How to Start a Bicycle Repair Business in Bangladesh
Start a Bicycle Repair Business in Bangladesh
If you’re passionate about bikes and great with their hands, you can start a bicycle repair business in Bangladesh. For these individuals, it could be a reliable source of income while repairing bikes. The demand for bike repair services remains higher than ever as millions of Bangladeshis own bikes. There are different types of reasons for bike ridings in the country that the need for competent repair professionals will continue to grow.
Also, it may require potential business owners to plan extensively in order to succeed because of rapidly changing technology and demographic needs. The best part of this business is that it can help give you the best return on your time and investment required to launch your business. Besides, it needs a little knowledge to start a business of bike repairing.
Before You Start a Bicycle Repair Business in Bangladesh
Not only your bike but you need to have experience of working with a lot of bikes. Because cycles are a lot more complicated than they used to be, you really do need to be up to speed. Although you can start with a practical knowledge, a recognized qualification in bicycle maintenance and repair can help. If there’s demand for a bike shop in your area you also need to work out.
That’s why you have to do your research who else offers a bike repair service in your area. Also, find out how the fare they are willing to travel if at all. Moreover, set a plan that you’re going to offer to differ with others. You can serve a broader geographical area, for example, if you offer a mobile bike repair service.
Steps to Start a Bicycle Repair Business in Bangladesh
Starting a bicycle business in Bangladesh is being as simple as just setting up shop. It’ll be demanding wherever there are bikes. As it involves a fee, you must have to arrange for the right to work out of any particular repairing. Because it’s a way to hook people in, you can offer free or discounted services to start.
So, it’s not only a great opportunity to raise your profile but give you access to clients with a bike repair business. What you need to do just simply ensure your stall is decorated with your name and log. Also, make sure that you have marketing materials such as leaflets setting out your prices and links to your social media. Now, let’s see what the other steps are to start a bicycle repair business in Bangladesh.
Step #1 – Effective Business Plan
It requires a solid business plan while starting a bicycle repair business in Bangladesh. You should outline your business goals and financial goals if you’re starters. There are many things are included in the goals. Some of them are how many hours you wish to operate your business per week, existing tools you work with and those you need to learn etc.
And if you want to receive the latest news and obtain potential customer leads, you should establish contacts with bicycling clubs and organizations in your area. Moreover, you can have an immediate client base upon announcing the grand opening of your business if you sign up for newsletters and picking up business cards.
Step #2 – Considerations and Start-Up Costs
The low start-up cost is one of the best benefits of starting a bicycle repair business in Bangladesh. You’ll need to calculate costs to register as a limited liability corporation (LLC) at the minimum. Also, it requires a home office with accounting software to keep a record of sales and customers to run a bike repair business.
Besides, you need some basic tools and equipment for bicycle repairing. But, the cost of a box truck or van will increase your start-up expenses if you wish to start a mobile business. You may start with as little as BDT50, 000 to BDT100, 000 of your own funding for a stationary bicycle repair business in the country.
Read Related Article: Starting an Auto Parts Business in Bangladesh
Step #3 – Needed Materials and Resources
We’re talking about the standard bicycle repairing business in Bangladesh that need standard resources and materials include internal record-keeping software and copies of business registration. You’ll also need appropriate equipment such as a permanent toolkit, repair stands, wrenches, and storage because bicycle repair is a hands-on business. Also, you would need some special tools to stock up like a ratchet set, tire pump, or truing stand.
Step #4 – Advertising Your Bike Repair Business
In order to help ensure success, bicycle repair businesses in Bangladesh have numerous marketing outlets. The connections to cycling clubs and bicycle groups, for example, are some of the most important marketing resources. Also, enlist your business in cycling newsletters and classifieds along with preparing business cards and attend meetings.
Thus, your business can continue to grow by word of mouth when you establish your reputation as a bike expert. Moreover, you can post your business on free online listings such as Craigslist and Google Business. These will help the users who use the internet to find a bike repair business.
Step 5 – Get Familiar with Bike Repair
It’s time to practice on when you have all your tools. At the initial stage, we recommend working on your family’s bikes, for example, friends’ bikes.
Or, get a Junker bike to repair and ride it your own. Also, before opening shop repair as many bikes as you can as it’s half the battle. But, when you are trying to change a cassette and you don’t know how, it’s really a pain in the rear.
Some other steps to follow before starting a bicycle repair business in Bangladesh below:
- The legal bits like a business license that’s known as trade license in Bangladesh
- Getting Credentials and Track Record for your business
- Addressing Laws and Regulations
- Launching Your Bike Repair Business
- Tackling Operational Issues
It also offers numerous opportunities for expansion while doing bicycle repair business in Bangladesh. You can eventually host workshops or sell refurbished bikes at discounts in addition to charging a set rate for bike tune-ups. When you’re an owner of a top-earning business, you can purchase additional trucks and hire employees. Your bicycle repair side business can provide revenue opportunities for years to come with the high number of bicycling enthusiasts available.