As Screenman said, earning as much as you will in a well-paid job from a small business is very difficult. My sister is an accountant who at one point had an ambition to start a cake/ coffee shop. She did her sums and business plan very carefully and came to the conclusion that it just wasn't financially viable. In fact the best way of doing it would have been employing a manager with a catering background. She would have got someone with lots of experience, probably much better equipped to manage that kind of environment than she was, for less than half the salary she was on at the time.
Jacking it all in
- Thread starter benb
- Start date
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It's a lovely dream to have, but I think when you start crunching numbers it can all look a bit frightening. Small town retail is on it's ar$e - rents, business rates are putting people out of business. Also, with a bike shop you have to hold a hell of a lot of stock - I was talking to a small bike shop owner and he said he only got a months credit on his stock - so if he buys a bike in and hasn't sold it in a month it's costing him. Then you've got to put up with people coming in and saying I'd like to buy that £5 light but I've seen it for £4 on the internet. Couple all that with being open 6 days a week and you might find yourself with more worry and less riding time than you have now!!
GrumpyGregry
Here for rides.
Precisely. It has found its niche market. It is profitable as a result. It provides a good return on the owners investment.
Most places of work, ime, produce a constant stream of disgruntled former employees; rather in the nature of capitalism. Surely the proprietors would rather the disgruntled went elsewhere tbh rather than staying on and taking it out on the customers (never happens in ANY lbs does it).
My shop will, of course, be run as a co-operative.
Andrew_P
In between here and there
http://uk.businessesforsale.com/uk/Price-Reduced-Well-Established-Bike-Shop-In-Suffolk-For-Sale.aspx
Not quite on the coast...
Tough times for the High Street but I suspect that if you get the right location and the right type of bikes and service a cycle shop could do pretty well.
Not quite on the coast...
Tough times for the High Street but I suspect that if you get the right location and the right type of bikes and service a cycle shop could do pretty well.
phil_hg_uk
I am not a member, I am a free man !!!!!!
Good luck to you, going self employed was the best move I ever made.
When I looked at it on paper I couldnt see how I could make it work, but I have been in business for mearly 20 years. I ran the business on a part time basis for a few years then got made redundaant 7 and a half years ago and went full time self employed then.
My initial investment was a whole £5
When I looked at it on paper I couldnt see how I could make it work, but I have been in business for mearly 20 years. I ran the business on a part time basis for a few years then got made redundaant 7 and a half years ago and went full time self employed then.
My initial investment was a whole £5
mickle
innit
- Location
- 53.933606, -1.076131
The best businesses, in my experience, manage to retain their staff rather than turn them over, because they see their staff as an asset and value their loyalty. Thankfully I never worked in a bicycle shop whose owners insisted that their employees weren't allowed to ride a brand of bicycle which wasn't sold in the shop. I have other tales too lurid for public airing. Save to say, you will not hear a good word said about DogMuck in the Bristol cycle trade fraternity.
GrumpyGregry
Here for rides.
That depends on the business model employed. Clearly Mud Dock is a successful business in the minds of the owners, complete with staff turnover, else why continue to run it? Could it be more successful it your model was applied? Who knows? Seems the owners don't care to find out. Can they apply whatever t's and c's they like so long as they are legal? Yep. No one forces people to work for them. Might not be "right" but it ain't uncommon. I once worked for a car company; guess what brand of car I was allowed to park in the work car park?
Do the local trade not like the competition then? You won't hear a good word spoken in most LBS's about the local competition ime so that isn't unique to Bristol.
Seems to have more than a few satisfied and repeat customers, which, in business terms, is probably more important than satisfied staff.
GrumpyGregry
Here for rides.
just don't open up near mine ok?
Shadow
member
- Location
- edge of the south downs
Precisely. Do some research of where you'd like to be - are there any LBS's there already?
Otherwise, go for it. If you stop to think about it and crunch numbers you may just get frightened off. If that happens you'll always wonder 'what would have happened if...?' If you do it and it doesn't work, at least you tried and you will learn much.
If you have a second income at the moment, this would make life less stressful. It will require determination and dedication and hard graft. There is not much worse than sitting around wishing you were dong something else. Do it.
smokeysmoo
Legendary Member
- Location
- Bolton, not very far from Nob End
Just seen this following coffejo's thread off the back of it. I too dream of opening a bike shop with a cafe, but mine needs a lottery win to do it!
I want a good spread of quality manufacturers bikes in stock, and a cafe with seating serving the best cake this side of Christendom, not much to ask is it?
I want a good spread of quality manufacturers bikes in stock, and a cafe with seating serving the best cake this side of Christendom, not much to ask is it?
Crackedheadset
Guest
Hmm, sounds like you need help. PP me £500 and I'll forward a detailed plan and strategy for starting a business like this and making millions. Trust me
smokeysmoo
Legendary Member
- Location
- Bolton, not very far from Nob End
That sounds great..............WAIT A COTTON PICKIN' MINUTE!
Are you an African diplomat by any chance, and can you guarantee me a 10,000% return on my investment when you manage to flee your country and come here? You can! Bring it on
steveindenmark
Legendary Member
You need to find a niche market. Something affordable to the public that nobody else is selling in the UK. Something trendy and simple and something that not only appeals to cyclists. It would also help if you could run this from home whilst you are still working.
Wouldn`t that be perfect?
Kickbikes do not have a UK dealer.
http://www.kickbike.com/index.php?mid=92
Huge in Scandanavia, Holland, Germany, USA, Australia.
Unheard of in the UK.
Steve
Wouldn`t that be perfect?
Kickbikes do not have a UK dealer.
http://www.kickbike.com/index.php?mid=92
Huge in Scandanavia, Holland, Germany, USA, Australia.
Unheard of in the UK.
Steve
Monsieur Remings
Guru
- Location
- Yatton UK
I have to say of all the bikeshops in the area, this one I deem the most pretentiously overpriced, 'I saw you coming', life is not the same without a carbon bottle cage type place.
Just my first impression, and given the prices, the last...
This place in an up and coming part of Bristol, with cheaper rent/mortgage no doubt than the Mud Dock, I think, is hard to beat...
http://www.google.co.uk/url?sa=t&rc...vIzbDQ&usg=AFQjCNElFnLTO9H5sSdjJ3DXg5PSL3ezeg
And for out of town...
http://www.google.co.uk/url?sa=t&rc...yMDgDQ&usg=AFQjCNFX5zKcua8dQ54L3WeQ41RDj9A79Q
