Have you ever wanted to own a bike shop?
- Thread starter Bog Dogs
- Start date
tl;dr but i'm pretty sure this would be one of the worst times ever to buy any small business
Very true, my shop is going under and I've worked in enough shops to know never to own one.
I dunno man, I have worked in shops for a while and still love working on bikes and riding them even more, along with many other wrenches I know.
Kind of ruins things when your nose is that close to the spinnning wheel. the risk to reward ratio is facked for sure here in the north east....
Yes I have dreamed of owning a shop. I have worked in a shop at several capacities since 1994 and know that unless someone gave me a building I wouldn't have to pay rent or mortgage on, there is no way in the world to make it work. This guy made his money not by being a bike shop owner, but by owning a building and being a landlord!
Rode with one last night... he use to ride for Trek Subaru. Got burnt out, opened a shop a few years ago, started riding again. Now is back to being the fastest guy in the state.
Come to think of it... I know a lot of shop owners and I ride with them frequently. Only can think of one out of 6 that doesn't ride much anymore.
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You're right. His profit comes from his renters. His utilities are low because he lives in such a weather mellow part of Florida. After 28 years in bike shops he doesn't ride a bike anymore. Anyway, he's a good guy. The building does make him money so I promised to help spread the word. This forum has always been great for feedback. Thanks.
I don't know a single bike shop owner who is "wealthy". We have one shop owner who has one at the trailhead and he manages to drive a nice car at all times. Don't know what his wife does for a living.
I do know that the price he offered to sell me his shop was in the 6 figure range.
I do know that the price he offered to sell me his shop was in the 6 figure range.
Jaded much?
The shop I work for has been open for 30 years. The two owners still ride bikes religiously; one still does a century every Sunday.
I've been working in shops for 6 years. I ride more now than I ever did. I don't plan to work in a shop forever, but I don't plan to leave the industry either.
There's a difference between making a living from your enjoyment of cycling, and simply being infatuated with it. The first makes posts like me, the second makes posts like you.
All that being said, I have no desire to own a shop.
Hell no, retail anything is a bitch.
I personally know two shop owners. One is also a doctor and bought a declining shop and turned it around. He also opened a second location. He's loaded but its not from the bike shop.The other one owns a shop that his granddad opened in 1927. They do ok but their mortgage has been paid off for 5 decades. Both shops do lots of business and both owners still ride.
So if you already own a building, or you're a very successful doctor with a 7 figure income to throw around, I'd say go for it. But if not, its going to turn into the biggest money pit of your life
So if you already own a building, or you're a very successful doctor with a 7 figure income to throw around, I'd say go for it. But if not, its going to turn into the biggest money pit of your life
When the internet was invented, I concluded that I would have no use for owning a bike shop. Especially since I work at one. Bike shops are more about talking to dumbasses than they are talking to the knowledgeable peeps. The enthusiast don't go to shops anymore.
To answer the thread title: NO.
qft45
This.
I would only own a bike shop where I didn't have to talk to people, which, were I to hazard a guess, would probably be a money loser.
What's stupid to me, is that you should know shop people aren't all retards and that there's a lot of retarded information on the Internet. I personally have a lot of people that defer to me for information. I like to think I'm good at this. You obviously just have a lot of "enthusiasts" that don't like shops around you. We have some pretty decent ones here, with people that like bikes a lot.
All that said, if I owned the shop, it would be sparse and Wumpus couldn't work with me.
But, asking me where the valve stem goes into the pump can only lead me giving smart arse remarks like "up your nose."What's stupid to me, is that you should know shop people aren't all retards and that there's a lot of retarded information on the Internet. I personally have a lot of people that defer to me for information. I like to think I'm good at this. You obviously just have a lot of "enthusiasts" that don't like shops around you. We have some pretty decent ones here, with people that like bikes a lot.
All that said, if I owned the shop, it would be sparse and Wumpus couldn't work with me.
Even so, I am more referring to the enthusiast demographic who do not go to shops but instead buy all of their parts on teh interwebs. It would be more enjoyable if those people came into the shops but they don't. Instead I get the gel seat jagaloons.
Apparently I'm glad I don't live in Jersey.
I do have some stories. One day, perhaps I'll start a thread about them. Wumpus will attest, we get some whack jobs.
We still make money though. When you bring that Fox 40 in that you bought off the internet at our cost and we install it for you and have the missing headset part you need to install it on your bike. We win too. Its not all bad. Some customers are nice people. Smart too. The ones that are evil, are easily offset by the cool ones for the most part... I think.
i'd buy a bike shop only if it comes with its own whack pack
no I haven't
don't. do. it.
Granted this is secondhand information from the OP, but that fact that the major selling points appear to be enough income to cover the mortgage (i.e. pennies) and the fact that the owner appears to be willing to let his 28yr investment go for the cost of the building means the business is worth nothing. So either he's (the owner) really stupid and/or the shop isn't making that much money. Which means the best bet is too buy the building, liquidate any shop inventory, and find a new tenant. Or steer clear and invest in hookers & blow.
Oh and nice
here & the NEMBA boards.
Oh and nice
here & the NEMBA boards.
The best way to make a small fortune owning a bike shop? Start with a big fortune.
As has already been said, retail is a bitch. I love bike shops, I still give them business, and I fully support the idea of owning or working in one as a lifestyle choice. But personally I wouldn't want to own one unless I had sufficient independent wealth to operate at break even or a loss (and not have to be there all the time, but if I had the first part covered presumably that would not be a problem).
As has already been said, retail is a bitch. I love bike shops, I still give them business, and I fully support the idea of owning or working in one as a lifestyle choice. But personally I wouldn't want to own one unless I had sufficient independent wealth to operate at break even or a loss (and not have to be there all the time, but if I had the first part covered presumably that would not be a problem).
I wouldn't want one. Not in this economy. I'm going to be honest here. I'd have no problem buying from a bike shop, but I just don't have as much money anymore as I did six years ago. I literally see a ton of it go to the Saudi's and I feel helpless to stop it. If I was paying $1.00 to a $1.50/gallon for alcohol or natural gas, I'd have the extra dough and wouldn't mind helping my LBS. And to make matters worse, congress just voted to freeze my salary for the next two years so I won't get a raise for three years straight while the cost of living goes up. That's several grand I'll lose out on and I can tell you, several grand shy, I have to save every dollar I get any way I can.
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