Are you about starting a dump truck business? If YES, here’s a complete sample dump truck business plan template & feasibility report you can use for FREE to raise money.
If you are looking to start a business that will guarantee sure profits, then you can look at starting a dump truck business. This is one business which isn’t over saturated. If this sounds like what you may want to start, you can then first start by carrying out some thorough and exhaustive, market research.
A Sample Dump Truck Business Plan Template
1. Industry Overview
A dump truck or dumper/tipper truck as it is called in some countries, is a truck that is used for transporting loose material such as sand, gravel, or dirt for construction. In recent time, nearly all dump trucks operate by hydraulics and they come in a variety of configurations, each designed to accomplish a specific task in the construction material supply chain.
No doubt, the dump truck industry plays a very important role in the economy of the world; they provide essential services to the united states economy by transporting large quantities of construction materials, machines, equipment, dirt, rocks, building materials, and sands et al over land—typically from manufacturing plants to construction sites and from construction sites to dump sites.
As matter of fact, dump trucks are indispensable in the construction industry. In the United States, dump trucks (large trucks) and buses drivers require a commercial driver’s license (CDL) before they can be permitted to operate. The activities in the dump truck industry is regulated by the United States Department of Transportation (USDOT), the Federal Motor Carrier Safety Administration (FMCSA) and the Federal Highway Administration (FHWA).
They ensure that drivers and dump truck companies adhere to safety rules and regulations and also that potential dump truck drivers undergo special training on how to handle large vehicle before applying and obtaining their commercial driver’s license (CDL).
The advancement in technology in areas such as computers, satellite communication, and the internet, has contributed immensely to the growth of the dump truck industry. The advancement in technology is responsible for increase of productivity of dump trucking companies operations, it helps them effectively monitor their trucks and their drivers and it helps driver save time and effort.
No doubt starting and operating a dump truck business can be financially tasking and challenging, but the truth is that it can be rewarding at the same time. One good thing about the industry is that it is open for both big time investors who have the capacity to start the business with fleet of dump trucks and aspiring entrepreneurs who may one to start with just one dump truck.
2. Executive Summary
Bob Troy Dump Truck Services, LLC is a standard and registered dump trucking company that will be based in 9007 ND Highway 23 Belle Fourche South Dakota.
We will provide essential services to the United States economy by transporting large quantities of construction materials, machines, equipment, dirt, rocks, building materials, and sands et al over land—typically from manufacturing plants to construction sites and from construction sites to dump sites.
Our services and operations will center around construction sites in an around South Dakota, North Dakota, Southern Illinois; St Louis, Missouri; Southeast Missouri; Evansville, IN; Nashville, Tennessee; Memphis, Western Kentucky, Tennessee and Chicago land areas et al.
Bob Troy Dump Truck Services, LLC has been able to secure all the relevant license and permits to operate throughout the United States and Canada. We will ensure that we abide by the rules and regulations of the dump trucking industry and we will only hire experienced and qualified drivers with valid commercial driver’s license (CDL).
At Bob Troy Dump Truck Services, LLC, our clients’ overall best interest would always come first, and everything we do will be guided by our values and professional ethics. We will ensure that we put standard structures and processes in place that will enable us meet and surpass our business goals and also stay highly competitive in the industry.
Our customers and potential customers alike can be rest assured that they will get quality services at competitive rates when they hire our services. We will go the extra mile to ensure the safety of goods under our care and our customers get value for their money.
At Bob Troy Dump Truck Services, LLC our goal is to provide excellent dump trucking service to our customers and we pride ourselves on the integrity and competence of our company and our employees. Bob Troy Dump Truck Services, LLC will ensure that all our deliveries are on time and we supersede the expectation of our customers.
We will only put dump trucks that are in top shape on the road, and all our truck drivers will be trained to be courteous, friendly and to abide by the rules and regulations of the industry. We will maintain and take proper care of all our truck drivers as well as our trucks and equipment.
