![]() Don’t be a snob, it’s all money after all. Make yourself as available as possible and try to only turn away really awful repairs. If you’re mostly catering for commuters you’ll never do well if you don’t open until 10am. Think carefully about your opening hours.People have a short attention span these days. Develop a good social media presence and make sure you reply to your email promptly. You don’t want anyone coming in to tell you that you can’t sell bikes after you’ve committed £50k to a bike company. First and foremost, read your lease agreements thoroughly when looking to rent a premises.A bike shop is a small retail business that happens to deal in cycles and cycle related matters. My top tip before you embark is to get some business training. It might come from a formal course at a further education college, from practical experience in a shop, or even by getting help and input from a family member or friend whose business acumen you can trust. ![]() Are people likely to park outside you premises without shopping with you and how can you combat this? Do you require signs to warn customers of potential parking restrictions outside the store and if so, are there restrictions on putting these up? Parking is another scenario worth considering in opening your shop.Putting a face to the shop brand is essential. Social media is free, make the most of it and build a community. Tell people you are opening and build some hype. Get a marketing plan in place before you open.Will the reduced insurance cost eventually cover that of the shutters? Be aware of local authority rules on shutters as some districts prevent businesses from installing these in order to maintain the “look” of the area. Look at the pros and cons of installing shutters.Factor in whether you need a music licence and any other unforeseen costs.It’s better to have a shop that looks slightly sparse in the beginning than immediately be struggling for space. If you’ve two properties to choose from and one is slightly larger, pick that one. You need more space than you think you’ll need.If you’re selling clothing, don’t underestimate the power of a mannequin. Do make an effort with your point of sale.Some suppliers provide one, a potential cost saving right away. Research these thoroughly, but don’t overspend. You absolutely need a stock control system.Make sure you have a back up method of taking money when (not if) the card machine breaks!.Make a decision as to the direction you are taking the business and make decisions consistent with that direction.Treat every customer as though they are your only customer and deliver outstanding customer service in all aspects of the business at all times.Take new staff on a trial basis and get rid of them if you are not completely satisfied with them.Put your efforts into building a community around your shop (we have been lucky enough to gain a mention in the Mintel report this year for this very thing), deliver first class service and after sales and concentrate on the customers that appreciate this. Build your brand by producing and executing a marketing plan and this should be updated at least once a year. Take a lot of time over this and ensure you can secure your. Brand and logo are really important as they are the public representation of your business.Only then will you know whether you have a potentially profitable business. ![]() Work out your potential target market, margins, overheads and produce a financial forecast. You will learn a lot about the industry you are about to embark into. ![]() Take the time to write a comprehensive business plan.But for now, over to the experts: Do the following! Have your own contribution to add? Wherever you are, l et us know. We will add to this article as time progresses with fresh insight to ensure you, the retailer, have the best chance of success. Read on to learn from first hand experience about common mistakes, money saving tips and often overlooked costs. With that in mind CyclingIndustry.news has gathered together a pool of retailers managing a variety of bike retail businesses to hear their thoughts. Wisdom gained through experience carries immeasurable importance too. ![]() One argument is that change is to be embraced and the small business has the versatility to adapt to market changes, as many are. But for many of us in the cycling world, the dream of working with bikes day to day stems from a deep rooted passion that won’t be extinguished simply by the notion that times are changing. The industry faces an array of unprecedented challenges as the digital age evolves at speed. There have been better times to be opening a bike shop, that’s for certain. ![]()
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