How to Buy a Bike Shop in the UK

Step-by-Step Guide

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   Step 1: To run a successful bike shop while competing with bigger retailers

   This means that independents are under more pressure than ever before and are working harder to demonstrate their unique value to customers who often 'just don’t get it'.” “Many customers believe a £100 bike is a bargain and taking it away in a box just adds to the convenience; the skills necessary to build and maintain a cycle are often neglected.” , There are a variety of training courses, such as Cytech, offered by ACT, which can help you become an expert on two-wheeled transportation.
   
   Unfortunately, skills alone are not enough to guarantee success for your retail venture.
   
   A healthy dose of business acumen and the right premises are both vital. , It adds: “Fundamental to your business plan are financial forecasts.
   
   This will be the measure of your performance and the basis upon which finance is invested in the new business. “A three-year profit and loss plan will forecast your sales, gross profit, overheads, cash flow and balance sheet. , Obviously prime locations with high levels of footfall (passenger traffic outside the door) will be the most viable, but will come at a premium.
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   Step 2: the independent must rely on his or her Unique Selling Proposition (USP): their detailed knowledge of the technical side of cycling combined with outstanding customer service.

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   Step 3: A spokesperson for the ACT says: “Today

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   Step 4: bicycles are seen by many people as another price-driven commodity sold by supermarkets

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   Step 5: non-specialist retailers and mail order providers.

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   Step 6: Obviously

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   Step 7: if you are running a shop

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   Step 8: you don’t have to have mechanic skills yourself; unless you have insufficient funds to employ technicians.

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   Step 9: The ACT says that you should always produce a business plan laying out the objectives

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    Step 10: the target market

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    Step 11: and how it will be serviced with the right products at the right price.

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    Step 12: Alongside forecasting you must also consider a stocking plan which reflects monthly sales

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    Step 13: closing stock value and therefore drives and controls financial purchases.” However

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    Step 14: you will only reach your target market if you are in the right location.

Detailed Guide

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