Boat and RV Storage Business Plan Template
If you want to start a Boat and RV Storage company or expand your current Boat and RV Storage business, you need a business plan.
The following Boat and RV Storage business plan template gives you the key elements to include in a winning Boat and RV Storage business plan.
Sample Boat and RV Storage Business Plan Template
Below is a boat and rv storage business plan example with each of the key sections to help you write a boat and rv storage business plan for your own company.
I. Executive Summary
Business Overview
[Company Name] is a new RV and boat storage company with [X] storage units available for rent to individuals and businesses in [location]. We offer a variety of unit size options and provide units that are enclosed, covered, or uncovered, depending on the budget and needs of each customer. All rentals are month-to-month, which provides our customers with the flexibility to rent the units as long as they need them.
Products Served
[Company Name] will be able to provide safe and secure boat and RV storage facilities to individuals and businesses in [location]. The services and storage units that are provided include:
- Enclosed storage units
- Covered storage units
- Uncovered storage units
- Boat and RV maintenance amenities and services
- Individual gate access code for each customer
- 24-hour surveillance across 40 security cameras
Furthermore, our storage units come in a variety of sizes. The most common options include the following:
- 10’x20’
- 10’x25’
- 10’x30’
- 12’x30’
- 12’x35’
- 12’x40’
- 13’x32’
- 13’x46’
Customer Focus
[Company Name] will primarily serve the residents who live within a 10-mile radius of the storage facility. The demographics of these customers are as follows:
- 54,801 residents
- Average income of $82,000
- 73% married
- 55% in management/professional occupations
- Median age: 48 years
The demographic shows that [location] is an affluent town of folks who are near retirement and are ready to spend their golden years on the road or the open water. When they purchase their dream RV or boat, they will need a place to store it. We will be their go-to place to keep their RV or boat safe when not in use.
Management Team
[Company Name] is headed by [Founder’s Name], who graduated from [University] with a degree in Business Administration. Prior to starting [Company Name], [Founder’s Name] worked as an operations manager at a storage company for [X] years, where he learned the ins and outs of the storage industry. His experience will be the company’s most valuable asset.
Success Factors
[Company Name] is uniquely qualified to succeed for the following reasons:
- [Company Name] will fill a specific market niche in the growing moving and storage industries.
- With few competitors offering storage for RVs and boats, the demand for an RV and boat storage facility in [location] is high.
- The results of a recent survey suggest that the target market is eager to make use of our services when launched.
- The management team has a track record of success in the storage unit business.
Financial Highlights
[Company Name] is currently seeking $500,000 to launch. Specifically, these funds will be used as follows:
- Store design/build: $300,000
- Working capital: $200,000 to pay for marketing, salaries, and lease costs until [Company Name] reaches break-even
Top line projections over the next five years are as follows:
| Financial Summary | FY 1 | FY 2 | FY 3 | FY 4 | FY 5 |
|---|---|---|---|---|---|
| Revenue | $560,401 | $782,152 | $1,069,331 | $1,379,434 | $1,699,644 |
| Total Expenses | $328,233 | $391,429 | $552,149 | $696,577 | $776,687 |
| EBITDA | $232,168 | $390,722 | $517,182 | $682,858 | $922,956 |
| Depreciation | $7,000 | $7,000 | $7,000 | $7,000 | $7,000 |
| EBIT | $225,168 | $383,722 | $510,182 | $675,858 | $915,956 |
| Interest | $6,016 | $5,264 | $4,512 | $3,760 | $3,008 |
| Pre Tax Income | $219,152 | $378,458 | $505,670 | $672,098 | $912,948 |
| Income Tax Expense | $76,703 | $132,460 | $176,985 | $235,234 | $319,532 |
| Net Income | $142,449 | $245,998 | $328,686 | $436,864 | $593,416 |
| Net Profit Margin | 25% | 31% | 31% | 32% | 35% |
II. Company Overview
Who is [Company Name]?
