If you’re a motorcycle mechanic and an enthusiast, you may be thinking of starting your own business. Finding a way to do what you love and still make money is the goal of any entrepreneur. However, there are some things that you should think about before you dive in and get started. Take a look at this list of things you may not have thought of when you were toying around with the idea of opening a shop.
NAME
You may not realize it, but one of the things that can often make or break a business is whether or not it has a catchy name, that people will remember and want to share with others. While it’s not the most important thing to think about, you will want to invest time and a bit of market research into picking the right name.
ZONING
Beware that what looks like a fantastic location might not work out as well as you’d hoped. Local zoning and ordinances can make it very difficult to find a suitable location for your business. Considering that most motorcycle shops tend to be loud, you may find out that options for your shop are limited.
NEIGHBORS
Even if you find a location where the zoning regulations are met, that doesn’t mean that you’re going to
have an easy ride. Sometimes other local businesses or residents may take issue with the noise, or even the customers. Public perception is often your worst enemy, and many motorcycle businesses find themselves being visited regularly by inspectors, police, and other regulation authorities based on complaints from unwelcoming neighbors.
CUSTOMERS
You probably already have a few folks in mind, but you want to make sure that you will have a large enough customer base to sustain your business. When selecting your location, you want to make sure that it not only meets legal requirements, but also that it will be accessible to your customers.
CAPITAL
Finding the money to start up any business can be hard- finding capital to start up a motorcycle business can be even harder. Because the love of riding is so often not understood by others, convincing bankers and investors to see the value in your company is often difficult. Develop a strong business plan to help potential investors see the value of your business.
MARKETING
Part of running a solid business is making sure that you aren’t only satisfying the customers you have, but also enticing new ones to your shop. In today’s business environment, building a website and having a strong social media marketing campaign are crucial to increasing revenue and turning a profit.
LICENSING/PERMITS
Any business will need licenses and permits to operate. Be sure to fully research an attain any certifications, licenses, and inspections that you will need. Failure to do so can result in your doors closing before you are up and running, essentially wasting any time and resources you’ve put in already.
SEASONAL INCOME
Motorcycle riding tends to be a seasonal activity in many places. Depending on where you live, there 
can be several months or more of down-time. Carefully consider the months when you may have reduced traffic because of weather or other limiting factors, and make sure that you have the cash flow to cover any lulls in business.
EXIT STRATEGY
One thing that many entrepreneurs overlook is how they plan to wind down their business when the time comes for them to retire. Whether you intend to close down, sell, or pass the business on to an employee, you will want to understand your exit strategy before you begin. Your options may be limited by your business model and your record-keeping throughout the time you are open. Planning ahead will help you decide which option is best for you when the time comes.
Opening any business isn’t something that you want to take lightly. You’ll want to do your homework and be certain you’ve thought out all of the moving parts of a business before you invest your time and money into making it work.
Sarah Kearns is a hard working mother of three daughters. She is a Senior Communications Manager for BizDb and BizDb.co.nz, an online resources with information about businesses. She loves cooking, reading history books and writing about green living. Her dad was a motorcyclist and he passed that passion on to her. Sarah loves to travel the world on her motorcycle and she hopes that one of her daughters will become her partner in the near future. Sarah guest posted for IJustWant2ride check it out here.
I JUST WANT 2 RIDE!! 