How to Start a Bike Repair Business
Bike repair business is ideal for locations where we have a large number of people riding bikes. If you think Katie Melua’s claim that there are 9 million bicycles in Beijing is impressive (not saying that it’s accurate), then you must know that China is home to over 500 million bicycles.
More than a third of Americans own bikes, in fact the Netherlands have more bikes than its entire population! The bike repair industry will keep on thriving as these stats prove that there are more than enough bikes that will need fixing. In this post, you will discover how to start a bike repair business, how to make money in this business besides the conventional way of getting paid to repair a broken bike, and how much it would cost to set it up will amaze you.
A bike repair business involves solving problems and making corrections to bikes that cause them not to function properly. Bike repair shops offer half services where the bike repairers would thoroughly clean the bike, wash out the dirt in hidden areas, tune the wheels and check the brakes without necessarily taking it out piece by piece whereas the full service option would see bike repairers completely dismantle bikes and work on them meticulously.
The right person for bike repair job
This business will require that the owner or operator have certain qualities that will make sure that they are able to handle certain situations well. The ideal bike repair business owner must be (or have):
A good listener
A good listener is most likely going to succeed in the business of bike fixing because one of the most crucial aspects of getting a customer’s bike for repairs is actually taking time to understand what challenges the bike owner is having with the bike and what exactly they want you to do for them. When a customer brings a bike to your store you might see a lot of things wrong with it and already have an idea of what they will most likely ask you to do for them, but sometimes it could be that they want just one or two things fixed and if you fix all that’s wrong with it you could end up paying for it yourself. What’s worse is if you don’t listen, you could end up causing more problems.
A “bike person”
It takes a bike fan to appreciate bikes and be willing to go extra lengths to find a solution to any challenge that the bike may be facing. A bike repair business will require that you use all your knowledge of the way bikes work, what a good bike should have, how to buy a good bike, the best ways to maintain bikes, and how to fix bikes in dealing with customers- all these will only come naturally to someone who loves bikes. Being a bike lover will also encourage you to keep running the business especially in the early stage when your income generation will still be low. Your whole experience with using and repairing bikes will be necessary to advice your clients and make recommendations when necessary. Your experience will matter as different bikes with different issues will be brought to your workshop; how to attend to customers will also be easy if you have managed a bike repair business or bike store before.
Have sharp senses
This is where bike repairers and business owners shine especially when they are assessing a bike that a customer needs to get fixed. It is impressive how a bike repairer would only have to take a look at a bike and guess accurately what’s wrong with it to the amazement of the customer. Bike repairers sometimes sense ominous sounds, they detect where a tire was punctured by listening then they touch a thing or two and know what’s wrong in an instant before running further tests. All these will make your job easier and to your customers, a star is born.
Great with tools
A bike repairer should be a handyman- the business owner as well -since the average bike business owner also works as a bike repairer. Bike repairs do not necessarily require sophisticated gadgets or software, even though they are useful; with great tools like the ones in mechanic shops, you can do what is required of you. In order to be great at your job and see your business grow, you must know what tools to use for what purpose, how and where to purchase the necessary tools and how to use them.
A problem solver
What bike repairers do is basically troubleshooting and if you are not a natural problem solver then you should work on that aspect as soon as possible. It is easy to spot a problem solver; the way they are so eager to help, how they come up with ways to solve a problem, how they like to listen first and the extra lengths they go in making sure they satisfy their customers. The manner in which you attend to your to your customers’ needs will never go unnoticed and this will not only keep them coming to you whenever they are having issues, they will also refer you to others.
Pros and Cons of Bike Repair Business
In every business, there will always some pros and cons attached to doing it. bike business is without exception. Before you go into bike repair business, these are are pros and cons you may need to consider.