Bob Troy Dump Truck Services, LLC will at all times demonstrate her commitment to sustainability, both individually and as a pet sitting services business, by actively participating in our communities and integrating sustainable business practices wherever possible.
We will ensure that we hold ourselves accountable to the highest standards by meeting our clients’ needs precisely and completely. We will cultivate a working environment that provides a human, sustainable approach to earning a living, and living in our world, for our partners, employees and for our clients.
Our overall business goal is to position Bob Troy Dump Truck Services, LLC to become one of the leading dump trucking company brand in the United States of America within the first 5 years of operations.
This might look too tall a dream but we are optimistic that this will surely come to pass because we have done our research and feasibility studies and we are enthusiastic and confident that South Dakota is the right place to launch our dump truck business.
Bob Troy Dump Truck Services, LLC is a family business; it is owned by Bob Troy and his immediate family. Bob Troy is a successful and retired logistics administrator and an investor who has interest in the trucking industry. The company will be fully financed by Bob Troy and his immediate family.
He will also be the founding chief operating officer of the company. Bob Troy has a BSc in Business Administration and also a Diploma in Transport and Logistics Management with well over 10 years hands on experience in the trucking industry both in the United States of America and Canada.
3. Our Products and Services
Bob Troy Dump Truck Services, LLC is a company that looks forward to deliver excellent services in terms of helping our customers move goods and equipment from one destination to another destination. We want to be known as the trucking company that truly cares for her customers.
Our intention of starting our dump trucking company is to favorable compete in the industry and of course to make profits from the industry and we will do all that is permitted by the law in the United States of America to achieve our aim and business goal.
Our business offering are listed below;
- Local and long distance movement of construction materials, machines, equipment, dirt, rocks, building materials, and sands et al
- Heavy duty equipment movement
- Excavators movement
- Bulldozers movement
- Construction equipment movement
- Agricultural equipment movement
- Movement of oil and gas waste products
4. Our Mission and Vision Statement
- Our Vision is to become one of the preferred choices of players in the construction industry and other relevant industry when it comes to the demand for dump trucking services in the whole of the United States of America.
- Our mission is to ensure that we build a dump trucking company that will operate in the whole of the United States of America and Canada; a company that will boast of having some of the best and reliable truck drivers in the whole of the United States of America.
Our Business Structure
At Bob Troy Dump Truck Services, LLC, our business structure will be designed in such a way that it can accommodate but full – time employees and part – time / contract staff; those who just want to take some time off to generate additional incomes.
We intend starting our dump trucking company with a handful of full time employees (professional truck drivers and back office staff) and some of the available truck driving roles fill be handled by qualified contract truck drivers. Adequate provision and competitive packages has been prepared for all our full – time employees.
As a means of maximizing operational cost, we will contract the maintenance of all our dump trucks to service provider, we don’t intend to maintain a very large overhead from the onset. But as soon as the business grow and stabilize, we will assemble our own professional in – house maintenance team. Below is the business structure and the roles that will be available at Bob Troy Dump Truck Services, LCC;
- Chief Operating Officer (Owner)
- Admin and HR Manager
- Transport and Logistics Manager
- Business Developer
- Accountant
- Professional Truck Drivers
- Front Desk Officer
5. Job Roles and Responsibilities
Chief Executive Officer – CEO:
- Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results; developing incentives; developing a climate for offering information and opinions; providing educational opportunities.
- Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
- Responsible for fixing prices and signing business deals
- Responsible for providing direction for the business
- Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
- Responsible for signing checks and documents on behalf of the company
- Evaluates the success of the organization
- Reports to the board
Admin and HR Manager
- Responsible for overseeing the smooth running of HR and administrative tasks for the organization
- Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
- Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
- Updates job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations.
- Enhances department and organization reputation by accepting ownership for accomplishing new and different requests; exploring opportunities to add value to job accomplishments.
