Free Essay

Business Plan

In: Business and Management

Submitted By smadushani
Words 3386
Pages 14
Contents Page No
1.0 Introduction 1-2
2.0 Executive Summary 3
3.0 Company profile 3-5
1. Company Description 3
2. Management 4
3. Organization Structure 4
4. Vision 5
5. Mission 5
6. Future Objectives 5 4.0 Marketing & Selling Strategy 6-10
1. Demographics Factors 6
2. Customer Profile 6
3. Need for Services 7
4. Economic Factors 8
5. Competition 8-9
6. Pricing 9
7. Advertising 9
8. Customer Services 9-10
5.0 Operating Plan 11
1. Start-up Cost Summary 11
2. Legal Requirements 11
6.0 Financing 12-19
6.1 Break-even Analysis 12
6.2 Financial Analysis 13-19
7.0 Ratios Analysis 20
8.0 Conclusion 20
1.0 Introduction
A taxi cab is a type of vehicle for hire with a driver, used by a single passenger or small group of passengers. A taxi cab conveys passengers between locations of their choice. In modes of Public transport, the pick-up and drop-off locations are determined by the service provider, not by the passenger. Although demand responsive transport and share taxis provide a hybrid taxi mode. Although types of vehicles and methods of regulation, hiring, dispatching, and negotiating payment differ significantly from country to country, many common characteristics exist. Many people have relied on a taxi cab to pick them up and take them to their destination.
First taxi service is started in America. In 1890, city streets became crowded with horse drawn carriages and the Nation’s first automobile. This resulted in the taxi car service. However, the logistics were impractical. So, Electric-powered cars come to the field. Despite the impracticality of the taxi service, there were approximately 100 taxi cars in the streets of New York City by the year 1900. In fact, New York City had roughly 12,000 taxis. During the 1960s, the city of New York ordered that all of the official taxis be painted yellow, which simultaneously changed New York’s image and created a cultural image. By the year 2000, taxi service had gone through countless transformations and regulations. There were only a little over 50, 000 taxis in operation in all over the world.
By mid-century, taxi services were using gasoline powered cars, which made the service much easier to provide and turned taxis into a vital mode of urban transportation. And now, Taxis were an integral part of urban transportation. Even with an incredible system of subways, busses, trains, and ferries, the taxi still held a prized place in the hearts of tourists and natives alike. This new looks worked to distinguish taxis from the quickly growing industry of private livery services. Throughout the last decade, the taxi industry has gone through a number of transformations. Beyond the changing face of immigration, which has brought many countries have taken a stronger hand in regulating the industry and driver conduct. Today, there are nearly100, 000 taxis and nearly1, 000,000 drivers in all over the world. They take more than two hundred million passengers almost eight hundred million miles a year. They make more than one billion dollars in revenue and drive passenger less for almost a million miles a day.
People started using public transportation in a higher rate because of sky rising gas price, unavoidable traffic congestion and growing environment pollution. Current generation has calculated the time and money spent on everyday transportation and decided to leave their car back home or at nearby park while commuting to office or downtown. Hence the utilization of taxi cab service has increased over the time.
Everyone needs a place to go, especially in the city. Cabs are one of the first choices people make when deciding to get some place. If one knows the roads and is sociable, they can make quite a living as a cab driver. They can make an even better living if they run the whole operation.
A taxi business is a potentially profitable venture that we can invest on particularly if we live in the city and there are plenty of people who need the services of cabs. The taxi business is also a good business idea. Especially, nowadays that people are already acknowledging the advantages of using public transportation over driving their own cars. I Everyone needs a place to go, especially in the city. Cabs are one of the first choices people make when deciding to get some place. If one knows the roads and is sociable, they can make quite a living as a cab driver. They can make an even better living if they run the whole operation. It is much easier and more effective to do their works.

2.0Executive Summary
The purpose of this business plan is to get a Bank Loan for start up a cab service while showcasing the expected financials and operations over the next five years. We explain our target market segments, providing services, market opportunities, marketing and selling strategy, operating plan, Management and financial conclusion. We are an initial taxi cab service in southern province and we are providing taxi cab transportation services. We give highly qualified, directly providing a safe journey. A southern Cab service is name of our business. This Business is a Sole proprietary business. This business plan presents a persuasive and innovative system for organizing and running an alternative cab service. The cab service office will be decided to locate in southern province, Galle district.
This Cab Service will specialize in providing customers with travelling services within southern province. The Company will charge its customers on a per mile basis, or for longer trips on a flat fee basis. Additionally, the Cab Service will directly employ its staff of drivers, and the business will be able to accommodate any pick up or delivery of a person to and from their destination at anytime. Nowadays, the taxi business is also a good business idea because, people need the service of taxi cabs services.
3.0Company Profile
3.1Company Description
Southern Cab service is a cab service business will locate in Galle district, southern province. It is a Sole Proprietorship Business and it a Sole proprietary business. The business maintain efficient office premise and there is a small office staff and workers. Southern cab service will provide complete taxi cab services using the latest equipment and technology. The business will offer services in the southern area because, in this area, customers seeking reliable transportation services. The company will gradually offer in the competitive market of transfers and will specifically target customers who need high quality services. There is some of competition in this area and the customers are less price sensitive, which will allow Southern cab service charge premium prices for its services.
3.2 Management
Southern Cab Service is a Sole proprietary business. Through the expertise, our business will be able to bring the operations of the business to profitability with its future operations. In order for the business to be successful, the business must fully leverage the experience and insight of their management team. Therefore, maintain efficient service and management caused by the company performance. The organizational structure is a simple one. The senior management get management and marketing decisions. The senior management handles the Account side of the company and manages the company performance. In southern cab Service, there is an operating staff and an administrative staff. Operating staff divide in to two categories. They are customer service staff and facilities management staff. Drivers are including to the customer service staff. 3.3 Organization structure 3.4 Vision
Our vision is to provide good customer service to our valuable customers and our services will exceed the expectations of our customers.

