This effort will help you understand more about what is required from a business knowledge standpoint and get you accustomed to reading financials. First, you will be vetted by a financial institution and have some very seasoned eyes looking at your projections. Going through the process of getting a loan and securing a line of credit will do two important things. You will need enough cash to secure an initial inventory buy, lease payments, store buildout, insurance, workshop buildout, and a variety of other expenses that will add up quickly. Do not become complacent if you do not need a loan consider going through the process to make sure your plan is sound first. If you need to obtain a bank loan, you will need to write a detailed business plan with at least three years of projections amongst a host of other information you can find on the SBA’s website. If you have personal resources, good for you, but you will still need a good plan and you will want to put a limit on what you’re willing to inject. Obtaining a primary source of funding is a critical part of how to start a bike shop successfully and get your bike store off the ground. Securing Funding & Writing a Business Plan Ideally, you will have some type of riding that is good near you, as bike paths, mountain bike trails, or scenic low traffic roads all will be of help – all three? You’re in luck! 2. Having great Rail-to-Trails or world-class mountain biking, for example, will go a long way towards getting things right in your inventory selections, store model, and what will work in your area. You want to play in your area’s strengths. When considering how to start a bike shop, having a solid understanding of your marketplace and its potential and limitations will go a long way towards success. How to start a bike shop: follow these 11 steps if you want to be sure that you have a solid foundation for your business from day one.
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