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
How do I start a bike repair business?
At HowToFixBikes.ca, Gerry (a professional in the industry) recommends that aspiring business owners prove their skills by working on their own bikes. Stripping a bike down to just its frame, lubricating all bearings and fully rebuilding the bike will help a business owner feel confident they’re ready to repair other people's bikes.
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.
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.
Where can I find a bike repair manual?
The National Bicycle Dealers Association hosts seminars and educational programs for professionals in the bike industry, and may be another useful resource. After completing any training, business owners should keep a couple of bike repair manuals readily available for consulting. A few widely available repair books are:
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.
Can you make money as a bike mechanic?
Especially skilled bike technicians might earn $17.42 an hour. If they work overtime, a bike mechanic's income could increase. They may make $13.59 to $25.14 an hour, but just for overtime. Sometimes bike mechanics receive a commission, assumedly if they fixed X amount of bikes in a week or month.
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.
How much revenue does a bike shop make?
The average bike store employee generates $134,854 in sales, compared to $131,024 for high profit stores. It's not about prices on parts and accessories: Maintained margins on P&A are 48 percent for average stores, and 47.2 percent for high profit stores, very close to each other.
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.
Can you make money flipping bicycles?
For a few dollars and a couple hours of work they can make anywhere from $60 to $150 per bike, sometimes more. And because flipping isn't their primary occupation and they love to work on bikes, that's plenty.
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.
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.
How do I become a bicycle engineer?
The qualifications that you need to get a mountain bike engineering job include design skills, an engineering degree, and knowledge of the sport of mountain biking. Most employers require at least a bachelor's degree in engineering.
What is the markup on a bicycle?
A high margin would be 40-45% (66-80% markup), low end would be around 20% margin (25% markup) in my experience (as an employee). so for a $500 bike a 40% margin is $200, $300 original cost to the shop. In markup terms, a $500 bike that costs $300 wholesale is 200/300 = 66% markup.
How do bike industry make money?
How to Make Money BikingBe a Fleet Biker with Postmates.Deliver Food with Doordash.Start a Bicycling Blog.Selling Adverts on Your Bike.Become a Grocery Shopper with Instacart.Get Paid to Commute on Your Bike.Bike Messenger.Traditional Bike-Based Food Delivery.More items...•
How can I increase my bike sales?
How to Increase Your Bike Shop Sales: 4 Tips that Actually WorkFind Your Niche.Set a Steady Schedule.Create a Sales Forecast.Understand the Trends.Final words.
How much do bike mechanics make UK?
The average bike mechanic salary in the United Kingdom is £23,200 per year or £11.90 per hour. Entry level positions start at £21,000 per year while most experienced workers make up to £25,350 per year.
How do e bikes make money?
A few tips to help you earn more money delivering food on your e-bike include declining long-distance or low-paying orders, streamlining your deliveries by trying to get multiple orders from the same area and taking them to another similar area, working for multiple app services, and prioritizing the busiest time of ...
How can I make money riding a motorcycle?
We've outlined five of the best ways below.Rent Your Motorcycle Out to a Fellow Biker. Airbnb made it easy to rent your home to visitors, and Riders Share makes it easy to rent your motorcycle to vetted, experienced riders. ... Host Motorcycle Tours. ... Get Sponsored. ... Become a Motorcycle Instructor. ... Deliver Stuff.
Can you make money from Strava?
Strava is a social network application primarily aimed at cyclists and runners that tracks their performance using GPS data. Strava makes money through subscription fees, sponsored events, as well as by selling anonymized data to municipalities and urban planners.
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...
What is bicycle repair?
A bicycle repair business fixes and refurbishes bicycles for customers when their bicycles break down.
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 ...
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.
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, ...
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 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 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 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.
What are the best resources for entrepreneurs?
One of the greatest resources an entrepreneur can have is quality mentorship. As you start planning your business, connect with a free business resource near you to get the help you need. Having a support network in place to turn to during tough times is a major factor of success for new business owners.
What is net 30?
The term "net-30," which is popular among vendors, refers to a business credit arrangement where the company pays the vendor within 30 days of receiving goods or services. Net-30 credit terms are often used for businesses that need to obtain inventory quickly but do not have the cash on hand.
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.
Before you start
You need to have experience of working with bikes – lots of bikes. Cycles are a lot more complicated than they used to be, so you really do need to be up to speed. A recognised qualification in cycle maintenance and repair can help. Cytech, the internationally recognised bicycle technicians scheme, has information on training and accreditation.
Getting started
The cheapest way to set up in business is from home – or to work in collaboration with a local bike shop. Even if you’re planning on offering a mobile service, ideally you’ll also have somewhere to work from and store tools, though this isn’t crucial.
Getting the work
It can be as simple as just setting up shop. Wherever there are bikes, there will be demand. For instance, at a cycle race, triathlon, train station or university campus. You’ll obviously have to arrange for the right to work out of any particular setting, which may involve a fee.
The legal bits
You’ll need to register as a sole trader with the Inland Revenue and take out public liability insurance. Read more like this
How To Name Your Bicycle Repair Service
It's important to find a catchy name for your bicycle repair service so that you can stand out in your space.
How To Create A Slogan For Your Bicycle Repair Service
Slogans are a critical piece of your marketing and advertising strategy.
How Much Does It Cost To Start A Bicycle Repair Service
If you are planning to start a bicycle repair service, the costs are relatively low. This, of course, depends on if you decide to start the business with lean expenses or bringing in a large team and spending more money.
Raising Money For Your Bicycle Repair Service
Here are the most common ways to raise money for your bicycle repair service:
StartEngine
Crowdfunding platform that has helped more than 350 companies raise $175M+ from a community of over 250,000 prospective investors.
What Skills Do I Need To Succeed In Starting A Bicycle Repair Service?
As a bicycle repair service, there are several essential skills and characteristics that are important to identify prior to starting your business.
Advice For Starting A Bicycle Repair Service
We've interviewed thousands of successful founders at Starter Story and asked what advice they would give to entrepreneurs who are just getting started.
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.
What is a flat weekly rate?
Flat weekly/monthly rate based on a person working a specific number of hours. This is typically reserved for owners, managers, and some admin roles. You might want to assign this to yourself for budgeting purposes.
How long do you have to keep employment tax records?
Federal and state tax filing requirements apply to new employers. You must keep records of employment taxes for at least four years, including special forms and accounting for state taxes.
Why is it important to have a prepared list of questions for an interview?
Having a prepared list of questions for interviews can make hiring the right people easier. Indeed offers a variety of resources to help you make better hiring decisions. Read their guide: How to hire your first employee.
Who is Brandon Boushy?
Brandon Boushy started his company after years of working in customer service, engineering, and project management. After receiving his MBA, he turned his diverse skills into a business helping other small business owners find resources and strategies that further their business objectives. As Founder of BMB Marketing & Business Solutions, he focuses on assisting businesses with their marketing, communication, and research needs.
Take Experience
Costs of Starting The Business
- The start-up costs associated with bicycle repairing business is minimal. You will need to spend money on buying essential items required for your business like open wrenches, hex keys, screwdrivers, a ratchet set, wire cutters, and adjustable pliers, all of these come under the category of basic tools. You also need to spend on buying specialized ...
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…
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