Cycle Fan Posted May 15, 2022 Share So mid-life crisis looms and career change is in the air. Owning a Bike shop has always been a dream but the reality is very different I hear! So, the question is for those of you who are “living the dream” and own a small bike shop, would you do it again if you know what you know now? what is the reality REALLY like? Rough hours, stress levels, difficult customers? Would love to hear you war stories. Kom 1 Link to comment Share on other sites More sharing options...
NotSoBigBen Posted May 15, 2022 Share Don't, rather go sell encyclopedias from your car boot 🙄 BigDL, Kom, AJB76 and 7 others 1 7 2 Link to comment Share on other sites More sharing options...
Cycle Fan Posted May 15, 2022 Share That bad hey?? Link to comment Share on other sites More sharing options...
BaGearA Posted May 15, 2022 Share 11 hours ago, Cycle Fan said: That bad hey?? I know a few and only one still has his shop " If you want to be A millionaire with A Small bike shop start as A Billionaire " DieselnDust, robbybzgo, BigDL and 4 others 1 6 Link to comment Share on other sites More sharing options...
NotSoBigBen Posted May 15, 2022 Share Just now, BaGearA said: I know a few and only one still has his shop " If you want to be A millionaire with A Small bike shop start as A Billionaire " It as someone told me long time ago, if you want make a million from a bike shop start with 2 million ... Cycle Fan and mecheng89 1 1 Link to comment Share on other sites More sharing options...
Jewbacca Posted May 15, 2022 Share No. Walk away. Stock issues, massive first time buy ins and controlled stock allocation by some suppliers. Difficult customers, high property rental anywhere with parking and visible street view (Parking and visibility IMPERATIVE). Throw in proprietary tools on top of basic necessary workshop tools and it becomes a HUGE undertaking financially just to get off the ground. THEN, add an online platform for booking, collection etc, creating a client base if you're not an already well established Wrench and then trying to keep just enough stock to run the workshop but not have things sit for too long they become dead stock. IMHO there are better ways to lose money with a greater potential to earn it back. I'd go with buying and selling 2nd hand nappies Scary Rider, MTBRIDER1234, Nuffy and 13 others 2 13 1 Link to comment Share on other sites More sharing options...
Scary Rider Posted May 15, 2022 Share 3 hours ago, BaGearA said: I know a few and only one still has his shop " If you want to be A millionaire with A Small bike shop start as A Billionaire " Sounds a lot like dairy farming...🙈 mecheng89, Milkman and DieselnDust 1 1 1 Link to comment Share on other sites More sharing options...
Zebra Posted May 15, 2022 Share Surely SOMEONE on here has something positive to say?😆 I’ll start! I have a Bike shop, a motorbike (accessory) shop, yet there is SOME commonality… Appreciative customers telling you as much, for me personally, the sourcing new products is especially enjoyable, and starting off, a few Wholesalers assisted us with consignment stock, which was near-instantly paid back, to maintain excellent relationships. Less laying out for stock, Wholesalers were eager to find new markets. then we have had mostly awesome staff, some of whom have gone on to greater things after getting their start with us; we now pay 9 salaries every month, and make a modest profit annually. Hard work, but GOOD work. a word of warning; you need to be PASSIONATE, and need to SUSTAIN that passion for many years, to make a success. Customers ALWAYS seek out good service, at fair pricing. The Web/Internet/online is playing an ever-bigger role, so that needs to be integrated - and well integrated - into bricks & mortar. Finally, if you could turn Retail upside down/on its head, and do something REALLY different, I feel you would have a winner, but am unsure WHAT that would look like? my 5c! Good luck, whatever you decide. Edited May 15, 2022 by Zebra Spelling… Shaheedalex, MTBRIDER1234, ChrisF and 7 others 9 1 Link to comment Share on other sites More sharing options...
Cycle Fan Posted May 15, 2022 Share 11 minutes ago, Zebra said: Surely SOMEONE on here has something positive to say? I’ll start! I have a Bike shop, a motorbike (accessory) shop, yet there is SOME commonality… Appreciative customers telling you as much, for me personally, the sourcing new products is especially enjoyable, and starting off, a few Wholesalers assisted m with consignment stock, which was near-instantly paid back, to maintain excellent relationships. Less laying out for stock, Wholesalers were eager to find new markets. then we have had mostly awesome staff, some of whom have gone on to greater things after getting their start with us; we now pay 9 salaries every month, and make a modest profit annually. Hard work, but GOOD work. a word of warning; you need to be PASSIONATE, and need to SUSTAIN that passion for many years, to make a success. Customers ALWAYS seek out good service, at fair pricing. The Web/Internet/online is playing an ever-bigger role, so that needs to be integrated - and well integrated - into bricks & mortar. Finally, if you could turn Retail upside down/on its head, and do something REALLY different, I feel you would have a winner, but am unsure WHAT that would look like? my 5c! Good luck, whatever you decide. Thanks for the feedback! Yes nice to hear something positive and you sound like you enjoy what you do, which for me makes ALL the difference. Profit is important but it’s not everything. Link to comment Share on other sites More sharing options...
