What You Need to Start Your Own Bike Shop

Starting your own business can be a challenging but rewarding experience. And for cyclists who are passionate about all things bikes, opening a bike shop sounds like the perfect idea.

After all, making your passion, your work is a recipe for success.

But what do you need to do to open your own bike shop? In this guide, we chew the fat on crucial decisions and must-dos to start your very own bike store.

You won’t need to have a flashy business degree or be a market share analysis expert to make these types of businesses a success.

Key Decision #1: Online vs Offline

When you close your eyes and see your future bike shop, do you see a gleaming storefront in the middle of a town, or do you see a website?

Creating an online bike shop is easier if you don’t have the capital to rent a store and cover immediate overheads.

You can always pay less for a solid website than you need to pay to open a brick-and-mortar store. And this will reduce expenses going forward.

However, there might be times when you prefer to open a bike store. This could be because the store location you have in mind is a popular or even famous cyclist route in your country.

Or it may simply be part of the dream to interreact with fellow cyclist enthusiasts on a daily basis rather than sit behind a computer.

Key Decision #2: Type of Store

You’ll also need to consider what type of bike store you aim to open. In fact, this decision will probably influence the above.

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    For example, if you want to offer repairs, it’s more likely you will have a physical store rather than asking customers to send their bikes to you and then having to send them back, which would be expensive.

    On the other hand, if you only wanted to sell bikes and accessories, you could choose either.

    But you may want to dive deeper than that. You should consider if your store will specialize in a particular type of bicycle, such as BMX, beginner mountain bikes, or road bikes.

    Or will it offer all types of bikes for all types of cyclists, as well as skateboards, electric scooters, and so on?

    Key Decision #3: Location

    If you decide that you want to open a physical bike shop rather than an online store, you’ll need to carefully consider where you’ll open your shop.

    Of course, there are bike enthusiasts everywhere, but to capitalize on the market, you will want to open your store in a strategic location.

    The best spots for bike stores are in towns close to popular cyclist routes, even famous ones. Some places are renowned for being part of cycling holidays.

    Opening a store here could be exceptionally profitable because holidaymakers may need to rent bicycles daily.

    By opening a store here, you can attract local people who want to buy bikes for themselves and their family, but you can also cash in on heavy footfall – or should we say “tire-fall” – from people out of town using the nearby routes.

    This can be especially beneficial if you also plan on offering bike repairs.

    What You Will Need to Open a Bike Shop

    Starting a business and trying to grow it will always be the most challenging period, and it is no different when you want to start a bike shop.

    There is a long list of tasks to tick off and research to complete. Here are the most important things you’ll need to do in the beginning:

    1. Research Suppliers

    Once you have the concept of your bike business finalized, you should look to see what suppliers are out there and willing to stock your store. This research will underpin your business plan and will be used to help get funding if required.

    2. Identify a Store/Designer

    Depending on whether you will open a physical store or an internet store, you should price up the cost of rent and overheads at your desired location (or equivalent) or get quotes from website designers and developers.

    Again, these figures will influence your business plan.

    3. Create a Business Plan

    With your core expenses researched, you can use this information to compose an accurate and professional business plan.

    This is a great way to map out the blueprint of your business and see if it will be profitable – and how so. But it is also essential if you plan on applying for a business loan from a bank.

    4. Register Your Business

    Before progressing with the business, it is essential that you register it with the local tax authority and any other group that needs to know about the company.

    You may need to employ the services of an accountant at this stage and going forward.

    5.  Branding

    Engage with branding and marketing teams to help come up with a new brand for your business. The industry can be competitive, so you’ll need your store to stand out with a professional image.

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    What You Need to Start Your Own Bike Shop — Bike Hacks