Home based bicycle repair business is basically a skill oriented enterprise. A bicycle repairer needs to have the basic knowledge of the craft. It involves intricate hands-on technical work and sometime forging. The tools for the trade are specialized while others are basic like screwdrivers, bolt and knots.
How to Start Home Based Bicycle Repair Business
Plan the Business
Every business startup requires a plan to establish a target market, estimate costs and charges. Other parameters include acquiring adequate knowledge, certification or skill. Things to consider are business name, forming a legal entity, insurance, tax identification number. Finally develop an effective marketing strategy.
1. Business Plan
2. Business Registration
3. Tax Identification number
5. Establish a target market
6. Estimate costs and charges
7. Acquire knowledge
How to get certification
Forming a legal entity
Develop a marketing strategy
Learn the trade
First major step in home based bicycle repair business is learning the trade. Use online tutorials, videos, websites or YouTube. There are tutorial websites like udemy or join a trade school. Other learning opportunities include apprentice, workplace experience, and trial/error. Start by repairing bicycles of friends, family and acquaintances. This technique will guarantee referral work and more customers.
Startup cost takes into account different variables like cost of tools, utility, man hours per project. Costs of replacement parts are built into the invoice of the customer. Startup costs for home based bicycle repair business is low because costs like leasehold is not involve. A repairer can start from basement, garage, expand or rent was business grows.
Home based Bicycle repair business is cost effective and easy to establish. Expenses include cost of tools, workshop, and inventory. Others are storefront, utility bills and employee wages. However bicycle repair is generally a one man enterprise. Most operators have an apprentice under training.
Some cities are more suited for bicycle commute than most. Target market are bicycle enthusiasts, avid other bicycles, commuters. Others are competitive riders, leisure riders, bicycle owners.
Bicycle repair tools
As stated earlier bicycle repair tools are either specialized or basic hand tools. Specialized tools are crank arm pulley, pressure gauge, tire spoons, spoke wrench, tire pump, chain breaker.
To tighten spokes or straighten wheel specialized tools for wheels and chain whips are required. We have trimming stand for the wheels, work stand. Basic tools include adjustable pliers, ratchet set, screwdrivers, hex keys open wrenches, wire cutters.
Equipment and Tools
Crank arm pulley
Stand for the wheels
Hex keys open wrenches
Home office or shop
Running a home office has its advantages and disadvantages. Advantages of home office is reduced cost on utilities, no leasehold, low insurance.
How do bicycle repair business make money and charges?
The charge customers for additional repairs and tune-ups. Majority of earnings are from the sale of restored used bicycles. The charges includes type of parts, tune-ups, charges per hour.
Register the business as a sole proprietorship or one man business. Other considerations are partnership, Limited Liability Company. Select a business name, trademark, and logo including tax identification number.
Open a business account different from personal account. There are state and local business license or permits including sales tax for small business owners. Get business insurance or general liability insurance.
What Type of Repairs
A bicycle repairer rebuilds bicycles, repairs or replaces broken pieces. Other functions are testing, diagnosis of issues, cleaning or checking components. Others are bike servicing. Maintenance, adjustments. They also strip down bicycles and used for spare parts.
Types of Repairs
Repairs or replaces broken pieces
Diagnosis of issues
Strip down bicycles
Used for spare parts
Attend charity tides, cycling events, use print media. Print flyers, posters, banners, business cards, and signboard.
How to start a bicycle shop
The cost of a bicycle shop depends on many factors. Some of which are type of bicycles sold, inventory, utility bills, staff wages and location. Highbrow locations attract higher rent and high net worth individuals. There are a few things to consider before starting a bicycle shop. Here are steps to take while establishing a bike shop.
Step 1, plan the business.
The first step is to plan the business. You need to draft a bicycle shop business plan. Then write a feasibility study, and see what your competitors are doing.
Step 2, from a legal entity.
The next step is to form a legal entity. Register the business as a sole proprietorship, partnership or limited liability company.
Step 3, get a license.
You need to find out if your business requires a license. Different countries have their own rules on licensing.
Step 4, open a business account.
You need to open a business bank account specifically for the business. Best type of account is a current account.
Step 5, get business insurance.
To safeguard against accidents or litigation you need business insurance.
Step 6, Define your brand.
You don’t want to look like every other shop. You branding like logo, business name and colors to define your brand.
Costs and expenses.
The startup costs depends on the location, size of enterprise and type of inventory. Other cost consideration are licensing, rent, and labor costs. It costs from $10,000 to $100,000 to establish a bicycle shop. Other expenses are insurance cover, maintenance, and advertisement.
How bicycle shops make money.
There are multiple ways bike shops make money. They include selling new and used bikes. Others are restoration, stocking replacement parts, and safety equipment. More ways to make money is to open a coffee shop, repair bad bikes, and organize cycling classes.
Your target market are bicycle enthusiasts, sport rider’s, competitive rider’s, and people who ride as a form recreation.