Cycling is a popular sport and it is not surprising that many people follow and play the sport religiously. Apart from going on rides, and following cycling news and events, you can also make money through your favorite sport. In this article, we will talk about how to site a mountain bike shop near me under the following headings;
- Part 1: Conduct Market Research
- Part 2: Choose the Right Concept for the Mountain Bike Shop Near Me
- Part 3: Decide between Going Independent or Joining A Franchise
- Part 4: Select A Location for the Bike Parts Shop Near Me
- Part 5: Choose the Legal Form for the Business
Part 1: Conduct Market Research
As it is with other businesses, the first step to starting a mountain bike shop near me is to conduct preliminary research into the industry or market that you are heading into. This research will provide you with the perception as to whether there will be enough demand in the location you are about to set up the bike parts shop near me. More importantly, it will give you an indication as to the likelihood of the business thriving.
The research should involve asking questions and seeking answers on sales and usage of bikes in your country as well as your locality. The idea here is to get the buying habits, and expectations as well as a clear indication of what the bike industry is like. You will also get an insight into how your competitors are failing to meet the demands of the buyers. And you will also get an insight into how you can fill this void and carve a niche for yourself in the market.
Part 2: Choose the Right Concept for the Mountain Bike Shop Near Me
After the market survey, the next line of action is to use the data collected to draft a concept for the MTB shop near me. By creating a concept, we mean that you start to identify your target audience. And start to identify the type of bike services that you will offer to attract them into your store. As an example, are you interested in attracting newbies who are new to mountain bikes and riding, thereby providing consulting services on bikes, routes, and everything a newbie will need on their journey in dirt riding? You could also be interested in appealing to experienced riders who will need bike parts and maintenance services.
Whatever the concept you decide to go for, ensure that it is relevant to riders today. And it remains a service or product that your competitors are not offering. You should bear in mind that there are lots of bike shops around your city already, and if your mountain bike business is going to thrive, you will need to offer something that customers cannot find somewhere else.
Finally, you should bear in mind that seasonality will affect sales and revenue as you will sell more in the spring than in the winter. Thus, the concept you choose should allow you to utilize the quiet months to alert your customers about the new products and services you are going to offer in the coming months.
Part 3: Decide between Going Independent or Joining A Franchise
As important as this step is, it all depends on the type of concept you choose for the shop. Both of these options have inherent advantages and disadvantages. To start with, joining a franchise limit your power to determine the purpose or vision of the shop. However, there is a very low chance of going bankrupt. You will also get a lot of sales and activity from the start as soon as you start the shop.
Also, you get the benefit of enjoying the reputation of an already-established brand when you join a franchise. These benefits include marketing and administrative support. What’s more, you don’t have to sweat over suppliers and hassle over prices. You buy at the rate already agreed by the franchise thus helping you save time and money.
Going independent gives you full autonomy over your business, how it runs, and the type of services or products. You also get to hold on to your profit. However, you will have to figure every detail out by yourself, which can be stressful and tasking.
Part 4: Select A Location for the Bike Parts Shop Near Me
After going through all of the planning and preparation steps, you can then move on to the physical aspect of setting up a mountain bike store near me. This includes selecting an ideal location for the shop.
Apart from the planning process, the location of the shop also determines how successful the bike shop is. Situating the shop in a prime location will positively affect the number and type of customers you get. As a general rule, you should go to the city centre. A busy shopping street or a space in the shopping centre are all prime locations for setting up a mountain bike shop near me, as long as there are no direct competitors in the vicinity.
However, the choice of your shop’s location is also determined by who your target audience is and their location. If your target audience is cyclists, you are better off setting up a shop within or near the university community.
Part 5: Choose the Legal Form for the Business
After setting up shop, you need to legitimize your business and give it legal status. The legal status determines how the business runs so you may want to be a bit careful at this point. You need to ensure that the legal status you choose aligns with your business. The legal form of your business also determines how much it is taxed, your taxation level, as well as your responsibility with regards to the debt in case of bankruptcy.
To choose a befitting legal form, you may need to talk to a lawyer first. However, the type of legal status will depend on the number of people as well as the amount of startup capital.