People pursue bike riding for several reasons. It can be for passion, for staying fit, or a hobby that helps you feel more connected to nature or feel happy.
Whatever the reason, we all know that several people enjoy riding bikes regardless of their age.
If you are planning to start a new bike shop, the first thing you will need is a business plan. Use our sample Bike Shop Business Plan created using upmetrics business plan software to start writing your business plan in no time.
Before you start writing your business plan for your new bike shop business, spend as much time as you can reading through some examples of retail store-related business plans.
Industry Overview
The global bike market stood at a massive market value of 65.43 billion US dollars in 2019 and has grown at a rapid rate going forward too.
The growth of hobbies like nature rides, mountain biking, and so on has led to the growth of the biking industry. The increasing attention paid to health and fitness and the usage of bikes as an environment-friendly alternative for transport is also a major contributing factor to the growth.
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Things to Consider Before Writing a Bike Shop Business Plan
Finding out what would be the cost of setting up and running your shop at the beginning itself can take you a long way. After all, it gives you an ample amount of time to figure out what amount you have, what amount you would need in funds, and what are the various resources of funding.
Also, this practice would ensure you don’t face cash crunches or financial instability in your business.
Figure out the costs
Finding out what would be the cost of setting up and running your shop at the beginning itself can take you a long way. After all, it gives you an ample amount of time to figure out what amount you have, what amount you would need in funds, and what are the various resources of funding.
Also, this practice would ensure you don’t face cash crunches or financial instability in your business.
Find out which brands are in demand
This step is essentially important for bike shops. As people are going to invest some cash in it, they want the best possible product. And there are a few fixed brands all of us tend to trust. Hence, finding out what kinds and brands of bikes are in demand helps you cater to your customers better.
Know your target audience
A bike store has a wide variety of target audiences. It can be anyone from fitness enthusiasts to nature lovers, teenagers, people who pursue cycling as a hobby, and so on. Knowing who is your target audience is necessary for you to have the right product, the right marketing strategy, and additional services.
Build your website
Building your website early on helps you get a headstart with your business promotions. Through the website, you can grab attention by sharing information related to your business, cycling in general, etc. It helps you have an audience even before you have set up your store. It also helps you connect with your audience and understand them better.
Chalking out Your Business Plan
If you are here, chances are that you are someone who’s passionate about bikes and is ready to take their passion to the next level by making it a business.
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. A bike shop business plan to help you through the business aspect of things.
Reading sample business plans will give you a good idea of what you’re aiming for and also it will show you the different sections that different entrepreneurs include and the language they use to write about themselves and their business plans.
We have created this sample bike shop business plan for you to get a good idea about what a perfect bike shop business plan should look like and what details you will need to include in your stunning business plan.
Bike Shop Business Plan Outline
This is the standard bike shop business plan outline which will cover all important sections that you should include in your business plan.
- Executive Summary
- Mission Statement
- Vision Statement
- Keys To Success
- Objectives
- Company Summary
- Business Structure
- Startup Summary
- Startup cost
- Products and Services
- Retail Sales
- Bikes
- Accessories
- Clothing
- Parts
- Service
- Retail Sales
- Market Analysis
- Market Trends
- Target Market
- SWOT Analysis
- Strategy & Implementations
- Advertising Strategy
- Pricing Strategy
- Financial Plan
- Important Assumptions
- Brake-even Analysis
- Projected Profit and Loss
- Profit Yearly
- Gross Margin Yearly
- Projected Cash Flow
- Projected Balance Sheet
- Business Ratios
After getting started with Upmetrics, you can copy this sample business plan into your business plan and modify the required information and download your bike shop business plan pdf and doc file. It’s the fastest and easiest way to start writing your business plan.
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Download a sample bike shop business plan
Need help writing your business plan from scratch? Here you go; download our free bike shop business plan pdf to start.
It’s a modern business plan template specifically designed for your bike shop business. Use the example business plan as a guide for writing your own.
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