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Making a Risk Management Plan for Your Business
It’s impossible to eliminate all business risk. Therefore, it’s essential for having a plan for its management. You’ll be developing one covering compliance, environmental, financial, operational and reputation risk management. These guidelines are for making a risk management plan for your business.
Developing Your Executive Summary
When you start the risk management plan with an executive summary, you’re breaking apart what it will be compromised of into easy to understand chunks. Even though this summary is the project’s high-level overview, the goal is describing the risk management plan’s approach and scope. In doing so, you’re informing all stakeholders regarding what to expect when they’re reviewing these plans so that they can set their expectations appropriately.
Who Are the Stakeholders and What Potential Problems Need Identifying?
During this phase of making the risk management plan, you’re going to need to have a team meeting. Every member of the team must be vocal regarding what they believe could be potential problems or risks. Stakeholders should also be involved in this meeting as well to help you collect ideas regarding what could become a potential risk. All who are participating should look at past projects, what went wrong, what is going wrong in current projects and what everyone hopes to achieve from what they learned from these experiences. During this session, you’ll be creating a sample risk management plan that begins to outline risk management standards and risk management strategies.
Evaluate the Potential Risks Identified
A myriad of internal and external sources can pose as risks including commercial, management and technical, for example. When you’re identifying what these potential risks are and have your list complete, the next step is organizing it according to importance and likelihood. Categorize each risk according to how it could impact your project. For example, does the risk threaten to throw off timelines or budgets? Using a risk breakdown structure is an effective way to help ensure all potential risks are effectively categorized and considered. Use of this risk management plan template keeps everything organized and paints a clear picture of everything you’re identifying.
Assign Ownership and Create Responses
It’s essential to ensure a team member is overseeing each potential risk. That way, they can jump into action should an issue occur. Those who are assigned a risk, as well as the project manager, should work as a team to develop responses before problems arise. That way, if there are issues, the person overseeing the risk can refer to the response that was predetermined.
Have a System for Monitoring
Having effective risk management companies plans includes having a system for monitoring. It’s not wise to develop a security risk management or compliance risk management plan, for example, without having a system for monitoring. What this means is there’s a system for monitoring in place to ensure risk doesn’t occur until the project is finished. In doing so, you’re ensuring no new risks will potentially surface. If one does, like during the IT risk management process, for example, your team will know how to react.
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Motorcycle Shop Business Plan
Start your own motorcycle shop business plan
Recycled Riding Dreams
Company summary company overview ) is an overview of the most important points about your company—your history, management team, location, mission statement and legal structure.">.
Recycled Riding Dreams will offer quality used motorcycles and motorcycle parts to a growing market of motorcycling hobbyists. The shop will purchase used and damaged bikes as well as used motorcycle parts.
2.1 Company Ownership
Recycled Riding Dreams is owned by Brian Jefferson.
2.2 Start-up Summary
Brian Jefferson will invest $55,000 in Recycled Riding Dreams. Brian will also secure a $20,000 loan. The initial inventory for Recycled Riding Dreams will be $45,000. The focus of this inventory will be on engine and electrical parts. The source of these parts are motorcycle hobbyists who sell the parts in order to purchase upgrade parts for their own motorcycles.
The following table and chart show projected initial start-up costs for Recycled Riding Dreams.
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Motorcycle Store Business Plan
Apr 13, 2022
If you are planning to write the Motorcycle Store business plan on your own, then this sample Motorcycle Store business plan can be great for guidance. However, if you are looking for a professional business plan writer for a business loan , SBA loan or to find out the possibility of success for your new business then let’s talk!
Overview : Recycled Riding Dreams will cater to a rising market of motorcycle enthusiasts by providing high-quality used motorcycles and motorcycle parts. Recycled Riding Dreams offers good value in a first bike that will not break the customer’s budget for the beginner. Quality second-hand components will save the skilled biker 50 percent to 75 percent on repairs and upgrades.
Bike riding has gained a completely new consumer base among baby boomer men aged 40 to 65 in the last ten years. Motorcycle sales for this age group were twice as high as for young males aged 18 to 25 last year. Motorcycle sales in Montclair surpassed $6 million in 2000, and sales are expected to increase by 15% this year.
Montclair has a population of 650,000 people with a median household income of $28,000. The city is home to seven motorcycle clubs and hosts an annual cycling event as part of its spring festival.
• Used Motorcycles: These motorcycles have been inspected and, in some cases, refurbished to provide the best value to the consumer.
• Used Parts: Engine parts, bodywork, gas tanks, electrical parts, frame, and chassis wheels and brakes are among the high-quality parts available.
Mission : Recycled Riding Dreams’ mission is to become Montclair’s principal source for used motorcycle parts.
Vision : We want to be so effective that we can help others.
Industry Overview: Over the last decade, motorbikes have become increasingly popular as a cost-effective mode of individual transportation. Through 2021-2031, the motorcycle industry is expected to develop at a steady 3.5 percent CAGR. While technological developments in the automotive industry have boosted sales significantly, macroeconomic factors such as increased disposable income and urbanization are also driving motorcycle sales across regions. Fact.MR has released a new analysis that examines the global motorcycle market in terms of new trends, growth drivers, restraining factors, and demand-supply dynamics, with an emphasis on lucrative regions like Asia Pacific, Europe, and North America.
Financials is one of the most important sections of a Motorcycle Store business plan. You can get an idea of your projected revenue, required investment amount, is the business sustainable without additional funding, etc.
Use of funds.
The industry analysis section of the Motorcycle Store business plan will help you get better insights into competitors, market growth, and overall industry prospects. You can order a custom market research report for your Motorcycle Store business.
The market for motorcycles in the United States was valued at USD 7.85 billion in 2016 and is expected to increase at a CAGR of 3.7 percent over the next five years. Over the projected period, high disposable income is expected to boost demand for motorbikes in this region.
While working on the industry analysis section of the Motorcycle Store business plan make sure that you add significant number of stats to support your claims and use proper referencing so that your lender can validate the data.
According to the Motorcycle Industry Council, 8.4 million motorcycles were registered in the United States in 2014. New and various types of vehicles, such as scooters and motorcycles, are being developed by market players. They also offer personalized designs that are tailored to the needs of the rider in order to attract more clients and hence increase market demand. Furthermore, the motorbike is a popular product due to its higher fuel efficiency supplied by improved engines in compared to autos, low cost, and ease of operation in congested places. According to the Motorcycle Industry Council, overall motorcycle sales in the United States hit 413,128 units in the first nine months of 2015, a rise of 4.7 percent. Market growth can be ascribed to a surge in demand for a better and more efficient means of transportation. Bikes are also more appealing to the younger generation. Female motorcycle ownership grew to 14% in 2014, according to the Motorcycle Industry Council. This sector has an entirely new consumer base in the form of women. As a result, manufacturers are concentrating on designing smaller, lighter bikes. All these factors are boosting the growth of the industry.
A key part of the marketing plan in a Motorcycle Store business plan is the marketing budget. The growth in the number of customers is proportional to the budget and dependent on the CAC .
The motorbike industry is rapidly evolving. Today’s biker is 47 years old, up from 40 in 2009 and 32 in 1990. It’s undeniable that riders are becoming older and purchasing fewer bicycles. As a result, the motorcycle sector, which is still hurting from the recession, is turning to the future.
Manufacturers of motorcycles are betting on the Millennial generation. However, this generation, the largest since the Baby Boomers, isn’t as enthusiastic about bikes as their forefathers. Because of the shifting tide, manufacturers and dealers must learn about their new audience and how to interact with them.
More motorcycle manufacturers are beginning to design bikes that appeal to a younger market in order to achieve this goal. What about motorcycle dealers, though?
Dealers must understand their audience—and how to sell to this new generation—in an e-commerce environment where Millennials prefer digital buying. Only approximately a quarter of the motorbike market was made up of those aged 50 and older in 2003. That number has virtually doubled in the last few years. Because older riders are starting to put down their helmets, obtaining them does not generate a high lifetime return. As a result, motorcycle manufacturers are producing new, simplified (and affordable) models to appeal to younger riders who will be buying motorcycles for the rest of their lives.
Smaller, more cost-effective bikes that are more entry-level friendly are preferred by these younger audiences over the daunting 1000cc displacement bikes. The race for horsepower is gone, and the era of 300cc and 500cc bikes has arrived.
T his s ection of th e Motorcycle Store business plan helps your lender figure out whether you will be able to pay off the loan, whether the business is sustainable, what are the growth prospects, etc.
Cash Flow Statement:
Business Plan for Banks
SBA Business Plan
Order Industry Analysis
- How To Start A Motorcycle Parts Business
You've stumbled upon the idea to build a motorcycle parts business and now you're ready to take the next steps.
There's a lot to think about when building a business, so we put together a guide on how to get started, launch, grow and run your motorcycle parts business.
We also provide you with real-life case studies and examples of founders running successful motorcycle parts business (and how much💰 they're making today).
Start A Motorcycle Parts Business ➜ market size $109B avg revenue (monthly) $600K see all motorcycle parts businesses ➜ starting costs $18.9K see all costs ➜ gross margin 34% time to build 270 days average product price $100 growth channels Direct sales business model E-Commerce best tools Shutterstock, Gimp, Google AdSense time investment Full time pros & cons 24 Pros & Cons see all ➜ tips 3 Tips see all ➜
💡 Introduction To Starting A Motorcycle Parts Business
Is starting a motorcycle parts business right for you.
There are many factors to consider when starting a motorcycle parts business.
We put together the main pros and cons for you here:
Pros of starting a motorcycle parts business
• Rewarding work
Starting a motorcycle parts business can be really rewarding work. After all, you are solving an immediate issue for your customer and you're working on something you truly care about.
• Meaningful business connections
You never know who you will meet as a motorcycle parts business. This could be the start of an incredible business opportunity!
• Daily physical activity
Motorcycle Parts Business's typically involve a much greater degree of movement than other lines of work. Most days, you will spend your day walking, running errands for your business, and performing a multitude of tasks. This can have a positive impact on energy levels and your overall health.
• Amazing perks and discounts
Working in the motorcycle parts business comes with its perks! As a seller for these products/services, you typically also get to enjoy industry perks and discounts.
• You are your own boss!
With starting a motorcycle parts business, you are the one to make decisions for almost all of the operations. Calling the shots can be empowering and liberating!
• Local Community
One of the best parts of starting a motorcycle parts business is that you can develop a local following by selling your products at craft shows, farmers' markets, or even local storefront businesses! This gives you access to additional revenue streams and loyal customers.
• Higher likelihood of getting referrals
This business is all about referrals, which can be a a very impactful way to attract and retain customers. It's critical that you have a great referral program in place that incentivizes your customers to tell their friends about your product.
• Location is everything!
When operating a physical storefront, the location often speaks for itself and serves as it's very own marketing tool! It's important to choose a location in a high traffic area so you can spark curiosity and get people through your door!
• Face to face interaction
If you are the type of individual that thrives on human interaction, then this is the business for you! With a motorcycle parts business, you will be hands-on with customers and or employees every day.
• Simple business model
A motorcycle parts business has the advantage of a simple business model, which makes launching and building the business more seamless.
• You get to do something you truly love
With starting a motorcycle parts business, you get to put your energy into something you are truly passionate about! You'll find yourself devoting as much time and energy as possible into the business to make it successful.
• Easy to Learn The Business
When starting your motorcycle parts business, there is a ton of information readily available to you online (Facebook groups, Youtube videos, Starter Story etc). This will help you get the business started and answer any questions, doubts or concerns you may have.
• Never a dull moment
With starting a motorcycle parts business, there is truly never a dull moment. Your job offers a lot of variety and allows you to meet interesting people from all walks of life.
Cons of starting a motorcycle parts business
• Crowded Space
Competition is high when it comes to your motorcycle parts business, so it's important that you spend a good amount of time analyzing the market and understanding where the demand lies.
• Finding The Right Supplier
Most businesses in this space go the supplier/manufacturer route, which isn't a bad thing! However, finding the right supplier can take a lot of time, energy and trial/error. If done properly, this process can save you months (if not years) of time and energy. More on this below in the "finding a supplier" section.
• Motivation of employees
If you plan to have a sales/content team on board, finding creative ways to motivate them can be a challenge. It's important that you're able to offer great incentives and a good work environment for your employees.
• Low margins
The gross margins for your motorcycle parts business are typically around 34%, which can make it more challenging to incur new expenses and maintain profitability.
• High employee turnover
In the motorcycle parts business, employee turnover is often high, which can be quite costly and time consuming for your business. It's important to try and avoid this as much as possible by offering competitive pay, benefits, and a positive work environment.
