Calling on professionals to help you draft your business plan is an effective solution because they’re used to making them. There are many cyclists within the UK, but they all have very different needs. You can, therefore, decide to keep the concept of your shop quite broad so you can cater to these various needs or you can specialise in a niche market . 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.
It is important to keep the cycle well identified and a log kept of any damage and how it occurred. Be prepared to deduct a charge for further damage from the deposit that is one reason why it is imposed. ACT has a simple hire document in the stationery range, but a computerised system is the best method for integrated data. Make the return time a condition of the hire; otherwise you could be hanging around half the evening waiting for a return to arrive.
Our Cytech accreditation programme has become the industry benchmark for technical competence and won a Government National Training Award when it was first set up in 1995. There is no doubt that clear ID is important on the bike to not only aid recovery of lost or stolen machines, but also to act as a mobile advertisement for the company. Coloured decals or bright tape, anything that is not easy to remove is ideal. The identity can be removed before selling on and a note of the frame number will serve as proof that the cycle has been sold and not stolen. Check with other dealers who are hiring so that you don’t all have similar marking, plus notify the police of what you are doing. Remember that cycle hire is just like any other business, it needs good management, the right people and promotion to really make it work.
- And don’t forget that many recently developed areas advertise for cycle hire operators.
- Our cyclist tailored service ensures their needs are met and they’re back on two wheels as soon as possible.
- It is important, however, to ensure that the group leader accepts full responsibility for the care and safety of all the members of his party.
- There’s detailed guidance on your legal obligations to consumers, and on the requirements when selling online, on the Trading Standards Business Companion website.
- The objective here is to verify whether there’s room on the local bike shop market for you to set up shop in your desired area.
A mobile hire pitch can work well although will need to look professional to ensure customer confidence and it will increase demands on storage. Hire premises should offer facilities for customers as well as good storage space, especially if located on site where security will also be another important consideration for you and your customers. Hire premises in remote locations can prove tempting for bike thieves so they will require adequate security and insurance. Now they rent that bike for the summer season – usually weeks – for approximately £100 a week. By the end of the summer that single bike will have generated at least £1000 worth of hi re sales. Now at the end of the summer season and in the run up to Christmas the hire operator sells the bike for approximately £125.
In effect it will be the first line support mechanism for your customers once theyhave left your premises. What information should the hire operator provide and when should it be provided? Some of the larger centres may use a booking agent and it is vital to ensure that any details given out by a third party on your behalf are 100% accurate. Direct pre-bookings that require confirmation must also be accurate and it the vital audit trail starts with the logged details of this confirmation. Information is bound to change from time to time and it is an important part of quality control that these changes are reflected in all your publications and paperwork.
With our user-friendly management software, we want to help managers grow a sustainable bike rental business that’s simple to run. Its purpose is to present your business model by telling your story – who you are, where you’re based, what product or service you’re selling, and, most importantly, what you need from the reader to make it come to life. It will allow you to show potential investors that you’ve thought deeply about every aspect of your bike shop, from the actions you’ll put in place to attract customers to a solid contingency plan. The written section of your business plan can’t be neglected because it puts the figures presented in the financial part into context – allowing those reading the plan to understand the risks and assets of your business model. Our Bicycle conjugates, including both toxin conjugates and targeted innate immune activators, are designed to rapidly deliver drugs systemically. These conjugates have favorable pharmacokinetic characteristics that provide extensive tissue penetration and a pronounced pharmacodynamic effect with a short duration of systemic exposure.
The first port of call should be specialist brokers Butterworth Spengler , however shopping around will almost certainly be required to assess the options. Clearly cycle hire does require access to the right location so it can’t work for everyone, and there’s no guarantee the great British weather will be on your side either. ‘CoverFit’ is our groundbreaking insurance fitting service, unique to Bikmo. Our expert, Ben, will guide bike shops through the increasingly mystical components of a high-performance policy, all aimed towards providing bike shops with a personalised insurance proposal designed around the business. The end result is a product that provides premium protection for the modern-day bike shop, combined with expert advice to ensure the policy is configured to fit the client. We know first-hand that Hiscox is a reliable insurer we can depend on to support our clients when things go wrong, and are committed to work with us to continually improve.
Maintenance is essential to a good hire fleet and will represent one of the biggest costs to the business. Investing in good models and Cytech trained mechanics working to standard procedures will help reduce these overheads. When comparing insurance quotes, uncover the differences between policies by using aninsurance comparison form. If you play background music in your shop then you’re likely to need a Music Licence from PPL PRS Ltd. There is an annual fee for this which you can pay online on the PPL PRS website.
The Financial Forecast Of Your Bike Shop Business Plan
Another possible solution is to use online business plan software, like the one we offer here at The Business Plan Shop. The day-to-day operation of your bike shop is highlighted in this section – from your recruitment plan to opening hours and suppliers used. This section is used to present your company, including its legal structure, business partners, and the company’s location. Make sure you have a look at different resources such as the Bicycle Associationor even on specialist websites such as Bikebizwhich here, for example, tells you how the bike shop market fared in 2019. Studying the market will also set the scene for setting up a strong marketing plan – as you’ll have a more thorough understanding of the techniques that are most likely to attract customers. 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.
If there is any doubt about safety or ability, then a management decision may be required before proceeding further. The final stage of the handover procedure is to brief all staff on the way that the company wants the customers to be processed from the time of arrival to riding away. The most important element is the quality audit trail as this provides evidence that a quality handover process has been carried out – keep a record of all the stages and get it signed for. The owner of the cycle hire centre should assess the suitability of staff to carry out cycle hire handovers. A simple method of quality assurance is for a qualified member of staff to become ‘mentor’ to those undergoing training and for the owner or senior manager to oversee the mentors work. This guide contains suggestions and examples to help the operator develop their own handover system which is most appropriate for their business.