Aussie Trail Bikes Business - Example

Aussie Trail Bikes Business Plan Table of Contents Aussie Trail Bikes – Business Case 4 A.Business Choice 4 B.Location - Why Sydney 4 C.Business Need 4 D.Making Money 5 E.Industry Background 5 Aussie trail Bikes - Business Plan 6 1.Executive Summary 7 2.Introduction 8 2.1.Investment from Jason Baulk 8 2.2.Company Summary 9 2.2.1.Ownership 9 2.2.2.Strategy 10 2.2.3.SWOT Analysis 10 2.2.4.Pricing Mechanism 12 2.2.5.Financial Records 12 3.Products/Service 12 3.1.Our Products 12 3.1.1.Brands 13 3.2.Target Market and Customers 13 3.3.Competition and market share 14 3.3.1.Market Analysis and Segmentation 15 4.Operations 15 4.1.Management and Personnel 15 7.Financial Management 16 7.1.Yearly Budget 16 Income Statement 17 7.2.Cash Flow Statement 18 7.3.Use of Funds 20 Overhead / Expenses Budget 20 8.Conclusion 21 Appendices 22 Balance Sheet / Statement of Financial Position 22 Ratios 25 References 27 Aussie Trail Bikes – Business Case A. Business Choice The business that I have chosen is an establishment of bicycle Shop in Newcastle Sydney, Australia and an Online Shopping website. The business has been selected because the number of new riders in Sydney is increasing according to (Bureau of Transport Statistics, 2012) by 10% since 2010. Australia does not possess a robust bicycle manufacturing industry, this has led to the penetration of companies operating online since most of the bicycles are imported. Online sales will help penetrate the large Australian population. B. Location - Why Sydney Aussie Trail Bikes, an established online reseller of used bikes intends to expand its operations by opening a shop in Sydney. The number of households in Sydney according to (Bureau of Transport Statistics, 2012) are 2,066, 663. The distribution of the households is nearly even throughout the city with Newcastle having the largest population of 10%. With the population distribution with 14% being 9-29 and 14% 30-49yrs and 50+ being 20% plus according to (Bureau of Transport Statistics, 2012), Sydney is a growth Market for health cycling and leisure riders. C. Business Need Offer lifestyle change through bicycle riding while reducing the health risks of our customers. We are founded to offer cycling activities to communities and other organizations. The increase in Obesity and overweight among Australians provides a platform to launch a health and lifestyle business. Over 10.8 million adults are either obese or overweight (.myhealthycommunities.gov.au, 2013). New South Wales represents the highest percentage of overweight people in Australia with about 79% of its population suffering from obesity (.myhealthycommunities.gov.au, 2013). Zander argue that to improve transport systems there is need to improve the number of people using bicycles (Zander, et al., 2012). D. Making Money The business will be based on both a shop outlet in Australia and an online shop. Online sales will be collected using card payment mechanism online. The cost of running the business Online has been shown to be lower than operating the shop. The shop increases the brand value of the business and gives it a major community presence. Various payment methods will be accepted at the shop. E. Industry Background Cycling has been in existence for more than 350years. The industry though has grown in the last few years. In Australia according to (Bicycle Industries Australia Ltd, 2012) the bicycle employs more than 6000 people with 2008 offering record revenues with more than 1.43 million Units. There are many operators in Australia especially small independent owners. The main competitors are Torpedu, Cycle Reaction Cycles Internationals. Aussie trail Bikes - Business Plan 1. Executive Summary Aussie Trail Bikes is an existing online business with annual sales of $ 40,000. Management is seeking funding from Jason Baulk (Angel Investor) to expand its business by setting up a shop in Sydney and rebrand the existing website. Part of the expansion will see Aussie Trail introduce new products in the market. Today Aussie Trail sells used bikes in an auction website www.aussietrailbikes.com.au. Research shows that the number of new cyclist increased by 11% since 2010. This increase has created demand for new and used bicycles in the Australia. With a number of operators such as