Start a bike repair business by following these 9 steps:
- Plan your business. A clear plan is essential for success as an entrepreneur. It will help you map out the specifics of your business and discover some unknowns.
- Form a legal entity. The most common business structure types are the sole proprietorship, partnership, limited liability company (LLC), and corporation.
- Register for taxes. You will need to register for a variety of state and federal taxes before you can open for business.
- Open a business bank account & credit card. Using dedicated business banking and credit accounts is essential for personal asset protection. ...
- Set up business accounting. Recording your various expenses and sources of income is critical to understanding the financial performance of your business.
- Obtain necessary permits and licenses. Failure to acquire necessary permits and licenses can result in hefty fines, or even cause your business to be shut down.
- Get business insurance. Just as with licenses and permits, your business needs insurance in order to operate safely and lawfully.
- Define your brand. Your brand is what your company stands for, as well as how your business is perceived by the public.
- Create your business website. After defining your brand and creating your logo the next step is to create a website for your business.
Full Answer
What do I need to start a bike repair business in co?
Review all building codes and zoning requirements for your business’ location to ensure your bike repair shop will be in compliance and able to obtain a CO. Just as with licenses and permits, your business needs insurance in order to operate safely and lawfully.
What do I need to know before opening a bike shop?
Now that you have all your tools you will need a bike to practice on. I recommend working on your families bikes. Or you could get a junker bike and repair it and ride it. Watch plenty of youtube tutorials and get familiar with how bikes work. Repair as many bikes as you can before opening shop. Knowing is half the battle.
Is a bike repair business a small business?
A bike repair business can remain a small business that’s run by just one person, or it can grow to have several employees who are constantly working on bikes. Business owners usually hire their first employee only after their business’ revenue can support an employee.
How many bikes should I repair before opening up shop?
Repair as many bikes as you can before opening shop. Knowing is half the battle. It''s really a pain in the rear when you are trying to change a cassette and you don't know how. Step 3: Open Up Shop.
Is a bicycle repair shop profitable?
How much profit can a bike repair business make? Some bike repair business owners earn up to $35 per hour or more, not including any profit they earn on parts sales. Business owners who grow their business into full-time businesses may earn $1,600 per week or more.
How do I start a bike mechanic?
How to become a bike mechanicGet a high school diploma or GED. Like many other positions and industries, if you plan to work as a bike mechanic for a bike store or sporting goods store, you'll need a high school diploma or GED. ... Take a bike repair course. ... Get experience through work. ... Earn a certification. ... Grow your skills.
Can you make money as a bike mechanic?
On average, a bike mechanic makes $29,282 a year according to data from PayScale. Hourly, that's about $12.82. Pay can increase depending on a bike mechanic's level of experience, education, and certifications. They may also get commission, bonuses, and overtime pay that boosts income.
How do you set up a bike workshop?
1:304:33How To Create A Home Workshop | Road Cycling Tips - YouTubeYouTubeStart of suggested clipEnd of suggested clipNow if there's one major investment. I would urge you to make for your home workshop. It is the workMoreNow if there's one major investment. I would urge you to make for your home workshop. It is the work Stanley's believable how much easier it makes having a bike off the ground stable.
Is being a bike mechanic worth it?
Bike mechanics make a fortune Well, not really. Unfortunately it's not a super-lucrative job and in many resorts you'll make minimum wage or just above. If you work in a good shop, it's possible to make a good wage, but you'll never be loaded. You can however save a ton of money as a mechanic.
What do you call a person who fixes bikes?
A bicycle mechanic or bike mechanic is a mechanic who can perform a wide range of repairs on bicycles. Bicycle mechanics can be employed in various types of stores, ranging from large department stores to small local bike shops; cycling teams, or bicycle manufacturers.
What margin do bike shops make?
a 36 percentThe average store maintains a 36 percent profit margin on bicycle sales and so does the average high profit store. It's not about inventory turns. The average store turns inventory 2.2 times, while the high profit store is slightly worse at 2.0 turns.
What qualifications do you need to be a bicycle mechanic?
You'll need:the ability to use, repair and maintain machines and tools.to be thorough and pay attention to detail.analytical thinking skills.customer service skills.the ability to sell products and services.knowledge of engineering science and technology.problem-solving skills.the ability to work well with your hands.More items...
How can I make money with a bike?
How to Make Money With Your Bike or ScooterDeliver Meals for DoorDash. Making food deliveries is an excellent way to earn cash with your bike or scooter. ... Deliver for Instacart. ... Get Paid to Bike to Work. ... Start a Bike Blog or YouTube Channel. ... Lead Bike Tours. ... Be a Bike Messenger. ... Rent Out Your Bike. ... Work as a Pedicab Driver.More items...•
What tools do you need to fix a bike?
