How To Start A Bike Repair Business

Start a bike repair business by post-obit these x steps:

Program your Bicycle Repair Business concern
Form your Cycle Repair Business into a Legal Entity
Register your Bicycle Repair Business organisation for Taxes
Open a Business Bank Business relationship & Credit Carte
Ready Bookkeeping for your Cycle Repair Business organization
Go the Necessary Permits & Licenses for your Wheel Repair Business organization
Get Bike Repair Business Insurance
Define your Bicycle Repair Business Make
Create your Bike Repair Business Website
Set up your Business Phone Organisation

At that place is more to starting a business than just registering information technology with the state. Nosotros have put together this unproblematic guide to starting your bike repair business. These steps will ensure that your new business is well planned out, registered properly and legally compliant.

Exploring your options? Cheque out other small business organization ideas.

STEP 1: Plan your business organization

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 of import 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 concern?

Luckily we have done a lot of this research for you.

What are the costs involved in opening a bike repair business?

Startup expenses associated with opening a bicycle repair business organisation are fairly minimal, although you'll probably need these essential items:

Basic tools (open wrenches, hex keys, screwdrivers, a ratchet set, wire cutters, adjustable pliers)
Specialized tools (tire spoons, a chain breaker, a tire pump and pressure guess, a spoke wrench, a crank arm caster)
Work stand up
Truing stand up (for wheels)

Business owners who don't already have these tools should expect to spend a few hundred dollars on them.

Repairing bikes as well requires a workspace and replacement parts, only both of these potential costs tin can be kept to nigh zippo. Many bicycle repair business owners have begun by fixing bikes in their garage or basement so that they didn't accept to worry virtually lease payments until their business was established. The cost of replacement parts is usually congenital into the invoices customer pay, and customers who need expensive parts can exist asked to provide a deposit upfront. Such a eolith tin can be used to encompass the cost of the needed parts.

What are the ongoing expenses for a bike repair concern?

The ongoing expenses for a bike repair concern are fairly depression. They include:

Employee salaries
Workspace or storefront lease
Utility costs

Who is the target market place?

A bike repair business organization' ideal client is an gorging cycler who doesn't know how, or doesn't want to take the time and effort, to repair their own bike. Such a customer volition likely need repairs and maintenance fairly often, since they apply their wheel a lot, and they'll be willing to pay for the work their wheel requires.

How does a bike repair business make money?

A bike repair business organization makes money not only by fixing bicycles, simply also selling used them at a discounted rate. Many shops choose to offering tune-ups for a apartment fee, and charge more than for additional repairs.

How much tin can you accuse customers?

Many bike repair businesses offer basic tune-ups for a set fee, and perform more than advanced repairs at an adaptable rate. For instance, Wheels in Movement offers three levels of tune-ups that range in price from $79.99 to $214.99. Repairs that go beyond what's included in a tune-up are normally priced based on the parts and labor they require.

How much profit can a bicycle repair business organization make?

Some bicycle repair business owners earn up to $35 per hour or more than, not including any profit they earn on parts sales. Business organisation owners who grow their business into full-time businesses may earn $one,600 per week or more.

How can you make your business more than assisting?

Cycle repair business owners can add together new revenue sources and increment their profits, by offering workshops on fixing bikes and repairing onetime bicycles. Some cycling enthusiasts will pay for a class that shows them how to care for and repair their ain bikes. Refurbishing old bikes can also internet a prissy turn a profit, as they can be sold once they're repaired and working properly.

What will you proper name your business?

Choosing the correct name is important and challenging. If you don't already have a name in heed, visit our How to Proper noun a Business guide or go aid brainstorming a proper noun with our Wheel Repair Business Proper noun Generator

If you operate a sole proprietorship, you might want to operate nether a business organisation proper noun other than your own proper name. Visit our DBA guide to learn more.

When registering a business name, we recommend researching your business name past checking:

Your state's business organization records
Federal and state trademark records
Social media platforms
Spider web domain availability.

It's very important to secure your domain proper noun before someone else does.

