Evaluate the following business plan, identify any errors (except for grammatical or structural sentence errors), and explain why the error is significant.

I NEED AS MANY AS POSSIBLE.

For example

There is no cover page in the business plan. This is significant since a missing cover page implies the person reading the plan will be unable to contact you.

current oil change business that is being sold by its owner- History The business has been owned by Mr. Patrick McElroy for iwenly four years. He started the business after retiring from the US Air Force. The business has been profitable although he admits the last two years it was a little bit less profitable due to health concerns. His health issues and a desire to spend time with his wife led to the decision to sell the business. The following table highlights sales and net profit the past four years. Mr. McElroy manages the entire business. He is described as an ownerimanager for the business. IIe has an office staff member that handes transactions when he is not in the office. He does not have an assistant manager. Historically, sales revenue grew to a peak of $278,000 in 2018 , but declined, as noted, when Mr. McElroy began experiencing health problems. The company has averaged 30% net profit margin for the past five years, including this year. Legial Form of Ownerstaip The business is established as a corporation in the state and has requested a Sub Chapter S tax designation from the US Intemal Revenue Service. Papers were filed and go into affect on the day of the acguisition of McElroy's Oil Change Service. Industry, Target, Customer, and Competitor Analysis This section highlights Key characteristics of the industry, market segmentation and our competitive niche. I he analysis is based upon observations from the community and a report obtaincd from IBIS World, a market analysis research firm. Industrv Analysis (Kev Characteristics) The oil change industry is designated as NAICS Code 811191 - Automotive Oil Change and Lubrication Shops. 4 It is part of Sector 81 of the NAICS (Other Services except Public Administration). We will use the shorter term "oil change" industry hereafter. The oil change industry is cxpected to increase in the Southeastern and southwest due to increases in population in those areas. Well-managed oil change businesses should prove to be successful over the next 5 - 8 years as consumers are taxed for time. Services that provide an affordable alteruative to Do-It-Yourself tasks have a good potential for success. Examples of these types of businesses include day care, landscaping (gardeners), and automotive repair (mechanic). The local area is part of a larger region which includes Jackson, Montgomery, and Taylor counties. 5 This part of the state is among it handful of areas that is growing at a faster rate than several other regions of the country. Traffic counts along the Elm Street have been as high as 28,000 vehicles per day, according to the state Department of Transportation. State Hwy 16 connects neighboring towns like Millford and Henderson to T.ake View and the junction with Hwy 222 five miles from Lake View goes to nearby Pieclmont City, which is adjacent to the Interstate Highway. In addition to Millford, Henderson, and Piedmont City, Hwy 63 starts just outside of town near the lake connecting Lake View and Copper Mountain. Copper Mountain has a few oil change businesses, but quite a number of people commute between Copper Mountain and Lake View to work at the local university. Table 1 shows Like View and Jackson County. Table 1 is in the Appendix. Lake View is almost a "hub" of sorts for people travelling anywhere east or south of the local area. In addition, several demogrephic factors support the opportunities for a "quick" lube service. One, as a college town, Lake View has many residents who do not have either the time or the resources (oil wrench, drainage container, ramp, etc.) to change the oil or check other vital vehicle Iluids. Second, over 42,000 people live within seven square miles of Like View, Among these people is a sizeable retirement community with a golf course attracted by the moderate winter weather and the quality of life of the area. The only real negative aspect of the lubrication business is seasonal fluctuation. Lake View is influenced by the university schedule. Therefore, sales are somewhat higher between Fall and Summer when college students are in school. However, much can be done to offset this trend. These options are discussed in the Promotion Strategy section. Advertising and other forms of promotion can "ectucate' the public about the need for year-round car care. In addition, other services such as light maintenance can be offered to provide alternative sources of revenue. Specifio customers for the business are all car owners residing in the Lake Vicw area. Customers will be cncouraged to come to us because of consistent, quick service in a friendly atmosphere, with a special emphasis on customer satisfaction. Table 2 shows Lake Vjew and the location of Lake View Oil Change Service relative to the university and Hwy 16. Table 2 is in the Appendix. Segments The overall market for oil changes is actually a segment of the much larger automotive services industry. These services include auto repair, after market sales, and oil change services. We will compete in the retail oil change segment. This segment was made popular by Jiffy Lube and other major oil change companies as service stations began to decline and when consumers became more pressed for time to do other things. The retail segment includes those individuals that simply don't want to change their own oil and females which is distinguished from the people that don't want to change their own oil which usually, but not always, is restricted to male customers. These two segments will be our market niche or target market. The area is well represented by our two primary target customers: females and people too pressed for time to change their own oil. About 54% of students at the local university are women. In addition, the community has retirecs and many professionals including staff and faculty at the university as well as individuals at three major employers in the community. Bath seniors and professionals are either too busy or simply not inclined to perform Do-It-Yourself oil change at home