Bike Tools for Routine MaintenanceAllen® wrench set (ranging from 2-12mm in size)Open end wrenches (6-17mm)Chain brush.Chain lube and cleaner.Clean rags.Tire levers.Tubes (at least a couple spares)Tube patch kit.More items...
What tools do you need to rebuild a bicycle?
28:3646:40Bike Tools - The Tools I Use To Repair/Update/Restore Bikes - YouTubeYouTubeStart of suggested clipEnd of suggested clipAnd then there's always going to be little uh specialty tools like this little tool here is forMoreAnd then there's always going to be little uh specialty tools like this little tool here is for opening up uh shimano spd type pedals uh you can unscrew the main body out of there for overhauling.
What tools do I need to build a bike?
What you'll needSmall phillips and flat head screwdrivers.Bike Grease.Allen keys.Wire cutters.Spanners and sockets 9-15mm.Spanners and sockets 9-15mm.You can build a bike without a bike stand but if you like the look of the one on screen you'll find it here Bikehut repair stand.
What qualifications do you need to be a bike mechanic?
You'll need:the ability to use, repair and maintain machines and tools.to be thorough and pay attention to detail.analytical thinking skills.customer service skills.the ability to sell products and services.knowledge of engineering science and technology.problem-solving skills.the ability to work well with your hands.More items...
How do you become a pro bike mechanic?
0:2410:18How Do You Become A Pro Cycling Mechanic? - YouTubeYouTubeStart of suggested clipEnd of suggested clipExperience and eventually through networking. And getting really good at being a mechanic and havingMoreExperience and eventually through networking. And getting really good at being a mechanic and having that race mechanic.
What is the profit margin on bicycles?
a 36 percentThe average store maintains a 36 percent profit margin on bicycle sales and so does the average high profit store. It's not about inventory turns. The average store turns inventory 2.2 times, while the high profit store is slightly worse at 2.0 turns.
How do I become a motorcycle mechanic UK?
To become a motorcycle mechanic in the UK you need a level 2 and level 3 diploma degree in motorcycle maintenance and repair or you have to complete a full apprenticeship. You could take a college degree or an online certificate course on an authorized platform.
Due to the spread of the coronavirus, is this business essential?
Yes. Based on current information across multiple states with emergency orders, this business provides essential goods and services.For more inform...
What are the costs involved in opening a bike repair business?
Startup expenses associated with opening a bicycle repair business are fairly minimal, although you’ll probably need these essential items: Basic t...
What are the ongoing expenses for a bike repair business?
The ongoing expenses for a bike repair business are fairly low. They include: Employee salaries Workspace or storefront lease Utility costs
Who is the target market?
A bike repair business’ ideal customer is an avid cycler who doesn’t know how, or doesn’t want to take the time and effort, to repair their own bik...
How much can you charge customers?
Many bike repair businesses offer basic tune-ups for a set fee, and perform more advanced repairs at an adjustable rate. For example, Wheels in Mot...
How much profit can a bike repair business make?
Some bike repair business owners earn up to $35 per hour or more, not including any profit they earn on parts sales. Business owners who grow their...
How can you make your business more profitable?
Bike repair business owners can add new revenue sources and increase their profits, by offering workshops on fixing bikes and repairing old bicycle...
Is this Business Right For You?
Anyone mechanically inclined who is passionate about cycling may enjoy running a bike repair business. Enjoying the sport will help a business owne...
What happens during a typical day at a bike repair business?
Bike repair business owners spend a lot of time working on bicycles. This work includes: Testing bikes to diagnose issues Stripping bikes down Chec...
What are some skills and experiences that will help you build a successful bike repair business?
Successfully running a bike repair business requires an in-depth knowledge of bikes, how they’re put together and how they work. Business owners mu...
Due to the spread of the coronavirus, is this business essential?
Yes. Based on current information across multiple states with emergency orders, this business provides essential goods and services.For more inform...
What are the costs involved in opening a bike shop?
One of the initial costs is obtaining any required business license and permits. Depending on the location and size of your shop, opening a bicycle...
What are the ongoing expenses for a bike shop?
Ongoing expenses include: Rent License and insurance fees Inventory maintenance costs, which can be reduced by advertising more expensive items in...
Who is the target market?
Preferred customers are people who enjoy cycling as a form of transportation, a competitive sport, or a recreational hobby.
How much can you charge customers?
Bicycle repairs can cost anywhere from $10 to $150, depending on the complexity of the job and the cost of the replacement parts. Simple beach crui...
How much profit can a bike shop make?
On average, the retail profit margin for bike sales is 36%, although the margin is somewhat higher for other types of cycling-related products, suc...
How can you make your business more profitable?