As a motorcycle parts business, you typically pay self-employment taxes which can be quite high. It's important to understand what you will be paying in taxes each year so you can determine if the work you're taking on is worth it.
• High overhead expenses
With starting a motorcycle parts business, there are overhead expenses that come with selling a physical product. You will want to make sure you strategically budget for these overhead costs. We discuss this more in the startup costs section below.
• You may need to charge sales tax
If you are selling your products in various states, you may be required to charge sales tax. Although this may not impact your financials specifically, it can be a headache to create a process and procedure for this. To learn more about sales tax, check out this article
• Time commitment
With starting a motorcycle parts business, all responsibilities and decisions are in your hands. Although this is not necessarily a negative thing, work life can take over at times. This can place a strain on friends and family and add to the pressure of launching a new business.
• You might struggle financially (at first)!
If you bootstrap your business or choose not to pay yourself (or pay yourself less than you were making at your corporate job), this can be financially taxing. It's important to adjust your lifestyle and set a plan for yourself so you don't find yourself in a stressful situation.
• More of a challenge to run your business from home!
Running your business from the comfort of your own home is a big appeal for many entrepreneurs. With a motorcycle parts business, you are more likely to run your business out of your office or storefront space.
- Cycle Trader (20.5K Alexa Ranking)
- J&P Cycles (53K Alexa Ranking)
- Bike Bandit (64.6K Alexa Ranking)
- YAMAHA - Motorcycles, Outboard Motors & More (86.4K Alexa Ranking)
- Honda Global (88.2K Alexa Ranking)
- TAB Performance - Revenue $600K/month
Let's take a look at the search trends for motorcycle parts over the last year:
How To Name Your Motorcycle Parts Business
It's important to find a catchy name for your motorcycle parts business so that you can stand out in your space.
Here are some general tips to consider when naming your motorcycle parts business
- Avoid hard to spell names: you want something easy to remember and easy to spell for your customers
- Conduct a search to see if others in the space have the same name
- Try not to pick a name that limits growth opportunities for your business (ie. if you decide to expand into other product lines)
- As soon as you have an idea (or ideas) of a few names that you love, register the domain name(s) as soon as possible!
Why is naming your motorcycle parts business so important?
The name of your business will forever play a role in:
- Your customers first impression
- Your businesses identity
- The power behind the type of customer your brand attracts
- If you're memorable or not
It's important to verify that the domain name is available for your motorcycle parts business.
You can search domain availability here:
Find a domain starting at $0.88
powered by Namecheap
Although .com names are the most common and easiest to remember, there are other options if your .com domain name is not available. Depending on your audience, it may not matter as much as you think.
It's also important to thoroughly check if social media handles are available.
As soon as you resonate with a name (or names), secure the domain and SM handles as soon as possible to ensure they don't get taken.
Here's some inspiration for naming your motorcycle parts business:
- Spare Gear check availability
- Velocycle Parts check availability
- Cycle Imports Supply check availability
- Motor Tech Parts Supply check availability
- (name) Motorcycle Parts Supply check availability
- Bestie Motor Parts check availability
- 5 Star Gear Shop check availability
- Road Master Cycle Parts and Supplies check availability
- Motorcycle Parts for Budgetarians check availability
- (location) Motorcycle Warehouse check availability
- Spare Tire Motorcycle Supply check availability
- Authentic Motorcycle Care Parts and Supplies check availability
- Adrenacycle Moto Shop check availability
- Riders Spare Parts Shop check availability
- Alpha Motors Supply check availability
- Affordable Motor Spare Parts check availability
- MotorLand Rider Shop check availability
- AZ Motors check availability
- Motor Parts Barn Shop check availability
- Motor Works Shop check availability
- Rider's Squad Motor Shop check availability
- Motor Star Parts Supply check availability
- Pro Motor Parts and Supplies check availability
- Motor Therapy Warehouse check availability
- Royalty Motor Parts check availability
- Dream Motorcycle Parts Supply check availability
- Euro Motor Spares Shop check availability
- Fearless Motor Shop check availability
- Global Power Gears check availability
- Jaguar Motorcycle Spare Parts check availability
- Metro Motorcycle Parts Supply check availability
- Speedy Motor Parts check availability
- Newly Motor Parts Supply check availability
- Motor Champs check availability
- Motor Xtreme Parts Wholesale check availability
- Motor Parts Center check availability
- Tired Up Motor Parts Supply check availability
- Motor World Parts Warehouse check availability
- Motor Parts Discovery Supply check availability
- Motor Vintage Spare Supply check availability
- Motoratarian Parts Supply check availability
- Supreme Parts Wise Shop check availability
- Grand Motor Parts Shop check availability
- Budgetarian Motorcycle Parts Supply check availability
- Unli Motor Parts Collection Shop check availability
- Islander's Parts Stocks check availability
- Genuine Motospare Parts check availability
- Expoparts Gear Shop check availability
- Moto Rumble Accessories check availability
- Tire and Clutch Motor Parts check availability
- Direct Motor Parts Supplier check availability
- Bliss Cycle Parts check availability
- Motor Parts Haven check availability
- Countryside Motor Spare Parts check availability
- Buddyhood Cycle Store check availability
- Motor Sports Parts Collection check availability
- Rider Helper Motor Shop check availability
- Activgear Rider Needs check availability
- Motorcycle Odyssey Shop check availability
- Motor Nation check availability
- Best Parts Time Shop check availability
- Partmazement Motor Shop check availability
- State Motor Bits Supply check availability
- Session Cycle Parts check availability
- Parts Master Supplies check availability
- Universal Motor Parts Shop check availability
- Legendary Rider Shop check availability
- Motor Race Parts Hub check availability
- Upland Ride Parts check availability
- Motor Wheels Shop check availability
- Millennial Riders Shop check availability
- Voyager Motor Parts Selection check availability
- Elite Motor Parts check availability
- Primespare Shop check availability
- Motorist Moto Parts check availability
- The Eastern Role check availability
- Fast Motorcyclists Trading Co check availability
- The Crucial check availability
- The Select Motor check availability
- Ort Part check availability
- Stalled Car Group check availability
- Red Machine Co check availability
- Abstract Automatically check availability
- Aperture Automation check availability
- Imaginary check availability
- RoadMotorcycle check availability
- Old Car Group check availability
- BigAuto check availability
- LoudAuto check availability
- Role Co check availability
- The Heavy check availability
- Rocco Auto check availability
- The Abstract Automobile check availability
- Abstract Automaker check availability
- Solemn Automotive Co check availability
- The Tiny Automaker check availability
- Suicidal Motorcycle check availability
- Miniature Motorcyclists check availability
- The Major Separate check availability
- The Significant check availability
- Stalled Machine check availability
- Second check availability
- Heavy Motorbike Co check availability
- Greater Component Trading Co check availability
- Pirate Motorcycle check availability
- Upper Partly Co check availability
- Occasional Scooter Co check availability
- Priority check availability
- Back Piece Spot check availability
- Colorado Auto check availability
- Vehicle Collective check availability
- Portion Pro check availability
- Bridle Motorcycle check availability
- Made Moe check availability
- Prominent Portion Pro check availability
- Role Trading Co check availability
- The Spanish Motor check availability
- The Powered Motorcyclists check availability
- The Indian check availability
- The Fractional check availability
- Piece Group check availability
- Blue Automaker Co check availability
- Necessary Partially Pro check availability
- The Loud check availability
- Posterior Partly check availability
- Nice check availability
- Classic check availability
- Lower Contribution Pro check availability
- The Important check availability
- Automotive Group check availability
- The Oncoming Motorcyclists check availability
- Powered Car Pro check availability
- Typical check availability
- Beautiful Moped check availability
- Southern Character Place check availability
- The Broken check availability
- Principal Piece check availability
- The Better Piece check availability
- Powered Machine Spot check availability
- The Outer check availability
- ElectricMotorcycle check availability
- Tribal Motorcycle check availability
- Little Motorbike Pro check availability
- BlueMotorcycle check availability
Read our full guide on naming your motorcycle parts business ➜
How To Create A Slogan For Your Motorcycle Parts Business:
Slogans are a critical piece of your marketing and advertising strategy.
The role of your slogan is to help your customer understand the benefits of your product/service - so it's important to find a catchy and effective slogan name.
Often times, your slogan can even be more important than the name of your brand.
Here are 6 tips for creating a catchy slogan for your motorcycle parts business:
1. Keep it short, simple and avoid difficult words
A great rule of thumb is that your slogan should be under 10 words. This will make it easy for your customer to understand and remember.
2. Tell what you do and focus on what makes you different
There are a few different ways you can incorporate what makes your business special in your slogan:
- Explain the target customer you are catering your services towards
- What problem do you solve?
- How do you make other people, clients, or your employer look good?
- Do you make people more successful? How?
3. Be consistent
Chances are, if you're coming up with a slogan, you may already have your business name, logo, mission, branding etc.
It's important to create a slogan that is consistent with all of the above.
4. Ensure the longevity of your slogan
Times are changing quickly, and so are businesses.
When coming up with your slogan, you may want to consider creating something that is timeless and won't just fade with new trends.
5. Consider your audience
When finding a catchy slogan name, you'll want to make sure that this resonates across your entire audience.
It's possible that your slogan could make complete sense to your audience in Europe, but may not resonate with your US audience.
6. Get feedback!
This is one of the easiest ways to know if your slogan will be perceived well, and a step that a lot of brands drop the ball on.
Ask friends, family, strangers, and most importantly, those that are considered to be in your target market.
Here's some inspiration for coming up with a slogan for your motorcycle parts business:
- You've Got Questions. We've Got Auto.
- Big Ottes Are What We Do
- Motocross Is What We Do
- It's A New Part Every Day.
- Ingredient Is What We Do
- P-P-P-Pick Up A Auto.
- Can You Feel Part?
- Direct Of The Biker
- You Don't Want Auto As Your Enemy!
- My Anti-Drug Is Part.
- Autos With Order
- Tastes Great, Less Motorcycle.
- Make The World A Better Place With Part.
- Spot Of The Vehicle
- Monsieur, With This Motorcycle You Are Really Spoiling Us.
- Second And Pleasant
- Autos With Man
- Machine Is What We Do
- From Small To Prodigious
- Makes You Feel Part Again.
- Latter Part, Built For You
- From End To Beginning
- Why Can't Everything Orange Be Part?
- Schhh... You Know Auto.
- I Fall For Motorcycle.
- Part Works Like Magic.
- Australians Wouldn't Give A Auto For Anything Else.
- Work Hard, Automate Harder
- Otto Is What We Do
- Everyone's Favourite Auto.
- Where Motorcycle Is A Pleasure.
- Poppin' Fresh Auto.
- Auto, Any Time Of Day.
- Crunch All You Want. We'll Make Motorcycle.
- Motorcycle... Get Your Motorcycle Here.
- Sweet As The Moment When The Auto Went 'Pop'
- Auto Can Do.
- Work Hard, Incorporate Harder
- Big Motor Scooters Are What We Do
- Come Fly The Friendly Motorcycle.
- From White To Reddish
- Motorcycle Makes You Sexy!
- New Bikes, First Motor
- You Need A Part.
- See You At Auto.
- Get The Part Habit.
- First And Endorsed
- Work Hard, Ride Harder
- Large Cyclist, Big Vehicle
- Every Motorcycle Has A Story.
- Second And Connected
- Think Part.
- Motorcycle Chews 'Em Up And Spits 'Em Out.
- Auto Will Be For You What You Want It To Be.
- Point Of The Piece
- For The Auto You Don't Yet Know.
- Large Biker, Big Scooter
- Something Is What We Do
- From Wane To Wax
- It's A New Motorcycle Every Day.
- The Joy Of Motorcycle.
- From New To Stale
The Brick & Mortar Business Model
When deciding whether or not to start a motorcycle parts business, it's important to first decide what type of business model you want (brick and mortar, eCommerce, or both)!
Here are a few things to keep in mind when considering a Brick & Mortar store:
If you do plan to open a physical store, it's important that you find a spot in a high-traffic area. This is a great way to gain exposure for your business and also get new customers.
It's also important to consider the higher costs associated with operating a physical store (ie - employees, rent, utilities, etc) and the long days/hours associated with running a store.
The main benefit, however, is that customers love being able to see products in person. It's important to recognize that although some people enjoy shopping online, there will always be the shopper persona that likes to touch, feel, and see the product they're buying.
Learn more about starting a motorcycle parts business :
Where to start?