Steady Spin Posted May 15, 2022 Share Ah yes. The sprocket mafia aka component suppliers that wont give start-ups the light of day. Tried to dip my toes in this industry with a direct to consumer online model for boutique brands including a very very unique frame manufacturer. Component suppliers said no straight away as South Africa doesn’t interest them. Clothing brands became impossibly expensive to import and sell at any kind of margin. Frame manufacturer was on board but without a good selection of components and frames it killed my concept. Oh and…. you need a LOT of money to start even an online store. The return is ok but don’t expect to get rich. MTBRIDER1234, Cycle Fan, DieselnDust and 1 other 2 2 Link to comment Share on other sites More sharing options...
Wayne pudding Mol Posted May 16, 2022 Share 10 hours ago, Scary Rider said: Sounds a lot like dairy farming...🙈 I’d heard that but definitely doesn’t seem to be the case around me - I suppose lots of water and fertile soil means low feed costs and more cows per hectare. As my not poor dairy farmer mate says, they (the cows) even work on Christmas that said I see a lot of the dairy farmers here have accommodation as another revenue stream seems better than a bikeshop Link to comment Share on other sites More sharing options...
Wayne pudding Mol Posted May 16, 2022 Share 15 hours ago, Cycle Fan said: So mid-life crisis looms and career change is in the air. Owning a Bike shop has always been a dream but the reality is very different I hear! So, the question is for those of you who are “living the dream” and own a small bike shop, would you do it again if you know what you know now? what is the reality REALLY like? Rough hours, stress levels, difficult customers? Would love to hear you war stories. With a great location, seriously good cash flow and top Mechanics why not ? ideally you’d like to own your premises and obviously get buy in from sram and shimano Their are very few easy businesses and most have supply challenges these days if you have the resources and do a feasibility study why not go for your dream it won’t be easy but what is ? MTBRIDER1234, DieselnDust and Sid the Sloth 3 Link to comment Share on other sites More sharing options...
Danger Dassie Posted May 16, 2022 Share 17 minutes ago, Wayne pudding Mol said: With a great location, seriously good cash flow and top Mechanics why not ? ideally you’d like to own your premises and obviously get buy in from sram and shimano Their are very few easy businesses and most have supply challenges these days if you have the resources and do a feasibility study why not go for your dream it won’t be easy but what is ? Try to open an account with Shimano now. Sydd, DieselnDust and Prince Albert Cycles 1 2 Link to comment Share on other sites More sharing options...
Wayne pudding Mol Posted May 16, 2022 Share 24 minutes ago, Danger Dassie said: Try to open an account with Shimano now. I don’t need to, I don’t use their products and I’m not opening a bike shop - I have my own business challenges 🤣 But I would imagine it’s near impossible which is why cash flow is important as well as networking with other independents it is very easy to highlight the negatives in starting a business which is why there are always more employers and employees. Nothing wrong with being one or the other but the risk in a small business lies with the owner as does the reward. a dream (with research) is always worth the effort MTBRIDER1234 and Cycle Fan 2 Link to comment Share on other sites More sharing options...
Cycle Fan Posted May 16, 2022 Share 46 minutes ago, Wayne pudding Mol said: With a great location, seriously good cash flow and top Mechanics why not ? ideally you’d like to own your premises and obviously get buy in from sram and shimano Their are very few easy businesses and most have supply challenges these days if you have the resources and do a feasibility study why not go for your dream it won’t be easy but what is ? Thanks 🙏 nice to have some positive feedback. looking at a small (affluent) town with great trails around it that only has one (albeit well established) bike shop in it that stocks well know but limited brands. Surrounding towns all have at least 3-4 shops. So believe there is some opportunity. And not looking to get rich out of it, just work in an environment that I enjoy. I believe supply issues will be an issue as well as getting an account with the “big boys”. But what I’d really like to know is how the owners feel about the lifestyle, work hours, etc. Does your passion for bikes outweigh the negatives? im not naive about these “Cinderella” industries- I’m in one at the moment. Would just like to hear some real world feedback. Danger Dassie 1 Link to comment Share on other sites More sharing options...
The Ouzo Posted May 16, 2022 Share 11 hours ago, Zebra said: Surely SOMEONE on here has something positive to say?😆 I’ll start! I have a Bike shop, a motorbike (accessory) shop, yet there is SOME commonality… Appreciative customers telling you as much, for me personally, the sourcing new products is especially enjoyable, and starting off, a few Wholesalers assisted us with consignment stock, which was near-instantly paid back, to maintain excellent relationships. Less laying out for stock, Wholesalers were eager to find new markets. then we have had mostly awesome staff, some of whom have gone on to greater things after getting their start with us; we now pay 9 salaries every month, and make a modest profit annually. Hard work, but GOOD work. a word of warning; you need to be PASSIONATE, and need to SUSTAIN that passion for many years, to make a success. Customers ALWAYS seek out good service, at fair pricing. The Web/Internet/online is playing an ever-bigger role, so that needs to be integrated - and well integrated - into bricks & mortar. Finally, if you could turn Retail upside down/on its head, and do something REALLY different, I feel you would have a winner, but am unsure WHAT that would look like? my 5c! Good luck, whatever you decide. Sharing the same floor as a motor cycle retail division I get to watch and listen to motorcycle buyers daily. they are a rather unique breed and love their accessories. Link to comment Share on other sites More sharing options...
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