Many bike shops have begun expanding their businesses, by making their stores available for other types of community events. According to a recent...
Is this Business Right For You?
This business is ideal for environmentally conscious people who want to promote physical fitness and enjoy interacting with others.
What happens during a typical day at a bike shop?
Bicycle shop owners perform a wide variety of activities, including: Tracking sales and inventory Purchasing bicycles and accessories Scheduling an...
What are some skills and experiences that will help you build a successful bike shop?
Some skills that will help you succeed in this type of business include: Bicycle repair Customer service Knowledge of cycling products and accessor...
How much does it cost to open a bicycle shop?
Depending on the location and size of your shop, opening a bicycle shop can cost as much as $350,000, or as little as $10,000. Startup costs are usually lower in smaller cities where rents aren’t as high, since a substantial amount of space is required.
How to promote your bicycle shop?
A great way to promote your shop is by partnering with other local businesses to sponsor bicycle races and other community events for charitable causes . Part of what makes bicycling so attractive to people is being outdoors, interacting with nature and other members of the community.
What do bike shops do?
In addition to selling new bicycles, many bike shops also purchase and restore used bicycles for resale. Most also stock replacement parts for the types of bicycles they sell as well as a variety of safety equipment such as helmets, gloves, and reflective gear. Bicycle shops help promote cycling as a beneficial exercise, a positive social activity, ...
What is the profit margin for a bicycle?
By selling a combination of bikes and other goods, the average bicycle shop earns a profit margin of about 42%.
How much does it cost to fix a bike?
Bicycle repairs can cost anywhere from $10 to $150, depending on the complexity of the job and the cost of the replacement parts. Simple beach cruisers cost anywhere from $199 to $700, while complex, rugged mountain bikes can range from $700 up to $10,000. There are also hybrid electric bicycles.
Do bike shops need a liability waiver?
Liability Waiver. If a bike shop is considering renting bikes, liability waivers are essential since consumers will be in high risk environments, operating potentially dangerous machinery. For this reason, it is best to require protective gear. Attached is a link to a general informed consent form for a bike shop.
Do I need a license to operate a bike shop?
Certain state permits and licenses may be needed to operate a bike shop business. Learn more about licensing requirements in your state by visiting the Small Business Administration’s reference to state licenses and permits. Most businesses are required to collect sales tax on the goods or services they provide.
Step 1: Parts and Tools
Yes, yes, you will need parts. Mostly tools though. I started out with some basic wrenches and stuff like that. Basically all you will need are the tools that you probably have already.
Step 2: Get Familiar With Bike Repair
Now that you have all your tools you will need a bike to practice on. I recommend working on your families bikes. Or you could get a junker bike and repair it and ride it. Watch plenty of youtube tutorials and get familiar with how bikes work. Repair as many bikes as you can before opening shop. Knowing is half the battle.
Step 3: Open Up Shop
When you feel comfortable with bike repair and you feel ready to open up shop, then go to your neighborhood's facebook page and tell everyone that you repair bikes. Get your name out there. (Start with neighbors and friends.) Give people your contact information if they want to get a hold of you.
Step 4: Your First Customer
Congratulations!! Your first customer is finally here!! Here is list of things to do. Step 1: Be nice. Step 2: Tell them what you price per hour is. (Mine is minimum wage.) Step 3: Give the bike a look over and see if you can spot any problems. (Often times, about halfway through repairs, you will notice something else that is wrong with the bike.
Step 5: Your Shop
Congratulations on a successful first bike repair!! Keep a tally of how many bikes you repair. Begin to offer new services a basic tune up and cleaning. Gain peoples trust and they will come back to you later when their bikes break down. Always be cheerful in front of customers, you can be as mad as you want behind the scenes.
What is a bicycle repair business?
A bicycle repair business can be a reliable source of income for individuals who are passionate about cycling and bicycles. Cycling is also a popular sport in many countries. Bicycles occasionally break down while using and most people aren’t well-versed in repairing them. A bicycle repair business fixes and refurbishes bicycles for customers ...
What is bicycle repair?
A bicycle repair business fixes and refurbishes bicycles for customers when their bicycles break down.
How are bicycles used?
Bicycles are used by billions of people around the world as a vehicle of transport. They are the principal mode of transport in many regions of the world. They are also used for recreation, general fitness, courier services, racing, and stunts.
What are the two things that are required for startup costs?
Two more things are required in your startup costs, one is workspace and the other is replacement parts . You can avoid spending much on these two things, find a space in your home that can be dedicated to your workspace, it can be your garage or basement. This will help you to avoid leasing or renting a workspace.
What should be a timeline for a business?
There should be a timeline to guide your business, like when will you think of expanding and reinvesting in your business. Plan according to your strength and experience, effective strategy and planning will make your business successful.