-> How much does it cost to start a motorcycle parts business? -> Pros and cons of a motorcycle parts business
-> Other motorcycle parts business success stories -> Examples of established motorcycle parts business -> Marketing ideas for a motorcycle parts business -> Motorcycle parts business names
-> Motorcycle parts business tips
🎬 How To Start A Motorcycle Parts Business
How Much Does It Cost To Start A Motorcycle Parts Business
If you are planning to start a motorcycle parts business, the costs are relatively low. This, of course, depends on if you decide to start the business with lean expenses or bringing in a large team and spending more money.
We’ve outlined two common scenarios for “pre-opening” costs of starting a motorcycle parts business and outline the costs you should expect for each:
- The estimated minimum starting cost = $12
- The estimated maximum starting cost = $37,876
Raising Money For Your Motorcycle Parts Business
Here are the most common ways to raise money for your motorcycle parts business:
You may not need funding for your motorcycle parts business.
In fact, many entrepreneurs take this approach when starting their own business, whether they have a little amount of cash or a substantial amount to get started.
So what exactly does the term "bootstrapping" mean?
This method essentially refers to self-funding your business without external help or capital and reinvesting your earnings back into the business**
Bootstrapping means building your company from the ground up with your own, or your loved ones, personal savings and reinvesting all earnings back into the business
Here are some tips to consider when bootstrapping your business :
- Use your savings as your capital - one of the best ways to bootstrap your business is to collect your savings and use them as startup capital. This will also help you avoid using your personal or business credit cards when getting started.
- Determine exactly how much capital you need and how much capital you have to get your business off the ground. Generally, when bootstrapping your business, you may want to consider starting a business that involves less startup capital.
- Consider starting a business that will generate immediate returns so you can put money back into the business
- Be as lean as possible - this refers to cutting down expenses as much as possible, such as payroll, fancy software tools, unnecessary travel, renting an office, etc
- Consider outsourcing instead of hiring - in the beginning, you may not need to hire someone permanently to help run your business. It tends to be much less expensive to outsource work to a freelancer and hire someone permanently down the road!
Want to learn more about bootstrapping your business? Check out this article
VC funding is a traditional and long process, but an effective way to raise money for your business.
The term "VC funding" refers to venture capital firms investing in businesses in exchange for equity.
The VC's (venture capitalists) are an individual or small group investing in your business and typically require substantial ownership of the business, with the hope of seeing a return on their investment.
VC's are typically the best approach for businesses with high startup costs - where it would be very difficult to raise the money on your own or through a loan.
When deciding whether to take this approach, it's important that you have a few things in place first, and know what you're getting yourself into:
Determine if your business is ready
Having an idea is not enough to get VC funding.
Typically, VC's will check to make sure you have these things in place prior to closing any deal:
- An MVP (Minimal Viable Product)
- A founding team with all proper documents in place (articles of organization, business formation)
- A validated idea with actual customers buying your product/service
Get everything in place and build a pitch deck
A VC individual or firm will be expecting a fine-tuned presentation that gives an overview of your business.
Here's what you should consider including in your pitch deck:
- Management team, their previous experience + current roles in the business
- Market challenge and solution
- Company financials - including a P&L statement, cash flow statement, and projections
- Company progress
- Investment amount - how much do you need and why?
Research the right VC to fund your business
Research the types of VC investors out there and what niche they focus on.
Then, put together a list of target VC's you want to approach and your strategy around setting up meetings.
Be sure you have everything in place (as discussed above) before setting up any meeting!
Make sure the terms and expectations are right for your business
Committing to VC funding is a big deal and a decision that should not be made lightly.
Although the money and experience from VC's can help your business quickly grow, you are also giving away a stake in the company, and the money comes with strings attached.
Be sure you do your due diligence in finding the right investor - one that truly believes in the growth and success of your business.
What Skills Do I Need To Succeed In Starting A Motorcycle Parts Business?
As a motorcycle parts business, there are several essential skills and characteristics that are important to identify prior to starting your business.
Let’s look at these skills in more detail so you can identify what you need to succeed in your day-to-day business operations:
Business Savvy Skills
When starting a motorcycle parts business, there are a few fundamental business skills you will want to learn in order to be successful:
- Leadership and training skills: A great team starts with YOU. Make sure you have all company policies and training procedures in place prior to hiring your team
- Decisive and self-confident: Over the course of your career, you will need decisions that could impact your business significantly. It's important you are able to think clearly and rationally about these decisions.
- Ability to understand the financials : You don't need to be an accountant, but it is important that you are able to clearly understand and define metrics such as expenses, revenue, profit, margins, COGS, etc.
- Strategic Thinking : Setting clear goals and benchmarks, identifying opportunities, risks. Ability to effectively communicate these insights to your team.
These are a few of many business savvy skills you should have (or work on) when starting a motorcycle parts business.
For a full list, check out this article here .
Self Motivation Skills
Self motivation and discipline skills are critical in order to become successful in this field.
It's likely that you will find yourself starting and running your motorcycle parts business from home, which could mean there are more distractions for you.
Here are the basic skills needed for self motivation & discipline:
- Becoming a self starter: It's important that you are capable of independently completing a task without the help or direction of anyone else
- Listening and following directions : When you are given direction by others, it's critical that you are able to follow directions and ask the right questions in order to get your job done
- Taking the initiative in problem solving: Instead of taking the easy route, you'll need to learn to troubleshoot issues on your own as much as possible.
Customer Service Skills
Friendly communication with customers and the ability to address service issues is a critical part of the job.
Here are some customer service skills you may want to consider prior to starting a motorcycle parts business:
- Professionalism: The way you act, present yourself, and respond to situations all leave an impression on your customer. It's important to stay professional at all times when handling customer requests or issues.
- Problem-solving: When issues arise, it's important that you are able to think quick on your feet and address the situation with a calm and clear solution
- Friendly-manner: This is an obvious one, but customers truly appreciate someone that can respond in a quick, efficient, and friendly manner.
- Proficient in writing: These skills include the ability to write well-crafted emails, service tickets, and any other programs used by the business (ie. chat functions, SMS texting)
Advice For Starting A Motorcycle Parts Business
We've interviewed thousands of successful founders at Starter Story and asked what advice they would give to entrepreneurs who are just getting started.
Here's the best advice we discovered for starting a motorcycle parts business:
Justin Pflanz, founder of TAB Performance ($600K/month):
- It’s great to experiment and try different things, as that’s how you learn what works best, but you’re probably working with a limited budget so focus on what is giving you the best ROI, rather than worrying about trying to market everywhere.
Read the full interview ➜
Pay attention to where your marketing efforts and dollars are going and find ways to track the effectiveness.
Write a Business Plan
Writing a business plan from the start is critical for the success of your motorcycle parts business.
Because this allows you to roadmap exactly what you do, what your overall structure will look like, and where you want to be in the future.
For many entrepreneurs, writing out the business plan helps validate their idea and decide whether or not they should move forward with starting the business.
You may want to consider expanding upon these sections in your business plan:
- Executive Summary : Brief outline of your product, the market, and growth opportunities
- Overviews and Objectives : Overview of your business, target customers, and what you need to run your business
- Products and Services : Specifics on the products and services your business will provide
- Market Opportunities : Analysis of customer demographics, buyer habits and if your product is in demand
- Marketing : Outline of your marketing plan and how you plan to differentiate yourself from other customers
- Competitive analysis : Analysis of your competition and the strengths and weaknesses therein
- Operations : Hierarchal structure of the company and what it will take to run the business on the day-to-day
- Leadership Team : Detailing roles and responsibilities of each manager based on their specific skill-set
- Financial Analysis Understanding of all expenses, operating budgets, and projections for the future.
Learn more about how to write a business plan here
Determine Which Business Bank Account You Need
There are hundreds of banks out there, and it can be overwhelming to find one that's right for your business.
Here are some factors you may want to consider:
- Location - Is your bank close enough that you can easily make deposits or get cash?
- Low Fees - Make sure to understand any and all fees associated with setting up and maintaining your bank account. Ask for a list - banks usually try to keep this hidden and in the fine print.
- Online Banking Services - Make sure you can easily navigate through your online portal and you have easy access to everything you need.
- Line of Credit - What do your options look like (even if you don't need this now, you may need this down the road).
- Every bank has something that differentiates them from the rest, so make sure whatever that is applied to your needs and values.
Check out this list of the 13 Best Banks for Small Business in 2020 and what makes them so unique.
Setting Up Your Motorcycle Parts Business (Formation and Legal)
When it comes to setting up your business, you may find yourself in a place where you have to make some financial and legal decisions.
The first thing you'll want to decide on is whether you want to be an LLC, S-Corp, or C-Corp.
These three options are found to be the most common when starting a small business, and all serve to protect your personal assets and also provide you with certain tax benefits.
- LLC : All income and expenses from the business are reported on the LLC personal income tax return.
- S corp : Owners pay themselves salaries + receive dividends from profits.
- C Corp : C Corps are separately taxable entities that file a corporate tax return (Form 1120). No income tax is paid at the corporate level and any tax due is paid at the owners individual expense.
Depending on where you're conducting business, you'll also want to consider securing the proper permits, licenses and liability insurance.
Learn more about securing the right permits and licenses ➜
Need to start an LLC? Create an LLC in minutes with ZenBusiness .
How Do I Pay Myself As A Small Business Owner?
Most entrepreneurs start a business to do something they love- but at the end of the day, you still have bills to pay (maybe now more than ever).
But it's important to strike the right balance - if you pay yourself too much, you could be putting your business at risk.
There are two common ways to pay yourself as a business owner:
1. Owner's Draw
Many entrepreneurs pay themselves through an owner's draw. This means that you are technically sean as "self-employed" through the eyes of the IRS and are not paid through regular wages.
At the point that you collect money from the draw, taxes typically are not taken out - so make sure you are prepared to pay these taxes once you file your individual return.
As an owner who takes a draw, you can legally take out as much as you want from your equity.
This type of compensation is suited for Sole props, LLCs, and partnerships. If you’re an S corp, you can pay yourself through both a salary and draw if you choose.
If you decide to pay yourself a salary, you will receive a set and recurring amount. This will be taxed by the federal government and the state you reside in.
The reality is that it can be really complicated to set your own salary, so we have some tips for you to consider:
- Take out a reasonable amount that allows you to live comfortably but also sets your business up for success
- Consider the number of hours you are working weekly + the type of duties you are performing.
- Set your salary based on your industry-standard, location, and profits (or projected profits)
- Look at your P&L statement : Deduct your own pay from that amount. This is important so you can first tackle important business expenses, and then pay yourself from the amount leftover.
- Pick a payroll schedule (and stick to it)! In the US, it's most common to pay yourself and employees twice a month.
To learn more about how to pay yourself and what is a reasonable amount, check out this article .
How To Price Your Motorcycle Parts
One of the most challenging aspects to starting a motorcycle parts business is determining how much to charge for your motorcycle parts.
When businesses under-price their product, this can be extremely detrimental to their bottom line and reputation.
Often times, businesses under-price their products to drive demand and volume, but that last thing you want is for customers to view your product/service as "cheap." Additionally, this can have a big impact on the type of customer you attract, which can be difficult to recover from.
On the other hand, when businesses over-price , this tends to be just as damaging to the business.
When customers buy, it's likely that they will explore the internet and look at other competitors to ensure they're getting the best value + deal. This is why it's so important that you research your competition and understand where you land in the marketplace.
Here are some factors to consider when pricing your product:
Understand your customer
It's important that out of the gates, you identify the type of customer you want to attract and how much they're willing to pay for your service. One great way to do this is by surveying your customers. Here are some important items you'll want to takeaway:
- Customer demographic: Age, gender, location, etc.
- Buying habits of your customer: What they buy + when they buy
- Level of price sensitivity with your customer
All of these segments will help you identify the type of customer you're attracting and how to price your product accordingly.
Understand your costs
When pricing your motorcycle parts, it's critical that you first identify all of your costs and consequently mark up your motorcycle parts so you can factor in a profit.
The actual cost of your motorcycle parts may include things like:
- The actual cost to make the product (ie. raw materials, supplies, manufacturer).
- Shipping + overhead fees
- Operating costs to run your business
You may want to consider creating a spreadsheet with every single expense involved in operating/owning your business. This will give you an idea as to what you need to generate in order to at the very least, break-even and will help you price your products to factor in a profit.
Create revenue goals
When determining the price of your motorcycle parts, you'll want to create goals for revenue + how much profit you want your motorcycle parts business to make.
This process is simpler than you may think:
- Think about your breakeven cost (by completing the above step).
- Create a revenue goal based on your break-even cost
- Evaluate the # of items you plan to sell in a given period (make sure this is a realistic number)
- Divide your revenue goal by the number of items you plan to sell
This figure will help determine your estimated price per product in order to meet your revenue goals.
Evaluate your competition
The last piece in determining how to price your motorcycle parts is by simply looking at your competition.