www.Torpedu7.com.au reporting high profits for Australian operations (Bicycle Industries Australia Ltd, 2012), there is sufficient market to warrant the expansion of the business. This increase in cyclist creates an opportunity for expansion of Aussie Trail Bikes who currently specialise in used bicycles. The setup will include a redevelopment of Aussie trail Bikes website with an aim of increasing sells in the Australia and including the new products. The services we currently offer are limited to used bikes. The new products are new bikes (hybrid and Mountain) from various suppliers, cycling nutrition products such as energy drinks, body armour and Pads from Dainese and finally, accessories and spares. Servicing and maintenance will be offered free for all bikes bought at the shop for a period of 3 months from the date of purchase. We expect a gross Margin of 46% on the new products and an expected 40% net margin. The Break-even point is estimated at 710 units. With the changing weather patterns in the Australia, sales are expected to be at peak levels in the summer months. Aussie Trail Bikes will optimise these events to promote its products and increase revenue. The annual expected revenue for 2014 is approximately $1.7 million, supported by high sales of nutritional products and body armour and pads. 2. Introduction 2.1. Investment from Jason Baulk This business plan is intended to source for $ 40,000 to expand the business. Aussie Trail Bikes approaches Jason Baulk for an investment of $40,000 Australian dollars for 30% equity in Aussie Trail Bikes. To complete required amount the owner will inject $10,000 to the business from his savings. An extra $20,000 will be reinvested from a retained earnings from the business. Investor’s returns will be based on 30% of the total profit generated. From our estimate in the next two years, the investor should earn $203,000. The total expected earnings are $600,000 in the two years. The return on investment is good. Total cash injection of $ 70, 000 that will be used primarily to setup operations in the Sydney. With a capital injection of $ 70,000 and credit facility of 60% of start-up inventory the business will have sufficient cash flow to start. Expansion Plan   Requirements   Expansion Expenses   Legal $ 1,600.00 Stationery etc. $ 250.00 Promotional Materials $ 300.00 Consultants $ 800.00 Rent, fixtures and fittings $ 5,000.00 Insurance $ 350.00 Website Development $ 3,000.00 Total Start-up Expenses $ 11,300.00     Expansion Assets   Cash Required $ 5,000.00 Start-up Inventory $ 31,979.00 Other Current Assets $ 18,000.00 Long-term Assets $ 17,500.00 Total Assets $ 72,479.00 Total Requirements $ 83,779.00 2.2. Company Summary 2.2.1. Ownership Aussie Trail Bikes is a 100% owned by the presenter. Seeking an equity partnership will reduce the ownership percentage to 70%. The company has been in operation for one year and with the increased demand in bicycles it intends to expand its operations from a small used bikes shop to a high end value brand with over $1 Million turnover annually. This expansion will see an introduction of five new products and a capital injection of about $70,000. The business proprietor has been in retail industry for 10 years in senior management. Having worked as the head of sales at Giant Bikes he raised the revenues by 20% year on year to reach $10 Million in three years. The vast experience in the industry is complemented by wide networks with bicycle manufacturers and suppliers. These networks have ensured a credit facility is set in place of 40% of all inventory for the next trading year with a review expected at the end of the financial year. Other members of the management team include an experienced, James Warden, who will act as the inventory and supplies manager and Irene Walker who will be in charge of ecommerce and innovation. Irene has over 5 years work experience at a major online retails store as the head of strategy. He experience will be valuable in the business development. 