- Defines job positions for recruitment and managing interviewing process
- Carries out staff induction for new team members
- Responsible for training, evaluation and assessment of employees
- Responsible for arranging travel, meetings and appointments
- Oversees the smooth running of the daily office activities.
Sales and Marketing Manager
- Manage external research and coordinate all the internal sources of information to retain the organizations’ best customers and attract new ones
- Models demographic information and analyze the volumes of transactional data generated by customer purchases
- Identifies, prioritizes, and reaches out to new partners, and business opportunities et al
- Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects; assures the completion of development projects.
- Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
- Develops, executes and evaluates new plans for expanding increase sales
- Documents all customer contact and information
- Represents the company in strategic meetings
- Helps to increase sales and growth for the company
Transport and Logistics Manager
- Responsible for coordinating truck drivers, vehicles, loads and journeys
- Responsible for operating IT systems for the organization
- Responsible for negotiating and agreeing contracts for the organization
- Responsible for developing and confirming schedules
- Responsible for planning for and negotiating technical difficulties
- Responsible for preparing paperwork for regulatory bodies
- Responsible for liaising and managing staff
- Responsible for implementing health and safety standards
- Handles the planning routes and load scheduling for multi-drop deliveries.
- Handles booking in deliveries and liaising with customers.
- In charge of allocating and recording resources and movements on the transport planning system.
- Responsible for ensuring all partners in the supply chain are working effectively and efficiently to ensure smooth operations.
- Responsible for communicating effectively with clients and responding to their requirements.
- In charge of directing all transportation activities.
- Responsible for developing transportation relationships.
- Responsible for monitoring transport costs.
- In charge of negotiating and bargaining transportation prices.
- Responsible for dealing with the effects of congestion.
- Responsible for confronting climate change issues by implementing transport strategies and monitoring an organization’s carbon footprint.
Accountant
- Responsible for preparing financial reports, budgets, and financial statements for the organization
- Provides managers with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
- Responsible for financial forecasting and risks analysis.
- Performs cash management, general ledger accounting, and financial reporting for one or more properties.
- Responsible for developing and managing financial systems and policies
- Responsible for administering payrolls
- Ensuring compliance with taxation legislation
- Handles all financial transactions for the company
- Serves as internal auditor for the company
Dump Truck Drivers
- Assists in loading and unloading cargo.
- Maintains a logbook of their driving activities to ensure compliance with federal regulations governing the rest and work periods for operators.
- Keeps a record of vehicle inspections and make sure the truck is equipped with safety equipment, such as hazardous material placards.
- Assists the transport and logistics manager in planning their route according to a delivery schedule.
- Local-delivery drivers may be required to sell products or services to stores and businesses on their route, obtain signatures from recipients and collect cash.
- Transport finished goods and raw materials over land to and from manufacturing plants or retail and distribution centers
- Inspect vehicles for mechanical items and safety issues and perform preventative maintenance
- Complies with truck driving rules and regulations (size, weight, route designations, parking, break periods etc.) as well as with company policies and procedures
- Collects and verifies delivery instructions
- Reports defects, accidents or violations
Client Service Executive
- Welcomes / receive clients by greeting them in person or on the telephone; answering or directing inquiries.
- Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
- Through interaction with parents and students on the phone, uses every opportunity to build clients’ interest in the organizations’ products and services
- Manages administrative duties assigned by the HR and Admin Manager or Transport & Logistic Manager in an effective and timely manner
- Consistently stays abreast of any new information on the organizations’ products, promotional campaigns etc. to ensure accurate and helpful information is supplied to clients when they make enquiries
- Receives parcels / documents for Bob Troy Dump Truck Services, LLC Distribute mails in the organization
- Handles any other duties as assigned by HR and Admin Manager or Transport & Logistic Manager.
6. SWOT Analysis
Our intention of starting Bob Troy Dump Truck Services, LCC in South Dakota with operations center around construction sites in and around South Dakota, North Dakota, Southern Illinois; St Louis, Missouri; Southeast Missouri; Evansville, IN; Nashville, Tennessee; Memphis, Western Kentucky, Tennessee and Chicago land areas et al is to test run the business for a period of 3 to 6 months to know if we will invest more money, and expand the business all around in the United States of America and Canada.
