A mechanically inclined entrepreneur with an interest in cycling can earn a great income repairing bicycles right from the comfort of a home-based workshop. In addition, to big profit potential there are many other advantages to operating a bicycle repair service, including low overheads, huge demand for the service in an ever- growing sport, and flexible full or part – time hours.
Whether it’s replacing a bicycle chain or fixing a flat tyre, your business will serve anyone needing repair work to be done. It will also help to establish alliances with bicycling clubs and organizations in the community, as the membership of these clubs can become potential customers of your bicycle repair business.
Some tips to follow:
1. Plan your business – A clear plan is essential for success as an entrepreneur. A few important topics to consider are:
* What are the start – up and ongoing costs?
* Who is your target market?
* The name of your business?
Start – up expenses associated with opening a bicycle repair business are fairly minimal, although you’ll need some essential items like:
# Basic tools – (open wrenches, hex keys, screwdrivers, a ratchet set, wire cutters, adjustable pliers etc).
# Specialized tools – (tyre spoons, a chain breaker, a tyre pump and pressure gauge, a spoke wrench, a crank arm pulley etc).
# Work Stand.
# Truing Stand – for wheels.
If you don’t already have these tools expect to spend some money on them. Repairing bikes also requires a workspace and some replacement parts.
2. Open Bank Account & Credit Card
Using dedicated business banking and credit card accounts is essential for personal assets protection. When your personal and business accounts are mixed, your personal assets like your home, car, and other valuables are at risk in the event your business is sued.
3. Business Accounting
Recording your various expenses and sources of income is critical to understand the financial performance of your business. Keeping accurate and detailed accounts also greatly simplifies your annual tax filing.
4. Obtain necessary permits/licenses
Failure to acquire the necessary permits and licenses can result in hefty fines, or even cause your business to be shut down.
5. Define your brand
Your brand is what your business stands for as well as how your business is perceived by the public. A strong brand will help your business to stand out from your competitors.
6. Web presence
A business website allows customers to learn more about your business and the products/services you offer. You can also use social media to attract new clients.
WANT TO KNOW MORE OR NEED A PROFESSIONAL BUSINESS PLAN TO START YOUR BUSINESS AND GET FUNDING? – CONTACT US NOW AT: (27) 84 583 3143 or email:firstname.lastname@example.org