The best way to do this is by finding like-minded businesses that offer product(s) with similar perceived value. Then, you can compare prices of the different businesses and determine where your motorcycle parts fits best in the marketplace.
All of these factors play an equal part in pricing your motorcycle parts, so it's important you evaluate each one individually to come up with an accurate price that will help optimize your business from the start.
Understanding Your Costs
Example from Ishan, founder of Ugly Duckling
First objective: profitability
Our profitability is OK at this point but definitely not where it should be yet. To this day I have not paid myself a regular salary yet...and it’s been 4 years!
The problem is not the cost of goods which are well under 20% of sales, which is good by any standard. The problem is fulfillment costs. In 2018 we transitioned from our first fulfillment company to a much bigger company. We did this because we wanted to provide faster shipment speeds and a better quality of packaging. In hindsight, we chose a company which would have been more suitable for a larger company with bigger volumes. We ended up being tied in with some pretty large minimum monthly payments. So currently fulfillment costs are currently around 45% of sales...way too high.
We are now looking to transit to another fulfillment center. Our target is to get our fulfillment costs down to around 30% of sales which I believe from what I have researched, is possible.
Just to be clear, when I say fulfillment that includes transportation costs also - FedEx, USPS, etc. Not just storage, picking, and packing. I am pretty sure that it is possible to get fulfillment costs down even lower, and I suspect that some large pro sellers on amazon.com work with around 20-25% of sales.
So our target P+L for 2020 looks something like this:
- Cost of goods, including inbound freight and clearance - around 22% of sales.
- Fulfillment - around 30% of sales.
- Digital Advertising & Promotion - around 15% of sales.
- Other marketing and office costs, including salary costs - around 10% of sales.
- That would leave us around 23% of sales - enough to pay me a liveable salary and for the company to make a profit and finance future growth.
That's the first objective for 2020: to right-size the P+L so that we are profitable at our current sales level
Gross Margin Calculator: How to Calculate The Gross Margin For Your Motorcycle Parts
Our calculator is designed to be simple and easy to use.
The goal is to help you set realistic expectations and understand what is considered a healthy gross margin for your motorcycle parts business.
Calculate your gross margin and profit margin here .
What Type Of Customers Will Buy Your Motorcycle Parts
It's important to first establish who you will be selling to, whether it's to businesses or consumers.
Typically, in this industry, products are sold to B2C markets (business-to-consumer).
Let's take a look at what this means for your motorcycle parts business:
B2C (or business to consumer) is a transaction where businesses sell their products or services to the consumer directly.
In this market, consumer behavior is the primary driver for your business decisions - so it's important that you truly identify who your customer is, and what their buyer habits are when building your product/service.
B2C is that you are able to cast a very wide net when targeting your customers. Your product may interest a large number of consumers or a specific niche.
B2C is that consumers hold all the power - so if your website is not the most user friendly, or does not rank in the top search results on Google, chances are, your customer is going to shop elsewhere.
When building your motorcycle parts business, it's critical that you hone in on who your target audience is, and why they need your product over your competition.
Here are some items to consider when identifying your buyer persona:
Design A Prototype
Turning your idea into a reality can feel like a daunting task - but it's critical that you have an idea of what your product will look like (even if it's just a sketch) prior to finding a manufacturer.
Here are some common ways you can design your prototype:
- Draw Your Initial Design on Paper
- Form pieces of fabric together
- Consider Taking A Generic Product And Putting Your Own Brand On It
- Try Making the Product Yourself
- Consider Building A Prototype With A 3D Printer
To learn more about how to design and prototype a product, check out our latest guide here .
Justin Pflanz, founder of TAB Performance dives deep into the process of designing and prototyping their product:
In the early days, and even largely today when we’re designing a new product one of the first challenges is to get our hands on the Original Equipment (OE) part that we’d like to replace.
This allows us to take key measurements that we need to ensure that our parts will fit properly. It also gives us a chance to see the things we like and dislike about the OE part. From there we go to work making styling and functional changes we think our customers will like best. After making some rough prototypes we have to find a bike to test the product on.
Although it would be great to just go out and buy a bike every time we were developing a new product, unfortunately that’s not very practical so often times we work with the local dealerships and riding community to try to find someone who has the type of bike we’re looking for and will allow us to use their bike for testing.
Now that we’ve grown, and people are more familiar with us it’s a lot easier, but in the early days when even people in the local community didn’t know who we were, it could be a real challenge. After we’ve finished testing the prototype, we make any last minute changes, and then get to work making all jigs, fixtures, and tooling required for production.
After the part is in production, our work isn’t done. The next and most important step, in our opinion, is listening to our customers and then making running changes based on their feedback. We are always looking to improve upon our products and we rely heavily on our amazing customers to help point us in the right direction.
How To Find A Supplier For Your Motorcycle Parts Business
Here are the steps to consider when finding a supplier/manufacturer:
Know your design
One very critical step to finding the right supplier is having an initial idea of what your design/product will look like.
Sketching is one of the most simple ways to get started in the design phase.
What's great about sketching is that you can practically do this anytime, anywhere - even on the back of a napkin.
To get started, all you need to do is pick up a pen and paper and start drawing - or if you are working on a virtual/software product this can be a diagram that outlines the user interface or experience.
Decide your supplier type
You'll want to identify the type of supplier you are looking for.
Here are some questions you may want to ask yourself prior to searching for a supplier
- Are you looking for a manufacturer to produce your product idea ?
- Do you want to find a supplier that can simply purchase existing products for you ?
- Do you want a drop-shipper to supply and fulfill orders?
- Do you want a domestic supplier or an overseas supplier? Read more about the pros and cons of each here
Where to start your search
Once you have an understanding of what type of manufacturer/supplier will be best to bring your idea to life, there are several areas you can start your search:
Manufacturing Your Product In House
It's also very common to manufacture your motorcycle parts on your own - either from your home or in a commercial space.
In order to get the product right, you may want to consider experimenting with different designs and recipes until you find the perfect one.
Some founders choose to manufacture their product in-house so that they can control quality, manage costs, and easily handle production/logistics.
Down the road, you can always choose to outsource your motorcycle parts.
Leslie Eisen, founder of AlmondClear discusses how to manufacture products in house
If you want to start a line of unique products, then you have two basic options: you can make them yourself, or you can find a manufacturer to work with that creates custom formulations for their clients.
I knew that I was trying to build a larger-scale business and that the home-made model wasn’t right for me, so I had to find the right manufacturing partner. It took a lot of research, phone calls, and emails before I found the laboratory that met my needs.
I wanted to create unique products (as opposed to private label), so I worked with the manufacturer’s chemist who specializes in skin care formulations. This process takes some time!
First, you have to tell the chemist what kind of product you’re looking for , the ingredients that you want to include or leave out, and what you want the final product to look like/feel like/smell like, etc.
Then, the manufacturer sends you the first sample , you try it out or give it to others to try, and then provide feedback for revisions. In my case, the first two products came together fairly easily because I only needed to make small changes to stock formulations.
There are many, many rules and regulations around cosmetics and skin care products. If you want to sell products that contain FDA regulated ingredients then you have to register and get a permit.
My products aren’t FDA regulated, so I didn’t have to go through this step, but I did have to be aware of the many guidelines and standards around labeling and safety warnings. Some people hire a lawyer to help them through this process, but my manufacturer was able to guide me through the regulatory process.
The entire process, from researching labs to work with to having the first finished products shipped out to me, took around six months.
Purchasing Inventory For Your Motorcycle Parts Business
When first starting out, it's important to start small with your overhead to get a gauge for what people want.
Just remember - if you order a line of items that don't sell, it's nearly impossible to recoup the money lost.
Buying the right inventory takes research and planning in order to get it right.
- Identify your target audience : Identify the age, gender, annual income that you will be selling to. This is a defining factor in ordering the right inventory that will sell.
- Research your competition : Conduct market research and identify the different types of styles, price points, and materials being used. This will help you see what's trending and ways that you can improve/stay ahead of the competition.
- Create an inventory wishlist : Identify what you need for the launch of your business and create a budget that you will stay within. Remember, it's okay to start small.
- Find a supplier Make sure to first compare prices and analyze different options.
- Delivery timing : Schedule the inventory delivery to match with seasonality and trending buying seasons
Pro-tip: It's easy to become biased based on your own fashion preferences on what types of shoes/apparel to purchase. This is where a lot of fashion businesses go wrong. It's important to base purchase decisions on current buyer behavior, trends in the market, and specific to your niche.
Erin Hooley, founder of Bailey's Blossoms tells us how poor inventory projections led her to lose over $2M
When we first launched Peyton Bre we did so in a social or direct sales model.
Through poor inventory projections we were forced to change models but only after losing $2 million dollars.
It was a devastating time for us and one we were not sure we could survive.
I have since become very intentional about the way that we project our inventory needs and we continue to refine that quarterly and even monthly. We have created a KPI for the cost of goods sold to help us hold ourselves accountable.
Ultimately, the better we manage our inventory the less we have need to discount and the healthier our profit margin becomes.
This is, of course, a very high-level overview of the importance of inventory control.
To see the full breakdown on how to manage inventory, check out my guide over on my blog. .
🚀 How To Launch Your Motorcycle Parts Business
Build A Website
Building a website is imperative when launching your business, and with the right tools in place, this can be a simple task to check off the list (without having to hire someone).
- Pick a domain name that's easy to remember and easy to type
- Choose a Web Hosting Plan (ie. Shopify, Squarespace)
- Make sure you choose the right theme and design
- Implement the proper page structure (ie. about page, contact page, pricing etc)
To learn more about how to build a stellar website with little stress, we give you all the details on this step-by-step guide .
Once you have chosen the domain, web hosting, and platform, it's time to get started with the design phase.
Themes are a great way to produce the fundamental style and identity of your website - this includes everything from your font design to your blog post styles.
One of the best ways to get started is to simply explore the various themes (free or paid depending on what you're looking for) and test them on your site.
If web-design really isn't in the cards for you, you may want to consider outsourcing a web designer to help bring your vision and brand to life.
Launch Strategies For Your Motorcycle Parts Business
There are various different ways you can launch your motorcycle parts business successfully.
Here are a few different strategies to get customers excited about your motorcycle parts business.
- Build hype with a landing page : you can effectively do this through waiting lists, discounts, countdown timer etc
- Create a teaser video : even just a 30 second video is a great way to exposure for your motorcycle parts business, and possibly even go viral
- Reach out to influencers : The right influencer for your product has the ability to reach your audience with just one post, and because of their loyal following, this could lead to a big return for you.
- Get Press : Whether you plan a PR stunt or get exposure through a popular news outlet, this is a great way to attract initial customers
- Launch on popular sites : A great way to get buzz about your motorcycle parts business is to submit your launch to popular startup sites.
Here are a few popular sites to launch on:
- Hacker News
Learn more about how to launch your business successfully ➜ here
Justin Pflanz, founder of TAB Performance dives deep into the process of launching the business:
We were very fortunate, in that we had a lot of knowledge and support to draw on from our parents. However, probably one of the most important and helpful things I found was going through the process of filling out a business plan.
Going through and filling out each and every aspect of a good business plan template really helped us organize and prioritize the things we needed to do to get started. The SBA has a lot of great resources to help with business plans and much more.
Funding was of course one of the biggest hurdles to overcome. For us it was important to maintain complete control and ownership of our business which meant taking out bank loans, which is not an easy task when not everything you’re looking to borrow money for is a tangible asset. This again was where a good, well researched and put together a business plan really came in handy, and ultimately helped us secure the funding needed.
Make Sure You Get The Package Design Right
The way you package your motorcycle parts business is often the first impression your customer has - so it's important to get it right.
You may want to ask yourself these questions:
If my product is on a shelf next to hundreds of other similar products:
- Will my motorcycle parts business stand out?
- Will the branding/packaging create a connection with my customer, and hence, lead them to buy?
There are hundreds of tools you can use to help with packaging and design:
- Canva - Allows non-designers to create beautiful Instagram/Pinterest posts, flyers, business cards, etc.
- Stickermule - High quality custom stickers you can include on or in your packaging.
- Noissue - Custom tissue paper and compostable mailers
- Rollo Label Printer - A great tool to print all shipping labels at home
Sheets & Giggles explains the motive behind their "Premium Unboxing Experience"
I had a particular vision for our packaging centered around one goal: because we were a DTC company and wouldn’t do physical retail in year 1, we needed to focus entirely on an incredible unboxing experience that made the product feel as premium as possible.
Outside: a white box, nice wax coating, logo front and center with no other copy, easy to open, nice and sturdy.