2.2.2. Strategy Business strategy is to develop an online platform to sell the new products. Online sales will contribute 40% of the total revenue with servicing and shop sales contributing the remaining 60%. We intend to aggressively market the business to sporting clubs and event organisers in a view to increase the brand penetration. With a major appetite for new bicycles especially cruiser bikes, the focus will be to promote / market our services to leisure riders. We are situated in a high end market area thus diet supplements will be a major contributor to our revenue as well as sale of the Dainess branded body armour. The marketing plan will include promotion of events and healthy living through bicycle riding. Health is a major concern to many people, therefore, this will be a major entry point to the market. Beach rides and tours in the woods is another strategic method that Aussie Trails intends to capture the market. Organizing community events that include bike riding competition we can increase our market penetration and visibility in Sydney. 2.2.3. SWOT Analysis Strengths Our strengths are: Location – we are located in the heart of Australia in Sydney’s high-end streets. This will give us an big advantage as our targets can afford to pay higher prices for extra services like education tours etc. Management’s Experience - the experience of our management team is wide. Online retail store – increased presence online will contribute to a increased revenues. Being a local operator, we will enjoy a big advantage over our rivals like www.torpedu7.com . Vision – our vision is to contribute to a healthier Australia through bicycle riding. This vision is engrained in our products with the provision of health supplements in our stores and regular events organised for the community. Weaknesses Cost of operation in Sydney has been raising in the last few years. This will continue to put pressure on our margins. Poor economic environment – though the economy has shown increase resilience the outlook remains poor. The reduced purchasing power will be a major hindrance to our growth. Strengthening Australian Dollar over other currencies – Australia does not manufacture enough bicycles. This means almost all the bicycles for sale in Australia are imported. A stronger Dollar will definitely eat into our profitability. Opportunities Increasing number of riders. The number of new riders in Australia are increasing and this offers a major opportunity for growth in the years to come. Major Universities – In Sydney there are several Universities. With commuting around the campus being easier on a bicycle this will offer a new market. Threats Weak government regulations – with no major government led initiatives to have more people on bicycles the market will continue to be under threat. Large Non-Australian companies – there are many non-indigenous companies setting up shop in Australia. They remain a major threat to increased market share since they are well funded. Taxation – review of corporate taxa and other taxes continues to be a major threat to our business. 2.2.4. Pricing Mechanism We intend to maintain a gross margin of above 46%. This pricing mechanism will enable us to maintain strong accounting indicators. With increasing number of independent shops our pricing method will be put under pressure, but the increased customer service and supplementary services will give us a competitive edge. We offer free service programs to our customers as a method of customer retention. 2.2.5. Financial Records All financial records will be recorded electronically on a third party financial system. This computer application will have modules for Australian Taxation Office records to assist in reporting of financial results. Accrual method of accounting will be used in bookkeeping. 3. Products/Service 3.1. Our Products 1. New Hybrid Bikes – we will sell new hybrid bikes at our stores. The hybrid bike I popular because of its cost and suitability for city usage. It is light and the cost is lower than mountain bikes. Customers will have the option of selecting the bike they want from several brands that we will stock up in our stores. Hybrids are also good for sports, fitness and leisure riding hence the popularity. 2. Mountain Bike – a choice from BMX to Carrera, customers will have long range of choice on mountain bikes. With mountain bike being a specialised area gross margin from the sale of a mountain bike will certainly make up for the lower sales volumes in this category. 