Case Scenario:
Chad Frank and Kyle Carson both in their 20's worked for one of the largest package delivery services in the world but their jobs on the package-sorting line were just jobs Chad and Kyle wanted more from their work than their current jobs could offer that what led them to buy a local auto detailing business, Precision Auto Detailing they could work together their regular job from 6pm to 10 pm and devote the early part of the day to running their own company they invested $6,000 in the business that just bought them some tools and equipment (most of it old) a lease on a building in a high traffic location and a small base of established customers some of who were local car dealers. Chad and Kyle kept both the part-time workers the other owner hired and began making sales calls to the other car dealers in the area to try to earn their business They offered pick-up and delivery of the cars they cleaned and they always inspected the cars before they were returned to their owners their strategy was to give top quality service and convenience for a fair price their prices ranged from $100 for basic detailing to $250 for the top of the line specialty cleaning which resembled an auto restoration job within 8 months the sale were growing rapidly due to the personal selling efforts of the new owners and the quality of the work of the company gave to its customers Chad and Kyle knew they had to buy new equipment and after the customer inquiries they were thinking of buying the equipment to offer a spray-on truck bed liner service the bedliner eqiupment is $30,000 initially but retail prices to customers for this service would start at $350 and up depending on the size of the truck and options selected the business is profitable since they bought it but they have been giving all the profits back in the company they retained earnings but not enough to sustain the fast growth that the company is getting they disgusted at a family gathering that they need money but do not know where to go for it or what they need to get it they thought of going to a bank for a loan and they have never did this before someone suggested a business plan because no bank will give a loan without a business plan so you send them an email explain why they need business plan, outline the elements you would recommend for them to include in their plan, what do bankers, lenders, or investors want to see in a business plan, what advice can you give them when they are ready to present their plan.