Calling all LBS owners.

sharpy1
sharpy1 Posts: 100
edited December 2010 in MTB general
I am looking at opening a bike shop and wondered if some of you guys could PM me so I can pick your brains for forecasting and turnover etc. I have premises in mind that would be perfect so need to move quick as they will go soon if I dont get my name down!!

Many thanks
2009 Zesty 314

Comments

  • cagebomb
    cagebomb Posts: 47
    I'm not going to help the competition.

    :twisted:
  • paulbox
    paulbox Posts: 1,203
    Beware, I think the cycle to work voucher scheme is past its best now with rumours of having to pay £250 to keep a bike bought with a £1k voucher.

    PS. I'm not saying that's a bad thing, I just think it will make them less popular.
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  • turnerjohn
    turnerjohn Posts: 1,069
    sharpy1 wrote:
    I am looking at opening a bike shop and wondered if some of you guys could PM me so I can pick your brains for forecasting and turnover etc. I have premises in mind that would be perfect so need to move quick as they will go soon if I dont get my name down!!

    Many thanks

    I do hope your not doing it for the money ? :roll:
  • bobs bikes
    bobs bikes Posts: 589
    where are you thinking?
    dont register for vat straight off!
    dont use cycle to work svheme, it will cripple you.
    get a good mechanic
    dont spend money on crap adverts
    get a good acountant
    pray!


    ps.... if you are in hull, F**k yourself! LOL
  • jay12
    jay12 Posts: 6,306
    i can't really say anything for this matter but setting up a buisness without much knowledge in this sort of finanical situation is not the best idea. it's more than likely that you will end up losing money
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  • sharpy1
    sharpy1 Posts: 100
    turnerjohn wrote:
    sharpy1 wrote:
    I am looking at opening a bike shop and wondered if some of you guys could PM me so I can pick your brains for forecasting and turnover etc. I have premises in mind that would be perfect so need to move quick as they will go soon if I dont get my name down!!

    Many thanks

    I do hope your not doing it for the money ? :roll:

    Nah, just for fun :wink:
    2009 Zesty 314
  • submityournentries
    submityournentries Posts: 912
    where abouts are you setting up? and im sure ull get a nice chunk of advice on what you ought to sell on here :D
    Ragley Blue Pig
  • sharpy1
    sharpy1 Posts: 100
    bobs bikes wrote:
    where are you thinking?
    dont register for vat straight off!
    dont use cycle to work svheme, it will cripple you.
    get a good mechanic
    dont spend money on crap adverts
    get a good acountant
    pray!


    ps.... if you are in hull, F**k yourself! LOL

    North West, rather not say, but nowhere near Hull.
    Thanks for other pointers, especially the pray part.
    2009 Zesty 314
  • supersonic
    supersonic Posts: 82,708
    What brands will you be stocking?
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  • Andy B
    Andy B Posts: 8,115
    bobs bikes wrote:
    where are you thinking?
    dont register for vat straight off!
    dont use cycle to work svheme, it will cripple you.
    get a good mechanic
    dont spend money on crap adverts
    get a good acountant
    pray!


    ps.... if you are in hull, F**k yourself! LOL
    Mostly good advice there, although Cyclescheme has been a very good earner for us, mind you not many folks would want a Probike, Tiger, Landrover or Schwinn on the cyclescheme, maybe that's were you lost out?
    2385861000_d125abe796_m.jpg
  • bobs bikes
    bobs bikes Posts: 589
    hi andy, we order the more expensive stuff in when we need it. the cycle scheme cost us a lot with the percentage they took and also we had to register for vat which cost us a lot per month.
    if you could shift 20+ 1k bikes a month on the scheme, it would work out, but in hull, they would nt spend that on a car!
    :lol:

    the probike is our best seller, hull is flat and people just want cheap bikes to get to work on.
  • redvee
    redvee Posts: 11,922
    If you want to make a small amount of money owning a bike shop, start with a much bigger amount :lol:
    I've added a signature to prove it is still possible.
  • CraigXXL
    CraigXXL Posts: 1,852
    bobs bikes wrote:
    hi andy, we order the more expensive stuff in when we need it. the cycle scheme cost us a lot with the percentage they took and also we had to register for vat which cost us a lot per month.
    if you could shift 20+ 1k bikes a month on the scheme, it would work out, but in hull, they would nt spend that on a car!
    :lol:

    the probike is our best seller, hull is flat and people just want cheap bikes to get to work on.

    So you didn't take your own advice and get a good accountant who would have gone through the costing of the scheme along with cashflows and other implications. When you do want a good accountant let me know.
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  • bobs bikes
    bobs bikes Posts: 589
    So you didn't take your own advice and get a good accountant who would have gone through the costing of the scheme along with cashflows and other implications. When you do want a good accountant let me know.[/quote]

    yes i did, and as we dont shift that amount on the cycle scheme, the figures were not convincing.
    thanks for the offer of help, but im fine for now thanks,
  • tri-sexual
    tri-sexual Posts: 672
    i think bob is giving very good advice and very honest advice at that.
    alot of us on this forum have probably thought of working within the cycling industry, because most of us have genuine passion for bikes and bicycling.
    i personally know a quite a few bike shop owners and know that it is not an easy industry to be in at the moment.
    its especially hard for new businesses having to compete with more established businesses who probably stock the most popular bike brands available locally and suppliers/ distributors will not generally supply the new shops with their brands if it directly competes with existing shops.
    in a fast changing retail market where consumers are more knowledgeable, local bike shops' greatest competition probably comes from mail order/ internet giants who can often sell products at a price which the small shops can in no way compete with.
    bike repairs and servicing is one area which will always be required and a good workshop is essential in any bike shop.
    good luck if you do decide to open your new shop, wont be easy and will probably involve alot of hassle dealing with suppliers, difficult customers, cash flow, insurance, rent, rates, payroll, staff etc.
    one shop owner i know tells me that his staff is making more money than he is at the moment and i believe him.
  • allen.coulson
    allen.coulson Posts: 424
    My lbs is a small shop which sells bikes and bits, rents out a couple of bikes and is an agent for some high end German components mfgr.

    He has made a little loop in the woods and introduces people to it on a loan bike and gets them interested. He had the triathlon club there at the weekend.

    He has a small but well equipped gym there too which members can use.

    I think that the lesson is to diversify as much as possible and be a good bloke!

    ..and I don't think you need an accountant - I'm an accountant and would be as much use to him as tits on a fish.
  • sharpy1
    sharpy1 Posts: 100
    Thanks for all your comments guys.
    Lots of interesting points on here for me to consider.

    Stu, check your inbox, I've PM'd you.
    2009 Zesty 314

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