3. Cycling Nutritional Products – this section will have several energy drinks and nutritional healthy guide for cyclist. The products under this category are expected to be the major differentiator from our competitors. 4. Body Armour and Pads - we will concentrate on selling only one brand of body armour, Dainese. The choice of this brand is important in maintaining our brand value as a high-end market provider of protective clothing. The volume of sales of the protective gear is expected to increase as the number of cyclist increase. With more people paying attention to safety, protective clothing is going to be a business driver. 5. Accessories and spares – we will introduce sale of spares and other accessories like bike watches. This product will complement our maintenance service and offer customers a one-stop shop for all their cycling needs. 6. Used Bikes - this is the existing product which will be continued. 3.1.1. Brands Our main brands are BMX, Carrera, Boardman, Voodoo and Apollo. The will be the main brands that we will deal with in the New Bikes category. The bile variety will include Adult, Women, Unisex and Kids. With prices range from $ 175 to $ 1050 the average unit price of a Hybrid Bicycle is $ 400 while that of a Mountain bike is $ 650. Dainese’s body armour and pads ranges from $ 100 to $ 350. The protective gear includes knee guards, chest vests and neck braces. 3.2. Target Market and Customers Our targeted customers are Leisure riders and fitness riders. Leisure riders have grown over the past few years. The increase in leisure riders will be a key entry point with well-organized events attracting large numbers of riders. Fitness riders also is a major growth sector. This category will accelerate the use of Nutritional products at our stores and increase revenues. Below is the list of expected growth in the numbers of riders. Market Analysis             Year 0 Year 1 Year 2 Potential Customers Growth Leisure riders 4% 27,500 28,600 29,744 4.00% Fitness riders 1% 6,500 6,533 6,566 0.50% Other 0% 2,000 2,000 2,000 0.00% Total 2.22% 196,000 200,333 204,774 2.22% 3.3. Competition and market share Our main competitors are Cyclingtours.com and www.Torpedu7.com.au. Other competitors are Giant Bicycles being a big market player, personal attention to each customer is limited. We will leverage a lean customer base by providing supplier products and services to all our customers. Personal care for each customer will be our main goal. Our location is another competitive advantage. Our customer is the High Street shopper in Sydney. These shoppers walk or ride past the shops. They are also health conscious individuals willing to invest in a better lifestyle. Comfort and safety of the bicycle and the accessories will increase customer retention. They know they can get the service they need by dropping their bike off picking it up on later. Our customer retention method is to offer superior service and products. We will also seek to increase sales via our web portal. Marketing efforts will focus on selling Aussie Trail Bikes as business that operates in the entire Australia. We will ship products bought online within one day (24-hour deliver) program. 3.3.1. Market Analysis and Segmentation Our main customer is leisure rides and sports enthusiastic riders. The figure below adapted from shows the increased number of new cyclist. The new cyclists are about 11%. This population will offer opportunity for growth in the industry and also increased revenues for Aussie Trail Bikes. 4. Operations 4.1. Management and Personnel Hiring of staff will be done on merit with emphasis on experience in customer services, sales and repair. the new staff will have to possess two-years work experience in retail or fast moving consumer goods (FMCG). We intend to keep four highly knowledgeable staff members in our shop. They will help to advise customers and be in charge of the sales. Below is the initial needs of the personnel Personnel Plan Number of People         Year 1 Year 2 Year 3 Manager 1 $ 18,000.00 $ 18,000.00 $ 18,000.00 Full time staff 3 $ 25,200.00 $ 30,000.00 $ 30,000.00 Part-time Employees Not specified $ 4,800.00 $ 7,000.00 $ 7,000.00 Total Payroll   $ 48,000.00 $ 55,000.00 $ 55,000.00 7. Financial Management The figures below represent the summary of the financial report for the two years. Growth in sales is expected at 10% with the profitability ratios