In today’s competitive world, you’re willing to do what it takes to advance your professional career. On top of that, you place a high value on working with a true passion for your occupation. That’s why you’ve decided to open up your own motorcycle shop.
Well, the good news is that you’ve come to the right place by reading this article. Detailed below is everything you need to know about starting and running your own motorcycle shop. If you have a knack for business and a love for two-wheeled rides, this is going to be an exciting adventure.
It’s important that you prepare yourself for starting this business, though. Consider the following statistic regarding motorcycles and their repairs throughout the United States.
It indicates that in the year 2019 alone, the industry generated $7 billion in revenue. Keep reading to stay ahead of a potential competing motorcycle shop in your local area.
Know the Rights and Regulations of Small Businesses in Your Area
The first thing to consider when opening a motorcycle shop is the legal standpoint from which you can do so. There are a variety of laws and regulations behind the operations of businesses, large or small, across the country. It’s your job to get familiar with those regulations so your business never crosses and costly boundaries.
Plus, motorcycling itself is a well-regulated industry and hobby. Riders and manufacturers have specific rules concerning how consumers can enjoy these machines.
For more detailed guidance, check out these article archives on the laws and rights of motorcyclists throughout the country. Getting familiar with even the most detailed laws will help you become an expert in your field, after all.
Scout a Proper Location for a Motorcycle Shop
One thing about setting up a motorcycle shop is that it needs a specific kind of location to operate. For one thing, the shop will need enough room indoors to hold all of your merchandise and any motorcycles on which you’re working.
A large enough parking lot is another essential characteristic of a motorcycle shop. That way, shop owners can proudly display motorcycles for sale to potential consumers as they drive by.
If you want an operating garage door on the site, that’s another thing to consider when scouting for a location. Take the time to hunt around town for a location that suits your business design.
Your Motorcycle Shop Is Going to Need a Unique Brand
A business’s brand is, in essence, the personality it presents to its consumer base. Take the time to develop a brand for your shop to include in all of its marketing strategies.
Staying consistent with that brand will go a long way in encouraging customer loyalty. That loyalty, in the long run, is going to be an invaluable asset.
Start by thinking about what values your motorcycle shop is going to represent. Do you want to promote tradition and nostalgia? Would a lighter and wittier tone suit your business design better?
Your brand will be involved in many decisions regarding the shop. This can include everything from the shop’s logo to its customer service strategy.
In fact, your shop’s customer service strategy is going to make or break its reputation in the local area. For that reason, ensure your employees are always well-trained in proper customer service. If you want your branding to be successful, this is essential.
One thing to prioritize for the brand of a motorcycle shop is that of safety. Many people consider motorcycles dangerous, of course. Plus, the unfortunate truth is that accidents do happen.
Still, experts suggest that the deaths of motorcyclists have decreased over the past few years. It’s going to be up to your shop’s brand to encourage safe motorcycle practices. Doing so will help establish a positive reputation for that brand in no time.
Be Willing to Invest in Digital Marketing Strategies
Welcome to the modern Digital Era, in which technology and the Internet reign supreme. It seems as though everyone is connected to their smartphone on a regular basis. Well, that’s great news for a new business like your motorcycle shop.
This ever-expanding digital connectivity is a great avenue for marketing your shop. Digital marketing, of course, starts with an excellent website as a foundation.
You might even want to hire professional web design services to make the most of your shop’s site. All other digital marketing strategies will eventually point back to it, so it’s worth your investment.
Plus, don’t forget to optimize your social media marketing plan. Successful social media marketing is more than just posting photos of your motorcycle shop.
You’ll need to engage with your online followers intentionally. That way, you can prove to them that you have their best interests at heart.
As mentioned above, a consistent brand is going to be crucial for all marketing strategies. Don’t forget to incorporate that branding strategy on all of these digital platforms, too.
Develop a Business Plan with All of the Details
Of course, one of the most important things you’ll need to consider is how you’re going to fund this business venture of yours. The great thing about starting a small business is that a lot of funding options are available. It’s up to you, though, to do the research and find the ideal solution for you.
Small business loans are available to entrepreneurs who are prepared to repay that loan over installments. Doing so means you’ll need to have a detailed business plan to present to your potential loan provider.
A business is, in essence, the foundation of all of your future goals for the motorcycle shop. It’s a starting point from which to start working towards those goals.
A business plan helps determine who the operations are going to be structured. For example, consider how many employees you’ll need for the shop right off the bat. It also needs to show how your motorcycle shop can sustain long-term profits.
One thing to include in your business plan is what products or services you’re going to offer. Some shops include retails items like what motorcycle riders need to wear on a regular basis.
There are plenty of online resources available to help new small business owners draft these plans. If you need help hammering out the details of your business plan, reach out to professionals who can consult you.
Network, Network, Network!
In your local community, a Chamber of Commerce exists. This organization of the city government focuses on connecting businesses throughout the community. For that reason, they often host networking events for local business leaders.
Don’t underestimate the value of connecting with other business owners in your area. It’s important to stay involved so that your motorcycle shop has access to resourceful relationships in the future.
Attend these networking functions and shake hands with business leaders you find interested. Make sure you bring plenty of business cards with the shop’s contact information for this purpose.
The fact is, other small businesses in your area could be great resources in the future. Trading products or services with them is a great way to cut down on your own business’s overall expenses.
Plus, you should have plenty of options for business relationships available. Throughout the United States, over 98% of businesses have less than a hundred employees. That’s a lot of potential (and strategic) friends in the area.
Take the time to get to know as many of them as you can at those local networking events. You never know when such a friendship could be handy.
Plus, stay involved with the local motorcycle culture. Chances are that before you even open your shop, you’ve made a lot of friends with other motorcycle enthusiasts.
If these motorcyclists meet up on a regular basis, you should do your best to attend these networking events, too. Doing so will help you establish an even wider potential consumer base.
Make the Most of Your New Motorcycle Shop
At this point in the article, you have a thorough understanding of what it takes to open a motorcycle shop. Running the shop, though, is no easy feat. You’re prepared to do what it takes to maintain long-term profits.
As a responsible business owner, your top priority is always going to be the company’s bottom line. That’s why you always want to make sure the shop is making the most of its investments. Do this by keeping yourself well-educated.
If you want to stay ahead of any local competitors, you’ll need to keep yourself informed. Running a business requires a lot of practice and extensive knowledge, after all.
Well, that’s where we can come into play. We prioritize bringing readers like you the most relevant and useful topics in the motorcycle industry. Take advantage of that available expertise for the profit of your own motorcycle shop.
For that reason, we encourage you to browse through the rest of our website. Explore the blog’s latest and greatest trends in the motorcycle industry. To start, check out more details about the newest motorcycle models on the market.
