Considering Starting Your Own Bicycle Shop?

Starting Your Own Bicycle Shop may be a good business plan for you. If you really like bikes and know plenty about their mechanics, opening a storefront could be quite profitable. That being said, there is more to starting your own bicycle shop than you may realize. While being knowledgeable about bikes is a good start, you need the business savvy to be successful.

Having good business sense is about knowing how to manage:

Money – This includes having the finances to start and run the business. This also includes knowing what to price equipment and bikes so you can make a profit without scaring away customers.

Time – Starting your own business takes time and is not something that happens over night. It is something you must continuously work on and improve to always make it appeal to customers.

Marketing – If you don’t market your business, no one will know it exists. Create flyers, make a website, put an ad in your local newspaper, etc.

Networking – Get to know others in the small bicycle shop business and make friends. This may encourage them to send their customers to you when they need a part the other shop doesn’t carry.

Business legalities – When starting this type of business, or any business for that matter, you need to register it. You also need to consider insurance, taxes, etc.

Customers – Your customers are what will make or break your business. You need customer service skills and establish a relationship with your customers. The more you get to know them, the more you’ll gain an understanding of what they like. Happy and satisfied customers usually come back and bring others with them.

Now that you know the gist of the business side of starting your own storefront, you need to focus on the bikes you’ll sell. There are basically 4 different types of bikes that you can advertise, and they are as follows:

1. Single-speed cruiser bikes – these bikes are generally priced at around $100 – 200+. They are easy to repair and can usually be fixed by the owner.

2. Modern utility bikes – These bikes are ideal for riding in the city and are priced at $100-$300+

3. Lightweight, 10-18 speed bikes - these bikes usually have space for storing small accessories (IE water bottle, bike pump, etc.). They are priced anywhere from $300 - $2000+

4. Specialty bikes – these are bikes used for sports purposes such as mountain bikes, touring bikes. Depending on the model these bikes can range anywhere form $300 - $2000+.

Keep in mind that adults will likely be interested in purchasing a different style of bike compared to youths. Therefore, if you don’t have the finances when starting your own bicycle shop to support both tastes, choose a target market.

Some other tips you should keep in mind is focus only on purchasing essential equipment. There is no point in blowing money on rare items that the average customer won’t purchase. Therefore, when starting your own bicycle shop, get into the habit of reading trade journals and bike magazines. The products and equipment you will see advertised in these magazines is what your customers will likely want to see.

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The Nuts-and-Bolts Guide to Turning Your Business Dream Into a Reality.