[Company Name] is a licensed and insured RV and boat storage facility located in [location]. With a total of [X] storage units, we can accommodate the RV and boat storage needs of both residents and businesses in [location]. Our storage units offer enclosed, covered, and uncovered options and also include a variety of sizes.
Availability, security, and cost-effectiveness are the main driving factors for the success of [Company Name]. Customers are provided with a variety of storage options to meet their needs. And with 24/7 entry, customers may access their RV or boat when they need them the most. Our staff strives to develop relationships with the members of our community while providing the best service possible to each and every customer.
[Company Name]’s History
While working for a storage company, [Founder’s Name] noticed that many customers owned RVs and boats but did not have adequate places to store them. The storage units offered at general self-storage facilities are not sufficient for these vehicles. Through years of customer interactions and some research into the town, [Founder’s Name] discovered a business opportunity to help those who need a place to put their RV or boat when they are not in use.
After conducting surveys and doing considerable research about the local storage needs of the residents of [location], [Founder’s Name] incorporated [Company Name] as a Limited Liability Corporation on [date of incorporation].
Since incorporation, [Company Name] has achieved the following milestones:
- Found a business location and signed a Letter of Intent to lease it
- Developed the company’s name, logo, and website located at [website]
- Determined equipment and fixture requirements
[Company Name]’s Products/Services
[Company Name] will be able to provide safe and secure boat and RV storage facilities to individuals and businesses in [location]. The services and storage units that are provided include:
- Enclosed storage units
- Covered storage units
- Uncovered storage units
- Boat and RV maintenance amenities and services
- Individual gate access code for each tenant
- 24-hour surveillance across 40 security cameras
Furthermore, our storage units come in a variety of sizes. The most common options include the following:
- 10’x20′
- 10’x25′
- 10’x30′
- 12’x30′
- 12’x35′
- 12’x40′
- 13’x32′
- 13’x46′
To provide the utmost flexibility for our customer base, all rentals are on a month-to-month basis.
III. Industry Analysis
Even with the increasing gas prices and inflation, people are still eager to pay top dollar for RVs and boats for recreation. According to Allied Market Research, the recreational boating market is expected to experience a compound annual growth rate (CAGR) of 5.1%. And according to Fortune Business Insights, the recreational vehicle market will experience a CAGR of 6.7% over the next five years. This is significant growth in both industries, indicating that these vehicles are still in high demand. Therefore, the need for adequate storage will also be in high demand.
Additionally, the Boomer generation is at or near retirement. Retirees make up a huge proportion of RV and boat sales. As this generation reaches their golden years, they will be making these purchases more often and need storage for when these vehicles are not in use.
Furthermore, with more people working from home than a few years ago, many people are choosing to travel as they work. Some of these folks may choose to work while traveling in their RVs or boats for part of the year. When they don’t use these vehicles, they will need a place to store them.
Therefore, the outlook for the RV and boat storage industry looks better than ever. With more boats in the water and RVs on the road means that there will be an increasing demand for storage units for these vehicles.
IV. Customer Analysis
Demographic Profile of Target Market
[Company Name] will serve the community residents of [location] and its surrounding areas.
The community of [location] has thousands of affluent adults who are at or near retirement. Many of them either have or will plan to buy a boat or RV to use throughout their golden years. They will need a trustworthy and dependable storage facility to store their vehicles when not in use.
Customer Segmentation
We will primarily target the following customer segments:
- Retirees: Retirees are one of the most popular customer segments that purchase and use RVs and boats. The business will target those who are in retirement or near it and have already purchased these vehicles.
- Affluent residents: Both RVs and boats cost quite a bit of money. Therefore, [Company Name] will target more affluent residents who are more likely to already own or purchase either an RV or boat.
- Outdoor enthusiasts: In addition to affluent retirees, outdoor enthusiasts who love to get on the water or go camping will purchase one or both vehicles. Therefore, we will target them as well.