We are quite aware that there are several dump trucking businesses all over the United States and Canada and even in the same locations where we intend starting ours, which is why we are following the due process of establishing a business.
We know that if a proper SWOT analysis is conducted for our business, we will be able to position our business to maximize our strength, leverage on the opportunities that will be available to us, mitigate our risks and be well – equipped to confront our threats.
Bob Troy Dump Truck Services, LLC employed the services of an expert HR and Business Analyst with bias in start ups to help us conduct a thorough SWOT analysis and to help us create a Business model that will help us achieve our business goals and objectives. This is the summary of the SWOT analysis that was conducted for Bob Troy Dump Truck Services, LLC;
- Strength:
Our strength are highly qualified and experienced management team, robust fleet operations, direct access to all Atlantic and Gulf Coast ports, our dump truck transportation network serves covers some of the largest population centers and construction sites in the U.S., size advantages, cost advantages, supply chain, customer loyalty and strong reputation amongst domestic industry players will surely count as a strength for Bob Troy Dump Truck Services, LLC.
- Weakness:
Our weakness could be lack of finance, high debt burden, cost structure, lack of scale compared to our peers who have already gained ground in the dump trucking industry.
- Opportunities:
The opportunities that are available to us as a dump trucking company operating both in the United States of America and Canada are online market, new services, new technology, and of course the opening of new markets within our target locations.
- Threat:
Some of the threats that we are likely going to face are mature markets, bad economy (economy downturn), stiff competition, volatile costs, and rising fuel prices. Basically, just like any other business, one of the major threats that we are likely going to face is economic downturn. It is a fact that economic downturn affects purchasing / spending power.
Another threat that may likely confront us is the arrival of an aerial photography company or a photography company in same location where ours is located. unfavorable government policies can also pose a major threat to businesses such as ours.
7. MARKET ANALYSIS
- Market Trends
The market trends as it involves the dump truck cum trucking industry especially in the United States of America and Canada is indeed dynamic and at the same time highly competitive and challenging.
But one thing is certain, once a dump trucking company can gain credibility, it will be much easier for the company to secure permanent deals / contracts with big time merchants and construction companies who are always moving goods and equipment from one part of The United States of America to another part.
No doubt some of the major factors that count positively in this line of business are trust, honesty, good relationship management and of course; timely and safe delivery.
Lastly, another common trend in this industry is that once a dump trucking company has gained credibility, it is easier for them to go for brand new trucks on a long term leasing contract as against making use of second hand trucks which are usually expensive to maintain due to constant wear and tears of essential parts of the truck.
8. Our Target Market
Our target market are basically construction companies and of course every individual as well who have cause to move things from one location to another location on land throughout the United States of America and Canada. We cover both short distance (inter states) and long distance (intra states).
We are in business to move stuffs and anyone who has stuffs to move within the United States or from the United States to Canada, can contact us. In other words, our target market is the whole of the United States of America and below is a list of the people and organizations that we have plans to do business with;
- Merchants (importers, exporters, traders, suppliers, wholesalers, and dealers)
- Manufacturers
- Construction companies
- Household
- Corporate organizations
- Small business owners
- The timber industry
- Oil and gas sector
Our Competitive Advantage
We are aware of the competitive nature of the dump truck line of business cum trucking industry and we are ready to get into the mix and favorably compete with players in the industry. Our major competitive advantage is the vast industry experience and solid reputation of our owner, Bob Troy and our management team.
