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Entrepreneur Sets Sights on Success in the Trucking Business with Business Plan

Location
CompanyWatt's Trucking
Industry:Transportation and Warehousing
City:Edmonton, Alberta
Amounts: various  Find what funding programs you qualify for

Professional business plan for entrepreneur

Tim Watts has big plans, and his enthusiasm for his new career is palpable. "There's no reason I won't succeed," he says of his goal to build a successful trucking business. "It's a growing industry. There's approximately 400,000 truck drivers retiring in the next three years in the states and 40,000 in Canada." With a professional business plan, Watts is on the way to success.

Referral leads to professional business plan

The Edmonton entrepreneur has spent most of his working life as a carpenter and house painter. "But I'm getting older now, and with the fumes and the years of being a carpenter taking their toll, administration and driving a truck is going to be just a lot easier."

Watts had worked at washing trucks at one point, and he got to know a lot of truckers. "My friend Trevor and his dad both applied for grants and got them, and they're both out trucking now. Trevor's the one who actually told me about the Centre for Business Plan Development." Watts took up the referral and got in touch with BPD to begin to put his own entrepreneurial dreams into action.

After an initial round, he began working with the Centre for Business Plan Development to assist with his plan. "She really got into the meat and potatoes of it," he says. "She'd answer questions, and if I stumbled, she'd give me a different way to think about it."

Expanding the truck fleet

Watts's research and planning has led him to a solid plan to grow a busy trucking business. With a $400,000 grant or loan, he can purchase two new semis. "With the money, I'll be able to buy two brand new semis with bumper-to-bumper warranties, fully outfit them, and get them on the road." His business model predicts he'll earn $8,000 per truck per month, which he says by all accounts is a conservative estimate.

Buying new trucks is an important part of his business model. "I could buy used, but reliability is important. There's less chance of problems on a brand new truck." Breakdowns mean added costs and unhappy customers. And new trucks come with a five-year or 800,000 kilometre warranty. If he sells them with 100,000 km left on the warranty, he can still get a fair return on the truck.

Once he's built his fleet to five trucks, Watts will be able to self-broker or hire a freight broker, which dramatically reduces the overhead on each shipment. "I've known drivers for a long time, I've worked on their houses," says Watts. "I know when it's done properly and people don't get greedy, it's a good business."

A professional business plan is an essential

He's also by nature a careful planner. "Over the years, I've watched what other people do for mistakes, and I've tried never to make the same mistake twice." He goes on. "A lot of guys, they'll have $20,000 in the bank, and they go out and spend $18,000 on chrome. Next month, their motor breaks down, and they don't have $10,000 in the bank to fix it. The biggest thing is underfunding."

He absolutely enjoyed working with the team at the Centre, and believes a professional business plan is an essential. "What a pleasure they were to work with; they were always bright and cheery. I'd asked some rather redundant questions, because I didn't understand some things, and they were very patient with me. It's a good process, and I'm very happy that you're there to promote it, because it's helping a lot of people get out of a rut and just become independent. And that's a good thing. We need more of that in these economic times."

Imagine how a professionally prepared business plan could help grow your business. For a free consultation, call 1-855-892-2506.

Please note our Centre is not affiliated to programs profiled in the above article and no claim is made that funding is due to our Centre unless stated.
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