V. Competitive Analysis
Direct & Indirect Competitors
The following companies are located within a 15-mile radius of [Company Name], thus providing either direct or indirect competition for customers:
Harry’s RV Self Storage
Hours: Accessible Sunday – Saturday 9:00 a.m. to 5:00 p.m.
Harry’s RV Self Storage offers outdoor storage for RVs and trailers. It also offers a broad range of amenities, including a dump site, free air and firewood, well-lit grounds, and a system of high-tech security cameras. The property is fenced and accessible through a computerized security gate.
While Harry’s is expected to continue to thrive, it does not offer boat storage, nor does it have enclosed or covered storage units. Customers who want to keep their RVs protected throughout the colder/harsher months will prefer to utilize the enclosed storage units offered by [Company Name].
Weston Self-Storage
Hours: Open 24/7
Weston Self-Storage is a locally owned self-storage chain. It has multiple facilities in [location] and is the first business people think about when they think of storage. They offer a variety of sized units, including units that are large enough for boats or RVs. They also offer drive-up storage, climate-controlled storage, boxes, and moving supplies, as well as U-Haul trucks and trailers.
Despite Weston Self-Storage’s success, the business does not cater to customers looking for RV and boat storage units. Though they have large enough units that do the job, there are very few of them at each location. Currently, their locations do not have the space to add more, and therefore, demand is much higher than supply.
Oaktown Boat and RV Storage
Hours: Sunday – Saturday 9:00 a.m. to 5:00 p.m.
Oaktown Boat and RV Storage is a locally owned and operated self-storage facility.
The company distinguishes itself from the competition by offering affordable pricing and basic boat and RV maintenance services. They are a secure storage facility that offers an electronic gate, new fencing, security cameras, 24-hour access, and an on-site dump station.
However, Oaktown Boat And RV Storage is located far from [location], which makes it an inconvenient location for boat and RV owners. Furthermore, they are only open for a few hours each day, whereas [Company Name] will be open 24/7.
Competitive Advantage
[Company Name] enjoys several advantages over its competitors. These advantages include the following:
- Location: [Company Name]’s storage facility provides much-needed boat and RV storage for businesses and residents in [location]. We are centrally located and easy to access.
- 24/7 Availability: The storage facility will be open 24/7, so anyone with any schedule can access their boat or RV when they need to.
- Management: [Founder’s Name] has been extremely successful working in the moving & storage industry and will be able to use his previous experience to provide the best sales and customer service experience.
- Relationships: Having lived in the community for [X] years, [Founder’s Name] knows many of the local leaders, business owners, and other media influencers within [location]. With his [X] years of experience and good relationships with business leaders in the area, he is well-connected to develop a strong initial client base.
- Offering secured and insured storage units of various sizes
- Convenient location
- 24/7 access to units
- Excellent customer service
- High-tech security system
- Catering specifically to RV and boat owners
- Create and edit bookings
- Provide customer service
- Process payments
- Maintenance tasks
- Bookkeeping
- Marketing
- Hiring and training staff
- Website and social media management
- Assistant Managers (1 to start)
- Customer Support Associates (2 to start)
- Store design/build: $300,000
- Working capital: $200,000 to pay for marketing, salaries, and lease costs until [Company Name] reaches break-even
VI. Marketing Plan
The [Company Name] Brand
The [Company Name] brand will focus on the company’s unique value proposition:
Promotions Strategy
[Company Name] expects its target market to be residents and business owners living within a 10-mile radius of the facility. The company’s promotions strategy to reach these individuals includes:
Direct Mail
[Company Name] will blanket neighborhoods throughout [location] with direct mail pieces. These pieces will provide general information on [Company Name], offer discounts, and provide other inducements for people to utilize the storage facility.
Public Relations
We will contact all local and area newspapers and television stations to tell them about the opening and unique value proposition of [Company Name].
Ongoing Customer Communications
[Company Name] will maintain a website and publish a monthly email newsletter to tell customers about new services, discounts, and other promotions.
