The investment will help the company begin and continue operations until the company becomes self-sustaining. Management Team Mickey Jordan, Partner Mickey Jordan has more than ten years in the food and restaurant industry and serves as the head chef of a five-star restaurant. Mickey will bring his food preparation expertise to the enterprise to ensure high quality products and efficient cooking standards.
Our target market is summer visitors to Cape Cod, particularly central Cape Cod. We will be differentiated from competitors in that we will deliver rental bicycles directly to our customers at their motels, campsites, or summer rental residences.
At this point we have assembled a detailed operating plan, including promotional plans. We have arranged access to a station wagon to deliver bicycles and a garage to store them in.
We have started to carefully buy used bicycles in excellent quality at very reasonable prices. Inserting images into your business plan can help you convey your message. Another important differential is that our cost base is dramatically lower than that of our competitors. For one, we are going to buy used bicycles in a very disciplined way to build our rental fleet, whereas our competitors buy new bicycles.
We estimate that we can buy quality used bicycles for approximately half the cost our competitors spend for new bicycles. We will also have very little labor cost. There are other employees. Bob has ridden bicycles for many years, is handy with tools, and believes he can do most basic bicycle repairs himself.
We will also have very low overhead costs. We will store bicycles in an old garage previously converted from an outhouse on our family property. Bob will use the family station wagon, only paying for gas, to service the business. Bob also has a good neighbor and friend, Harold Perethian, who runs a large bicycle wholesale business, who lends additional advice and provides wholesale prices for accessories and parts.
We expect the business to be highly profitable and for investors to potentially earn back their investment very quickly. By reinvesting part of our profits from our initial summers, we plan to expand our fleet and increase our advertising, eventually expanding our promotional activity throughout the entire area.
Milestones Complete operating plan developed. Initiate purchase of used bicycles. Complete purchase of bicycle fleet. Complete delivery of flyers by bicycle to motels and campsites. End of season sale of bicycles being disposed of. Last day of rental operations for season.
However, with the average bicycle dealer deriving just 0. Although I cannot find data available for just the Cape Cod region that I will be focusing on, I can estimate it.
I start with my estimated number of bicycles available for rental of about 1, The majority of rentals are single-day rentals.
For simplicity, I will assume all rentals are single-day rentals. A good graph will always be better than a thousand words. First I will focus on the key week summer season, when most rentals occur. I estimate from anecdotal information and limited personal observation that, including off-weather days, rental bicycles average a 40 percent utilization rate during the summer season, or in other words, are rented for an average of 28 days.
Then I adjust for off-season rentals. Also, I believe the total possible market is larger, particularly because many rentals are an impulse decision. So every time a new rental stand is set up, I believe the market incrementally expands.
Furthermore, with my introduction of bicycle rentals delivered to motels, campsites, and summer residences, the market may expand further. Changes in the Market I believe the market for bicycle rentals on Cape Cod is continuing to grow and is fueled by a number of favorable factors. The rail trails, old railroad lines converted into bicycle trails, are becoming increasingly well known and popular and especially important to the segment of the population that will only take on the expense of a rental bicycle if they can ride it on a dedicated bicycle trail.
People are generally pursuing more healthy lifestyles, especially on vacations, and are increasingly more likely to want to bicycle on vacation.A business plan is used to define your business, identify your goals and serve as your firm' Create a Business Plan in minutes using a step-by-step template.
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