You may have a long-term passion for motorcycles and everything related to them but do you have what it takes to turn your passion into a profitable business? Opening any type of business is risky as more than 50% of the new projects fail within the first three years.
However, if you follow these simple rules and are willing to sacrifice most of your free time and finances, you might just stand a chance to turn your idea into a shop and a legit business.
Set up a detailed business plan
The first thing you need to start with is a solid business plan that includes every step you need to take to turn your dream into a real business. Lay out your goals and take into account every permit, registration, and payment you have to make in the following months to make sure you are up for the challenge and afford it.
If you’re not an entrepreneur, you may have to seek business consultancy and legal advice from professionals. Keep in mind that consultations in this field cost a lot and you will need at least one full month to come up with a solid business plan from scratch.
Often enough, you’ll also have to apply for financing, which means you’ll have to wait for at least a few months until you have the means to actually open your shop and start doing business.
Consider your main activity
It would be best to stick to what you do and know best and avoid expanding your business at the beginning just for the sake of profit. In other words, consider what you want to do with your motorcycle shop – do you want to repair bikes or do you want to sell parts and accessories?
In our opinion, unless you are ready to work 24/7 and keep up with clients, it would be best to have at least one other person who can perform the same activities as you do, especially if we’re talking about finding motorcycle parts or repairing old ones.
If you cannot find a good mechanic, it would be best to stick to simpler things, at least in the beginning. Selling motorcycle gear, clothes, and accessories could prove a profitable business, especially for newbies who don’t usually know what to choose. Make sure to stock on quality helmets made from carbon fiber, leather jackets, boots, and gloves.
Other accessories might include oil, small parts, GPS units, and other tech devices that can be easily mounted on the bike and prevent accidents or improve the overall riding experience.
Establish the profile of your customers
Often enough, when we think of bikers we imagine a group of middle-aged men with long beards, tattoos, wearing leather vests with cut symbols similar to Hell’s Angels MC. However, these stereotypes are no longer valid for most people.
Nowadays, you don’t need expensive choppers and questionable morals to be a motorcycle passionate, so you need to make your business open for everyone, regardless of their age, color, ethnicity, gender or social profile.
More and more youngsters choose to buy a motorcycle instead of a regular car because they are faster, easier to handle, and easier to park or ride, especially in large cities with heavy traffic.
However, young adults are interested more in style and appearance rather than quality, meaning you should consider bringing a wide array of leather jackets in various styles, colors and designs, as well as helmets, boots, and other accessories that might stand out in the crowd.
Unlike MC members, young people want to be noticed and admired, so your shop has to help them in this department if you want to make it successful.