Referrals
[Company Name] understands that the best promotion comes from satisfied customers. The company will encourage its clients to refer their friends and neighbors and will reward clients with discounts for these referrals. This strategy will increase in effectiveness after the business has already been established.
Social Media
[Company Name] will maintain a solid social media presence to further engage with customers and get suggestions for improvements. Our social media accounts will offer unique promotions and discounts that customers can utilize.
Advertising
[Company Name] will advertise in local newspapers and purchase digital ads on local RV and boat sales websites.
Pricing Strategy
[Company Name]’s pricing will be competitive with our local competitors. All customers will be charged for a month-to-month contract but may qualify for discounts and deals the longer they stay with us.
VII. Operations Plan
Functional Roles
In order to execute [Company Name]’s business model, the company needs to perform many functions, including the following:
Sales/Customer Service Functions
Administrative Functions
Milestones
The following are a series of steps that lead to our vision of long-term success. [Company Name] expects to achieve the following milestones in the following [xyz] months:
| Date | Milestone |
|---|---|
| [Date 1] | Finalize lease agreement |
| [Date 2] | Design and build out [Company Name] |
| [Date 3] | Hire and train initial staff |
| [Date 4] | Kickoff of promotional campaign |
| [Date 5] | Launch [Company Name] |
| [Date 6] | Reach break-even |
VIII. Management Team
Management Team Members
[Company Name] is headed by [Founder’s Name], who graduated from [University] with a degree in Business Administration. Before starting [Company Name], [Founder’s Name] worked as an operations manager at a storage company for [X] years, where he was able to learn the ins and outs of the storage industry. Throughout his career, he also developed local connections that will prove valuable when building a solid client base. [Founder’s Name] will manage the day-to-day business operations and train new team members.
Hiring Plan
[Founder’s Name] will serve as the store manager. In order to launch our store, we need to hire the following personnel:
IX. Financial Plan
Revenue and Cost Drivers
[Company Name]’s revenues will come from the rental fees we collect from our customers.
The major costs for the company will be facility maintenance costs and the salaries of the staff. In the initial years, the company’s marketing spending will be high as it establishes itself in the market.
Capital Requirements and Use of Funds
[Company Name] is currently seeking $500,000 to launch. The capital will be used for funding capital expenditures, salaries, marketing expenses, and working capital.
Specifically, these funds will be used as follows:
Key Assumptions
The following table reflects the key revenue and cost assumptions made in the financial model:
| Annual Number of Customers | |
|---|---|
| Year 1 | 200 |
| Year 2 | 300 |
| Year 3 | 400 |
| Year 4 | 500 |
| Year 5 | 600 |
| Average annual growth rate | 5% |
| Monthly mortgage/lease | $3000 |
5 Year Annual Income Statement
| Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | ||
|---|---|---|---|---|---|---|
| Revenues | ||||||
| Product/Service A | $151,200 | $333,396 | $367,569 | $405,245 | $446,783 | |
| Product/Service B | $100,800 | $222,264 | $245,046 | $270,163 | $297,855 | |
