Although you covered some information about the products and services of your electric bike business in the executive summary, you didn’t thoroughly discuss such. Alpha Blonde Bicycle Shop®, Inc. is in business to retail a wide range of bicycles and bicycle spare parts and accessories to the residence of Little Rock – Arkansas and every other location our shop will be opened. We are in the bicycle dealership and repair shops industry to maximize profits and we are going to go all the way out to ensure that we achieve or business goals and objectives. Below is a sample bicycle shop business plan template that can help you to successfully write your own with little or no difficulty. The statistics shown in this chapter include the projected sales of e-bicycles.
- You can then decipher how much money you’ll need for each action, whether it’s setting up a website or paying for a billboard ad in the city centre.
- The historical financial data mainly applies to established electric bike businesses and assesses income statements, cash flow statements, balance sheets, etc.
- There are many cyclists within the UK, but they all have very different needs.
- Depending on the concept you choose, you’ll sell bikes or offer repairs, or do both.
Other key details include providing a brief history of your operations and the nature of the business. Because every business exists to fill a need, have the specific condition or problems you wish to serve or solve. It’s the starting point where further broadening or explaining what the business does or helps achieve are made.
How To Take Over A Bike Shop
Provides managements 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. Although the business is launching out with just one outlet in Little Rock – Arkansas, but there is a plan to open other outlets and sell franchise all around major cities in the United States and Canada. The industry is responsible for the employment of well over 84,282 people. Experts project that the industry will grow at a 3.1 percent annual rate between 2011 and 2016.
Our sample business plans and inbuilt help tips will help you to get started with your writing even if you are no expert. Our business plan sections and charts will make your document visually attractive. As people are going to invest some cash in it, they want the best possible product. Hence, finding out what kind and brands of bikes are in demand helps you cater to your customers better. This business is owned by a retired professional cyclist and will be located in Miami, Florida.
The remaining cash will be used for working capital for wages, rent, utilities and operational costs for the first year of business. Ride On Bikes is pursuing a $175,000 SBA loan which will be used for building renovations, inventory purchases, initial marketing and working capital. The owner has invested $25,000 in cash plus $20,000 in tools and supplies to begin the venture. Projections for Ride On Bikes show the company generating nearly $500,000 in sales in Year 1 and becoming cash flow positive early in Year 2.
Financial control and oversight are fundamental to the development and long term future of a successful cycle retail business. The university has approximately 20,000 full time students attending at any one time. In addition to this campus, there are three other colleges within the Quad Cities that Ride On Bikes can cater to. There is an estimated 25% turnover among the student population yearly, as new students enroll. Ride On Bikes is a limited liability company registered with the Washington Secretary of State under the name of “Rick’s Cycling, LLC”.
Hiring A Consultant Or Chartered Accountant To Write The Business Plan
We will be located at 25 rue Saint-Jean in the heart of the downtown shopping district and on a road that is very popular with cyclists since it provides access to the north end of the city. If you choose to adapt this template to your project in the software, you will be able to include images and rich text. The amount needed for the purchase of insurance policy covers (general liability, workers’ compensation and property casualty) coverage at a total premium – $30,800.
If your place of business will be renovated before opening, it is recommended to include language in your lease agreement stating that lease payments will not commence until a valid CO is issued. It is advisable to provide customers with informed consent agreements to decrease legal liability and encourage transparency. Recording your various expenses and sources of income is critical to understanding the financial performance of your business. Keeping accurate and detailed accounts also greatly simplifies your annual tax filing. Learn more about state sales tax and franchise taxes in our state sales tax guides. Consult this website to see what competitors are charging (and even to see whether it’s in your economic interest to start such a business in a given location).
Rick began riding and working on bikes at a young age, which began his love for the cycling community. As a teenager he worked for a bike shop after school and during the summer, where he eventually became a certified bike mechanic. Along with learning how to work on bikes, Rick made several key contacts with sales reps of various companies in the biking industry. After relocating to the Pullman area to attend college for a business degree, Rick realized the need for a bike shop in the area. Following the completion of a Bachelor’s Degree in Business Administration, Rick decided to open Ride On Bikes. Our store will mainly focus on cyclists who practice cycling as a sports activity, especially since we sell racing bikes customised to their needs.
Alpha Blonde Bicycle Shop®, Inc. is a private registered business that is solely owned and financed by Alfred Gordon and his immediate family members. They do not intend to welcome any external business partner which is why he has decided to restrict the sourcing of the start – up capital to 3 major sources. Alpha Blonde Bicycle Shop®, Inc. is launching a standard one stop bicycle dealership and repair shop that will indeed become the preferred choice of residence of Little Rock – Arkansas and every other location where our outlets will be opened. We are aware of the stiffer competition and we are well prepared to compete favorably with other leading bicycle dealership and repair shops in Little Rock – Arkansas and throughout the United States and Canada.