Inside: make people smile from the get-go, have a social call-to-action, include free extra surprises (a knapsack that wraps the sheets and an eye mask), put funny copy all over the place, and add a donation bag that people could use to donate their now-defunct cotton sheets (sheets & blankets are the #2-most-requested item at shelters behind socks).
Get Press Coverage For Your Motorcycle Parts Business
The more buzz around your brand - the more the phones ring, the more traffic to your website, and the more customers as a result.
Here are a few ways you can get press for your business:
Press releases are a great way to share big announcements or news, but in order to get any traction, you'll need to find a way to make your press release stand out amongst others.
Try to convey a story that really matters, not just to you, but to the reporter and to their audience.
Here are some things to consider when submitting a press release:
- Craft a catchy subject (keep it short and sweet).
- Acknowledge the journalist's past work and interests - this is key!
- Include the main point of the story in the first paragraph, heck, even the first sentence. Reporters want to hear the juice first and foremost.
- Focus on the facts and try to limit the amount of jargon used.
- Pitch yourself! Help them put a face to the story.
- Make sure your topic is newsworthy. If it's not, find a way to!
- Try not to include any attachments of your release!
Email is one of the most effective and preferred way to send your press release, so as long as you keep your pitch brief, interesting and personalized (no cold emails), you should stand a chance!
Get Press Using HARO
HARO, otherwise known as "Help a Reporter Out" is an outlet for journalists to source upcoming stories and opportunities for media coverage.
The best part is, HARO is free to use! There are, of course, premium versions you can purchase, but the free version is still an accessible way to get press.
Once you set up an account, HARO essentially will email you based on stories (that are relevant to you) that need to be covered where you will then have a chance to essentially "bid on the story."
Here are some tips when crafting your pitch:
- Discuss your experience and expertise in the space. Make sure it's obvious why you're relevant to this story.
- Answer the question in 3-4 sentences. Try and be as direct as possible
- Offer to provide the reporter with more information and make sure to give them your contact info
Plan a Publicity Stunt
Planning a publicity stunt is an effective and quick way to raise awareness for your brand and gain some traction from the press.
If you're looking to plan a stunt, the objective should be to be bold and create something memorable
However, being bold has a fine line - it's important that you consider the timing of your stunt to ensure you don't come off insensitive or unethical. For example, timing may not be in your favor if you plan something during the general election, or in most recent cases, a global pandemic.
In order to measure the success of your stunt, it's important that you first determine your end goal, for example:
- Is the stunt aimed to raise money for your business or a particular organization?
- Is the stunt aimed to drive more traffic to your website?
- Is the stunt aimed to get more followers and engagement on Instagram?
Here are a few tips for creating a great publicity stunt:
- Research to ensure that there haven't been similar stunts done in the past by other businesses - this could easily turn off journalists and your audience.
- Make sure you can explain the stunt in one headline - this will help grab the media's attention. In other words, simplify!
- The stunt should be related to the product you are promoting. Even if the stunt is a success in terms of viewers, but it doesn't tie back to your original goal, then it's not useful.
- Keep the stunt visual with videos/images.
- Leverage the internet and social media platforms for your stunt by sharing your message across a variety of audiences. This will help with word of mouth and the overall success of your event.
To learn other strategies on how to get press, check out our full guide here .
🌱 How To Grow Your Motorcycle Parts Business
Consider Selling On Amazon
In addition to selling your products directly on your site, you may want to consider selling on Amazon to reach a wider audience and attract new customers.
Here are some pros and cons of selling on amazon:
- Easy and seamless process to get your product listed on Amazon
- There are roughly 100 million thoroughly committed prime customers, so you're bound to tap into new business
- Can help grow your business exponentially and reach new audiences
- You may encounter some "copycats" and counterfeit products
- Amazon owns the relationship with the customer (you lose control over product reviews + customer service)
- If you already have a low-markup, amazon may not wrth your while and you could end up losing money
- Commissions and listing fees are high - it's easy to lose control of your offering
Follow these instructions to get your product listed on Amazon or check out the video below on how to get started:
Cory Stout, founder of Woodies ($250K/mo) provides us with specifics on how to rank better on amazon:
Our main product is walnut wood sunglasses that I sell for $25 on Amazon and Woodies.com.
I dedicated myself to becoming an Amazon expert. I listened to all the podcasts and read all the blog posts I could find. Shoutout EcomCrew I took the basic fundamentals that are out there and I added a couple of my own twists.
Amazon brings me, 100 brand new customers, every day for very little acquisition cost. If I tried that on my own, it would take a TON of work and it wouldn’t be nearly as effective as Amazon, so I took the easy road on this one.
Here's an article I wrote on how to rank better on amazon (30+ Tips):
- Beautiful images (minimum 5 images) especially lifestyle images I use UpgradedImages.com for product photography (hey Ken!)
- Keywords in your title (but it still needs to sound human)
- Competitive price (contributes to high conversion rate)
- NOT having 1-star reviews
- DON'T STOCKOUT: it's such a killer and if you DO stockout, definitely DON'T raise your price right before you do, if anything LOWER your price for the last 10-20 units before you stockout, each ASIN has a 'memory' for when you do get back in stock so that will help you regain ranking quickly
- DON'T VIOLATE AMAZON TOS: just don't
- Perform QC on your stock before you send it in (I sent in a wrong box once and I had to 'remove' over 3,000 pieces so I could sift through them and remove the 150 contaminated pieces 0/7 would not recommend
4/5: Pretty Friggin Important
- Minimum 10 5-star reviews (do this before you do anything below this)
- Well optimized PPC campaigns (could do a whole post on this, keep ACOS under 40%) here's a screenshot of some of my campaigns I use a combination of manual campaigns with exact phrases and high bids...and auto campaigns with a broad range of products and very low bids
- Turning on FeedbackGenius for auto review requests (it's not as good as it used to be, but it's still worth it)
- Get a trademark and get Brand Registry, this protects you from hijackers and other unscrupulous sellers
- Quick response to customer messages (under 12 hours) here are my stats my mom does all my customer service "Employee of the Year" status
- Drive outside traffic (amazon loves outside traffic because they don't have to spend so much to acquire customers) Facebook, Instagram, and Google Adwords are the usual suspects
- Use ocean shipping to save mucho $$$ on unit costs (use flexport)
Read more about amazon tips here .
Consider Working With Instagram Influencers
Partnering with like-minded influencers (within your industry) is one of the most effective ways to grow your social media organically.
Industry influencers already have an established and loyal following. With one post, your product immediately establishes a connection with a brand new audience. It's that powerful.
When finding influencers to promote your product, do your research and make sure that their following will actually be interested in your product.
It's easy to be blinded by any influencer with a huge following, but if those followers don't resonate with your product, there may not be any value there... so make sure you do your research!
Evan Marshall, founder of Plain Jane discusses how "micro-influencers" have impacted his business:
Influencer marketing has been huge for us. Our approach is pretty simple. We give out samples of our products and ask people to post about us on social media aka a micro-influencer strategy.
We really like this approach because we get authentic stories and content. We cannot really control the messaging so the product has to speak for itself. We don’t really take product photos at all. Our customers take the photos and we ask to reuse them.
With any influencer strategy, you have to be very sure you’re targeting the right people and engaging with them. You can make sure you’re targeting the right influencers by looking through their posts and then looking through the profiles of their engaged followers.
It takes more time per influencer but the payoff is certainly worth it. Make sure their followers look like your existing customers.
It takes a ton of time and work to grow a social media following this way but it’s worth it. Other accounts have tried to grow themselves through botting or other manipulations. As a CBD company, we didn’t want to give Instagram any reason to shutdown our account so we’ve done everything through content and real engagement. It’s not magic to make this happen. You just have to post consistently and then reply or like every single comment you get. It takes months but it works
Improve your SEO
SEO is not just about driving traffic to your site, it's about driving the RIGHT traffic to your site , and ultimately, converting leads into customers.
One of the most important aspects of SEO is understanding what your customers are searching for, otherwise known as "keyword research."
Here are some tools that can help you choose the right keywords for your motorcycle parts business.
- Google Ads Keyword Planner invaluable for discovering search trends.
- Google Search Console is very helpful once your website is up as it shows you what words/phrases are generating traffic.
- Ahrefs and SEMRush are paid tools that allow you to look at results of your competitor's website.
Publish Great Content
Finding keywords is an important piece of the puzzle, but Google also ranks your site based on the actual content you produce, as this is what your customers are reading and engaging with.
There are various different "forms" of content that you may want to consider diversifying on your sites, such as blog posts, articles, studies, and videos.
So let's discuss what google considers "good content:"
- Length - This will vary depending on the page, however, generally having a sufficient amount of content helps search engines recognize that your site is a good source for a specific topic
- Engagement - The longer people stay on your website to read your content, the higher Google will rank your website. It's important to have informative and "thick" content that keeps people reading
- Avoid Duplicating Content - Google will recognize this and may consider your content to have low value
- Ensure pages load quickly - This will also help with engagement and time spent on your website
- Shareability - Create content that people want to share, and is easy for them to share, especially to their social media accounts (ie. "click to tweet" is a great example of this).
Another element of creating good content is creating consistent content.
If (and hopefully you are) publishing content frequently, it's important to stick to a schedule - this helps build brand trust and easy user experience with your customers.
Planning out your content with a content calendar is key to staying consistent.
Here are a few great content calendar tools that can help you:
- If you prefer to keep it simple, your average spreadsheet is just as useful!
Backlinks are an important piece to SEO, as they allow for other websites to link to your content.
Search engines recognize that other sites are essentially "verifying" your content and essentially rank you higher because of this.
Of course, some links are more valuable than others and can affect your site in different ways.
For example, if a highly valuable and credible site like the New York Times links to a page on your website, this could be remarkable from an SEO perspective.
Aside from organically getting mentioned from other sites, there are other ways that you can increase and earn backlinks:
- Create infographics with relevant data that people want to share
- Promote your content on different sites/look into "guest blogging"
- Contact influencers/journalists/bloggers and ask them to mention you!
- Write testimonials for other sites in exchange for a backlink
- Leverage existing business relationships
Learn more about the fundamentals of SEO ➜ here and check out Neil Patel's 3 Powerful SEO Tips below
Build A Blog
One of the most effective ways to build brand awareness and grow your business is through consistently blogging.
We've outlined some useful tips for you to consider when creating content:
Consistency and Quantity
Quality is important, but it should be the standard for any content you publish.
What’s more important is consistency and quantity.
Consistency is as simple as committing to publishing and sharing a certain number of posts per week. For me, that’s three per week right now.
This kind of commitment is key, because one day, a random post will blow up, and you will have never expected it.
The easiest mind trap is to think "I’m posting too much", and “I need to give my readers/audience/this platform a break”.
This is nonsense.
There is no such thing as oversaturation. Well, there is, but it is just someone else’s opinion.
For every person that tells you you are posting too much, there is another person that wants even more of your content.
You should ignore people’s opinions on how much you post.
Patience & Persistence
Keep posting, keep trying, and keep putting out good content on the regular. Your time will come, and when it does, it will change everything.
The only thing you have control over is your content.
You can’t control how people will react to it. You can’t control pageviews, likes, or shares.
So the only metric you should focus on is how much content you can put out in a week, month, etc.
Where to share your blog content
I know it sounds obvious, but the best places to share your content is on your mailing list. It is guaranteed traffic and it is a great way to get rapid feedback from your most loyal readers.
Send newsletters often. I have done once a week since starting, and I’m moving to twice a week soon.
Work on increasing your mailing list as well. Look into ways to increase your conversion rate to your mailing list. I added a flyout popup thing to my site and now I’m collecting ~30 emails per day.
An email newsletter is one of the most powerful assets you can have and it is worth its weight in gold.
Reddit is one of my favorite places to promote content.
It is a very scary place because you will often get banned or heckled, but it can really pay off.
Create social media accounts for your blog, the main ones I use:
Twitter Facebook Instagram LinkedIn
Set up Buffer and share all of your blog posts to all of your accounts. All of these little shares really do add up.
Automate this as much as possible. I automated all of my social media for Starter Story.
When I started out, I put together a spreadsheet of relevant Facebook groups for my niche, and I would post to these groups whenever I had a big story I wanted to share.
Grow Your Email List
The more engaged list of emails, the more engaged customers, which ultimately leads to more sales.
One of the best ways to start growing your list is by providing your customer with something free (or discounted) in return.
This could also be anything from:
- Fascinating case study
- Video series
- Free week of the product
- Discount on the product
Learn more about how to grow your email list and improve email marketing ➜ here .