Pros
Low startup cost
The first thing that would encourage anyone who might be having doubts about starting a bike repair business is that it is one of the cheapest businesses to start. Starting any business is never the easiest thing in the world and a lot of things must be put into perspective before going into it so that in the end there won’t be losses. You can start a bike repair business with as little as $2,000- yes, you read that correctly. With this sort of startup capital, almost anyone can go into it as long as they have the time. There will be no need to get a loan or anything of that nature and some bike repair business owners even started with less. Even if the worst thing that you can imagine happens to the business later on, you’ll at least take courage knowing that it didn’t cost too much to get it started in the first place.
No big names dominating the industry
Unlike almost every other industry, the bike repair and servicing industry does not have a bunch of household names that are on top of everyone’s list worldwide when it comes to bike repairs. The bike repair industry is a difficult one to monopolize and this is why you hardly find top names that set the tone in the business for others to follow. For a new person in the business, this is great news because everyone has a chance to do great without being too mindful of the decisions a few more powerful companies in the industry are making.
Operate on the go
One of the best thing about starting a bike repair business by a mile. Owning a business of this nature allows you to really be in charge of your time and how you want to go about the activities involved in running the business. The average bike repair business owner works remotely, makes decisions from the comfort of his or her workshop or home office where bike owners go to them to get their bikes fixed. You determine how much time you want to spend on a typical workday, how many clients you can attend to, where you want and how you want to set up your office or workshop. Bike repairers also operate on the road, literally. That depends entirely on you and what you are comfortable with and not because you have to.
No need for a degree
The last thing on anyone who wants to get their bikes fixed is whether the bike repairer is from Harvard. Neither the bike repairer nor the owner of the repair business needs to have gotten a college or university degree to be able to function in that position. Education is important no matter what you do but in this business, it is not necessary so if you never went to college or if you’re still in school and would like to go into this type of business, you should by all means go right ahead. As you grow in the business and as you start to really enjoy the trade, you might want to consider taking courses in bike repairs. The more knowledge you gather as far as bikes are concerned, the more it will set you apart from others.
Cons
This type of business with all the exciting things about it still has a few disadvantages and knowing what they could be will make you ready for what’s to come.
Seasonal business
Whether we like it or not there are times and seasons which favor the use of bikes and that will affect everything in the bike repair, sales and servicing industry. During seasons like winter when it is usually unsafe to ride bikes on slippery icy floors, the rate of bike users will reduce drastically, most people will not buy bikes at such a time, and even when people need to repair their bikes they might seem discouraged as they would not be riding on it anytime soon.
It doesn’t pay much
If you were looking to start a business that pays a ton of cash per hour then you should pay attend to this and be more realistic about your expectations because this happens to be one of the least paying ones especially for beginners. Bike repairers make an average of $13 per hour and although more experienced bike repairers make more than that, you shouldn’t set your mind on making more than $12 as a starter. The amount you charge will depend on different factors like your experience, location and the quality of service you offer but as you gather more experience and improve the quality of your service, you will eventually make more money.
Read Also: SWOT Analysis and How To Use It
Getting started
These are steps you will need to take to ensure that you convert your business from just a plan to an actual establishment.
Define your business strategy
In the bike repair pool, it’s not very safe to dive in head first. You have to take a moment to consider different options, do your feasibility studies and figure out what will be best for you and your business in the long run. The way your business will be operated, where you think will be the best location and what your expectations are should be in your business plan. Another really important thing to decide on is whether you will be opening a stationary bike repair workshop or run a mobile bike repair business. Both options can be picked at the same time but as a starter, you will need to pick one that you will focus on.
Having a stationary workshop or office will affect the way you set up your business and you will give priority to some equipment more than others. On the other hand, a mobile bike repair business will see you give more priority to on-the-go equipment and a lot of attention will be paid on the repair van. A mobile bike repair business will make you cough out more money to maintain the van and buy gasoline, you will be going to the customers and not the other way around, and you will also have to charge more, whereas running a stationary bike repair business will see you charge less, spend less to maintain the van and other equipment and it is not as stressful as having to go over to the customers. You have to decide on one before going forward with your plans.
