Starting your own business can be a difficult but rewarding experience. And for cyclists who are passionate about all things biking, opening a bike shop seems like the perfect idea.
After all, making your passion your job is the recipe for success.
But what must be done to open your own bike shop? In this guide, we chew the fat off the crucial decisions and must-haves for starting your own bike shop.
You won’t need to have a flashy business degree or be a market share analysis expert in making this type of business a success.
Key decision # 1: online or offline
When you close your eyes and see your future bike shop, do you see a sparkling storefront in the middle of a city, or do you see a website?
Starting an online bike store is easier if you don’t have the capital to rent a store and cover the immediate overhead costs.
You can always pay less for a solid website than you have to pay to open a physical store. And it will reduce expenses in the future.
However, there may be times when you prefer to open a bicycle shop. This may be because the location of the store you have in mind is a popular or even famous cycling route in your country.
Or it may just be part of the dream of interacting with others cyclist enthusiasts on a daily basis rather than sitting behind a computer.
Key decision # 2: Type of store
You will also need to determine the type of bike shop you want to open. In fact, this decision will likely influence the above.
For example, if you want to offer repairs, you’re more likely to have a physical store rather than having customers send their bikes to you and then have to send them back, which would be expensive.
On the other hand, if you only wanted to sell bikes and accessories, you could choose one or the other.
But you might want to dive deeper than that. You need to determine if your store will specialize in a particular type of bike, such as BMX, beginner mountain bikes, or road bikes.
Or will it offer all types of bikes for all types of riders, as well as skateboards, e-scooters, etc.
Key Decision # 3: Location
If you decide to open a physical bike store rather than an online store, you will need to carefully think about where you will be opening your store.
Of course, there are bike enthusiasts everywhere, but to capitalize on the market, you’ll want to open your store in a strategic location.
The best places for bicycle shops are in towns near popular, even famous cycle routes. Some places are famous as part of the cycling vacation.
Opening a store here could be exceptionally profitable as vacationers may need to rent bikes on a daily basis.
By opening a store here, you can attract locals who want to buy bikes for themselves and their families, but you can also enjoy a high traffic – or should we say “tire fall” – of people out of town. the city using the routes.
This can be particularly beneficial if you plan to offer bicycle repairs as well.
What you will need to open a bicycle shop
Starting a business and trying to grow it will always be the toughest time, and it’s no different when you want to start a bike shop.
There is a long list of check-offs and research to complete. Here are the most important things you will need to do at the start:
1. Find suppliers
Once you’ve finalized the concept of your bike business, you should see which vendors are ready to supply your store. This research will support your business plan and will be used to help you obtain financing if needed.
2. Identify a store / designer
Depending on whether you will be opening a physical store or an Internet store, you will need to increase the price of rent and overhead at the desired location (or equivalent) or get quotes from website designers and developers.
Again, these numbers will influence your business plan.
3. Create a business plan
With your basic expenses researched, you can use this information to compose an accurate and professional report. business plan.
It’s a great way to map out your business and see if it will pay off – and how. But it is also essential if you plan to apply for a business loan from a bank.
4. Register your business
Before developing the business, it is essential that you register it with the local tax authority and any other group that needs to know about the business.
You may need to hire the services of an accountant at this point and in the future.
Collaborate with branding and marketing teams to help you create a new brand for your business. The industry can be competitive, so you will need your store to stand out with a professional image.
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