Bob Troy Dump Truck Services, LLC no doubt is a new dump trucking company, which is why we took our time to do a thorough market research and feasibility studies before launching the business. We were able to highlight some factors that will give us competitive advantage in the marketplace
Some of the factors are trust, honesty, good network and excellent relationship management, well – qualified and experienced management team, robust fleet operations, direct access to all Atlantic and Gulf Coast ports, our trucking transportation network serves some of the largest population centers and construction sites in the United States of America and Canada, our size advantages, cost advantages, supply chain, customer loyalty and strong reputation amongst domestic industry players.
Another competitive advantage that we are bringing to the industry is the fact that we have designed our business in such a way that we can comfortably work with both individuals who may want to make use of small trucks to transport goods within the city and also big conglomerates who are involved in massive movements of goods and equipment from one part of the U.S. to another part.
Lastly, our employees (dump truck drivers and back office staff members) will be well taken care of, and their welfare package will be among the best within our category (startups dump truck companies in the United States) in the industry meaning that they will be more than willing to build the business with us and help deliver our set goals and achieve all our business aims and objectives.
9. SALES AND MARKETING STRATEGY
- Sources of Income
Bob Troy Dump Truck Services, LLC will ensure that we leverage on our strength and the opportunities available to us in the U.S. and Canada market to generate enough income that will help us drive the business to stability. We will go all the way to explore every available sources of income in the dump trucking industry.
Below are the sources we intend exploring to generate income for Bob Troy Dump Truck Services, LLC;
- Local and long distance movement of construction materials, machines, equipment, dirt, rocks, building materials, and sands et al
- Heavy duty equipment movement
- Excavators movement
- Bulldozers movement
- Construction equipment movement
- Agricultural equipment movement
- Movement of oil and gas waste products
10. Sales Forecast
One thing is certain, there would always be construction companies and other related businesses who would need the services of dump trucking companies to help them move materials and equipment from one locations to another throughout the United States of America and Canada.
We are well positioned to take on the available market in the United States of America and Canada and we are quite optimistic that we will meet our set target of generating enough income / profits from the first six month of operations and grow our business and our clientele base.
We have been able to critically examine the dump truck line of business cum trucking industry market in the United States of America and we have analyzed our chances in the industry and we have been able to come up with the following sales forecast.
The sales projection is based on information gathered on the field and some assumptions that are peculiar to similar startups in The United States of America. Below are the sales projection for Bob Troy Dump Truck Services, LLC, it is based on the location of our dump trucking company and of course the wide range of trucking services that we will be offering;
- First Fiscal Year-: $350,000
- Second Fiscal Year-: $750,000
- Third Fiscal Year-: $1,000,000
N.B: This projection is done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and natural disasters within the period stated above. So also, there won’t be any major competitor (dump trucking company) offering same additional services as we do within same location. Please note that the above projection might be lower and at the same time it might be higher.
- Marketing Strategy and Sales Strategy
No doubt, networking is an effective way to begin building your client base as a business man or woman and we have plans in place to leverage on all our networks. In view of that, we will look out for gatherings where we can network with captain of industries, construction contractors, entrepreneurs, manufacturers and merchants et al.
As a matter of fact, our first port of call will be to connect with the nearest Chamber of Commerce; we are likely going to get our first major deal from them. At Bob Troy Dump Truck Services, LLC all our employees will be directly or indirectly involved in sales and marketing of our services.
We will create provision for our employees to earn commission when they bring in business for the organization. We will also encourage freelancers to work with us; whenever they refer clients to us they will earn a percentage of the deal as agreed by both parties.
Lastly, we will leverage on the power of the media by advertising our services using both online and offline platforms. We will work hard to ensure that get repeated business from any business deal we execute and also we will encourage our customers to help us refer their friends to us. Part of our strategy is to reward loyal customers and to leverage on word of mouth marketing from satisfied customers.
Over and above, we have perfected strategies to network with people who are likely to refer business our way on a regular basis. In summary, Bob Troy Dump Truck Services, LLC will adopt the following sales and marketing strategies in sourcing for clients for our business;
- Introduce our business by sending introductory letters alongside our brochure to corporate organizations, businesses in the construction industry and related industries in South Dakota and throughout the United States and Canada.
