Bicycle Startup Ideas: Cycle to Success

For many people, cycling isn’t just a healthy way to get from A to B. Instead, it’s a way of life. At their best, bikes are a true synthesis of function and the sheer joy of motion. It’s easy to see why certain types of people dedicate their lives to these human-powered machines. 

Though dedicated shops were once considered the realm of specialists, it’s now not unusual to see people from all walks of life setting up a bike shop in a trendier part of their city. If you’re one of those big dreamers looking to start your own small business, this blog is for you. 

In this blog, we’re going to take you through what it takes to build a bike store and suggest some business ideas for some more off-the-wall bicycle startups that you could try to set your business apart. 

Starting a bike shop

While bike shops often startup as a passion project, they still need to be treated like any other business. This means before you can get into the nitty-gritty of the best pump valves, you need to write a solid business plan and secure funding. 

As the shop owner, you’re responsible for putting together all you need to get started. Sitting down and researching the market should be your first step. See if there are any bicycle shops already in your area and work out what they’re doing right and what they’re doing wrong. 

Now it’s time to write your business plan. While this may seem complicated, it can be quite straightforward once you ask yourself the right questions. These questions can include: 

• How much does it cost to start a bike shop? - The answer to this largely depends on your location, the size of the unit you’re looking for, and how much your initial stock purchase is. Make an appointment with a commercial property agent to see what’s available.
• How much does a bike shop owner make? - Once you have the answer to the question above, factor in your mark-ups and overheads to get a rough idea of your profits. While the number won’t be exact, you’ll be able to make an estimate of how much you’ll be able to pay yourself.
• Who is your target market? - While this may seem like a bit of a no-brainer, you should still consider who your clientele will be. Will you target hardcore cyclists or hobbyists? Professional athletes or amateurs?
• How much profit does a bike shop make? - You need to consider inventory costs, bike sales, the rent of your unit, staff salaries, and your projected profit margins. Try to find rough estimates for these factors online and build your financial plan based on what you find. 

Once you have a solid financial plan, you’re halfway to opening your very own bike shop! Make an appointment with your bank and show them your financial plan. They’ll help you set up your business account and inform you of fees you may need to pay. 

It’s also worth making an appointment with a financial consultant. These helpful people will be able to point you in the direction of any small business grants and loans you may be qualified for. 

Ideas for marketing and profit-making 

So you’ve built up your fancy new bike shop and you want to get the word out there but you’re all out of ideas. We’ve got the answer with our selection of fun and interesting ways you can market your business and increase your profits. 

Mobile bike repair 

Bikes are machines and, like machines, are prone to break down if they’re not cared for properly. That’s where you and your handy mobile bicycle repair kit come in. Be it in a van or in a small wagon attached to the behind of your back, you’ll be a leg-pumping advertisement for the main shop. 

Cycling tours

If you’re lucky enough to live in an area of historical interest or great nature beauty, cycling tours could be a great way to market your shop. Work out a route you can take customers on, allow them to rent a bike and safety equipment, and show them what your area has to offer.  

Courier services 

If things are a little slow at the main shop, a good way to make money on the side Would be to offer your services as a bike courier. You could locally deliver packages, deliver food, and perhaps even rent bikes and offer repairs to couriers already operating in your area. Services like Deliveroo allow their riders to take shifts when they want. 

Bicycle rental 

Tourists and those who can’t afford to buy a bike outright are your target markets for this one. It’s up to you how to set your rates but you could give your customers to rent by the day or even by the week. You could even team up with local hotels to offer rentals directly to their guests. 

Custom bike building 

If you’re on the handier side and have the resources to manufacture and source your own parts, you could offer a custom bike building service. This is quite time consuming and resource-heavy but has the potential to off your shop large profits and a wide following with the more hardcore cycling fans. 

Cycling school 

What better way to build your business than to create new customers yourself. There are always people looking to learn how to ride a bike and if they learn from you they’re sure to be loyal to your shop. Teaching is also one of the more satisfying thing you can do. 

Give your shop an edge

Every shop needs to be backed by a top of the line point of sale (POS) system. Epos Now have developed a POS system specifically for bike shops that will help manage your business and drive your profits. 

Our benefits include: 

• Accurate sales reports 
• Quick and easy product management 
• Customisable systems with hundreds of app integrations 
• 24/7 support and advice from our staff

If you’d like to find out more about how Epos can help you, get in touch below.