Did you know that the bicycle market in the United States is estimated to be worth more than $6 billion? With so many bikes being sold in the United States each year, it shouldn’t come as a surprise that there’s also an enormous market for bicycle repairs.
If you know a fair bit about bikes and are thinking about starting your own bike repair shop, it’s important to first understand what it involves.
Keen to find out how to start a bike repair shop? Here’s what you need to know…
Step-by-step guide on how to start a bike repair shop
Choose a business structure.
Establishing your business as a sole proprietorship, partnership, limited liability company (LLC) or corporation will have implications on the amount of tax you’re liable to pay and your level of personal liability.
Decide on a business name and register the business.
Once you choose a name for your business, you’ll need to register the business with state authorities to form a legal entity.
Obtain federal and state tax ID numbers.
Also known as an Employer Identification Number (EIN), tax ID numbers allow you to pay all relevant taxes.
Apply for any licenses and permits.
Check with local and state authorities to see if you’re required to obtain any licenses or permits to operate the business.
Create a business plan.
Include your vision for the business, your proposed service model, your sales and marketing strategy and financial projections.
Consider if you need general liability, property, income, professional liability or any other types of insurance.
Find suitable premises.
Source a suitable location to operate the business from.
Source any tools, equipment and inventory.
Consider everything you’ll need to operate your business day-to-day.
Set up your systems.
Work out how you’ll manage your point of sale, customer database, inventory and accounts to ensure the business can run smoothly.
10. Start trading!
Why bike repair shops choose Workshop Software
Leading bike repair shops choose Workshop Software because it combines your point of sale, customer relationship management, inventory, stock ordering, accounts and staff workload management in a single easy-to-use cloud-based system, streamlining your operations and keeping everything running efficiently and smoothly.
Find out more about our bike repair shop software or get started with a free trial of Workshop Software today.