How to Buy a Bike Shop

Historians can't agree as to exactly when the first bicycle was built, but everybody does agree that a French father and son team invented the first bicycle pedal and crank in 1861. Since then, there have been bike shops to cater to the bike-lover's every need. You can own a bike shop and turn your love of bikes into a rewarding profession.

Instructions

Difficulty: Moderately Challenging

1. Obtain as much knowledge as possible about bicycles and their technology. You must also have outstanding customer service.
2. Create a business plan with financial objectives, your target market and how you plan on providing unique service at a low price.
3. Gain knowledge on how to put together a financial picture of success for your bike shop. Any financing you receive will be based on your financial projections and credit history.
4. Make a stocking plan. Your stocking plan will reflect monthly sales, stock value and will control your ability to purchase stock.
5. Pick a store that is in a central location, where there is plenty of space to park and load and that has lots of traffic at your store front.
6. Dominate your competition with your unique value as a specialty store. This will be the key to your success.

Tips & Warnings

• Have a strong interest and knowledge base for bicycling.
• Create a profit and loss statement with three years worth of projections.
• Do not purchase a bicycle shop business if there is no passion for biking.