If you’re thinking about how to conduct a successful bicycle store, you are going to want more than only a zest for biking to excel. The bicycling sector as a whole accounts for $88 billion in direct consumer spending worldwide, and involving 15 to 20 million bikes are offered in the U.S. every year. Bike shops can be rewarding companies. So congratulations on picking a section that keeps growing while others falter.
Bike shops have seen a surge in earnings during coronavirus! As clients suddenly can not go to the gym, there has been a leap in high-investment ($500-$1000) bike purchases. Want in on the action? To conduct a successful bike store in the current retail environment, you are going to need a good strategy.
We have created a blueprint that will assist you along the way.
1. Find Your Niche
Ready for a bomb? Local businesses like bicycle shops can not afford to compete based on price alone. Needless to say, you must always be personable, your employees should be educated, and you should work hard to connect with your community. But for your bike store to be prosperous, you will need a way to stick out from the masses. There are 3 ways to do this:
a. Offer unique products
B. Provide a service which they can not get online
C. Create a community on your physical store
Bike stores market themselves based on stock. Selling hard-to-find bicycle lines and equipment can bring in clients that may otherwise do their shopping on the internet. The actual draw of a physical bicycle shop, however, is the ability for clients to connect with other people who have a passion for the same action.
You may elect to get an in-house service section, offer bicycle rentals, have a knowledgeable staff that can recommend local paths, or have an in-house café/brewery.
Check out Trail House in Santa Rosa, CA for inspo with this 1 . Along with bicycle rentals and services, Trail House plus a scrumptious food and beverage menu that guests may enjoy.
Having a schtick also does not hurt: an outrageous business name, trendy inside, etc.. Whatever angle you choose to distinguish your bicycle shop and make it effective, commit to it completely. Then, ensure that your clients understand what makes your store unique to start to create a buzz about your company.
2. Establish a Steady Schedule
Dependability is one of the most important elements of conducting a successful bike store. Determine what hours your shop will be open and be sure these hours recorded consistently across every platform. This includes: your site, shop window signage, Google Maps, Yelp, and social websites. It is your job to ensure that your clients know when your shop will be open. So, put a worker you trust accountable for upgrading your shop hours across platforms each time they change.
The hours you select for your shop to be open should reflect your clients’ schedules. This will mean being open later in the day and weekends, because most biking fans engage in their hobby once the workday is finished. Every bike store’s customer base differs, though. Evening hours probably are not the perfect option if you operate a family bike shop that stay-at-home parents see with their children.
The pandemic has shifted shop hours in most areas, so it is more important than ever to be transparent and communicative about the’How and Why’ of the precautions you employ.
MJ’s Cyclery nailed the entry thing during Covid. A successful bicycle shop in San Diego, California, MJ’s Cyclery’s site details exactly what they’re doing in light of Covid—-describing each precaution, why it had been implemented, and how it may impact wait times.
MJ’s Cyclery also includes a clear CTA button which contributes to its appointment scheduling portal for clients who must come in to get a bike services.
3. Create a Revenue Forecast
Sales forecasts separate the retail amateurs from the actual contenders. A good deal of business owners don’t do this, so it can set your bike store ahead of the curve. The purpose of a sales forecast is to help you decide when your business ebbs and flows, so it’s possible to create more strategic sourcing decisions.
Say that, upon reviewing last year’s sales data, you find that you make the majority of your apparel sales throughout the holiday season. You also discover that 50% of customers purchase biking glasses with their holiday purchase. That knowledge will notify your sourcing decisions. If your customers come in looking for warmth, you will buy less moisture-wicking motorcycle gear that is made for the summertime; and much more biking gloves, hats, and coats to assist with heat retention throughout your main sales season.
As soon as you’ve got a grasp of just how much you market of particular inventory categories during a given time of year, you can purchase the ideal number of products in each category for this season. It can help to reduce overstocks and understocks by ensuring you have the appropriate bikes, accessories and gear for your clients when they want them—-without needing to take a loss by discounting unsold inventory. A sales forecast may also help you identify times once your shop is slower, so that you can schedule in-store promotions and events to keep sales going during blah company periods.
4. Understand the Trends
The cycling industry could be rife with high-ticket earnings, but it is still susceptible to trends. Certain product categories are growing faster than others. Cision’s “Bicycles — Global Market Trajectory & Analytics” report detailed the fastest-growing groups: hybrid bicycles are increasing at 3.1percent each year, street bikes are growing at 1.7percent each year, and mountain bikes are increasing at 2.1% yearly. Needless to say, trends do not just impact which product categories are on the increase…they also affect how clients wish to communicate with your organization.
A whopping 80 percent of clients use social media to port with companies. Bike shops particularly are expected to have an accessible, personable, and knowledgeable staff —- and these characteristics will need to come through on your shop’s social presence. Think about your social networking accounts as your company’s calling card. They give prospective customers the run-down on your own brand. And whether clients reach out to talk about bike maintenance, to learn what products you have in stock, or to learn what to expect at future in-store occasions, you want to be ready and prepared to deal with their concerns on each platform.
Running a successful bicycle shop is not rocket science, but it will require some strategic thinking and the ability act on that strategy. After the suggestions above will have you well on your way to creating a exceptional brick and mortar bike store.
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