| Total Revenues | $252,000 | $555,660 | $612,615 | $675,408 | $744,638 | |
| Expenses & Costs | ||||||
| Cost of goods sold | $57,960 | $122,245 | $122,523 | $128,328 | $134,035 | |
| Lease | $60,000 | $61,500 | $63,038 | $64,613 | $66,229 | |
| Marketing | $20,000 | $25,000 | $25,000 | $25,000 | $25,000 | |
| Salaries | $133,890 | $204,030 | $224,943 | $236,190 | $248,000 | |
| Other Expenses | $3,500 | $4,000 | $4,500 | $5,000 | $5,500 | |
| Total Expenses & Costs | $271,850 | $412,775 | $435,504 | $454,131 | $473,263 | |
| EBITDA | ($19,850) | $142,885 | $177,112 | $221,277 | $271,374 | |
| Depreciation | $36,960 | $36,960 | $36,960 | $36,960 | $36,960 | |
| EBIT | ($56,810) | $105,925 | $140,152 | $184,317 | $234,414 | |
| Interest | $23,621 | $20,668 | $17,716 | $14,763 | $11,810 | |
| PRE-TAX INCOME | ($80,431) | $85,257 | $122,436 | $169,554 | $222,604 | |
| Net Operating Loss | ($80,431) | ($80,431) | $0 | $0 | $0 | |
| Income Tax Expense | $0 | $1,689 | $42,853 | $59,344 | $77,911 | |
| NET INCOME | ($80,431) | $83,568 | $79,583 | $110,210 | $144,693 | |
| Net Profit Margin (%) | - | 15.00% | 13.00% | 16.30% | 19.40% |
5 Year Annual Balance Sheet
| Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | ||
|---|---|---|---|---|---|---|
| ASSETS | ||||||
| Cash | $16,710 | $90,188 | $158,957 | $258,570 | $392,389 | |
| Accounts receivable | $0 | $0 | $0 | $0 | $0 | |
| Inventory | $21,000 | $23,153 | $25,526 | $28,142 | $31,027 | |
| Total Current Assets | $37,710 | $113,340 | $184,482 | $286,712 | $423,416 | |
| Fixed assets | $246,450 | $246,450 | $246,450 | $246,450 | $246,450 | |
| Depreciation | $36,960 | $73,920 | $110,880 | $147,840 | $184,800 | |
| Net fixed assets | $209,490 | $172,530 | $135,570 | $98,610 | $61,650 | |
| TOTAL ASSETS | $247,200 | $285,870 | $320,052 | $385,322 | $485,066 | |
| LIABILITIES & EQUITY | ||||||
| Debt | $317,971 | $272,546 | $227,122 | $181,698 | $136,273 | |
| Accounts payable | $9,660 | $10,187 | $10,210 | $10,694 | $11,170 | |
| Total Liabilities | $327,631 | $282,733 | $237,332 | $192,391 | $147,443 | |
| Share Capital | $0 | $0 | $0 | $0 | $0 | |
| Retained earnings | ($80,431) | $3,137 | $82,720 | $192,930 | $337,623 | |
| Total Equity | ($80,431) | $3,137 | $82,720 | $192,930 | $337,623 | |
| TOTAL LIABILITIES & EQUITY | $247,200 | $285,870 | $320,052 | $385,322 | $485,066 |
5 Year Annual Cash Flow Statement
| Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | |
|---|---|---|---|---|---|
| CASH FLOW FROM OPERATIONS | |||||
| Net Income (Loss) | ($80,431) | $83,568 | $79,583 | $110,210 | $144,693 |
| Change in working capital | ($11,340) | ($1,625) | ($2,350) | ($2,133) | ($2,409) |
| Depreciation | $36,960 | $36,960 | $36,960 | $36,960 | $36,960 |
| Net Cash Flow from Operations | ($54,811) | $118,902 | $114,193 | $145,037 | $179,244 |
| CASH FLOW FROM INVESTMENTS | |||||
| Investment | ($246,450) | $0 | $0 | $0 | $0 |
| Net Cash Flow from Investments | ($246,450) | $0 | $0 | $0 | $0 |
| CASH FLOW FROM FINANCING | |||||
| Cash from equity | $0 | $0 | $0 | $0 | $0 |
| Cash from debt | $317,971 | ($45,424) | ($45,424) | ($45,424) | ($45,424) |
| Net Cash Flow from Financing | $317,971 | ($45,424) | ($45,424) | ($45,424) | ($45,424) |
| SUMMARY | |||||
| Net Cash Flow | $16,710 | $73,478 | $68,769 | $99,613 | $133,819 |
| Cash at Beginning of Period | $0 | $16,710 | $90,188 | $158,957 | $258,570 |
| Cash at End of Period | $16,710 | $90,188 | $158,957 | $258,570 | $392,389 |
