Busi 301 Business Plan

BUSI 301

Edisto Beach Business Plan

Introduction

I will start the planning process for an Electrical Repair LLC business in the small beachfront town of Edisto Beach in eastern South Carolina. Edisto Beach is a small resort town that is home to less than 300 permanent residents. We plan to operate a Christian business with the opportunity to serve the community as well as meet the Electrical business needs of the residents and business owners on the island. Most homes are single family with only four multiple family apartment/condominium type complexes on the island. There are several restaurants and stores, but no hotels. There is one hardware store and several convenience stores on the island as well. The nearest electrical supply company is located in Charleston South Carolina which is forty five miles away. Our plan is to keep a supply of electrical items on hand to limit the need for trips to the supply companies.

With most homes are rental homes, the vacationing family expects for the home and its components to function properly. With the average weekly rent for a second row home around $1500, it is important to get problems solved as quickly as possible to satisfy the renter. The ocean front homes average around $3000. Having a reputable, fast acting business is a must to stay competitive on this island.

“Starting a small business is extremely challenging. In fact, most efforts to do so fail within their first year.” (Jacobe) According to D Jacobe’s article not only do most businesses fail during the first year, but over fifty three percent of those that fail say they would have had a better chance had they started with more money. He also states that over seventy five percent of the first time small business owners use their personal saving as startup capital. With a low initial investment from my personal saving and the amount of tools and materials that I have already acquired, I hope to avoid any cash flow problems that could be detrimental to...