Ralph's Boat Bait -N- Tackle | Application Preview
Ralph's Boat Bait -N- Tackle is seeking government grants to fund various investments totaling $58,300 to establish a recreational business in Manitowoc. The breakdown of initial investment needs includes costs for kayaks, lithium boat batteries, coolers, personal flotation devices, technological equipment, a company vehicle, storage sheds, and land beautification.
The business plan outlines a four-stage implementation strategy. The first stage focuses on rental services for kayaks and related equipment. Next, the plan includes developing campgrounds on the purchased land. The third stage features the organization of community events like fishing tournaments and kayak tours. Finally, the fourth stage aims at producing and selling modular 'lego' style boats.
Funding approval is positioned as a community investment, promising affordable outdoor recreation and an enhancement of local community spirit through events. In terms of competition, the nearby Manitowoc Marina rents kayaks but lacks the additional services Ralph's will offer. The business boasts a competitive advantage due to its easy access location, allowing safer kayaking away from the challenging currents of Lake Michigan, as well as providing camping opportunities.
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General Information
Business Registration Number: R086801
Location: Manitowoc, WI, United States
Length of Operation: 1-5
Number of Employees: 1-10 Employees
Annual Gross Income: Less than $100k
Annual Gross Expense: Less than $100k
Open to Loans: YES
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Funding Usage
The following is the breakdown of our initial investment needs: 8 Kayaks: $4,000 ($500 each) 3 Lithium Boat Batteries: $2,250 ($750 each) 3 Kayak Coolers: $450 ($150 each) 10 Personal Floatation Devices (PFDs): $600 ($60 each) Technological Equipment: $6,000 (Includes computer, printer, Apple Airtags, and internet setup) Company Vehicle: $25,000 Two Storage Sheds: $10,000 ($5,000 each) Land Beautification: $10,000 Total: $58,300
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Business Plan
Implementation Plan: Our plan is to establish Ralph's Boat Bait –n– Tackle in four stages: Stage 1: The initial stage involves setting up the kayak and kayak equipment rental services. Stage 2: The second stage focuses on developing small tent camping sites on the already purchased land. Stage 3: The third stage introduces river events such as fishing tournaments, kayak tours, races, and other community-oriented activities. Stage 4: The final stage will involve the assembly and sale of modular "lego" style boats, adding another unique element to our venture. The investment in Ralph's Boat Bait –n– Tackle will serve as an investment in the Manitowoc community. It will not only provide an affordable avenue for outdoor recreation but also foster community spirit through various events and activities. Your support will help us make this vision a reality and contribute to the vibrant small business landscape of Manitowoc city.
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Self Identified Competition
1. Manitowoc Marina- This location is at the mouth of the Manitowoc river that feeds into Lake Michigan. it only rents kayaks. Ralph's Boat Bait -N- Tackle is located a few miles up river in a easy to get to location. It is easier to kayak from this location for it does not have to contend with the currents and waves of Lake Michigan. Ralph's Boat Bait -N- Tackle will offer campsites for tents
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Contact Applicant
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