailer and tow vehicle maintenance is $60 per hour. We offer small discounts for members of select organizations for parts and/or labor not to exceed 15%. Our target profit margin is 15% per invoice. Our resale markup on parts is typically 10% over cost.

     Competitive Analysis: Other boat shops in the area are open only during "normal business hours", typically 45-50 hours per week. This can severely limit the working customer's access to the business. Many of them also sell new boats. Their labor rates are up to $35 per hour higher, their overhead costs are higher, their staff is larger, their sales taxes are higher, and the average customer invoice is more than $1000. We are open 168 hours per week, with a mechanic on duty 8-40 hours per week, depending on the time of year. Our average customer invoice is under $500.

     Regulatory Restrictions: Hazardous Materials storage and disposal (oil, fuel, batteries)

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Company Description:

Our core services are limited to mechanical, electrical, and hydraulic repairs. We do not do any structural or cosmetic repairs.

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Organization and Management:

     Ben's Boat Repair is a sole proprietorship, with Ben Porter having 100% ownership of the company. The company has no common stock, outstanding equitiees, Board of Directors, or outside management. The organizational structure is a simple husband and wife operation.

The Captain: The owner, primary technician, direct supervisor for any interns or contract workers.

The Wench: Does everything except turn wrenches. Duties include receptionist, accounting, marketing, advertising, research, service writer, scheduling, and congressional oversight.

The Bosun: Contrator, keyholder, technician, direct surpervisor for interns and other contractors when The Captain is unavailable.  -----(position currently unfilled)

The Deck Hand: Contractor, technician  ---(position currently unfilled)

The Swabby: Contractor, junior-grade technician (apprentice)

The Cabin Boy: Unpaid Intern, typical duties may include lots of watching and learning, fetching tools for The Captian and other contractors, cleaning boats, etc.

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Marketing and Sales:

     Our major marketing tools and  tactics are social media, online, word-of-mouth, face-to-face, and grassroots print marketing. There are also a couple of local dirt track race car owners that have chosen to sponsor us by placing our name or logo on their cars and mentioning our name to friends, family, and fans. Typical annual marketing expenses including print and online is around $300.

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Service and Product Lines

     Bens Boat Repair's core service is stern drive and inboard engine repair and maintenance. We also offer supplementary services as a convenience to our customers thant include tow vehicle and trailer maintenance and repair. This includes, brakes, electrical, suspension, transmission, engine, and air condidtioning services for both preventative maintenance and major repairs.

     We do not keep an inventory, and we use only trusted brands for our parts. Trusted brands include Wix, Sierra, Comp Cams, Fel-Pro, Teleflex, SeaStar, Arco, and Holley.

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Financial Projections

Our goal is to continue to grow in a slow and steady pace that will allow the business to grow without incurring any debts.