3.5 Mission
We hope to serve a repeat clientele who demand and can afford reliable, secure service from drivers with detailed knowledge of the area. We want to be the top rated ground transportation company in the southern province and we want to expand our company in the island wide in the future.

3.6 Future Objectives
The objectives for the future operation include:
• To create huge service based company in the southern province.
• To increase our number of clients served by 20% per year through superior service.
• To generate sufficient revenues to maintain the business.
• To develop an online presence by developing an own website of our company.
• Use new technology facilities to develop the service and company.
• Establish relationships with local companies with ongoing transportation needs within the targeted market.


4.0 Marketing & Selling Strategy
4.1Demographics Factors Sri-Lanka is full of wonderful places to stay and there is something for everyone. The southern province of Sri-Lanka is a smaller geographical area consisting of the districts of Galle, Matara and Hambantota. Subsistence farming and fishing are the main sources of income for the vast majority of the people of this region. Important landmarks of the southern province include the wildlife sanctuaries of the Yala and Udawalawe National parks and the holy city of Kataragama and the ancient cities of Tissamaharama, Kirinda and Galle. Therefore, cab services are more important to the southern province.
The amount of Cab business in the southern province is highly strong and growing. The population in the greater metropolitan area exceeds 500,000 people and the community is dynamic and getting more need with each passing day. The entire area has a low unemployment rate, a diversified economy, and wonderful year round events which attract tourists and people to the region.
4.2Customer Profile
A cab service attracts two main types of business. The first type is a commercial charge account business, and the second is direct consumer business. The commercial accounts usually have either package delivery or pay for passengers as their main function and are usually charge accounts. The direct consumer accounts are people from throughout the city who need Cab service for various reasons. Consumer accounts are usually cub accounts and payable immediately.
The customer never comes to the place of business of the Cab service, all Cabs are dispatched to the customer’s place of business and the sole representative view that the customer has of the Cab Service is through the cleanliness of the vehicle and the driver, and the promptness of their response. Any value added services just enhance these basic considerations of the customer.
Customer never comes to the place of business of the Cab Service, all Cabs are dispatched to the customer’s place of business and the sole representative view that the customer has of the Cab service is through the cleanliness of the vehicle and the driver, and the promptness of their response. Any value added services just enhance these basic considerations of the customer.
4.3Need for Services
There is a pressing need for reliable public transportation in the southern area, Bus and train service is not a viable option for many people. Due to the limited scope of operation of transport services in this area. The buses here do not run very long during the day and they are very restricted as to routes and times during the weekends and holidays. As a result, public transportation is always needed for those whom the bus cannot serve.
This service is now only in Colombo district. But this service is more important for the southern province too. Because, many tourists come to visit many places in southern area and also local people want to get comfortable and low expensive service to travel for their purposes. Nowadays, Hambanthota develop in many ways. There are new harbor, airport and also government offering many facilities to this area. After the war in our country, many tourists come to visit Sri-Lanka and therefore, tourists sector is more develop now. So, there are also more opportunities from this business.
Market analysis will detail the economic climate, the taxi industry, the customer profile, and the competition that the business will face as it progresses through its business operations. Currently, the economic market condition in the southern province is high. However, taxi services are typically immune from changes in the general economy as people that require short distance travel will continue to use these services. Additionally, the high margin income generated from taxiing services will ensure that the business can remain profitable and cash flow positive despite the current economic environment.