remaining constant. Budget Summary   Sales $1,701,550 Gross Profit $788,090 Gross Profit Margin 46% Net Profit $677,418 Net Profit Margin 40% Return on Capital Employed 99% Break Even units 737.8133333 7.1. Yearly Budget Income Statement 2014 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC TOTAL Sales 61,500 67,300 116,400 149,650 163,150 208,500 227,100 199,350 168,950 135,100 107,000 97,550 1,701,550 Cost of sales Opening Stock 0 48,140 85,510 117,940 144,640 174,710 181,760 175,110 166,730 165,570 153,070 137,350 1,550,530 Purchases 79,940 72,910 94,660 107,480 119,120 119,620 114,620 97,940 91,280 60,620 41,980 42,160 1,042,330 Closing stock 48,140 85,510 117,940 144,640 174,710 181,760 175,110 166,730 165,570 153,070 137,350 128,870 1,679,400 Total cost of sales 31,800 35,540 62,230 80,780 89,050 112,570 121,270 106,320 92,440 73,120 57,700 50,640 913,460 Gross profit 29,700 31,760 54,170 68,870 74,100 95,930 105,830 93,030 76,510 61,980 49,300 46,910 788,090 Overheads Website Design 2,500 0 0 0 0 0 0 0 0 0 0 0 2,500 Rent 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 12,000 Insurance 350 350 350 350 350 350 350 350 350 350 350 350 4,200 Payroll 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 48,000 Utilities 270 270 270 270 270 270 270 270 270 270 270 270 3,240 Marketing 4,500 3,500 1,000 1,000 1,000 4,500 4,200 1,000 1,000 1,500 1,500 1,500 26,200 Stationery and Office Expenses 120 120 120 120 120 120 120 120 120 120 120 120 1,440 Website maintenance and Support 150 150 150 150 150 150 150 150 150 150 150 150 1,800 Leased Service Van 350 350 350 350 350 350 350 350 350 350 350 350 4,200 Security System 30 30 30 30 30 30 30 30 30 30 30 30 360 Miscellaneous 40 40 40 40 40 40 40 40 40 40 40 40 480 Loan Interest 521 521 521 521 521 521 521 521 521 521 521 521 6,252 Total Overheads 13,831 10,331 7,831 7,831 7,831 11,331 11,031 7,831 7,831 8,331 8,331 8,331 110,672 Net profit 15,869 21,429 46,339 61,039 66,269 84,599 94,799 85,199 68,679 53,649 40,969 38,579 677,418 7.2. Cash Flow Statement Cash Flow Budget 2014 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Inflow Cash sales 43,100 53,855 92,535 118,353 130,125 170,393 172,905 156,573 122,335 103,640 86,800 72,168 Credit sales 0 18,400 13,445 23,865 31,298 33,025 38,107 54,195 42,778 46,615 31,460 20,200 Old Assets sold 0 0 0 0 0 0 0 0 0 0 0 0 Loans received $ 60,000.00 0 0 0 0 0 0 0 0 0 0 0 Capital introduced $ 10,000.00 0 0 0 0 0 0 0 0 0 0 0 Total inflow 113,100 72,255 105,980 142,218 161,423 203,418 211,012 210,768 165,113 150,255 118,260 92,368 Outflow Cash purchases 31,976 29,164 37,864 42,992 47,648 47,848 45,848 39,176 36,512 24,248 16,792 16,864 Credit purchases 0 47,964 43,746 56,796 64,488 71,472 71,772 68,772 58,764 54,768 36,372 25,188 Website Design 2,500 0 0 0 0 0 0 0 0 0 0 0 Rent 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 Insurance 350 350 350 350 350 350 350 350 350 350 350 350 Payroll 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 Utilities 270 270 270 270 270 270 270 270 270 270 270 270 Marketing 4,500 3,500 1,000 1,000 1,000 4,500 4,200 1,000 1,000 1,500 1,500 1,500 Stationery and Office Expenses 120 120 120 120 120 120 120 120 120 120 120 120 Website maintenance and Support 150 150 150 150 150 150 150 150 150 150 150 150 Leased Service Van 350 350 350 350 350 350 350 350 350 350 350 350 Security System 30 30 30 30 30 30 30 30 30 30 30 30 Miscellaneous 40 40 40 40 40 40 40 40 40 40 40 40 Loan Interest 521 521 521 521 521 521 521 521 521 521 521 521 Loan principal repayed 1,780 1,780 1,780 1,780 1,780 1,780 1,780 1,780 1,780 1,780 1,780 1,780 Fixed assets purchased 17,500 2,000 2,000 1,000 0 10,000 0 0 0 0 0 0 Total outflow 65,087 91,239 93,221 110,399 121,747 142,431 130,431 117,559 104,887 89,127 63,275 52,163 Opening balance 0 48,013 29,029 41,788 73,607 113,282 174,269 254,850 348,059 408,284 469,412 524,397 Net cash flow in/(out) 48,013 -18,984 12,759 31,819 39,676 60,987 80,581 93,209 60,226 61,128 54,985 40,205 Closing balance 48,013 29,029 41,788 73,607 113,282 174,269 254,850 348,059 408,284 469,412 524,397 564,602 7.3. Use of Funds Overhead / Expenses Budget 2014 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Website Redesign 2500 0 0 0 0 0 0 0 0 0 0 0 Rent 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 1000 Insurance 350 350 