Leverage on the internet and social media platforms like; YouTube, Instagram, Facebook ,Twitter, LinkedIn, Snapchat, Badoo, Google+ and other platforms to promote our business. Finds out the customer’s needs, recommend, select and help locate the right merchandise, describe a product’s features and benefits. Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products. Alpha Blonde Bicycle Shop®, Inc. will at all times demonstrate her commitment to sustainability, both individually and as a firm, by actively participating in our communities and integrating sustainable business best practices wherever possible.
The primary market is the university population, which has a regular turnover of 25%. As the exclusive dealer for four big manufacturers, the company also markets to the surrounding population of over 100,000 people in the Quad Cities area, which includes three other colleges. In the area, there are three competing bike shops; however, none are able to offer the popular brands that are exclusive to Ride On Bikes. The bottom line is that if you are determined to explore the entrepreneurial world by starting a bike sharing business, then you should consider going through the business plan below. Below is a sample bike sharing business plan template that can help you write your own with little or no difficulty. In essence, there are a whole lot of business opportunities for everybody interested in doing business with bicycles no matter their financial status and one of such businesses is to start a bicycle sharing service.
These shops are mainly made up of retail cycle dealers and repairers, but some retailers also have a hand in the resale of bike parts and accessories. The French government launched a major “cycling plan” in August 2018 to triple the share of cycling in public transport from 3% to 9% by 2024. The main objective was to fight pollution, by encouraging the French population to travel more frequently by bike. Is originally from Caen and holds a Professional Qualification Certificate in bicycle maintenance and repair. He has completed internships that have allowed him to specialize in several fields, and has 10 years of experience in various bicycle stores in the Caen region as a mechanic and then as a workshop manager.
In addition, Rick consults with some of his former business professors who taught him at Washington University. In the surrounding areas, indirect competition consists of mass retailers, such as Wal-Mart, K-Mart and Shopko. All of these have significantly lower prices; however, the quality of their bikes is much lower than what Ride On Bikes offers.
There are several types of insurance policies created for different types of businesses with different risks. If you’re unsure of the types of risks that your business may face, begin with General Liability Insurance. This is the most common coverage that small businesses need, so it’s a great place to start for your business. Just as with licenses and permits, your business needs insurance in order to operate safely and lawfully. Business Insurance protects your company’s financial wellbeing in the event of a covered loss.
4 Facilities & Location
The two partners got to know each other through the French Cycling Federation, both having attended cycling events organised by the body. Their shared passion for cycling was what led them to set up this business together. Is a native of Caen and has a sports management degree with a specialisation in cycling.
- Many shop owners often do not take a wage in the early years, and put all the cash back into their business.
- The annual growth rate for individual customers is 10% with 343,009 potential customers.
- A study published in 2015 in the journal Transportation concludes that bike sharing systems can be grouped into behaviorally similar categories based upon their size.
- Business Insurance protects your company’s financial wellbeing in the event of a covered loss.
Calling on professionals to help you draft your business plan is an effective solution because they’re used to making them. Without a background in accounting, it’s likely you’ll have trouble building a realistic financial forecast without errors. If your Word and Excel skills are average, then you may also end up spending a lot of time on it and it will quickly, become a very dull task. So keep an eye on the latest trends and be ready to adapt your product range to move with the needs and desires of your customers. If this supplier goes bankrupt, you’ll have to scramble to find another one as soon as possible.
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The introduction of franchise and online store makes it easier for bicycle dealership and repair shops to reach out to a larger market far beyond the areas where a physical bicycle dealership and repair shop is located. Players in the Bicycle Dealership and Repair Shops industry primarily sell new bicycles, bicycle parts and accessories. A good number of bicycle dealership shops also provide repair and maintenance services. So, if you have decided to open a bicycle dealership and repair shop, then you should ensure that you carry out feasibility studies and also market survey. This will enable you properly locate the business in a good location and then hit the ground running. Business plan is yet another very important business document that you should not take for granted in the bid to launching your own business.
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In a near future, global sales of e-bikes are forecasted to reach approximately 40 million units. Here you will find the financial plan of the company including estimates for its revenues, expenses, cash flow and capital requirements. This is the standard bike shop business plan outline which will cover all important sections that you should include in your business plan. And although you might already know a lot about bikes and what kind of bike would work for whom, you’ll need one more thing.
Our niche market will allow us to build customer loyalty and bring customers to our store, particularly through word of mouth amongst sportspeople. As a matter of fact, profit-sharing arrangement will be made available to all our senior management staff and it will be based on their performance for a period of five years or more as agreed by the board of trustees of the company. As a means of maximizing operational cost, we will contract the maintenance of all our bicycles to a service provider, we don’t intend to maintain a very large overhead from the onset. A bicycle sharing system, public bicycle system, or bike share scheme, is a service in which bicycles are made available for shared use to individuals on a short – term basis for a price or fee. Many bike sharing systems allow people to borrow a bike from a “dock” and return it to another dock belonging to the same system. As long as you’re writing the executive summary, it’s necessary not to get into many details about the services and products.