- Print handbills about our dump trucking business and its locations and drop them in public facilities.
- Advertise on the internet on blogs and forums, and also on social media like Twitter, Facebook, LinkedIn to get our message across, so that those on the social media or those who read blogs can know where to go when they need the services of a dump trucking company
- Creating a basic website for our business, so as to give our business an online presence
- Directly market our dump trucking business.
- Join local dump trucking cum trucking associations and chambers of commerce for industry trends and tips
- Provide discount days for our customers
- Advertise our business in community based newspapers, local TV and radio stations
- List our business on yellow pages ads (local directories)
- Encourage the use of Word of mouth marketing (referrals)
11. Publicity and Advertising Strategy
Despite the fact that our dump trucking company will be well located, we will still go ahead to intensify publicity for the business. We are going to explore all available means to promote our business.
Bob Troy Dump Truck Services, LLC has a long term plan of covering various locations in major cities in the United States and Canada which is why we will deliberately build our brand to be well accepted in construction sites in and around South Dakota, North Dakota, Southern Illinois; St Louis, Missouri; Southeast Missouri; Evansville, IN; Nashville, Tennessee; Memphis, Western Kentucky, Tennessee and Chicago land areas et al before venturing out to other cities both in the United States of America and Canada.
As a matter of fact, our publicity and advertising strategy is not solely for winning customers over but to effectively communicate our brand. Here are the platforms we intend leveraging on to promote and advertise Bob Troy Dump Truck Services, LLC;
- Place adverts on both print (community based newspapers and magazines) and electronic media platforms
- Sponsor relevant community programs
- Leverage on the internet and social media platforms like; Instagram, Facebook , twitter, et al to promote our brand
- Install our Bill Boards on strategic locations all around South Dakota
- Engage in road show from time to time
- Distribute our fliers and handbills in target areas
- Position our Flexi Banners at strategic positions in the location where our photo booths are located.
- Ensure that all our workers wear our branded shirts and all our dump trucks are well branded with our company’s logo et al.
12. Our Pricing Strategy
Bob Troy Dump Truck Services, LLC has a lease arrangement with various companies and the company’s pricing is based on miles per thousands of tons of cargo transported. We have perfected our plans to charge competitive rates since we have minimal full – time overhead compared to our competition in the industry.
We will ensure that we leverage on price to win over customers; our prices will be affordable and negotiable. The fact that our business door is open to both individuals and corporation organizations means that we will have different price range for different category of clients. As the business grows, we will continue to review our pricing system to accommodate a wide range of clientele.
- Payment Options
At Bob Troy Dump Truck Services, LLC, our payment policy will be inclusive because we are quite aware that different people prefer different payment options as it suits them but at the same time, we will not accept payment by cash because of the volume of cash that will be involved in most of our transactions.
Here are the payment options that Bob Troy Dump Truck Services, LLC will make available to her clients;
- Payment by via bank transfer
- Payment via online bank transfer
- Payment via check
- Payment via bank draft
- Payment with cash
In view of the above, we have chosen banking platforms that will enable our clients pay us without any difficulty. Our bank account numbers will be made available on our website and promotional materials to clients who may want to deposit cash.
13. Startup Expenditure (Budget)
In setting up any business, the amount or cost will depend on the approach and scale you want to undertake. If you intend to go big by renting a place, then you would need a good amount of capital as you would need to ensure that your employees are well taken care of, and that your facility is conducive enough for workers to be creative and productive.
This means that the start-up can either be low or high depending on your goals, vision and aspirations for your business. The tools and equipment that will be used are nearly the same cost everywhere, and any difference in prices would be minimal and can be overlooked.
As for the detailed cost analysis for starting a dump trucking company; it might differ in other countries due to the value of their money.
When it comes to starting a dump trucking company the major areas that you look towards spending the bulk of your cash is in the purchase of standard dump trucks and of course renting or leasing a well located facility / yard large enough to accommodate your fleets of dump trucks.
