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New Bike Shop
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 2008-01-11 10:07 AM |
Veteran  175   Traverse City, Michigan |  Subject: New Bike ShopMy wife and I are looking for a new business to start. One of our serious considerations is a bike store leaning toward triathlon bikes and gear. Of course if we did this I would get my F.I.S.T. cirtification for bike fitting as well. My question is What area desperatly needs a bike shop like this. (anywhere in the USA) If you have a large or growing population of triathletes in your area but have to drive a long way to find a quality triathlon related store, please speak up and help me figure out possible locations. Thanks, Jason |
| 2008-01-11 1:11 PM in reply to: #1150115 |
Resident Curmudgeon 25290 The Road Back Gold member | Subject: RE: New Bike Shop I moved this from the Gear Review forums as I figured it would be of general interest, and the OP would benefit from the additional responses. Please give him some input, if you would. |
| 2008-01-11 1:17 PM in reply to: #1150115 |
| Folsom, CA (Sacramento Area) | Subject: RE: New Bike Shop Althoguht I have no suggestions, I wanted to wish you good luck ! |
| 2008-01-11 1:34 PM in reply to: #1150115 |
Master 1610  Kirkland, WA | Subject: RE: New Bike Shop how about moscow, Idaho!! located in scenic north idaho, 1.5 hrs of CDA, we have 2 bike shops, neither of which carry any tri gear. there is one local triathlon each year, as well as the Tri's in lewiston (1/2 hr south), and in spokane and CDA. There is a fairly large community of bikers and runners, but i don't know how many triathletes - our local tri had about 120 participants. also, there is a college here (university of idaho), which is good. |
| 2008-01-11 1:36 PM in reply to: #1150705 |
Cycling Guru 15134 Fulton, MD | Subject: RE: New Bike Shop Anywhere but where I am since that is one of my long range dreams.  |
| 2008-01-11 1:47 PM in reply to: #1150115 |
| 221 | Subject: RE: New Bike Shop I've thought for a while now that the area around me (Louisville, KY) would be a pretty prime location. We've got quite a few bike stores here in Louisville; however, it is very hard to find a tri bike and then if you do find one in the back of a shop you can't get much credible info from anyone in the store. They're really more interested in strictly road bikes. Also within 2 hours you have Louisville (metro ~600K-1million people), Lexington (don't know the statistics but fairly large), Cincinnati, Nashville, and Indianapolis (there may be tri bike stores in Indy, Nashville, or Cincy but I'm sure you would still get some spill over). I'm not saying I'm business savy or anything but there is definitely a lack of tri related items around here. |
| 2008-01-11 1:57 PM in reply to: #1150115 |
Master 1670 Harvard, Illinois | Subject: RE: New Bike Shop You not only have to take into consideration the location but the internet. My buddy had been working out of his basement for years. He just opened a shop this year. So he already had a base of customers built up. He still finished in the red this year eventhough he didn't pay himself a dime. 2008 has already started out great for him and he is feeling very positive about what the business can do. Have you ever worked in a bike shop? If you haven't I would spend some time working in a shop so you can learn as much as you can. I think you would be limiting yourself to a customer base if you just focused on triathletes. You should target roadies and commuters. Are you going to have a high end of the product line store and just a mix of everything? Have you researched bike brands and what the dealer wants you or expects you to sell each year? My buddy doesn't focus on just one type of athlete, he has road bikes and triathlon bikes. His biggest competition isn't other bike shops, its the internet. Unless people need a tube or a tire right away they will try to save money by ordering over the internet. He does charge quite a bit to work on a bike so I am sure he makes up for some of the lost sales that way. |
| 2008-01-11 2:18 PM in reply to: #1150115 |
Elite 3658 Roswell, GA | Subject: RE: New Bike Shop I don't have a specific place, but I would look for an area full of folks with a high disposable income. This sport can be expensive and your goal is to profit off the people who like the gadgets. Goodluck Edited by brown_dog_us 2008-01-11 2:20 PM |
| 2008-01-11 2:34 PM in reply to: #1150115 |
