Question for you guys?

[23jayhawk]

My 0.02 worth...

-- many times it's not the original idea for the business that becomes the long term winner, its some 'sideline' service that hits a niche; be willing to offer multiple services to the market, and be flexible if your expectation for what will be successful is different than reality

-- when you find the good thing, be prepared to double down & pour the coals to it

-- advertising is crucial, as Timr pointed out; you can augment your ad dollars by putting yourself in front of the customer - show up at hare scrambles on early race mornings with a trailer full of tires & tubes & cables & levers & such, offer free tire changing, offer jetting service (if you're good at it)

-- never forget cash flow is king.

 

[a454elk]

Can't add any more to what's already been said. From what my wife has told me, women business owners get major help in govt. loans to start businesses AND alot of larger companies, city, county, state and federal offices are encouraged to buy from women owned businesses. Mrs. Elk knows all the business book keeping, taxes etc. stuff that you'd encounter iin owning a business. If you need any help or advice, give me a call and you can talk to her, she'd be happy to help.

I agree with being open on Sunday and closed Mondays, works real good that way. 89er is right, outside city limits, you get less hassles and regulations. Internet sales and advertising are still good for business in my opinion. Word of mouth will spread faster than anything else, you can count on us doing that for you, as long as you take care of your local CHP (donuts and coffee)!!;) PM me if you need to have my Mrs. give you info on business owner stuff.

Good luck!

 

[JuliusPleaser]

If you can make it on your own, I highly recommend avoiding any type of partnership. I tried the partnership route, and it was a disaster.

You won't have to be too cheap on your prices. Just give people a few bucks off, and they'll love you. The shop Timr mentioned always beats the other guy's prices (sometimes by a little, most times by a lot) and now they're opening a huge new Suzuki dealership 40 miles south of their old place.

They sold me a Shoei VFX-R Pro Circuit helmet for $329 OTD, and matched mag prices on thier Tech 8s for me. That's really no big deal, but I've been propping them ever since. I've taken at least 8-10 people down to buy stuff, and they always make everyone happy. They always give me a deal on tires and mount 'em free too.

Maybe you should find a guy with a big mouth and give him some decent deals.

I started my business 7 years ago, and I'll never work for The Man again. :cool:

Oh yeah. . .get a REALLY good accountant.

 

[blackhawk468]

Go for it. A few months ago I was trying to figure out what route was best for me. Getting a job or starting my own business. I decided I'd rather work for myself than make money for some guy I don't even know. Freedom's good but it also can keep you working more than you thought. What are you willing to put in? Plan for the worst possible scenario and have a back up plan for it.

I can help you out in the advertising and website department. ;) my new business does just that.

 

[Okiewan]

So Blackhawk is competing with Okie now? Sheez! :p
Let's seee some of that work girl!

 

[Smit-Dog]

My 2¢...

- Save up about a year's worth of income before going out on your own. Spend about the same amount of time putting together a detailed business plan. Research all the possibilities, and take the devil's advocate/worst case scenario approach. Pretend you're the bank or VC that will be fronting the money. Review your plan and business case from their point of view. It's easy to get caught up in the excitement of your new business venture, so beware of wearing blinders. Talk to as many people in the business as possible. Some of your competitors may not want to talk, so find someone in another state willing to share there experiences and offer guidance. Try to uncover and plan for as many possibilities *before* you actually have to deal with them.

Check out www.lemcoandassociates.com They have these things called 20 Groups where a bunch of dealer principals get together to share their collective experiences with each other. They are the best in their industry, and the goal is to help each other out by sharing best practices - in all facets of running a business.

I have a friend who worked in the mortgage business. She spent just over 2 years saving money and researching a business plan for starting her own mortgage company. She started out small, but her research and planning allow her to execute according to a plan that she mapped out. She was running the business on paper for awhile before she had her first customer. Her and her husband have now been in business for almost 5 years, and have 50 mortgage brokers employed by them. The continued boom in the mortgage business certainly hasn't hurt, but she was very methodical and planned for starting and growing her business very well. They now own a title company as well, and let's just say they could retire in a few years (he's 33, she's 37). They are now buying property and building their own building for $800K, and paying cash.

Check out the book "Rules for Revolutionaries" by Guy Kawasaki. Subtitled "The Capitalist Manifesto for creating and marketing new products and services", it has a lot inspirational ideas for "priming" the entrepreneurial mindset. I gave it to my friend while she was planning her mortgage business.

- My dad has been in the motorcycle business for almost 35 years. He has worked in bike dealerships, has owned a very successful parts and accessory shop (Harleys, street leathers, etc.), and now owns a 6-line powersports dealership (Honda, Kaw, Suz, Yam, Sea Doo, Artic Cat). With all that said, my dad *strongly* discouraged me from getting into the business. It's very competitive on price, and the mark-up % for bikes is a whole lot smaller than you'd think. Parts/accessories have decent mark-up, but with internet sites now selling these things for rock-bottom prices, even that is cut-throat. It's also a retail business. No matter how much you're into the sport, are you cut out for the retail life? The hours? The customer headaches? Remember the old saying the customer is always right - well be prepared to meet some real a$$hole customers - with a smile on your face! Your employees are typically not mature/seasoned professionals. For the rates you can/have to pay, a lot will be 20-something kids. And be prepared to ride a whole lot less. Having your own business is a 24x7 job, either physically or mentally. Even while on vacation, you'll have to be almost daily contact with your store manager, assuming that you can get a great manager to be able to take a vacation!

Even though your passion may be in 2-wheeled off-road bikes, the reality is that you may very well have to expand your line to other areas to diversify your revenue base. My dad has to sell the whole gamut, from street, dirt, snow, water, service, parts, accessories, trailers... even generators, to even out the profit peaks and valleys. And when the vehicles don't sell, you have to pay big $$ store them until next season (and then give them away because they're last year's model!). Not trying to be a buzz-wreck here, but thought I'd share some indirect experiences of the business.

Like was mentioned earlier, if you can carve out a niche as different type of bike shop, offering something others aren't, that may help get you recognized above all the other shops.

- I had my own business for 2 years (custom software development). While it was very nice being your own boss, I found that I spent the majority of my time on things that were not software development. Marketing, accounting, billings, sales calls, proposals, mailings, etc. All necessary for sure, but don't be surprised to find that most of your time will be spent on things that are not your passion. I now "work for the man" again, but make more money, get lots of vacation time, flexibility, and don't worry about making payroll or getting paid for a job so that I can pay the mortgage. Depends on what stage in life you're in. Single guy/no kids, you can work a ton and focus/dedicate your life to starting/growing the business. But later in life with wife, kids, school activities, etc., it'd be hard to devote the time required to do it right.

Even with all that said, some of the greatest, most successful businesses were started with your same ambition and mindset. Drive, passion, and a willingness to *risk it all* to be your own boss (although your customer will be the ultimate boss!). I think that the money part is far down on the list of reasons/driving factors in determining your success.

Good luck!

 

[blackhawk468]

Originally posted by Okiewan
So Blackhawk is competing with Okie now? Sheez! :p
Let's seee some of that work girl!

Muwahahaha it's all part of my evil plan. :p

I'm not a complicated web person, but I'm learning more and more everyday. My most recent site is www.performancefactorymx.com

 

[mxbundy]

Wow,
Thanks guys for all the feed back.
This is all very useful info and very helpful.
If we decide to go forward with this I will be in contact with you guys for some more help.

bundy

 

[JPIVEY]

Hey Bundy, coming home from the race yesterday I started to nod off real bad between El Cerritos and Wierick, so a shop anywhere around there would be good :thumb: