Business Experience

[williamsb27]

So I've been thinking and I want your guys opinions. Would it be smart to add on a repair shop to the business or would it be smart to wait awhile and see how just the retail of parts and accessiories
pans out? I know I could make money off just parts and gear, but it would take awhile to gain money to have a pretty decent inventory. I'm thinking with the repair shop I could pretty much bet on having a cash flow because people are always wanting their bikes fixed. I know it would take more money to start that up that's why I'm asking if I should or shouldn't?

 

[PBK]

If it were me I would wait till I got everything up and off thr ground ! but thats just me.

 

[williamsb27]

That's what I'm thinking too because I would have the costs of the shop the tools the equipment and the mechanics. I just needed a second opinion so college wise do you think it's a waste to get an MBA?

 

[Travace]

get the shop going but ty to get the repairs going asap. with the internet and all the sites and discounts these days people are gonna be getting new stuff and always need someone to install this stuff. Plus when you do sell something you can pimp out the option to have it installed for labor prices as well.

 

[williamsb27]

get the shop going but ty to get the repairs going asap. with the internet and all the sites and discounts these days people are gonna be getting new stuff and always need someone to install this stuff. Plus when you do sell something you can pimp out the option to have it installed for labor prices as well.

Very true bit where I live I only have a dealership with nothing stocked. I think if I had a parts shop I would go there instead of paying shipping online.

 

[Travace]

Very true bit where I live I only have a dealership with nothing stocked. I think if I had a parts shop I would go there instead of paying shipping online.

i hear ya... i was thinking about a shop in my city... there is lots of shops near my city tho... regardless people still do a lot of shopping online these days.. many places offere free shipping when you order a certain amount of money.

 

[williamsb27]

i hear ya... i was thinking about a shop in my city... there is lots of shops near my city tho... regardless people still do a lot of shopping online these days.. many places offere free shipping when you order a certain amount of money.

Yeah that's going to be my toughest competitor because I can't keep lowering prices and making no money.

 

[James]

so college wise do you think it's a waste to get an MBA?

Around here a lot of business owners aren't college grads. A lot of members on here own their own business, why not create a PRIVATE poll and see? In my own opinion I think it is, because after you do graduate you'll be saddled with all that debt and looking for a place to live while you try to start your business. But chances are you'll probably end up working for someone else as you pay your debt down.

Very true bit where I live I only have a dealership with nothing stocked. I think if I had a parts shop I would go there instead of paying shipping online.

Being honest here, just because you would doesn't mean everyone else will. But now if you could give it a coffee shop "feel" where people come to shoot the $hit...

My advice is to strive to be different, I don't know what the demographics are around you so I'm not sure what to tell you.

Yeah that's going to be my toughest competitor because I can't keep lowering prices and making no money.

The price difference between retail & warehouse spaces is huge, which is one reason why e-sellers can mark their prices so low. That's why I suggested the "repair" part, as it will help drive people to your location, which it turn they will hopefully buy parts/gear from you. Or maybe have an online store with a retail location?

 

[Travace]

yea james also i would advertise the cheap things like tire changes() and minor stuff like putting grips on or what not cause it will bring people into the store and if you are able to do them quickly people will just check out what you have and maybe purchase small things... i did exactly that at cycle gear yesterday.

 

[williamsb27]

Around here a lot of business owners aren't college grads. A lot of members on here own their own business, why not create a PRIVATE poll and see? In my own opinion I think it is, because after you do graduate you'll be saddled with all that debt and looking for a place to live while you try to start your business. But chances are you'll probably end up working for someone else as you pay your debt down.

Yeah that's what I hear too, I think that I will play it safe and just take 4 years of school, just to build up money and see how bad the economy gets. And my step dads in the army, so while I am enrolled in college, I get free medical.

Being honest here, just because you would doesn't mean everyone else will. But now if you could give it a coffee shop "feel" where people come to shoot the $hit...

Yeah true I got to think outside the box, but that's a good idea. I think that would give people a chance to be away from the wife

The price difference between retail & warehouse spaces is huge, which is one reason why e-sellers can mark their prices so low. That's why I suggested the "repair" part, as it will help drive people to your location, which it turn they will hopefully buy parts/gear from you. Or maybe have an online store with a retail location?

Yeah but starting up, my costs would run extremely high. What I was thinking, I don't know if it's a good idea, is to type up two business plans: one with no repair shop and one with the repair shop and explain to the bank when I go try to get a loan that having a repair shop at front would get money rolling pretty well and not having one would struggle at first. And show them cost differences and customer difference.


Thanks for the advice though, gives me a lot to think about