Champion 4835 Eat Cheese or Die | Subject: RE: New Bike Shop Most places are lacking Tri support. Can you make ends meet just catering to triathletes? Many of the places that have the population to support a shop, have too many shops as it is. Personally I think it would be tough to make ends meet as a tri specific shop. You could focus on them, and get hooked up with a local tri club, but don't alienate the bread and butter customers, families and recreational cyclists. No ideas on location, the shop I just got hired by is transitioning from the discount shop in the area to the above model. Oh yeah, any shop that is going to stay in business is harnessing the internet, usually to blow out left over stock, and not getting pissed at customers who buy from the net. It's there, we can't expect customers to screw themselves to support the LBS. The shops that will be closing in the next few years are the ones that alienate internet purchasers and don't harness the net. Most of the larger bike companies don't want you selling new stock on the internet, but they usually don't have a problem with you getting rid of old stock that way. I also second working in a shop for a bit if you have not already. It is not what people expect. It is fun and has perks, but it is also a lot of hard work with it's own set of issues to deal with. Edited by graceful_dave 2008-01-11 2:40 PM |
| 2008-01-11 3:13 PM in reply to: #1150115 |
Veteran 276 Oak Cliff, Texas | Subject: RE: New Bike Shop One bit of advice that may have changed my mind about being a small business owner is this: Make sure you have either a large amount of start up capital plus enough to live on for a 2 year period with no other income, or be independently wealthy and have fun. I decided to go at it alone after 10 years in Stealerships as a Master Certified VW/Audi technician. I opened a small German Auto Performance tuning shop in the Dallas area and did pretty well for myself but soon realized that you don't own a business, rather it owns you. If you are passionated and have the will, it will happen. I teach High School Auto Tech now and have much more time to pursue silly things like TRAINING! |
| 2008-01-11 3:14 PM in reply to: #1150115 |
Extreme Veteran 511 Budapest, Pest Megye | Subject: RE: New Bike Shop The difference when you buy a bike online and when you buy it at a store is customer service and repairs. I bought my bike at a Tri specific store here in Walnut Creek, CA and I get free tune-ups for the life of the bike, something I wouldn't get if I bought the bike online... |
| 2008-01-11 3:18 PM in reply to: #1150115 |
Extreme Veteran 909 Westchester, NY | Subject: RE: New Bike Shop You are in MI ? try a warm weather state .. just so you have more of a season to work with .. texas, az, nm.... |
| 2008-01-11 3:25 PM in reply to: #1150115 |
Champion 16151 Checkin' out the podium girls | Subject: RE: New Bike Shop Check out the requirements to get certified to buy from QBP. That'll scare you off of the idea. They've got mega restrictions on how long in business, total revenues, exclusive clauses, yada. Makes it really hard if you can't buy from the country's leading distributor. Oh yeah: Southern New England has bupkus for tri stores. NYC is the closest tri specifc. Most bike shops are more MTB / snowbaord / skateboard types. |
| 2008-01-11 3:31 PM in reply to: #1151042 |
Cycling Guru 15134 Fulton, MD | Subject: RE: New Bike Shop pitt83 - 2008-01-11 4:25 PM Check out the requirements to get certified to buy from QBP. That'll scare you off of the idea. They've got mega restrictions on how long in business, total revenues, exclusive clauses, yada. Makes it really hard if you can't buy from the country's leading distributor. No doubt! But if you want to succeed in the business you need to be able to order from Quality ..... it is the best way to get mid-high end stuff without going direct. And now that some of the manufacturers ONLY go through them it makes it even more important! |
| 2008-01-11 3:46 PM in reply to: #1151042 |
Champion 4835 Eat Cheese or Die | Subject: RE: New Bike Shop pitt83 - 2008-01-11 3:25 PM Check out the requirements to get certified to buy from QBP. That'll scare you off of the idea. They've got mega restrictions on how long in business, total revenues, exclusive clauses, yada. Makes it really hard if you can't buy from the country's leading distributor. ??? Those are pretty standard. So is the info required on the application. I couldn't find the restrictions for how long a business must be operating. J&B, one of the lower end distributors asks for the same stuff. |
| 2008-01-11 4:13 PM in reply to: #1150115 |
Master 1790 Tyler, TX | Subject: RE: New Bike Shop There's a new tri shop about to open here in San Antonio in the coming months. They apparently will have an Endless Pool and be a full tri shop. We already have one tri-shop that's OK. Performance Bike just opened last year. There're a good few bike stores. San Antonio might be a great place to consider, but the competition it getting stiff...