4.4Economic Factors
Not only is there a strong and growing industrial base in the region, the city has been quietly developing the southern area for quite some time. New projects are being planned and built daily and the entire property is expanding at a very fist rate. In the last ten years, there has been an explosion of southern area new venues which have attracted people to the southern area. The cities have recently seen the implementation of several businesses, schools, expanded concert venues, hotel construction, and are planning a convention center which should pull in business from the surrounding cities in southern province and throughout the Sri- Lanka.
4.5Competition
There are each business is severely flawed and yet still southern area can generate incredible amounts of revenue. Only few people do the cab service in this area and it is individual businesses. So, There is no serious competition. Only few people do the cab service in this area and it is individual business. This business is prosperous and quite skillful at handling large numbers of clients. They have much smaller income bases and essentially are driving outdated equipment in poor condition. During busy times, customers have been waiting for many hours. During normal operating scenarios, wait times still range from approximately twenty to thirty minutes. This wait time is unnecessary and quite destructive to customer. Cab service typically does not fail in this area. Other cities haven’t a higher turnover of cab service, but there have good demand for this service in this area. As the southern province to develop, cab service will be required to increase exponentially.
The current image of a cab driver in southern province is not a pleasant one. Drivers are looked at as unprofessional and discourteous. One reason that this is true is the nature of the business. Most cab services operate in the best and the worst areas of town and drivers have to deal with a wide variety of people. The drivers that are hired are not professional and are given virtually no training before they are sent out to deal with the public. Cab service can change that. Training costs can be reduced through an apprenticeship program. Drivers can ride with several drivers and learn all of the necessary skills without incurring a large cost. In addition, training materials can be written down and provided at the start of training and a simple test can be administered to gauge the skills obtained by the driver. Knowledge of the city, command of the English language, and knowledge of charge account operations would go a long way towards improving the basic professionalism of the driver. Of course, cleanliness of the cars is a must. A monthly inspection of vehicles would eliminate a large number of problems associated with operating a fleet and would ensure that the licensing authority would not bother with inspections of their own. We can control the image of cab service and it is possible to do so with a minimum of intrusiveness.
4.6 Pricing
The Company will charge its customers on a per mile basis, or for longer trips on a flat fee basis. Most cab service businesses in our country, currently do not offer paying credit cards facilities to customers. This is a huge mistake and there are some of people use credit cards for do their purchases. A satisfied customer in the cab business will stay with that business for a long period of time. Once a customer is satisfied, it is hard to get them to switch business. Any measure of reasonable success recognizes that the repeat or regular customers are the one we all strive to get and maintain. There are a lot of ideas that have not been implemented simply because the business is so strong in this area. Hotels are constantly like to get cabs services to them. A cab business that catered to this market would do extremely well.
4.7 Advertising
Every business must want to do advertising. And also advertising is good for the cab service businesses. Currently, advertisements are only necessary requirement to generate business. Many customers will like to see a new cab service business in their living area and they lie to know if it has a faster response time than the other services in the area. A large pool of customers is always available for a new business to have.
4.8 Customer Service
We can provide an executive service and tourist rental car with driver in luxury cars and vans up to nine seats. We have a team of drivers. They are highly qualified, directly providing a safe journey and to have the best experience. We carry out transfers and tours. We have affect of executive cars for up to eight people passengers. We care about the quality of detail, our vehicles offer customers a contort pack with GPS to optimize the long routes, air conditioning and many other facilities. So we bring to practice very embodiment of the concept of care. Southern cab service will provide complete taxi cab services using the latest equipment and technology to facilitate the travel service for anybody. The business’s service show that we are an innovative, forward thinking company that recognizes the need to move with ever changing customer needs. Our philosophy is one that emphasizes service, and a realization that effective communication is a key component in our business. The company also realizes that, in a competitive environment, flexibility and professionalism maintain that leading edge. The company has Operating Staff and Administrative Staff that are helpful, courteous, and fully trained for our services. As an added safety measure for both drivers and passengers, City Taxi cabs are fitted with Global Positioning Systems (GPS), which enable the cabs to be tracked or located in an emergency. All City Taxi cabs will be clean, well maintained, and inspected regularly for safety and comfort.
The Cab Service will specialize in providing customers with taxi services to any location. The business will charge its customers on a per mile basis, or for longer trips on a flat fee basis. Additionally, the Cab Service will directly employ its staff of drivers, and the business will be able to accommodate any pick up or delivery of a person to and from their destination at anytime. Taxi Cab Service will comply with all local, state, and federal laws regarding the rendering of taxiing services.

5.0 Operating Plan
5.1Start-up Cost Summary
Southern Cab Service Business’s start-up costs include:
• Land- Rs.2,000,000
• Office Building- Rs.1,000,000
• Vehicles-
Car 2-Rs.6,000,000
Van 1-Rs.8,000,000

5.2 Legal Requirements
We will be required to secure a business permit before start the operation of cab business. Other legal requirements to start a cab service business may vary from one place to another. So it is best that we contact our local government agency for the complete list of documents and permits that our need.
6.0 Financing
Southern Cab Service Business’s financing activity includes:
• Cash in hand Rs. 6,120,000
• Capital Rs.6,000,000
• Bank Loan Rs.14,000,000

6.1 Brake-even Analysis

6.2 Financial Statement
In every business need to watch how well the business are performing financially. In this report we present it to acquire a loan in a bank to fulfill the business’s capital requirements. so we present financial statement for the business for five years.

8.0Conclusion
The first month will be used to set up the office ,purchase the necessary equipments ,hire and train an employee. Additionally, during the last two weeks of the month ,we advertising to develop customer base. After the 4th month we will see some business and the business will continue to grow the number of jobs that company has. Second in hard on generating new customers and will hope to bring on additional employees to our business.

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