Well…
I learnt how to write, and why it’s important, to make a business plan for the bike shop.
I started out thinking that the idea of running my own business can’t any longer be some loose plan scribbled on the back of a fag packet, no! Because the plan has already been in my own head for a while now tumbling around with all the other nonsense that goes on in there, like thinking about why dogs insist on using their mouth as a hand… I’ve been discussing the plan with friends for a few years, tossing it about in my thoughts as I’ve drifted off to sleep and finally earlier this year I’d had enough of it being a thought or an idea and I now wanted to make it an actual thing. I didn’t realise this but It turns out that to transform an idea into a working project takes only one simple step, and that’s to write it down, or nowadays, type it out on a screen. Ok…?! Sorry to unleash my inner hippy here but all those mini video things you see on instabook and Ticgram with people whose hair colours you’d only ever see on a heavy evening out with Mr. LSD, looking you dead pan in the eyes all while talking about the moon, well they actually might be on to something..!
I know, I didn’t believe them too, (nothing wrong with hippies by the way I actually used to be one) and although it is a simple step of writing something down, you need to do the follow up process of critiquing your own work. Yes, write it down and then look at it, or read it out allowed and then, importantly, think about it some more. I learnt this while I was at Central Saint Martins. Self reflection and critique, something that comes naturally to me as a neurodivergent and over thinker, only I’ve been putting that energy into things like thinking about, did I say the right thing to that person last week, is my dog looking at me that way because it knows I’m thinking it’s mouth is a hand, or should I have bought the pair of socks that I do actually need, because I may not make the rent for the sake of buying socks, even though I’m still within my monthly budget… But am I?! Now I’m pranging out, wide awake at 3am in the morning checking my bank account, because obviously doing that at 3am is going to make all the difference…
This is what goes on in my head ok.
So I figured out this hippy ninja move, totally by accident, and all of a sudden, because I’ve now spent three weeks, going back and forth, checking the numbers, researching the data, looking at the road map, losing the compass, buying a GPS unit because its 2024, writing out a business plan, and eventually saying yep, this looks ok. It’s become an actual thing.
Where are we then with the bike shop build?
Ok, let's get into a serious thinking mode here because it’s all been a bit ADHD so far hasn’t it?
I went off after our last meeting you and me had here on this blog and began writing out a business plan, you know that because I’ve just talked about it, but I had no idea how to do it, I had no one to ask for guidance or talk about how to do it, so I did what everyone does when they don’t know what to do… I googled it, that’s right I googled how to write a business plan and I found the princes trust website which provided a template and guide on what to do, fabulous! I followed the process they laid out in the step by step guide, and rather than being vague about what the guide suggested I do, I dived into the minutia of the data. I wanted there to be as much information, for me more than anyone else, about how the business will likely work and where I will find customers, or more to the point, how I will generate revenue, and will the business make a living for itself in this current turbulent time in the cycling world.
I know there are people out there who can probably knock one of these plans together easily in one night but being a complete newbie to all this I really wanted to make sure everything looked sound and the numbers added up. Even now, with the blessings of people in positions of good standing and business authority on this matter, I’m still dubious about my own abilities and whether or not this business will work, but that’s the nature of the beast when it comes to business but I can’t express to you enough that I really really want this to work.
During the process of writing out the business plan, I reached out to Merthyr Tydfil council to ask them if they had any small business support, they put me on to a group call mTec,and enterprise center based in Merthyr who listened to my idea and recommended I got in touch with Business Wales. Business Wales signed me up for one of their online webinars, which then goes on into speaking with a business advisor. It’s all a process, follow the steps… This took, in itself, about 4 weeks till I finally got to speak with someone directly, but that’s the point, you take your time and make sure you’re doing things properly. All while that was going on I had also reached out to another part of Merthyr council to talk about any commercial properties they have on their books. Now bear in mind here, I hadn’t completely decided at this point that Merthyr Tydfil was going to be the location of where I was going to set up and launch the business. In fact in part of my talks with mTech, I was looking across a lot of the south east of Wales and Cardiff. But Merthyr kept coming up as a good location for consideration.
One thing naturally leads to another in the just following the process method that was laid out to me. The business plan was finished. That had the sign off from Merthyr Tydfil council in our talks about a commercial property and the business advisor from Business Wales as well, great huh?!. So that’s where we’ve got to right now. A completed business plan that’s holding water.
Next steps? Funding rounds !
No! Honestly! Please! Put your wallet away! Really! I’m not asking you for anything.
I have a very small savings pot, one of the benefits of living in London is that although you might be paid a little bit better (never the case in the cycling world by the way) everything else costs a fortune too, and that’s before you factor in the cost of living crisis, conservatives dropping a bollock every five minutes and… Brexit… So a small savings pot, rather than a large fat one, is what I have. Anyway, the business plan tells me what my start up costs are and that’s the next step. Raise capital! My next talks will hopefully be with Development banc Wales to see what I can possibly loan from them and with that, we are where we are.
As those talks begin and get underway I will also look to register the business as a limited company and do all the HMRC things that are required, that’s where the business advisor helps out as he’s linking me up with some book keepers.
And with that I can also do some of the more fun things like branding and website building and start the process of marketing the business. As well as decide on what brands to carry and things like shop fitting. But all in good time, I’m following the steps.
By the way?
Do you know what the full context of the business is? No, you don’t unless you know me and I’ve actually talked to you about it. Subscribe to the blog as the next writings by myself will give you the full low down on what’s to come.
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