To kick off the motorcycle parts business, you have to impress clients with the quality, price and service at your store. As you get ready for the opening day, plan to investigate your competition and settle on a few significant choices about business activities. From the straightforward decisions, for example, regardless of whether your business will sell new or used parts, to real ones, for example, how to fund your venture, you should be prepared to lead and capture your part of the market.
Tips to Start Motorcycle Parts Business
The following tips help to begin motorcycle parts business and prescribe supply chain excellence strategies to deal with them, for Automotive OEM companies especially centre round the automotive OEM motorcycle parts supply chain.
- Discover a Need and Fill It
Analyze your potential competition. Archive what all your competitors bring to the table, their price points and areas. Choose whether your area needs a motorcycle parts business. If not, pick a better location or identify a niche market that isn’t already saturated. It is possible that your area has a lot of existing Suzuki casual gear businesses, for example, but insufficient pocket-rocket or small pocket-rocket parts businesses.
- Concentrate on Finance
Get your financial house ready to meet all business ups and downs. Decide how you will finance your bike parts startup. You can utilize cash on hand, bank financing or investment, for example. Investigate the likelihood of getting a credit line from key bike parts wholesalers. Mostly, financing will be a blend of these techniques.
- Find Reliable Suppliers
Discover reliable motorcycle-parts suppliers for the parts you intend to stock and the parts you plan to specially order for clients. The best competitive advantage needs buying directly from the parts manufacturers. In the case of selling new or used bike parts, you need suppliers you can depend on for good service.
- Assemble an Inventory
Secure your underlying stock of parts. Choose which parts will be most highly in demand during the normal course of operating your bike parts business. Stock items, for example, bodywork, electrical parts, engine parts, frames and gas tanks. Realize whom to call when the customer needs something you don’t stock. Get what your customer needs quickly at a reasonable price, and you win the deal. Get ready to hold or merchandise these things temptingly before the grand opening.
- Acquire Licenses and Insurance
Acquire a business or occupational license: the Small Business Administration site has a few pointers for how to approach this. While there, ask whether bike parts businesses must get any special licenses for dealing with engine oil or different dangerous substances.
- Consult your insurance agent
Cover your liabilities with adequate insurance. Counsel your insurance agent for a business liability policy that covers the extraordinary circumstances experienced by a motor parts business. This type of business can be overflowing with dangers to both life and property, because of the nature of bikes. Ask your specialist what coverage you would need if a set of used brakes you sold fails, causing an accident, for instance.
- Begin Marketing the Business
Start your marketing plan. Inexpensive alternatives for magnetizing clients incorporate making a site or distributing fliers where motorcycle riders generally meet. Offer basic motorcycle guidance, bike security classes or teaching a hands-on custom building workshop. These activities can be conducted for a fee, making a profit centre of its own. Moreover, you can offer them complimentary to attract your target market to your parts shop.
An appropriately managed and streamlined spare parts business can help boost income, profitability, and brand image at the same time.