Dylan Jacob, founder of Brumate states their email collection tactic that is proven to work:
We use Spin-a-Sale for this (you spin a wheel for a discount code in exchange for subscribing to our email list). This has been the best email-collecting tool we have found because the customer truly feels like they won a prize rather than just a coupon code.
Even if a customer doesn’t convert right away, if we have their email we have a 19% chance of converting them into a future customer whether that is through future promotions, new releases, or simply just sending an email at the right time for a purchase to finally make sense for them.
We also have a return customer rate of over 14%, so one out of every 6 people we convert will end up buying from us again with an average order value of over $60.00.
Add an exit-intent popup to your online store
A great way to double, or even triple, your email opt-in rate and to grow your list is to add an exit-intent popup to your site, and offering a discount or content upgrade for subscribers.
Here's an example of what that might look like:
One thing that I spent years NOT doing, that I now kick myself about, is adding an "exit intent pop-up" to our site, which lets people enter a sweepstakes to win a Xero Shoes gift certificate.
That one idea has added over 100,000 subscribers to our email list, which is one of our most effective marketing channels.
Improve Your Email Marketing
Different types of emails
Here are the most common types of email campaigns you can send to your customers and their benefits:
- Welcome emails - the perfect way to provide information from the start with a clear CTA. Make sure to tell your customer everything they need to know about your product or service.
- Newsletters - a great way to give customers updates or send out your latest content
- Product launch emails - the quickest (and easiest) way to increase sales is by selling to current customers. Make sure they're the first on the list to know about your new product
- Promotional emails - promote discounts, deals coupons etc. Try and make this feel exclusive and for a limited time only
- Abandoned cart emails - give your customers a reason to complete their purchase!
Here's a great resource for finding curated email designs, for all types of email campaigns!
Abandonded Cart Flow
The abandoned cart workflow is one of the most effective strategies for turning your lead into a customer, and a powerful tool to have if you're an e-commerce business.
Think about all the times that you went on a shopping frenzy only to add items to your cart and then either forget or realize nows not the right time to pull the trigger.
Then, minutes later you receive an email saying "Hurry up! Your cart is waiting - and we want to provide you with 20% off your order."
Maybe that's the special touch (and discount) you needed to pull that trigger.
Implementing this workflow can automatically trigger this for your business every time a customer abandons their cart.
Here's a great example of an abandoned cart email from Brooklinen :
Things they do well:
- Showcase 5-star reviews from other customers
- Offer a small discount + free shipping
- Great design + clear call to actions!
Experiment With Pay Per Click Ads (PPC)
Pay-per-click (PPC) is a performance-based marketing method that allows you to show specific ads for services or products oriented to a very defined target, with the goal that the user visits your website or landing page.
Here are some tips to consider:
- Consider connecting the ad to your corresponding landing page so that the audience receives the necessary information after clicking on the ad.
- Conversion Tracking: When running PPC campaigns, be sure to run the ads with conversion tracking.
- Focus on quality keywords, even if there are few as this will save you time and money. When assessing the performance of a keyword, it's important to track the expense, conversion, and cost per conversion, as well as the ROI.
PPC advertising can be a very important lead generator as long as it's done properly. Your PPC campaign is intended to drive traffic to your website and help the business scale.
Additionally, if the campaign is not having the desired results, you can make the necessary changes immediately to improve them.
Ryan Schortmann, founder of Display Pros talks about their investment in PPC Ads:
My name is Ryan Schortmann and I’m the founder of Display Pros. We are a custom trade show display booth company offering easy to use portable display “kits” for small and medium businesses wanting to get into the trade show game.
It did not take long to come to the realization that to compete at any reasonable level, we were going to need to take the plunge and invest in Pay Per Click ads and display.
From experience, I know that it is important to give Google’s hivemind some time to settle in before each campaign starts seeing consistent results (this is largely dependent on budget).
A certain amount of PPC budget must be viewed as a “marketing research” expense and then you can look at the analytics data and make informed decisions on where to refine, tweak or plain scrap an idea.
Google Shopping was an entirely new concept for me. You can’t assign keywords to products so at first, I was asking myself “How the hell do you refine these?”. Then I found some good reading material and courses and learned of some advanced methods that the pros are using. It turns out you can utilize negative keyword lists combined with the priority setting on each shopping campaign to “shape” the keywords that are coming in and how much you are spending on them.
To learn more about PPC Ads and Google Shopping, check out this video to learn everything you need to know!
Social Media Advertising
Social Media Advertising is one of the leading ways to get the word out when it comes to motorcycle parts business.
There are various different Social Media platforms available to you. Some may be more critical for your marketing efforts than others, however, it's important to have an understanding of what's out there and available to you.
Let's talk about a few of the main platforms and what makes them unique:
- Facebook Advertising - more than 2 billion monthly users. Facebook is the best for lead generation + capturing email addresses for e-commerce businesses.
- Instagram Advertising - approximately 500 million monthly users and has a higher audience engagement rate than any other platform. Instagram ads are best for linking to a product page or landing page and reaches the 18-29 age group most effectively.
- Twitter Advertising - Small businesses typically use twitter ads to drive brand awareness, but the platform is meant more for organic engagement (and is not as heavily used for paid advertising)
- Pinterest Advertising - 175 million monthly users and most effectively reaches the female audience. Pinterest is great for promoting products without "promoted". The promoted pins have a way of blending right in.
- LinkedIn Advertising - 227 million monthly users and is geared towards the B2B market and generates the highest quality leads. Great platform for recruiters, high-end products and services that will help businesses
It's important to first define your goal/objective so that you don't waste time and money into the wrong platform:
Here are some different questions to ask yourself as it relates to your goals:
- Do I want to simply drive brand awareness?
- Do I want to drive users to my website to gather information?
- Do I want to increase sales and get my customer to take action?
From there, choose the platform that targets your audience best and start experimenting!
Learn more about social media advertising ➜ here .
Founder Andy Hayes talks about mastering FB ads and the pixel:
The biggest bang for your buck will likely be mastering Facebook and it’s platform - which we all know is pay for play, so you’ll have to come up with a small amount of budget to start for marketing.
We’ve spent countless hours (and paid numerous coaches) before we cracked the code that works for us on Facebook, but it is working really well for us now.
Some of the most important things to know when it comes to FB Ads:
- Start with retargeting (that’s showing ads to people who already know you but did not purchase). Master this - and start building information on your Facebook Pixel - before you do anything else
- Once you have that down, try working with the 1% “Lookalike” audience to prospect for new customers. This may take awhile because your pixel audience is small, so try layering on interests - 1% Lookalike and your largest competitor, for example. Don’t use interest-only targeting until you master this.
- Great photography and videography is key, as is smart copy. Research what’s out there in your industry and constantly test - what works for one company may not work for other people.
- Make sure you have good offers. For example, we have a $5 trial for our subscription, which converts affordably - if we promoted our subscription with the standard $30 front charge, it wouldn’t be as cost-effective.
🏃🏼♀️ How To Run Your Motorcycle Parts Business
How To Retain Customers For Your Motorcycle Parts Business
Retaining customers is one of the most effective ways to grow your motorcycle parts business.
Oftentimes, it's easy to find yourself focusing on generating new customers, vs retaining your current ones.
Look at it this way - you are 60-70% more likely to sell a new product to an existing customer than you are a new customer.
That's not to say that finding new customers and revenue streams is not important, however, the easiest (and most inexpensive) source of new revenue is right there in front of you.
Here are some ways you can retain customers for your motorcycle parts business:
- Responding to comments on social media
- Send discounts (or freebies) to loyal customers
- Provide valuable content, for free
- Write a hand written thank you note
- Provide awesome customer service and build relationships with customers
To find out more tips and tricks on retaining customers, check out this article ➜ here
Justin Pflanz, founder of TAB Performance dives deep into the process of attracting and retaining customers:
We’ve tried a LOT of different marketing channels since we’ve launched. The big things we’ve learned boil down to the following points.
- Try to really know and understand everything you can about your customer. The more you know about your customer, the easier it will be to effectively market towards them.
- Find what marketing channel works best for you and your product. What works best for one product may not be good for another. For example we’ve found our best marketing channel to be YouTube videos because our customers want to be able to both hear and see the exhaust before purchasing.
- Make sure you have a way of tracking, or assigning some sort of metrics to your marketing efforts. It tends to be easier to do this with digital marketing, but there are ways to accomplish the same thing with more traditional marketing methods such as print. Google Analytics, and similar systems are very powerful tools and can really help you out with this regardless of your type of business.
- Digital marketing platforms can be extremely powerful, if you understand how to use them. Learn everything you can about the marketing platforms you plan to use, so that you make sure you’re taking full advantage of all their features.
Digital marketing may not be right for your business or product, but in our experience it’s pretty hard to beat. Especially with marketing platforms like Google and Facebook, where you can target geo specific locations, demographics and interests. The goal of marketing is to get your product in front of people that potentially want to buy your product. So for example, we may want to target our marketing efforts towards people who own motorcycles, which is very easy to do with today’s digital marketing platforms.
Many of the marketing points I mentioned above apply to sales channels as well.
For example we currently sell through the following channels:
- Directly through our website
- Directly over the phone
- Directly at Motorcycle Shows and Rallies
- Indirectly through our dealer and distributor network
These are the ones that we’ve found work best for our business and products, but there are many, many more out there. Even within the sales channels we use, not all of our products are listed on every channel.
For example, we’ve found Amazon to be a poor channel for a lot of our products. We found that some of Amazon’s rigid restrictions and rules meant to keep things consistent for their customers was actually confusing many of ours and was leading to poor customer satisfaction compared to the rest of our sales channels so we pulled a lot of our products.
However, we have other products that Amazon works great for, so you really want to make sure you’re looking at things on a case-by-case basis.
Diversify Your Product Line
Adding new products to your business is a great way to expand into new markets and grow your business.
It's important to note that adding new products and diversifying may not be in the cards for you right this moment, and that's okay. You can always consider it down the road.
Here are some reasons you may want to considering adding/diversifying your product
- Meeting the needs of your customers
- Establish yourself as a top provider in your industry and stay ahead of the game with competition
- Resistance to downturns/trends fading
- Create new revenue streams
Provide Great Customer Service
Providing exceptional care and creating relationships with clients is a great way to build your reputation and retain customers.
Whether you are an online business or a physical business, it's highly important to communicate with customers and make them feel like they are the priority.
Just remember: customer service represents your brand, values, vision and YOU as a person.
As a brand, you want to deliver an experience that authentic, honest and transparent.
Don't make the mistake of giving your audience less credit than they deserve.
If you go around chasing every trend and only focused on yourself and money, you’re going to lose very quickly.
There have been many times where we have been tempted to do this but stayed true.
Sure we sacrificed sales, but we kept our integrity, played the long game and people saw and appreciated that, and really began emotionally investing in the brand.
Build a Referral Program
Word of mouth is one of the best ways to get the word out about your business and acquire new customers. Especially when you are starting out, it’s important to build a solid referral program to encourage existing customers to help you find new ones.
A great way to do that is by offering a reward (ie. credit on your service or cash) to customers that refer you to their friends and family.
A fantastic referral program will help with clout, credibility, and establishing yourself in the space.
Word of Mouth
The most tried and true way to grow a motorcycle parts business is through word of mouth - some entrepreneurs would say it's more important than all social media.
Why you should focus on word of mouth:
- Consumers trust word of mouth above all other forms of marketing
- 92% of consumers believe recommendations from friends and family over all forms of advertising
- 64% of marketing executives indicated that they believe it is the most effective form of marketing
Learn more about word of mouth in our guide: 30 Ways Founders Grow Their Business ➜
How To Crush The Sales Process For Your Motorcycle Parts Business
You may find yourself in a spot where you're ready to hire a few (or many) salespeople to support the sales conversion process.
Regardless if you have one or thirty salespeople, it's critical that you assign them specific roles and responsibilities to nurture the client and provide excellent support.
Mike Korba, co-founder of User.Com walks us through the entire sales process and which teams are responsible for what:
User.com Sales Process
Each user and account is qualified with a specialist. For business leads, they are handled by the sales team, and if they are qualified we give them a demo, more than often at the end of their fourteen-day trial. If they’re happy they’ll add a payment, and get an account manager, so a customer support and success team who will help implement the solution and to use the technology.
Sometimes, users will convert naturally on their own, after using the freemium product and finding it to be something that they will find beneficial.
After they convert, we help with onboarding , give them some personalized tips for their specific business or industry to grow plus all kinds of support, for whatever they need - something we take huge pride in.
The team is right now more than 30 people, with more than half working on the IT and product side, and the rest are in three teams: Support, Marketing, and Sales who all work together very closely.
We put together the best resources on the internet to help you start your motorcycle parts business.
