Jacking it all in

[benb]

So, I'm a bit fed up with my job, and have been idly musing about selling the house, moving somewhere cheaper (preferably coastal) and opening a bike shop.

Pipe dream perhaps, but if I was seriously considering it, these would be my options:

1. Standard bike shop. Sales, service & repairs
2. Service and repairs only (would save money on stock)
3. As #2 plus cafe (would give my wife something to do!) a la Look Mum No Hands
4. Travelling repair service
5. Bike hire as well

I guess the profit margins are pretty tight, and in places where cycling is popular, the local market may already be sown up.

So does anyone on here have experience in running a business along these lines? Am I crazy for even considering it?

 

[cyberknight]

Good luck with yur dream , i would love to be in the position to do the same !

 

[Theseus]

This place opened a few months ago in Edinburgh, I only found it yesterday as I walked to another bike shop a few doors down.

 

[sdr gb]

If you are planning on doing servicing, it may be worth taking the Cytech course as most bike shops specify this qualification when advertising for mechanics. There's a guy near me who set up a business doing wheel building and repairs so option 2 could be a viable idea.

Good luck if you decide to go through with it and don't forget to give discounts to Cycle Chat members.

 

[Norm]

Let me know where you're considering, I'll be your first mechanic / coffee maker.

 

[GrumpyGregry]

post any premium bond/lottery win I shall become the proprietor of Kite-Hike-Bike a combined bike/hiking/kite shop and licensed cafe somewhere on the south coast or near the Quantocks. We will rent out bikes but the fleet will be mainly skip rescued/car boot sale stuff. I shall remain 'out the back' in the role of grumpy stores bloke and shall hire charming young attractive front of house staff to flog the cakes and drinks and kit and we will allow customers into the workshop to watch, or participate in, the building of their bikes. A free kite will come with every bike purchased.

On Wednesday afternoons a sign will be erected saying Sorry - closed. gone to fly a kite/hike/bike

 

[Arjimlad]

If you are thinking about this I recommend you take a serious look at the Mud Dock operation in Bristol, they seem to have made a good business from trendy bikes, MTBs, repairs for commuters and others, and a nice cafe/restaurant over the shop as well. Dockside location.

 

[mickle]

If you are thinking about this I recommend you take a serious look at the Mud Dock operation in Bristol, they seem to have made a good business from trendy bikes, MTBs, repairs for commuters and others, and a nice cafe/restaurant over the shop as well. Dockside location.

Dog Muck is a bike shop which has survived only because it leans heavily on the kind of trendy drinkers who will pay through the nose for mexican beer and a view of Bristol docks. It's owned by landed gentry. It is a plaything. It generates a constant stream of disgruntled former employees.

Aside from that it's great.

 

[Arjimlad]

I see... only been in there for a works bash ... but if it's making a profit perhaps might be of interest to the OP.. Had no idea about former staff.

 

[compo]

I would seriously consider why there used to be bike shops in every town and village and now they are almost a rarity.

I was once told I see the problems rather than the opportunities so just ignore me. I did have a working wind up radio many years before that Trevor Baylis thought about it.

 

[screenman]

Do you have £100,000 of cash? that you can afford to lose. Do you have sales and marketing skills? For what reason do you want to work for yourself? Are you good at accountancy? Customer service. So many questions to answer.

I have been helping people start up in business for many years and these are just a couple of questions that need answering.

Personally I would drop the bike idea and just do food properly, but there again I have 3 good friends with plenty of experience who own separate bike shops and wish they did not.

I advise everybody who has a secure will paid job to stay put, working for yourself although it can be rewarding is extremely hard as many find out.

 

[biggs682]

must admit i keep thinking along same lines and specialising on 70's - 90's racer sales and repairs and rebiulds , but i stop myself as not enough experiance in doing the all the work myself , have even thought about talikng to lbs about renting floor space etc etc and doing from there .

 

[RecordAceFromNew]

Let us break it down, market-wise:
1) Sales - aren't they increasingly being compromised by large online outfits? I must say I like the look of that Rose catalogue
2) Service - does anybody know a comfortably well off mechanic? (ignoring the millionaire mechanic who started with £2 millions)
3) Hire - dunno, I would have thought it would be highly location dependent and very seasonal so not a steady earner

Apparently, more eateries are opened than anything else and new eateries have huge failure rate because people who love food think they know how to make money selling it.

Nevertheless I think one can do well in any field, no matter how competitive, if one can deliver an edge that is hard to copy but give people what they really want that they don't have.

 

[screenman]

Completely agree with your last sentence, however extremely few people can deliver.

Note on my last post I said do food properly.

 

[benb]

Thanks all.

It's just a pipe dream at the moment, but it's useful to collect views and advice in case I'm ever in a position to make it a reality.