California Business Startup Provides Free Bikes To Colleges
On behalf of The Law Office of Lynnette Ariathurai, A Professional Corporation posted in Business Formation & Planning on Wednesday, October 9, 2013.
Everybody needs some type of transportation. However, some people cannot afford their own cars, while many times public transportation is not convenient or even available in some areas. For these situations, riding a bicycle may be a good option. Many times it is more convenient for college students to use bicycles to get around, which is what one new business startup in California is trying to capitalize on.
The new company, FreeBike Project, is offering loaner bicycles to college students for free and has already established operations at one California university and is looking to expand to other campuses. The business will cover its operational costs by selling advertising to local businesses that want to promote their brand to local college students. The company now has 20 bikes with advertisements for a clothing store printed on framed advertisements attached to the cruiser bars of the bicycles.
The company is now attempting to create a presence in universities all across the country and not just in California. When a student leases a bicycle, he or she is required to make a $130 deposit. However, the company will reimburse the student for the deposit after the student posts pictures of the bike on his or her social media accounts. The company plans to increase the number of bikes available as well as create more advertising partnerships with local businesses.
In order to create a successful business startup, similar to this new California company, it is essential that business owners create an effective and thorough business plan. The plan should include all important keys to success relevant for the particular situation, both short term and going forward. This will provide a guide to growing the business for the first few years. However, it will also be essential to consider and ensure compliance with applicable laws and regulations when planning business operations.
Source: The Daily Northwestern, California startup brings free loaner bikes to Northwestern, Edward Cox, Oct. 2, 2013