Get your business registered
The reasons why you must ensure that your business is registered are numerous and really important. The government determines whether any business can be trusted or safe for the location it is being sited and you don’t want to get in any trouble with them. You must ensure that you have a registered business by making an official request to the government of the state or region where you choose to set up your bike repair business. Your business plan, personal records and more precise details concerning how the business will be run must be stated. Register your company’s name, get the required permits and you are ready to take further steps.
Create an ideal workspace
Having to determine almost everything regarding how your business will be run especially when you can set up shop anywhere can be a total disaster if you take it for granted. After you must have made up your mind concerning where you want to site your workshop, make sure you get yourself an ideal place where you can get your work done in a more professional way. If it will be too much distraction to work from home, then set up your workshop elsewhere. And if you are sure that you will be able to work well regardless of where your office is, you can use your garage. Create your own office where you will be able to attend to clients, receive and make important calls without distractions and plan the future of the business.
Get necessary equipment and a team
Now that you’ve decided on what you want your business to look like, go straight to getting the right equipment you will need. Depending on whether you will be on the road or in a stationary workshop, the equipment you’ll purchase must be carefully selected. For a mobile bike repair business, the van will be your workshop therefore you will put a lot of effort into making sure you get the best. Most of the other equipment and tools can be used for either set up. You will also need to hire one or two persons to help you out because there are seasons when lots of bikes come in and you won’t only be hurting your customers but also your business if you have to stack up bikes you are yet to attend to. Make sure the people you hire are just as good or even better at repairing bikes than you; having to train a newbie will cost you time and money.
Market your business
The reality of starting a bike repair business is that you will have to do a lot of things yourself and that includes marketing your business. You may not need to go overboard in marketing your new business; a few smart moves will be enough. Forget about radio or TV adverts for now, start by telling people via the old fashioned word of mouth that you have just started a business and make sure there is something extra in it for whoever brings a bike for repairs. Social media is a no-brainer; use it just like everyone else in the industry to make people aware of your business. Take advantage of different sporting and recreational activities by getting involved one way or another and make your business known. Ask for how to place your sign or banner in the vicinity and offer a reasonable discount on bike repairs throughout the competition.
Take courses
Although it is not necessary to get a degree, formal education will benefit you and your business. You don’t have to go back to college if that’s what you’re worried about as there are many courses you can take that are related to bike making, bike repairs, bike maintenance and servicing. Get information from other people in the business or search the internet and you will find courses that are available and affordable. Most of these classes are interactive and they teach practical steps to solving bike-related issues. Education is important and the knowledge you gather from the classes will be put into improving your business.
Use on and off seasons to your advantage
There are certain times and seasons that will affect your bike repair business due to its seasonal nature but understanding them and having a counter strategy will put you in a better position to make profit one way or another no matter what.
Summer is your friend. Most bike competitions are held in the summer and the average bike rider also finds summer the most suitable period to ride their bikes. This means that most of the bikes you’ll be fixing will come in the summer and you should prepare for it. Some bike repairers tend to have more bikes than they can handle and as a result it takes more time for them to get customers’ bikes handed back to them. If you want to excel here, you should hire more people to work for you during that period so that customers can get their bikes back on time.
During winter and fall seasons, people are usually discouraged from riding their bikes because it could prove hazardous and this will make you record a decline in income generation. You could take advantage of the winter to really focus on your business and plan how to manage and run it better. There will be fewer customers coming in to fix bikes and this will give you more time to make analysis, examine the record books, pay attention to the goings on in the industry, figure out what bills you are yet to pay and when certain permits or subscriptions will expire.
Your online presence should also be monitored closely to see how your business is faring. Winter season is also that time of the year when you get to make good deals with bike owners as more people would be willing to sell their bikes. You get their bikes for a cheap amount and then you refurbish, keep and sell them when winter is over.
Read also: How to Start an Auto Repair Business
Conclusion
You can start your bike repair business with little capital and you will enjoy it the more you get to love the business and bikes to be precise. As long as your business is registered, you can start getting all the things you need to run it successfully and make sure you take advantage of the situation regarding the use of bikes in your location to make more profit, you’ll be successful before you even realize it.