350 350 350 350 350 350 350 350 350 350 Payroll 4000 4000 4000 4000 4000 4000 4000 4000 4000 4000 4000 4000 Utilities 270 270 270 270 270 270 270 270 270 270 270 270 Marketing 4500 3500 1000 1000 1000 4500 4200 1000 1000 1500 1500 1500 Stationery and Office Expenses 120 120 120 120 120 120 120 120 120 120 120 120 Website maintenance and Support 150 150 150 150 150 150 150 150 150 150 150 150 Leased Service Van 350 350 350 350 350 350 350 350 350 350 350 350 Security System 30 30 30 30 30 30 30 30 30 30 30 30 Miscellaneous 40 40 40 40 40 40 40 40 40 40 40 40 Loan Interest 521 521 521 521 521 521 521 521 521 521 521 521 Total overheads 13831 10331 7831 7831 7831 11331 11031 7831 7831 8331 8331 8331 8. Conclusion Jason Baulk’s investment in this business will not only be timely but important to for this expansion plan. The amount of revenue earned each year will be handsome payment of the risk that Jason Baulk will engage in by funding Aussie Trail Bikes. With the gross margin of about 46% and net margins above 30% the solvency of the business is not in doubt. Appendices Balance Sheet / Statement of Financial Position 2014 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Non-current assets 17,500 19,500 21,500 22,500 22,500 32,500 32,500 32,500 32,500 32,500 32,500 32,500 Current Assets Inventory 48,140 85,510 117,940 144,640 174,710 181,760 175,110 166,730 165,570 153,070 137,350 128,870 Trade receivables 18,400 13,445 23,865 31,298 33,025 38,107 54,195 42,778 46,615 31,460 20,200 25,383 Cash 48,013 29,029 41,788 73,607 113,282 174,269 254,850 348,059 408,284 469,412 524,397 564,602 Total 114,553 127,984 183,593 249,544 321,017 394,136 484,155 557,566 620,469 653,942 681,947 718,854 Less current liabilities Trade payables 47,964 43,746 56,796 64,488 71,472 71,772 68,772 58,764 54,768 36,372 25,188 25,296 Cash overdrawn 0 0 0 0 0 0 0 0 0 0 0 0 Total 47,964 43,746 56,796 64,488 71,472 71,772 68,772 58,764 54,768 36,372 25,188 25,296 Working capital 66,589 84,238 126,797 185,056 249,545 322,364 415,383 498,802 565,701 617,570 656,759 693,558 84,089 103,738 148,297 207,556 272,045 354,864 447,883 531,302 598,201 650,070 689,259 726,058 Long Term loans 58,220 56,440 54,660 52,880 51,100 49,320 47,540 45,760 43,980 42,200 40,420 38,640 Net Assets 25,869 47,298 93,637 154,676 220,945 305,544 400,343 485,542 554,221 607,870 648,839 687,418 Financed by : Share capital 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 Profit and loss 15,869 21,429 46,339 61,039 66,269 84,599 94,799 85,199 68,679 53,649 40,969 38,579 Retained earnings 0 15,869 37,298 83,637 144,676 210,945 295,544 390,343 475,542 544,221 597,870 638,839 Total Equity 25,869 47,298 93,637 154,676 220,945 305,544 400,343 485,542 554,221 607,870 648,839 687,418 Check total 0 0 0 0 0 0 0 0 0 0 0 Ratios 2014 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC TOTAL Profitability Gross profit ratio 48% 47% 47% 46% 45% 46% 47% 47% 45% 46% 46% 48% 46% Net profit ratio 26% 32% 40% 41% 41% 41% 42% 43% 41% 40% 38% 40% 40% ROCE ratio 61% 79% 89% 94% 95% 97% 98% 98% 98% 98% 98% 99% Liquidity or Solvency Current ratio or working capital ratio 2.39 2.93 3.23 3.87 4.49 5.49 7.04 9.49 11.33 17.98 27.07 28.42 Acid or Quick test 1.38 0.97 1.16 1.63 2.05 2.96 4.49 6.65 8.31 13.77 21.62 23.32 Efficiency Receivables collection period (days) 9 6 6 6 6 5 7 7 8 7 6 8 Payables payment period (days) 47 34 28 24 25 19 18 17 18 15 13 15 Inventory turnover (days) 41 15 19 18 17 19 21 19 17 14 12 12 References .myhealthycommunities.gov.au, 2013. Overweight and obesity rates across Australia, 2011–12. [Online] Available at: http://www.myhealthycommunities.gov.au/Content/publications/downloads/NHPA_HC_Report_Overweight_and_Obesity_Report_October_2013.pdf [Accessed 04 May 2014]. Bicycle Industries Australia Ltd, 2012. Economic Structure and Performance of the Australian Retail Industry, Melbourne: AUSTRALIAN GOVERNMENT – PRODUCTIVITY COMMISSION. Bureau of Transport Statistics, 2012. Sydney Cycling Survey 2011: Methods and Findings, Sydney: NSW Government. London School of Economic (LSE), 2014. The British Cycling Economy Gross Cycling Product Report, London: LSE. Zander, A., Rissel, C. & Bauman, A., 2012. Cycling to work in Sydney: analysis of journey-to-work Census data from 2001 to 2011, Sydney: The University of Sydney. Read More