Aside from that, you are not expected to spend much except for paying of your employees, maintaining your trucks and fueling. These are the key areas where we will spend our start – up capital;
- The Total Fee for incorporating the Business in South Dakota – $750.
- The budget for Liability insurance, permits and license – $2,500
- The Amount needed to acquire a suitable Office facility with enough parking space for our trucks in South Dakota for 6 months (Re – Construction of the facility inclusive) – $40,000.
- The amount required to finance the purchase of the first set of trucks – $800,000
- The Cost for equipping the office (computers, printers, fax machines, furniture, telephones, filing cabins, safety gadgets and electronics et al) – $5,000
- Cost of accounting software, CRM software and Payroll Software – $3,000
- Other start-up expenses including stationery – $1000
- Phone and Utilities (gas, sewer, water and electric) deposits – ($3,500).
- Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $40,000
- The Cost of Launching our official Website – $600
- The Amount needed to pay staff for the first 2 months – $20,000
- Additional Expenditure (Business cards, Signage, Adverts and Promotions et al) – $2,500
Going by the report from our market research and feasibility studies, we will need an estimate of $1.2 Million to set up a dump trucking business in South Dakota.
Generating Funding / Startup Capital for Bob Troy Dump Truck Services, LCC
Bob Troy Dump Truck Services, LLC is a family business that will be owned and managed by Bob Troy and his immediate family. They are the sole financial of the business which is why they decided to restrict the sourcing of the start – up capital for the private school to just three major sources.
These are the areas we intend generating our start – up capital;
- Generate part of the start – up capital from personal savings and sale of his stocks
- Generate part of the start – up capital from friends and other extended family members
- Generate a larger chunk of the startup capital from the bank (loan facility).
N.B: We have been able to generate about $400,000 (Personal savings $350,000 and soft loan from family members $50,000) and we are at the final stages of obtaining a loan facility of $800,000 from our bank. All the papers and document has been duly signed and submitted, the loan has been approved and any moment from now our account will be credited.
14. Sustainability and Expansion Strategy
The future of any business lies in the numbers of loyal customers that they have the capacity and competence of the employees, their investment strategy and the business structure. If all of these factors are missing from a business (company), then it won’t be too long before the business close shop.
One of our major goals of starting Bob Troy Dump Truck Services, LLC is to build a business that will survive off its own cash flow without the need for injecting finance from external sources once the business is officially running. We know that one of the ways of gaining approval and winning customers over is to engage in affordable, timely, safe and efficient delivery at all times.
Bob Troy Dump Truck Services, LLC will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and retraining of our workforce is at the top burner.
As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of three years or more. We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.
Check List / Milestone
- Business Name Availability Check: Completed
- Business Incorporation: Completed
- Opening of Corporate Bank Accounts various banks in the United States: Completed
- Opening Online Payment Platforms: Completed
- Application and Obtaining Tax Payer’s ID: In Progress
- Application for business license and permit: Completed
- Purchase of All form of Insurance for the Business: Completed
- Acquiring of trucks and relevant equipment: In progress
- Leasing of Office Facility / Yard large enough in South Dakota: Completed
- Conducting Feasibility Studies: Completed
- Start – up Capital Generation: Completed
- Writing of Business Plan: Completed
- Drafting of Employee’s Handbook: Completed
- Drafting of Contract Documents: In Progress
- Design of The Company’s Logo: Completed
- Graphic Designs and Printing of Packaging Marketing / Promotional Materials: Completed
- Recruitment of employees and drivers: In Progress
- Purchase of the Needed furniture, office equipment, electronic appliances and facility facelift: In progress
- Creating Official Website for the Company: In Progress
- Creating Awareness for the business (Business PR): In Progress
- Health and Safety and Fire Safety Arrangement: In Progress
- Establishing business relationship with key players in the industry (networking and membership of relevant organizations and chambers of commerce): Completed