As a motorcycle parts trader, I have come to know that quality, price and service are the only things that impress your customers. Starting a bike spare parts business can be daunting but fear not, I am hear to help you overcome some haddles that I encountered.
Find a problem and provide a solution
Access your competition, their location, prices, and motorcycle parts they sell. Then ask yourself if your location needs another motorcycle parts business. Also, you can find a niche market that isn’t saturated and work on it. For example, there may be many mini pocket-rocket or pocket-rocket parts in your location and no Harley Davidson parts business.
Find reliable suppliers
Motorcycle parts suppliers are at the core of your business. Over the years, I have developed a lasting and trustworthy relationship with motorcycle part manufacturers and suppliers for my business. Suppliers you can count one and trust determine how fast your business will grow… or not.
Know your financing
Get your money in order. It isn’t something I just say but you need to know how you are funding your startup business. There is bank financing, venture capital, or cash at hand. Also, your motorcycle parts suppliers can give you a credit line if you have a good relationship with them.
Get a licence and insurance
You have to obtain a licence and any other legal obligations for you to run a business. Make the necessary enquiries to know the special permits you need for handling hazardous substances such as motorbike oil.
Additionally, you have to get adequate insurance to cover any liability that might occur. Consult with an insurance company on the policies you need to cover any situations encountered in this type of business.
Build an inventory
Securing the inventory you need is one of the most important things before having a grand opening. I had to decide which motorcycle parts will draw the greatest demand and have them in the store. I would let you know that stocking bodywork, engine parts, gas tanks, and frames won’t hurt. Besides, you should have a reliable supplier on speed dial to get anything a customer asks for and you don’t have in stock. You get to stock as you progress.
Customers will only know you exist if you tell them. Have a marketing plan to do this. I had to develop a website, distribute fliers at riders meeting centers, offer bike safety classes, teach hands-on custom building among other things to get my business on the map.
Ready to dive into motorcycle parts business?