This is the perfect time to convert your bicycle repair knowledge into a profitable business. Start your bicycle repair business today and combine your bicycle enthusiasm with your business objective. Unleash your repair skills to earn a high profit with a bicycle repair business idea.
01 Startup Financing Business Titans will help you to choose the best-matching financing method to your situation and to prepare you to get a good deal with the right partner. Speak to us about your idea and situation and get a free proposal how Business Titans could help you. Below is a preview of few possible financial solutions for your business project.
1. Bootstrapping: The right and wrong ways to set up your Startup with your own money.
2. Equity Partner: Money from equity partners can be good or bad for your project
3. Bank Loan: Be prepared for the tough due diligence checks of the banks. Get help for Due Diligence and KYC.
4. Friends and Family Loan: A sensitive topic with many attention points.
02 Business Planning Business Planning is a continuous process of assumptions, risk assessments and revisions. It is not about the Business Plan but about the thinking process while you are setting up a new venture. Any serious business partner will challenge your assumptions and assessments. With Business Titans you get a diversified and professional sparring partner to brainstorm and starburst your business model until it is waterproof.
We help you to get the documentation you need in the right step with the right quality and format. Equiped with Business Titans certified documents, you will stand off in any forum.
03 Weekly Coaching When the financing step is done and your business documentation is complete, it's time for action. A Senior Consultant will be accompanying you in a weekly personal coaching session through the milestones of your business. Your Consultant will check for examples and inspirations that match your unique situation. You will be supported with a personalized feedback to every aspect of your company: Legal setup, marketing plan, budget management, business development steps, sales pipelines, recruitment needs, product development, etc.
Business Titans will push you to achieve your milestones, stay in-line with your Business Plan and make you aware when and why a revision is required.
Strategy Roadmap - Your compass during the startup phase (6 pages pdf)
- Tools of Business - A collection of 80+ tools for any entrepreneurial situation based on 6 years of trial-error experience and lessons learned (14 pages pdf)
- Smart CEO Guide - Ways to raise efficiency and stay focused on the Strategy Roadmap (15 pages pdf)
- Social Media Marketing - A checklist with industry-standard best practices on social media (3 pages pdf)
- Customer Journey Stations - A one-pager exercise guiding you through the critical moments of dealing with customers (1 page pdf)
BACK TO THE BUSINESS IDEA
A bicycle repair shop is a great and profitable business venture for individuals who are passionate about bicycles and have bike repair knowledge. Cycling is a famous sport in the world. bicycles are used by millions of people for sports, exercise, and transportation. In recent years, the demand for professional bike services has seen a surge. A bike repair shop offers refurbishing services for customers in case of any problem with their ride.
Before starting the bicycle repair business, your financial and business objectives. Fix working hours and arrange all the tools required for mechanical services. The best option is to start this business from home garage. However, a mobile repair shop will enable you to cover a greater geographical area. High market competition is the major challenge of a bicycle repair business. Create a connection with local bicycling clubs and sport organizations in order to reach new customers. Spread the word out to your friends and family. Use local billboards to promote your business. Create your own business card, attend different meetings and list your business in cycling classifieds and newsletter.
Once you have developed your reputation as a bicycle expert your business will grow in days. Market your bicycle repair business in different events such as cycling competition, bike safety shows, and bicycle festivals. Offer coupons and different discounts to retain old customers and attract new customers. Create
your own website and request customers to leave reviews about your services. You can also expand bicycle repair business by renting and selling refurbished bikes.
Your target market will consist of kids, youngsters, college/ university students and office going people.
- Physical shop: Establish a repair shop in your local market, city center or locations nearby colleges and universities.
In-Home: Use your home garage to provide bike repair services. This option will save startup costs. Suitable as home business during COVID-19 pandemic.
- Mobile repair shop: This decision will enable you to set flexible operating hours and cover more radius. You will be able to travel to customer location and service their bikes on site.
- Website: Build a user-friendly website and book appointment online to target audience in your area. Besides, social media marketing strategies like Youtube video marketing and Facebook posts will greatly help in the expansion of your business.
The startup cost for the bicycle repair business idea is medium. However, the profit potential is high as a bicycle repair shop is often marked up 100 % or more. Contact Business Titans to learn more about the potential revenues and costs to run this business.
THE KEY BENEFITS OF THIS PROJECT
- A business with flexible working hours. You can start this business from home as a side business.
- Equipment required for repairing are bought once having years to life expectancy.
- You can earn extra income by offering new bikes or repaired bikes at a low price.
- High market potential using smart marketing strategy.
- Medium startup investment with high earning potential.