Stride 2: Course a legal entity

The most common business structure types are the sole proprietorship, partnership, limited liability visitor (LLC), and corporation.

Establishing a legal concern entity such every bit an LLC or corporation protects you from being held personally liable if your bike repair business is sued.

Read our Guide to Form Your Own LLC

Accept a Professional Service Form your LLC for You

Two such reliable services:

Yous tin can form an LLC yourself and pay only the minimal state LLC costs or hire one of the All-time LLC Services for a pocket-sized, additional fee.

Recommended: You will demand to elect a registered agent for your LLC. LLC formation packages commonly include a gratis year of registered amanuensis services. Y'all can cull to hire a registered agent or act as your ain.

STEP 3: Register for taxes

You will demand to register for a variety of land and federal taxes before you can open for business.

In club to annals for taxes you will demand to apply for an EIN. It'due south really like shooting fish in a barrel and complimentary!

You can acquire your EIN for gratis through the IRS website, via fax, or by mail. If you would like to learn more almost EINs and how they tin can do good your LLC, read our article, What is an EIN?.

Larn 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 lot might take different options for how your business concern will be taxed. For example, some LLCs could benefit from beingness taxed as an S corporation (S corp).

You tin can larn more than about small business taxes in these guides:

LLC Taxes
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 concern. Learn more most country sales tax and franchise taxes in our land sales tax guides.

STEP 4: Open up a business concern bank account & credit carte

Using dedicated business cyberbanking and credit accounts is essential for personal asset protection.

When your personal and concern accounts are mixed, your personal assets (your dwelling, motorcar, and other valuables) are at run a risk in the result your business is sued. In business constabulary, this is referred to as piercing your corporate veil.

Additionally, learning how to build business credit can assistance y'all get credit cards and other financing in your business organisation's proper name (instead of yours), ameliorate interest rates, higher lines of credit, and more.

Open up a business banking concern account

Also beingness a requirement when applying for concern loans, opening a business bank account:

Separates your personal assets from your company's assets, which is necessary for personal nugget protection.
Makes accounting and taxation filing easier.

Open internet 30 accounts

Internet xxx accounts are used to establish and build business organisation credit as well as increment business organization greenbacks period. With a internet xxx account, businesses purchase goods and repay the full balance within a 30-day term.

NetMany net 30 credit vendors report to the major concern credit bureaus (Dun & Bradstreet, Experian Concern, and Equifax Concern Credit). This is how businesses build business organization credit so they can qualify for credit cards and other lines of credit.

Become a business credit card

Getting a business credit card helps y'all:

Separate personal and business expenses by putting your business concern' expenses all in one place.
Build your company's credit history, which can be useful to raise money later.

Recommended: Apply for an piece of cake approval business credit card from Divvy and build your business credit quickly.

STEP five: Set up business accounting

Recording your diverse expenses and sources of income is disquisitional to understanding the financial functioning of your business concern. Keeping authentic and detailed accounts also greatly simplifies your almanac taxation filing.

Make LLC accounting like shooting fish in a barrel with our LLC Expenses Cheat Sheet.

Pace vi: Obtain necessary permits and licenses

Failure to learn necessary permits and licenses tin can upshot in hefty fines, or fifty-fifty crusade your business to be shut down.

State & Local Business Licensing Requirements

Certain country permits and licenses may be needed to operate a bike repair 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 organisation, read our article, Sales Revenue enhancement for Small Businesses.

For information about local licenses and permits:

Check with your boondocks, metropolis or canton clerk'southward function
Go assistance from one of the local associations listed in United states Pocket-sized Business Associations directory of local business resources.

Certificate of Occupancy

A cycle repair shop is generally run out of a small shop. Businesses operating out of a physical location typically require a Document of Occupancy (CO). A CO confirms that all building codes, zoning laws and government regulations have been met.

If you program to lease a storefront :

It is generally the landlord's responsibleness to obtain a CO.
Before leasing, confirm that your landlord has or can obtain a valid CO that is applicable to a bike repair business organisation.
Afterward a major renovation, a new CO oft needs to be issued. If your identify of business will be renovated earlier opening, it is recommended to include language in your lease agreement stating that lease payments will not embark until a valid CO is issued.

