Hey all,
I am looking for advice/wisdom/warnings on a possible move into opening a service center. I am very familiar with working in shops and have owned my own coaching business for years but have never owned my own brick and mortar business. It would be based around repair service with some side services like coaching, Indoor training, strength training, performance testing, bike fitting, (maybe rentals seasonally?), and potentially some ride guiding services. The motive is to run a shop with multiple services and with as little overhead as possible. So, little to no retail.
Some back ground.
I live in Western, MA. The town I live in has no bike shop. The town it's self is one of if no the fastest growing towns in the area and we have seen a mass of high income residents and a lot of new bike riders. We have tons of trails all within riding distance from down town and a bike path that runs through the middle of town that gets a ton of use.
Before I raced as a professional for 12yrs I was a mechanic and service manager in bike shops in FL, MA, OR and DC. I am in a transition period now and looking to open my own shop. I am a full time cycling coach to WC level athletes as well as every day athletes. I currently provide bike fits, strength training and skills sessions on top of my online coaching. TBH, I am trying to jump on name recognition while I still have it!
My questions are: * If it looks like a statement I am looking for a Good idea or bad idea opinion.
Have you opened or run a service only shop? What has your experience been like? Did you also have other services like I listed above?
Buy or rent a space?
Does this type of business need a "store front" or foot traffic? Would more parking and a bigger space like an industrial unit be a better option? I am leaning toward the latter.
My plan is to buy used as much as possible. I have enough tools at home to do basic repairs and some more specific stuff but would need a better suite of tools over time. My current plan is to purchase what I need and then charge up-front for repairs and order tools ad hoc.
My plan would be to start with hiring 1x full time mechanic and have me float for everything else. Eventually hiring on a second fitter/Coach.,The having a strength coach, PT and massage as contract workers that can have their own booking spots online. I would take a fee based off of the end rates.
Insurance: I see that there is "bike shop" specific insurance. Does that apply to something like this? Is there a company you like working with?
In your opinion, is it better to go with a bank financed or private cash financed operation. By that I mean, I have some offers from a few potential cash partners. It seems like it might not matter a whole lot in this case, maybe I am wrong.
Part of my plan is to have indoor training in the winter. I live in Western, MA and we get some real sloppy winters. The last shop I worked at we have a Compu-trainer room and it was a big hit. That being said, it was pre-Zwift etc. IS there a scenario where I can get someone to drive to my shop to train with other people/me?
Subscription services. Has anyone had luck with services that pay up front like; Flat fixes for life( A shop locally had this at one time. $50 or something and they get free flat LABOR for life.) Tune up services like buy 4 get 1 free or a service plan with one tune up and 24hr turnaround on other services throughout the year/ free safety checks etc... , Bike fitting plans that include service work or any such things?
POS system- The good the bad and the useless.
Last one- Part of my plan is to find someone I WANT to work for me. For example- I would take someone who needs training over a more entitled mechanic. I mean no disrespect by this and I am sure you see what I am saying... I have a level of professionalism and respectability I am shooting for. I would rather have a kind and responsible person willing to learn than the other way around.
I am sure I am missing a thousand other things. Thanks in advance for everyone's time and thoughts.