Bike shops offer some of the most convenient ways to get around the town or just spend some quality time with friends enjoying a nice serene ride. Owning a bike shop can also be a very gratifying and rewarding experience as well. In a recent national survey,it?s estimated that 33% of Americans ride bicycles for recreation. That?s huge. Especially if you have profit and revenue in mind. The thing is even though bicycle riding is very popular among all people of different ages, Bike shops are still not that common since most people own and operate their own bicycle. However, the supply and demand is still there and this is a huge business opportunity that will definitely grow as long as it’s something you’re passionate about and love doing.
Biking is something you can do almost anywhere. During camping trips, in and around the city, or maybe you and your loved ones want to rent a cabin somewhere in the woods and ride your dirt bikes down the hill for kicks. Its one of those activities that never gets old regardless of how experienced you are at it. It’s fun and giving people the opportunity to enjoy this fun activity is well worth the trouble of starting your own bike shop. Here are a few tips and guide to get you started on a successful.
Firstly,understand and calculate the cost of starting your own bike shop.This is a business after all and any business requires capital and startup money. How big would you like your facility to be and how much inventory do you plan to have? These are all factors that will increase your costs. The longer a bicycle is stored in your inventory the more it costs to keep it. There?s also repairs that may need to be done. These items need maintenance. But on the plus side, bike shops are nothing like horse farms where you have to spend more money on upkeep and maintenance. Figure out how much this will cost you to start and how much it will cost you yearly to maintain the inventory and facility.
Secondly, Think about location.Where do you want to set up shop? Think about the activity itself. Bike shops are usually located in areas where people are active and where the weather is nice. Usually near a beach or in a pace city like New York where people are constantly on the go nut almost everything is nearby. Outdoor activities like bike riding gives elderly people things to do when there?s nothing else they can do that helps them maintain their youth. All these factors are tips to help you think about where you should place your bike shop.
Thirdly, Try to find great suppliers of the most popular brands.Before you even think about opening a bike shop, you?re going to need suppliers. Not just bicycle suppliers but also for tools and parts. Bike shops usually offer more than just bikes. Accessories must come with it. Do your research and stock up on the most popular brands to get started. A business has to give its customers what they want so get to know the top brands and fill up your inventory with them.
With this in mind try not to think about profit right away. The business needs to build up momentum first. Figure out the best ways to reach out to your customers and build the brand. These tips will definitely get you started on the right path to success.