Why do businesses face demand all year round?
Your business will face demand all throughout the year because people use cycles in all seasons and also need to repair in case of a malfunction. Research the market before you start to know the competition and find out the gaps in the market that you can exploit.
Choose a business structure
Establishing your business as a sole proprietorship, partnership, limited liability company (LLC) or corporation will have implications on the amount of tax you’re liable to pay and your level of personal liability.
Decide on a business name and register the business
Once you choose a name for your business, you’ll need to register the business with state authorities to form a legal entity.
Obtain federal and state tax ID numbers
Also known as an Employer Identification Number (EIN), tax ID numbers allow you to pay all relevant taxes.
Apply for any licenses and permits
Check with local and state authorities to see if you’re required to obtain any licenses or permits to operate the business.
Create a business plan
Include your vision for the business, your proposed service model, your sales and marketing strategy and financial projections.
Organize insurance
Consider if you need general liability, property, income, professional liability or any other types of insurance.
Set up your systems
Work out how you’ll manage your point of sale, customer database, inventory and accounts to ensure the business can run smoothly.
How to promote your bike repair business?
You can use various techniques to promote your business. One way is to create a website for your bike repair business. Making a website is very simple nowadays with advancements in technology. Having a website can have various advantages. It will give an air of legitimacy to your business.
Why are bicycles so popular?
Bikes are one of the most affordable means of personal transport. It is used by people of all income groups to travel short distances, commute to and from their offices, for delivery of goods, etc. It can be easily carried through a traffic jam and is easy to park as well.
Is a bike repair business profitable?
The Ultimate Guide. A bike repair business can prove to be really profitable in these times when the importance of having an affordable personal vehicle cannot be ignored. It is one of the best small profitable business ideas. Bikes are one of the most affordable means of personal transport. It is used by people of all income groups ...
Should I open a separate bank account for my bike repair business?
It is also advised to open a separate bank account for your bike repair business that can be used to accept payments, pay your staff, buy tools, etc. This makes it easier for you to manage your finances and keep track of money.
What is mobile bicycle repair?
Traditionally, bicycle repair services operated as home-based or garage shops. However, mobile repair services represent the future of bicycle repair. Instead of limiting yourself to a 20-mile radius and waiting for customers to come to you, a mobile bike repair business allows you to drive to any customer and service their bike on-site.
How many Americans own bikes?
With over 100 million Americans who own bikes, the demand for bike repair services remains higher than ever. According to data from the National Household Travel Survey, the number of commuting and leisure trips by bicycle exceeds four billion each year.
What is the best way to start a bike business?
A sole proprietorship is the easiest way to start a bike business. The bike company doesn’t protect the owner’s personal assets, meaning if the company has legal issues, you could lose your home as well as your business.
What is the largest segment of bicycle sales?
Mountain Bikes are the largest segment of bike sales, with over 25% of cyclists saying their next bicycle purchase will be a mountain bike. Make sure you have a good variety because mountain bikes will be an easy sell.
Take Experience
Costs of Starting The Business
Business Planning
- You need to have a solid business plan before starting. You should outline your business and financial goals at the outset. There has to be an operational plan which will help you to fix the hours you wish to operate your business per week, the tools to work with both existing and the ones you need to learn, the scope of your business. There should be a timeline to guide your bus…
Target Market
- Your ideal customer will be an avid cycler who is passionate about cycling but doesn’t know how to repair it or doesn’t have enough time for doing so. Those who are involved with cycle racing or tours with cycles require maintenance quite often since they are using their cycles a lot more than others. Normally you will get customers belonging to all age groups starting from school going b…
Launching The Business
- Once you have an effective business plan and the resources ready it becomes simple to launch your business. You should outline a list of services that you will offer to your clients. The services can include diagnosing problems related to bicycles, repairing or replacing damaged parts, rebuilding or remodeling bicycles for regular use etc.
Marketing Your Business
- You have numerous marketing outlets in the bicycle repair business to ensure that your business is a success. You should set up connections with cycling clubs and bicycle groups before you are launching the business. This will help you in receiving the latest news and gain potential customer leads. Prepare and distribute business cards, attend meetings, and don’t forget to list your busin…
Create A Website
- You need to create a website to handle your business smoothly. Take the help of a professional to build the website. Invest some money in buying a domain. Your website is also a part of your marketing strategy. List your services on the website along with the charges. Also, mention your vision statement on the site, this will help in increasing the reliability among clients. Upload the i…
at Last
- Your business will face demand all throughout the year because people use cycles in all seasons and also need to repair in case of a malfunction. Research the market before you start to know the competition and find out the gaps in the market that you can exploit. Provide quality service to the customers along with quality materials. Hire trained and experienced mechanics who are up…
Additional Sources