Interested in small bike shop ideas? If YES, here is how to open a bike shop business with no money and no experience. How much does it cost to start up?
How to Start a Bike Shop Business
Starting a bike shop for selling, repairing and assembly can be a profitable cum rewarding experience, only if you are ready to put in the necessary work and capital.
Will you mind capitalizing on bike shop? Do you need the requirements needed before starting a bike shop? Whatever your need is for starting a bike shop, this article is furnished with all what it entails to venture into the bike industry.
The incessant increased in demand for bikes has over the years brought about the appearance of more and more manufacturers in the bike industry, you have a clear chance to make a way out of those manufacturing companies by starting your own bike shop.
All you need is just a connection to be one of their retailers, and you are good to go. With the following surefire ways and method, you are bonding to have a hitch free in the course of starting a bike shop.
- Know the Startup Costs
When starting a bike shop, you need to know the amount of money that will be needed to start the bike business and this depends largely on the scale you are planning to go for.
Irrespective of your initial grubstake, for your own and the bike business interest, it is better if you don’t go to borrow the startup capital. Today’s interest rates easily identify the differences and dissimilarities that exist between success and failure. Be careful!
- Choosing a Location
Before you open your bike shop, it is very ideal if you check out for the most suitable environment to set up your bike shop. Although any building, most time, will do—at least to begin with, but it is best to look for the one that can easily be divided into a showroom, assembly department and a service area.
When, where and how to start checking out for that ideal location and place is indeed a tricky question: You do not have to own a store unless and until you are ready to move in bikes and bike spare parts. And this means, when you are ready to open the bike shop.
- Finding Suppliers
Before your bike shop grand opening, of course, you sure will have to find a reliable wholesale supplier who will be furnishing your bike shop with bikes, spare parts and accessories.
This aspect too needs careful timing: Around summer months, you may encounter difficulties in finding sources whose goods have not been sold out completely to existing dealers.
As a result, it is better to open your bike shop during the fall (the height of the season will be over then) when most of the distributors will be eager to welcome new business.
By this, you will also have the time to get yourself acquainted with the operation sequel to the spring rolls around, and your target audience will have some time, also, to get familiar to the presence of your bike store.
However, the easiest way you can get a supplier is by surfing the net for the available bike supplier.
The following are some of bike supplying company that might be of help to you: Gitane Pacific, D-I-N Industry, Beacon Cycle supply, Alpine Distributors etc.
- Define your Niche
Right! You have tracked down a suitable location plus a building for your bike shop and contacted your bike supplier. Now, you have to identify your niche and choose the type of bike to sell before spreading the startup capital around so that you wouldn’t get stock up in the long run.
Your first supply of bikes to your bike shop should at least give your prospective customers a choice of two brands. Your supplier will help you out in deciding the best colors, frame sizes and design to start with. In as much as you are trading with a reputable firm, you need not to disturb yourself about being oversold on any given style.
- Get Your Tools Ready
Obviously, you are going to need tools to assemble your bikes. You don’t necessarily have to spend something huge on this in the beginning, you can just get a set of metric wrenches ready, an adjustable wrench with a few screwdrivers will do.
You will be surprise at the length you can go with those items alone. In addition, you will need some tools for tire repair, plus a few gadgets, design especially, for bike work.
Again, your supplier can enlighten you more on what to order. Expensive items like the movable repair stands, the air compressors etc. can all come later, as the business grows.
- Reserved Funds
Whatever the penny you have left from the startup capital should be held tightly as a reserve capital just in case you will be in serious need of it. You never can tell, a customer can walk into your bike shop and request for 5 to 8 bikes for his children or grandchildren.
For example, so if they are not available in your stock, at least, with the reserve fund you will be able to order for the bikes from your supplier. While most of the businesses are new and thriving well, it is usually the best option to keep back every penny of profit earn into the operation, therefore, a bike shop is no an exception.
Be informed that it is not a good idea to depend on your business and fledging enterprise as your source of livelihood unless and until it has be firmly established.
Ideally, the other tips and method of starting a bike shop apart from the aforementioned depends on how well you work during the course of learning and operating the business. However, you cannot expect yourself to get rich quickly with the business but if you are ready to work hard with your bike shop in quiet and peaceful surroundings, surely, good things will come your way.