Starting a Bicylce Company

Discussion in 'Starting a Business' started by Its The Patrick, May 21, 2011.

  1. Its The Patrick

    Its The Patrick
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    Hello everyone,

    I have been in the midst of trying to start my first company, and obviously I am a bit confused about certain aspects and I need some insight.

    As some background about me: I have been working in the cycling industry for about 6 years now, and have been riding for about 13 years. I come from a family of designers, so naturally I took to designing bicycle frames and components. I decided to start a bike company about 6 months ago, and have been working heavily on a few designs to start out with.

    As far as the market goes. Cycling is a rapidly growing industry, with a concentrated demographic in every major city in the U.S. and Canada. To start, I will be offering products catered to just two niches of the cycling world, but eventually I would like to cater to all.

    So here is where I need some help:

    I am completely lost when it comes to making a business model and/or plan. I have read a few examples, but I can't seem to figure out where to start it. I almost need a question to answer for each section of the plan, but I can't seem to formulate the questions I need to answer. Is there an outline or something that you guys can suggest for me?

    Another issue I am faced with is under what type to start it under. I will be the only employee of the company and will contract out the manufacturing of the product; so I am pretty sure that it should be an LLC. I have a friend who is helping me with the accounting side of things, and she informed me that I can use the Schedule C on my tax forms to record my earnings, without going through the Secretary of State's office in creating the business. Is this true?

    I appreciate the help in advanced. Thanks!

    ~Patrick
     
  2. Fergal

    Fergal
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    Welcome to our Business Forum Patrick, thanks for joining and posting.

    This business plan template could be just what you are looking for - please note that it links to a downloadable Word document from a safe and trusted source. Taking some time to complete that could be very helpful to you. I'd suggest that you do the first draft for your own eyes only, in other words try to get the info written down as realistically as possible without worrying as to what other people or potential investors would think of it. If you decide to approach potential funders in the future you can tweak your plan at that time.

    I'm not based in the US so unfortunately I don't have detailed knowledge as to what would be the best form of business for you to establish. What you could do is contact your local IRS office and ask them some questions. You could even decide not to give your name if you wanted to get some info, before making your intentions and plans official.

    Having done some cycling myself and being interested in the sport I wish you every success with the business. I hope you continue to visit our forum to keep us updated on your progress and to let us know if you have any further questions.
     
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  3. bossagain

    bossagain
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    Your business model should include all the essential aspects for establishment of a business like The targeted customer, the market segment, the objective, techniques etc. you should even consult to some experienced professional of your filed before making any move.
     

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