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| 2008-01-11 6:05 PM in reply to: #1150115 |
| New user 26 | Subject: RE: New Bike Shop You may have already seen this place -- but Madison, WI has Endurance House -- which caters to the triathlete community. I would suggest any city that hosts an IronMan. Best of Luck. http://www.sprinttriathlons.com |
| 2008-01-12 5:48 AM in reply to: #1151090 |
Champion 16151 Checkin' out the podium girls | Subject: RE: New Bike Shop graceful_dave - 2008-01-11 4:46 PM pitt83 - 2008-01-11 3:25 PM Check out the requirements to get certified to buy from QBP. That'll scare you off of the idea. They've got mega restrictions on how long in business, total revenues, exclusive clauses, yada. Makes it really hard if you can't buy from the country's leading distributor. ??? Those are pretty standard. So is the info required on the application. I couldn't find the restrictions for how long a business must be operating. J&B, one of the lower end distributors asks for the same stuff. Just that when a friend and I thought about the idea, it got really complex really quick. Things like you had to show proof of a stand-alone business in retail space complete w/ pictures (to avoid back end selling and basement operations I'm sure), had to show liability insurance (deep pockets at work), etc. Not saying it's unfair or punative, just that, if you're looking to get into a shop, you'd be better off minor partnering or buying an existing one. Opening a shop doesn't seem like a 1/2 hearted nor part-time, try it and see effort. I agree they're pretty standard terms for someone with the business plan and capital already in place. |
| 2008-01-12 6:18 AM in reply to: #1150747 |
Member 48 Prosper, TX | Subject: RE: New Bike Shop king03 - 2008-01-11 1:47 PM I've thought for a while now that the area around me (Louisville, KY) would be a pretty prime location. x2 - I live in Evansville, IN, about 1:45 west of LVL and there are a couple of bike shops here but no where to try on a wetsuit, the shop where I bought my aerobars had one set to choose from, etc. I'd gladly drive to LVL to buy a bike or a wetsuit, or any other piece of equipment that needed to fit just so. Seems to be a growing Tri community in the EVV area as well. Several people on our local tri team are registered for IM Louisville. Good Luck!! |
| 2008-01-12 9:21 AM in reply to: #1150115 |
Expert 655 Muncie, IN | Subject: RE: New Bike Shop I live in Muncie and we have a local bike shop that really doesn't carry much at all for Tri. There's some shops in Indy as well that carry some tri stuff but it's usually hit or miss. What our area needs is a Multi Sport focused shop. I'm so tired of ordering online not knowing if something will work or will fit!!! For me lowest price always isn't the driving factor. I like to put my hands on something before I buy it. Unfortunately bike shops and more specifically Multi Sport/Tri shops are still a niche market that it's tough for them to survive. If you've got the capitol and can carry enough inventory to compete against the Internet go for it because I firmly believe that there is still a market for store fronts. Good luck!!! |
| 2008-01-12 11:39 AM in reply to: #1150115 |
Expert 938 Haddam, CT | Subject: RE: New Bike Shop Good luck in pursuing your dream! When you open your doors, give us a call. We help make good bikes shops more profitable, through business process savings, marketing tools and training for owners and staff. www.thebikingsolution.com There are fewer than 4,500 bikes shops left in the US today - let's keep 'em growing!!
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| 2008-01-12 7:20 PM in reply to: #1150115 |
| Expert 1233 | Subject: RE: New Bike Shop Regardless if it's a tri specific bike shop, or a donut shop, you should prepare a business plan. When contemplating starting a business, you'll get a lot of advice. Unless those providing the advice are also providing the cash, (this post included), take the advice with a grain of salt. While starting a business can be very emotional, don't lose sight of the fact that it's a 'business decision', you will eventually have to consistently take in more money than you pay out. If you have a friend who is an accountant, they should be able to walk you through the elements of a financial statement. If they prepare the books for a small business, this is even better. You'll need to fill in the blanks. Think about the shop you want, don't worry about location yet. Estimate your monthly costs; rent, utilities, insurance, labor, etc., then estimate your capital costs (inventory, tools, equipment, etc), your accountant can help determine an estimate of the monthly expense the capital equipment is going to cost you. These costs will give you a rough idea of the sales volume you'll need to generate just to break even (then you will need a location that you think will deliever the volume). Don't get discouraged, it takes time to build a sucessful business. |
| 2008-01-12 9:39 PM in reply to: #1150115 |
Veteran 175 Traverse City, Michigan | Subject: RE: New Bike Shop Thank you everyone for all of the good advice so far. A little bit more about me. I come from an engineering background and have helped start up a currently operating clothing business so I am very familliar with planning ahead, determining payback periods for investments and jumping through hoops to get accounts with specific brands. I am used to working long hours and obsessing over all the details of operating a small business. For some reason when something is your own the hours just fly by and you have to remind yourself it is time to go home. I am just in the very beginning stages of contemplating the opening of a bicycle shop as one of many options. I am still researching every aspect of owning and operating a bicycle store. Once of the points of research was what areas might there be a demand that is not being met, thus this thread. Oh yes, I also obsess over bikes right down to the physics of bicycling. (even though my bicycle's engine need a lot of work) Also, yes I agree with those who posted that while the idea is to offer many products to the triathlon crowd it is not wise to leave out the road and mountain bike crowd as well. Again thank you all for your posts and keep them coming. Right now I am a sponge trying to gather any information that anyone can offer  Jason |
| 2008-01-13 12:42 PM in reply to: #1150115 |
Extreme Veteran 474 Ocean City | Subject: RE: New Bike Shop Owning a buisiness although you may love bikes and tri is not all its cracked up to be. I have been a surfer all my life and own a surfshop. Doing as a buisiness takes away alot of its luster. Not to say I dont enjoy surfing anymore, but it for sure has changed the way I look at it. You will also get killed by the internet, realize that most people(even friends) have no loyalty except to their dollars. Whatever you decide good luck!!! Please pardon my horrible SpElLiNg |
| 2008-01-13 12:56 PM in reply to: #1150115 |
| Champion 9430 No excuses! | Subject: RE: New Bike Shop Come to the west side of Michigan. Definately a handful of shops here like anywhere else but no one caters to the tri crowd. The local shops have a very limited number of brands and none that I know of cater to the internet much at all. |
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