If you programme to purchase or build a new location :

You will be responsible for obtaining a valid CO from a local regime authority.
Review all building codes and zoning requirements for your business organization' location to ensure your cycle repair store will be in compliance and able to obtain a CO.

Pace vii: Get business insurance

Just as with licenses and permits, your business organisation needs insurance in society to operate safely and lawfully. Business Insurance protects your company'due south financial wellbeing in the effect of a covered loss.

At that place are several types of insurance policies created for dissimilar 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 nigh common coverage that modest businesses need, so it's a great place to commencement for your business.

Learn more than well-nigh General Liability Insurance.

Another notable insurance policy that many businesses need is Workers' Bounty Insurance. If your business organization will take employees, it's a skillful chance that your state volition require you to comport Workers' Compensation Coverage.

STEP 8: Define your brand

Your brand is what your company stands for, equally well equally how your concern is perceived by the public. A stiff brand will help your business stand up out from competitors.

If you aren't feeling confident about designing your pocket-size business logo, then cheque out our Blueprint Guides for Beginners, nosotros'll give you helpful tips and advice for creating the best unique logo for your business concern.

If you already have a logo, you lot can also add information technology to a QR code with our Free QR Code Generator. Cull from 13 QR code types to create a lawmaking for your business cards and publications, or to help spread sensation for your new website.

How to promote & market place a wheel repair business

The all-time way to promote a bike repair concern is to become connected with the local cycling community. Business owners can do this by volunteering at cycling safe events, bike races, and mountain biking trail maintenance days.

Business owners may also want to carry basic cycle repair tools on them at all times, so they can aid cyclists whose bikes break downward. On-the-spot repairs would probable have to be provided for complimentary, but volunteering to help a cyclist prepare their bike could atomic number 82 to a lifelong customer.

How to keep customers coming back

Bike repair business owners can set themselves apart from competitors by developing a reputation every bit a cycling guru who knows everything there is to know about bikes. Business organisation owners will become respected biking experts if they know a lot virtually bikes and regularly volunteer information. Maintaining a regular weblog or newsletter with useful biking tips is some other great way to abound your customer base.

Yet unsure nigh what kind of business organisation yous desire to commencement? Check out the latest Modest Business organisation Trends to help inspire you.

Pace 9: Create your business website

Afterward defining your brand and creating your logo the adjacent footstep is to create a website for your business organisation.

While creating a website is an essential step, some may fear that it'southward out of their accomplish because they don't have any website-building feel. While this may take been a reasonable fear dorsum in 2022, web engineering 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 yous shouldn't delay building your website:

All legitimate businesses accept websites - full stop. The size or manufacture of your business concern does non 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 organisation website that yous ain.
Website builder tools like the GoDaddy Website Builder take made creating a bones website extremely simple. Y'all don't demand to hire a spider web developer or designer to create a website that you can be proud of.

Using our website building guides, the process will be uncomplicated and painless and shouldn't take you lot any longer than 2-three hours to complete.

Other popular website builders are: WordPress, WIX, Weebly, Squarespace, and Shopify.

Stride 10: Set up your business phone system

Getting a telephone set upward for your business is one of the best means to help go on your personal life and concern life separate and private. That's not the only benefit; it also helps you lot make your business more automatic, gives your business legitimacy, and makes it easier for potential customers to notice and contact you.

There are many services available to entrepreneurs who want to set a business concern phone system. We've reviewed the top companies and rated them based on price, features, and ease of use. Cheque out our review of the Best Business organization Phone Systems 2022 to notice the best telephone service for your modest business.

Recommended Business concern Phone Service: Phone.com

Phone.com is our top selection for small business organization phone numbers because of all the features information technology offers for minor businesses and information technology's fair pricing.

Start a Cycle Repair Concern in your Land

Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
District of Columbia
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Isle
Due south Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming

Source: https://howtostartanllc.com/business-ideas/bike-repair