- Platform tools such as Amazon , eBay or Google Shopping
- Email tools such as MailChimp
- Social media tools such as Facebook , Instagram , Twitter , YouTube , Pinterest or LinkedIn
- Advertising tools such as Facebook Ads , Instagram Ads , Google Adwords or Google AdSense
- Shipping tools such as ShipStation or Stamps.com
- Analytics tools such as Google Analytics or Google Tag Manager
- Productivity tools such as Dropbox , Microsoft Office 365 , Trello or LibreOffice
- Payments tools such as Paypal or Amazon Payments
- Accounting tools such as Quickbooks
- Design tools such as Gimp
- Stock images tools such as Shutterstock
- Reviews tools such as Google My Business
- Manual of Repairing & Reconditioning Starter Motors and Alternators: Clinton James
- How To Custom Paint Your Motorcycle
- Motorcycle Parts And Accessories Business Start Up
- Negosyotips. Puhuna Ng Motorparts / How To Start Motorparts Business / Tips In Motorparts Business
- How To Start Motor Parts Business With Small Capital? (Philippines)
- How Two Brothers Started A $4.8M/Year Motorcycle Parts Manufacturer
- 1,000+ Catchy Motorcycle Parts Business Names 1 of 7
- 58 Marketing Ideas For A Motorcycle Parts Business (2023) 2 of 7
- 42 Trending Motorcycle Parts Businesses  3 of 7
- 6 Motorcycle Parts Business Success Stories  4 of 7
- 3 Tips For Starting A Successful Motorcycle Parts Business (2023) 5 of 7
- How Much Does It Cost To Start A Motorcycle Parts Business? (In 2023) 6 of 7
- 24 Pros & Cons Of Starting A Motorcycle Parts Business (2023) 7 of 7
Hey! 👋 I'm Pat Walls, the founder of Starter Story.
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I'm Pat Walls and I created Starter Story - a website dedicated to helping people start businesses. We interview entrepreneurs from around the world about how they started and grew their businesses.
"How do you know when you have the 'right' business idea? What does that look like?"
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That’s why we built Starter Story - the only place where 4,414 founders of successful businesses share with you their exact timeline of building their business to thousands of customers.
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At Starter Story, we search the internet for the doers (the people who act rather than merely talk).
These hard-to-reach, low-key, founders are in the trenches building real businesses right now.
And we get the lowdown on the most essential, hard-hitting parts of building their business:
(1) How exactly did you find this opportunity? (2) What were the exact steps to build it? To launch it? (3) How did you get to 10, 100, and 1,000 customers? (4) How much money are you making?
^ Yes, we asked thousands of founders these questions. And we are asking more every day.
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After interviewing 4,414 founders, here’s my biggest takeaway:
Building a business is simple , but it’s not easy .
There are many bumps in the road that require many decisions,
But, founders do not fail because they make the wrong decisions, they fail because they don’t make a decision at all .
At Starter Story, our goal is to help you make these decisions by giving you the information and answers you need - from 4,414 successful founders that already went through it firsthand.
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How Do I Make My Motorcycle Parts Business Better?
Differentiating yourself from other motorcycle businesses so you stand out in the motorcycle industry won’t be easy.
While there is a lot of competition and other motorcycle businesses online, there are things you can do to gain a reputation as a reliable seller. The happier your customers are with your online store and its products and service, the more they will come back to make repeat purchases and refer you to fellow bike owners and mechanics who are repairing or customizing bikes. Here’s what you can do to make your motorcycle spare parts business better.
Sell on the Top eCommerce Website
You shouldn’t limit yourself by selling on only one sales channel, like your website. The best sales strategy involves selling on top ecommerce platforms, like eBay, Amazon, and Walmart, where you gain access to a wider audience. These sites have massive customer bases and boast millions of unique visitors each month. They also have categories dedicated to the buying and selling of parts and accessories, which explains why these motorcycle sales platforms are popular online shopping sites for motorcycle enthusiasts.
Use High Quality Product Images
You don’t need to hire a professional photographer to take photos of your spare parts business products. Smartphones today have amazing cameras. The trick is to use good lighting and a plain white background. Remove any distractions that may take the focus away from the actual product. Natural light is the best; it’s also free. If you don’t have access to it, you can use artificial lighting. Make sure the light hits the product evenly and doesn’t cast any shadows. Whatever camera you use, don’t use the flash. The last thing you want is an unflattering glare of light reflecting off the product.
Shoot multiple angles to get as much detail as possible. Zoom in on any features that you think will be important to the customer. Don’t over-edit the images. It’s best to keep their original level of saturation so as not to mislead customers of the product’s real color.
Dedicate Time to Customer Service and Marketing
Potential customers may have questions about your products. And when you don’t attend to their queries fast enough, they may move on to another seller and end up losing the sale. The truth is that many customers are impatient and won’t be willing to wait very long to get a reply, especially if there’s an urgent need for the part. So while it’s great being your own boss and deciding your own hours, it doesn’t mean that you should only reply to customers when you are available.
Make time for customer service, and it will help you gain a reputation as a helpful, reliable seller. When customers have a good experience, they will likely come back for more and refer you to their friends who are fellow motorcycle enthusiasts.
Your motorcycle shop business plan should also include your marketing strategies. To reach a wider audience and improve visibility, you may consider social media marketing, such as Facebook ads . You may even leverage video marketing by starting a YouTube channel. Whatever your business plans, ensure they’re driven by providing the best customer experience and journey.
Commit to Quality Service
Beyond having a business name that is memorable, the keys to success will depend on your dedication to making your bike parts business better. Business owners who fail to commit to their company vision and mission are often the ones that fail.
When you first decided to start your own business and began writing your business plan, one of your primary goals should have been to find the gaps and fill the needs of the market. Your business plan should also detail how you intend to bring your business ideas to life and reach your target market and motorcycle organizations in a positive way.
On platforms like eBay and Amazon, sellers that provide outstanding service gain top seller status. As a Top Rated Seller , you become recognized as a trustworthy source. You can achieve this status by providing the best shopping experiences, which result in high ratings and positive reviews.
Maintain Your Physical Inventory Properly
First, do the research and determine which motorcycle parts are in greatest demand. You’ll want to avoid dead stock, which will weigh your business down. Not only does deadstock take up warehouse space, but it reduces cash flow.
Motorcycle parts that get damaged and replaced the most often are footpegs, handlebars, and levers. Filters, chain drives, belt drives, shaft drives, tires, and spark plugs are also parts of the motorcycle that suffer from wear and tear and need often repair or replacement.
Stock items in quantities that you know you will be able to maintain properly. The goal is to keep them in good condition. The last thing you want to happen is to forget about your inventory and allow it to deteriorate from being stocked for too long. Customers will not be happy to receive motorcycle parts that are damaged, dirty, or rusty.
If you don’t intend to stock inventory, make sure you have a reliable supplier. To protect your own reputation, you should trust that the supplier maintains their stock and will only deliver items that are in the best condition possible.
Provide Clear, Accurate, and Complete Fitment Data
Whether you are selling motorcycle parts on eBay, Amazon, Walmart, other ecommerce platforms, or your own website, fitment data is critical to improving the customer experience. Fitment or compatibility refers to vehicle type and its make/model/year.
By providing complete fitment data, you enhance the online shopping experience for your customers. Fitment information takes away the guesswork of whether the motorcycle part fits the bike. It also lessens the need for potential customers to contact you directly and ask for more details about the part to determine if it’s compatible with their motorcycle. When you skip including fitment data, you disrupt the buying experience and decision process.
Optimizing your motorcycle parts website with fitment filters also helps you gain reach and increase your visibility, which helps increase sales. When you don’t list all the bikes that a part fits, you could miss out on sales opportunities. With complete fitment data on all your product listings, you maximize your search exposure.
For example, when people search for a part for their motorcycle, they may not realize they don’t have to limit themselves to their bike’s manufacturer. While OEM parts are all-original and brand new, they can be quite expensive. Fitment data allows customers to discover aftermarket parts that are compatible with their bike.
If you’re selling on Amazon, you can send fitment data directly and indirectly. Amazon uses ACES (Aftermarket Catalog Exchange Standard), the industry standard for automotive catalog applications data in North America. ACES data is comprised of two components, the date and the XML delivery specification. The direct method of sending fitment data involves submitting ACES to the Amazon Merchant Transport Utility (AMTU). The indirect method of sending fitment data involves using a third-party fitment data provider.
On eBay, you can set up fitment compatibility by adding fitment information to your listings on eBay Motors. Fitment data, known as Parts Compatibility on eBay, takes the form of EPIDs (eBay Product IDs).
Setting yourself apart from every other online motorcycle shop will be challenging. Start by making sure your online motorcycle parts business has a presence on the top platforms for motorcycle parts and accessories. To make your business better, ensure your product images are high-quality. Attractive and professional-looking photos that showcase multiple angles and details of the product will get more attention. To stand out, you need to provide superior service. You can achieve this by answering questions promptly and providing complete fitment data.
How Reliable Is eBay Motors?
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How Does eBay Motors Shipping Work?
What Is eBay Motors?
How To Register Your Brand With The Auto Care Association
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How to Start a Motorcycle Shop
Hitting the open road, with nothing but a motorcycle and a few essentials, has long been a favored American pastime. Those active within the motorcycling community regularly require maintenance and repair on their motorcycles and enjoy spending their hard-earned money on accessories that enhance their riding experience. From selling new and used parts, to bike repair and rebuilds, motorcycle shops offer a variety of goods and services that fit the immediate and long-term needs of bike enthusiasts.
Ready to form your LLC? Check out the Top LLC Formation Services .
Learn how to start your own Motorcycle Shop and whether it is the right fit for you.
Start a motorcycle shop by following these 10 steps:
- Plan your Motorcycle Shop
- Form your Motorcycle Shop into a Legal Entity
- Register your Motorcycle Shop for Taxes
- Open a Business Bank Account & Credit Card
- Set up Accounting for your Motorcycle Shop
- Get the Necessary Permits & Licenses for your Motorcycle Shop
- Get Motorcycle Shop Insurance
- Define your Motorcycle Shop Brand
- Create your Motorcycle Shop Website
- Set up your Business Phone System
There is more to starting a business than just registering it with the state. We have put together this simple guide to starting your motorcycle shop. These steps will ensure that your new business is well planned out, registered properly and legally compliant.
Exploring your options? Check out other small business ideas .
STEP 1: Plan your business
A clear plan is essential for success as an entrepreneur. It will help you map out the specifics of your business and discover some unknowns. A few important topics to consider are:
- What are the startup and ongoing costs?
- Who is your target market?
How much can you charge customers?
What will you name your business.
Luckily we have done a lot of this research for you.
What are the costs involved in opening a motorcycle shop?
Veteran motorcycle shop owners recommend a budget of approximately $55,000. This number could vary significantly, depending upon the inventory you choose to carry and services you intend to offer.
Initial investments should include:
- Shop location - first and last month’s rent is typically required
- Inventory - engine and electrical parts, accessories, parts for repair services, and motorcycles
- Display equipment
- Marketing supplies and a website
If your intention is to manage a larger dealership, your start-up budget should be significantly higher. Prior to writing your business plan, focus on building relationships with wholesale retailers. They set the prices and can offer valuable insight into what your initial and ongoing investment should be.
What are the ongoing expenses for a motorcycle shop?
As a repair and retail establishment, you will be facing a number of ongoing expenses. In addition to the standard rent, utilities, phone, and Internet, you will need to budget for the following:
Established shop owners indicate a break even budget of $16,000 per month.
Who is the target market?
Men falling in the 18 - 25 and 40 - 65 age brackets represent more than 80% of motorcycle sales. While your shop will generate revenue from novice bikers, the bulk of your marketing campaign should be geared towards experienced bikers.
How does a motorcycle shop make money?
Your shop will generate income based on the goods and services offered. Some businesses operate on a local level only, while others sell goods online, expanding their reach to a much broader audience.
Fees for maintenance, repair, and bike customization are based on labor and parts. Parts and accessory price are generally marked up 100%.
How much profit can a motorcycle shop make?
Unlike many businesses, motorcycle shops often see a profit in the first year. While the first three years may generate a profit of $13,000 to $17,000, this is a positive sign and sets the business up for long-term growth and success. Total annual profits vary, depending upon the specifics of what services you offer, what parts and accessories you sell, and how you plan to sell them. Annual profits can range between $35,000 to $64,000 or more.
How can you make your business more profitable?
Many motorcycle shop owners report having significant success operating an online motorcycle parts business. Since bike shops are often a place to congregate, offering food and drinks, along with a comfortable seating area, will ensure your customers are comfortable and happy. This is an effective way to increase your profits without a large increase in overhead costs. Shop owners have also realized success by offering airbrushing services, selling second-hand bikes, and offering motorcycle tutorials to educate those interested in learning more about their hobby.
