Here is how to write an electric bike business plan.
Starting a bike sales business will require careful planning like any other commercial undertaking.
This is where many entrepreneurs get overwhelmed as they cannot seem to figure out how to go about the planning process.
ELECTRIC BIKE BUSINESS PLAN SAMPLE
Articles such as this offer a helping hand as you get the advantage of working with a comprehensive template.
We’ve provided a basic structure to pattern your electric bike business plan. No matter your reasons for writing a project, the outcomes or results should matter the most.
In other words, your business plan should be such that it allows for easy reading and comprehension. More importantly, it should be implementable.
Structuring your Plan
Without the proper structure, your electric bike business plan will be ineffective. In other words, it’s likely to end up haphazard, defeating its creation’s purpose.
Certain sections are considered vital to writing a good plan, including the executive summary and company description.
Others are the products & services section, the market analysis, strategy & implementation, the organization & management team, and the financial plan & projections.
With all of these included and carefully discussed, the outcomes of your electric bike business plan should be excellent.
i. Executive Summary
This plan section is best written last to quickly capture all essential parts of the project.
Although it’s written last, the executive summary first appears in order of arrangement for good reason. It’s a concise and optimistic overview of the plan designed to capture or hold the reader’s attention.
Here, all plan sections are covered but in a more condensed format. The goal is to give the reader an idea of the plan and, more importantly, promote viability.
The reader’s likelihood of reading the entire plan depends on how well the executive summary is presented.
The sections and subsections covered in the executive summary are the business name and location, services and products offered, mission and vision statements, and the plan’s purpose.
Each of these points needs to be fully covered to understand the business concept better.
The business name gives identity to the business idea. It’s the starting point where further broadening or explaining what the business does or helps achieve is made.
The services and products section describes the types of services and products offered by the electric bike business.
As long as you’re writing the executive summary, it’s necessary not to get into many details about the services and products. This is because a whole section for that is available in the main body of the plan.
The mission statement should define your electric bike business. It should state the purpose of your plan with details such as who you are (as a business) and the services you provide.
On the other hand, the vision statement is an internal communication tool that seeks to motivate.
Vision statements have a futuristic outlook on the business.
It should set your overall strategic plan spanning a timeframe. Your executive summary should be comprehensive enough, with these sections and others carefully discussed.
ii. Company Description
Company description is an essential part of an excellent electric bike business plan. Here, an overview of the business’s sole purpose for existence is focused on.
When writing the company description, it should cover or include details such as the legal structure adopted and a summary of the short and long-term goals.
Other key details include providing a brief history of your operations and the nature of the business because every business exists to fill a need and has the specific condition (s) or problems you wish to serve or solve.
Your company description must also include a summary of company growth with financial or market highlights.
iii. Products & Services
Although you covered some information about the products and services of your electric bike business in the executive summary, you didn’t thoroughly discuss such.
This is where an in-depth discussion on your products and services is had. Extensively discuss your services and products with an emphasis on customer benefits.
How do your products compare to those of your competition?
Also, include a market role of your products and services. What’s the life cycle of such products, and are there any data relating to copyright, trade secrets, or patents?
iv. Market Analysis
Without thorough market analysis, you won’t be able to demonstrate an appreciable level of understanding of the market. Have a sketch of target customer segments with details covering size and demographics.
You also want to identify and assess your competitor’s strengths and weaknesses.
Your market analysis will require an industry description and outlook with supporting statistics. Also, historical, current, and projected marketing data relating to your products help with strategy development.
v. Strategy & Implementation
The correct information drives effective marketing and sales strategy. You want to show how you intend to promote your electric bike business to customers and how you’ll penetrate the market.
Also covered here are details relating to costs, pricing, distribution, and promotions.
Explain how your electric bike business will function, focusing on the operations cycle, labor sources, and several employees. Extra details like operating hours and production facilities will be helpful.
vi. Organization & Management Team
How’s your management team organized or composed?
This is better explained by including an organizational chart, providing information on owners, with names, percentage ownership, level of involvement in running the business, and biography.
The management team profile will require information such as the names, positions held, primary responsibilities, and prior experience.
Advisors, attorneys, board members, and accountants must be included here.
vii. Financial Plan & Projections
The financial plan and projections section comes last and contains an in-depth cash flow analysis. Here, the points covered include historical and realistic prospective financial data.
The historical financial data mainly applies to established electric bike businesses and assesses income statements, cash flow statements, balance sheets, etc.
Having covered these areas, your electric bike business plan should be ready. Plus, it will be unique to your business and comprehensive enough.