Choosing the right name is important and challenging. If you don’t already have a name in mind, visit our How to Name a Business guide or get help brainstorming a name with our Motorcycle Shop Name Generator
If you operate a sole proprietorship , you might want to operate under a business name other than your own name. Visit our DBA guide to learn more.
When registering a business name , we recommend researching your business name by checking:
- Your state's business records
- Federal and state trademark records
- Social media platforms
- Web domain availability .
It's very important to secure your domain name before someone else does.
Find a Domain Now
Powered by godaddy.com, step 2: form a legal entity.
The most common business structure types are the sole proprietorship , partnership , limited liability company (LLC) , and corporation .
Establishing a legal business entity such as an LLC or corporation protects you from being held personally liable if your motorcycle shop is sued.
Form Your LLC
Read our Guide to Form Your Own LLC
Have a Professional Service Form your LLC for You
Two such reliable services:
You can form an LLC yourself and pay only the minimal state LLC costs or hire one of the Best LLC Services for a small, additional fee.
Recommended: You will need to elect a registered agent for your LLC. LLC formation packages usually include a free year of registered agent services . You can choose to hire a registered agent or act as your own.
STEP 3: Register for taxes
You will need to register for a variety of state and federal taxes before you can open for business.
In order to register for taxes you will need to apply for an EIN. It's really easy and free!
You can acquire your EIN for free through the IRS website, via fax, or by mail. If you would like to learn more about EINs and how they can benefit your LLC, read our article, What is an EIN?.
Learn how to get an EIN in our What is an EIN guide or find your existing EIN using our EIN lookup guide.
Small Business Taxes
Depending on which business structure you choose, you might have different options for how your business will be taxed. For example, some LLCs could benefit from being taxed as an S corporation (S corp).
You can learn more about small business taxes in these guides:
- Sole Proprietorship vs LLC
- LLC vs Corporation
- LLC vs S Corp
- How to Start an S Corp
- S Corp vs C Corp
There are specific state taxes that might apply to your business. Learn more about state sales tax and franchise taxes in our state sales tax guides.
STEP 4: Open a business bank account & credit card
Using dedicated business banking and credit accounts is essential for personal asset protection.
When your personal and business accounts are mixed, your personal assets (your home, car, and other valuables) are at risk in the event your business is sued. In business law, this is referred to as piercing your corporate veil .
Additionally, learning how to build business credit can help you get credit cards and other financing in your business's name (instead of yours), better interest rates, higher lines of credit, and more.
Open a business bank account
Besides being a requirement when applying for business loans, opening a business bank account:
- Separates your personal assets from your company's assets, which is necessary for personal asset protection.
- Makes accounting and tax filing easier.
Recommended: Read our Best Banks for Small Business review to find the best national bank or credit union.
Open net 30 accounts
Net 30 accounts are used to establish and build business credit as well as increase business cash flow. With a net 30 account, businesses buy goods and repay the full balance within a 30-day term.
NetMany net 30 credit vendors report to the major business credit bureaus (Dun & Bradstreet, Experian Business, and Equifax Business Credit). This is how businesses build business credit so they can qualify for credit cards and other lines of credit.
Recommended : Read our best net 30 vendors , guide and start building business credit.
Get a business credit card
Getting a business credit card helps you:
- Separate personal and business expenses by putting your business' expenses all in one place.
- Build your company's credit history, which can be useful to raise money later on.
Recommended: Apply for an easy approval business credit card from Divvy and build your business credit quickly.
STEP 5: Set up business accounting
Recording your various expenses and sources of income is critical to understanding the financial performance of your business. Keeping accurate and detailed accounts also greatly simplifies your annual tax filing.
Make LLC accounting easy with our LLC Expenses Cheat Sheet.
STEP 6: Obtain necessary permits and licenses
Failure to acquire necessary permits and licenses can result in hefty fines, or even cause your business to be shut down.
State & Local Business Licensing Requirements
Certain state permits and licenses may be needed to operate a motorcycle shop business. Learn more about licensing requirements in your state by visiting SBA’s reference to state licenses and permits .
Most businesses are required to collect sales tax on the goods or services they provide. To learn more about how sales tax will affect your business, read our article, Sales Tax for Small Businesses .
For information about local licenses and permits:
- Check with your town, city or county clerk’s office
- Get assistance from one of the local associations listed in US Small Business Associations directory of local business resources .
Certificate of Occupancy
A motorcycle shop business is generally run out of a standalone building. Businesses operating out of a physical location typically require a Certificate of Occupancy (CO). A CO confirms that all building codes, zoning laws and government regulations have been met.
- If you plan to lease a location :
- It is generally the landlord’s responsibility to obtain a CO.
- Before leasing, confirm that your landlord has or can obtain a valid CO that is applicable to a motorcycle shop business.
- After a major renovation, a new CO often needs to be issued. If your place of business will be renovated before opening, it is recommended to include language in your lease agreement stating that lease payments will not commence until a valid CO is issued.
- If you plan to purchase or build a location :
- You will be responsible for obtaining a valid CO from a local government authority.
- Review all building codes and zoning requirements for your business’ location to ensure your motorcycle shop business will be in compliance and able to obtain a CO.
STEP 7: Get business insurance
Just as with licenses and permits, your business needs insurance in order to operate safely and lawfully. Business Insurance protects your company’s financial wellbeing in the event of a covered loss.
There are several types of insurance policies created for different types of businesses with different risks. If you’re unsure of the types of risks that your business may face, begin with General Liability Insurance . This is the most common coverage that small businesses need, so it’s a great place to start for your business.
Learn more about General Liability Insurance .
Another notable insurance policy that many businesses need is Workers’ Compensation Insurance . If your business will have employees, it’s a good chance that your state will require you to carry Workers' Compensation Coverage.
Recommended: Learn what business insurance for your Motorcycle Shop will cost.
Business Insurance for Motorcycle Shop
STEP 8: Define your brand
Your brand is what your company stands for, as well as how your business is perceived by the public. A strong brand will help your business stand out from competitors.
If you aren't feeling confident about designing your small business logo, then check out our Design Guides for Beginners , we'll give you helpful tips and advice for creating the best unique logo for your business.
Recommended : Get a logo using Truic's free logo Generator no email or sign up required, or use a Premium Logo Maker .
If you already have a logo, you can also add it to a QR code with our Free QR Code Generator . Choose from 13 QR code types to create a code for your business cards and publications, or to help spread awareness for your new website.
How to promote & market a motorcycle shop
Bike shop owners who generate the most sales have an established and respected reputation within the community. They are active in local motorcycle organizations and are known for their skills in repairing and/or customizing bikes and for their extensive knowledge on the culture and history. Because this is such a tightly knit community, much of your marketing will be through word of mouth and staying active. An involved and informative social media presence will be critical in reaching potential customers that might otherwise be unaware of your sound reputation. Online registries and ads in motorcycle magazines will also assist you in reaching a broader audience.
How to keep customers coming back
Motorcycle shops often morph into much more than just a place of business. They become social hubs, attracting regular business and, ultimately, like a family. While this is a retail and repair shop, it would prove beneficial to create a space that is comfortable for those who wish to socialize during shop hours. Offering a discount to local motorcycle organizations will also help ensure repeat customers.
Still unsure about what kind of business you want to start? Check out the latest Small Business Trends to help inspire you.
STEP 9: Create your business website
After defining your brand and creating your logo the next step is to create a website for your business .
While creating a website is an essential step, some may fear that it’s out of their reach because they don’t have any website-building experience. While this may have been a reasonable fear back in 2015, web technology has seen huge advancements in the past few years that makes the lives of small business owners much simpler.
Here are the main reasons why you shouldn’t delay building your website:
- All legitimate businesses have websites - full stop. The size or industry of your business does not matter when it comes to getting your business online.
- Social media accounts like Facebook pages or LinkedIn business profiles are not a replacement for a business website that you own.
- Website builder tools like the GoDaddy Website Builder have made creating a basic website extremely simple. You don’t need to hire a web developer or designer to create a website that you can be proud of.
Using our website building guides , the process will be simple and painless and shouldn’t take you any longer than 2-3 hours to complete.
Recommended : Get started today using our recommended website builder or check out our review of the Best Website Builders .
Other popular website builders are: WordPress , WIX , Weebly , Squarespace , and Shopify .
STEP 10: Set up your business phone system
Getting a phone set up for your business is one of the best ways to help keep your personal life and business life separate and private. That’s not the only benefit; it also helps you make your business more automated, gives your business legitimacy, and makes it easier for potential customers to find and contact you.
There are many services available to entrepreneurs who want to set up a business phone system. We’ve reviewed the top companies and rated them based on price, features, and ease of use. Check out our review of the Best Business Phone Systems 2023 to find the best phone service for your small business.
Recommended Business Phone Service: Phone.com
Phone.com is our top choice for small business phone numbers because of all the features it offers for small businesses and it's fair pricing.
Start a Motorcycle Shop in your State
- District of Columbia
- New Hampshire
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia
TRUiC's Startup Podcast
Welcome to the Startup Savant podcast , where we interview real startup founders at every stage of the entrepreneurial journey, from launch to scale.
Is this Business Right For You?
If motorcycles and their subculture are your passion and you possess both the knowledge and drive to manage your own business, opening a motorcycle shop may be the perfect fit for you. The motorcycle community is a tightly-knit group of people; so entrepreneurs who are well-known and respected within this circle are set up to realize the most significant long-term success.
Want to know if you are cut out to be an entrepreneur?
Take our Entrepreneurship Quiz to find out!
What happens during a typical day at a motorcycle shop?
You and your team’s daily activities will be defined by the services you offer and how you structure your business. In addition to administrative duties, such as paying bills and answering customer questions, the shop must be properly managed and client’s needs should be attended to. Once implemented, marketing strategies will need to be tweaked regularly, to ensure your target audience is reached. Much of your shop’s marketing will require taking advantage of networking opportunities, such as community rides, fundraisers, and meetings.
What are some skills and experiences that will help you build a successful motorcycle shop?
Those considering embarking on this new business path must possess significant knowledge of motorcycles. You should be educated on parts, repair, various models, and safety, as well as the community and its history. Most motorcycle shop owners have been fully immersed in the culture for many years, having built a positive reputation in the process. Previous experience in repair and sales shops will provide you with the knowledge and experience to care for your customers and maneuver through the obstacles that come with running your own business.
What is the growth potential for a motorcycle shop?
The biking industry has expanded significantly over the last decade, reaching a previously untapped customer base. As the number of motorcyclists increases, so does their need for bikes, both new and used, as well as parts and accessories. Entrepreneurs with strong business acumen should utilize this unique opportunity, expanding their businesses on both a local and national level.
TRUiC's YouTube Channel
For fun informative videos about starting a business visit the TRUiC YouTube Channel or subscribe to view later.
Take the Next Step
Find a business mentor.
One of the greatest resources an entrepreneur can have is quality mentorship. As you start planning your business, connect with a free business resource near you to get the help you need.
Having a support network in place to turn to during tough times is a major factor of success for new business owners.
Learn from other business owners
Want to learn more about starting a business from entrepreneurs themselves? Visit Startup Savant’s startup founder series to gain entrepreneurial insights, lessons, and advice from founders themselves.
Resources to Help Women in Business
There are many resources out there specifically for women entrepreneurs. We’ve gathered necessary and useful information to help you succeed both professionally and personally:
If you’re a woman looking for some guidance in entrepreneurship, check out this great new series Women in Business created by the women of our partner Startup Savant.
What are some insider tips for jump starting a motorcycle shop?
Veteran motorcycle shop owners offer some valuable advice:
- While it can prove beneficial to keep some of your inventory on display outside of the shop, consider the elements before doing so. Keep motorcycles outside for short periods of time to avoid a loss in value.
- Prior to opening your own shop, work with someone else in the community. Learn as much as you can about every aspect of the business. Even if you are required to work for free, this will prove to be a worthy investment.
- Building a successful shop requires stellar service and fair prices. Find out what others in the community are charging and charge 20-30% less.
- The retail and service industry requires a really thick skin; particularly in the motorcycle community.
- Require all repair jobs to be paid in full before the customer leaves the shop.
How and when to build a team
Given the family like atmosphere of these establishments, your team will likely build itself organically. As you get to know the skills and knowledge of those within the community, you will be able to assemble a crew that helps solidify your business’ reputation in the industry.
Get more ideas with our Business Ideas Generator .
Check out our How to Start a Business page.
Sign up at the Business Center to access useful tools for your business.
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