When it comes to retail, all businesses need to think about three critical success factors: the product they offer, pricing, and marketing. Starting and running a successful motorcycle parts and repair shop can be a daunting task for many people. From choosing the first motorcycle part and repair speciality item to figuring out branding and location. This blog will provide essential insights into how to start and run a motorcycle parts and repair shop, so as to help prospective business owners to get off on the right foot.
The motorcycle industry
The motorcycle parts and repair market is growing. According to Fortune Business Insights, the global motorcycle market size will grow at a compound annual growth rate (CAGR) of 8.4% and reach USD 223.50 billion during the forecast period of 2021-2028. The market growth is attributed to factors such as the adoption of advanced technologies, and rising demand for motorcycles to boost the global market growth. However, The Universal Technical institute cautions motorcycle enthusiasts on the seasonal nature of the industry, a factor which can be a challenge to shop owners selling motorcycle repair parts.
The huge global demand for Motorcycles is attributed to these reasons:
- High fuel performance: As fuel prices continue to climb, more and more people are looking for ways to save money on gas and motorcycles offer a great way to do this.
- Low-cost maintenance: Motorcycles are relatively cheaper to maintain than other vehicles and this has made them very popular among people who are looking for alternative means of transportation.
- Manoeuvrability: Motorcycles can weave in and out of traffic, park in tight spaces, and generally navigate the urban landscape much more easily than cars.
How to select motorcycle parts to sell
Motorcycle parts and repair shops need to know how to select repair parts for their customers’ bikes. The process of selecting motorcycle parts is similar to that of car parts, but there are some important differences.
Essential factors to consider
Several essential factors are considered when starting a Motorcycle parts and repair shop:
- Cost: Start-up costs can be very costly, and it’s important to have a clear idea of how much money one needs to get the business off the ground.
- Inventory: It is important to decide whether to buy parts from manufacturers or distributors. Motorcycle repair parts can also be sourced from salvage yards or other shops. This depends highly on the advantages and disadvantages of each option.
- Licenses and insurance: Depending on the location of the business, one may need a business license, a seller’s permit, and/or a Certificate of Authority. Liability insurance is also crucial for the protection of personnel and the business in case of accidents or injuries.
Highly demanded motorcycle parts
Headlights: It’s a good idea for any motorcycle repair shop to keep a few different headlights in stock. Different models of motorcycles use different types of bulbs, so it’s important to have a selection on hand.
Tires: A good motorcycle parts and repair shop should always have a few sets in stock. They should also have a variety of tyre sizes and treads to choose from, as well as different brands. This way, they can cater to all types of motorcycles and riders.
Spark Plugs: spark plugs are an essential part of a motorcycle repair shop’s inventory. They provide the spark that ignites the fuel in the engine and ensures that the engine runs smoothly.
Batteries: It is important to always have a variety of batteries to fit different makes and models of motorcycles. Second, batteries must be stored properly to ensure they remain in good condition.
Clutch Cables: There are different types of clutch cables, so it’s important to know which ones your customers are using. The most common type is the full-length cable, which goes from the handlebars all the way to the engine. There are also short cables, which are used in conjunction with longer cables, and they go from the handlebars to a point midway along the length of the cable.
Motorcycle riders come in all shapes and sizes, but there are some generalizations that can be made:
Age: Most motorcycle riders are relatively young. The median age of motorcycle riders is 40 years old. This means that the shop should be appealing to a younger demographic. The use of youthful language in branding and marketing should be modern and hip.
There are several reasons why the majority of riders are in this age range. For one, this is typically when people are more likely to have the disposable income to purchase a motorcycle. They may also have more free time to enjoy riding, as opposed to younger riders who are still in school or starting their careers, or older riders who may be retired.
Location: The ideal location for a motorcycle parts and repair shop will be determined by the target customers one hopes to attract. For example, if targeting customers who live in rural areas, a location that is easily accessible from major highways is ideal. On the other hand, if targeting customers who live in urban areas, a location that is close to public transportation is great.
Proximity to suppliers is another important factor to consider when choosing a location for a motorcycle parts and repair shop include. The shop should be close to suppliers in order to get the motorcycle parts in a timely manner.
Income: One group of potential customers to focus on is those who own multiple motorcycles. These individuals are more likely to need services on a regular basis, as they are more likely to ride their motorcycles more often. Another group of potential customers to focus on is those who live in rural areas. These customers may have less access to motorcycle dealerships and service centres, meaning they are more likely to need regular services.
A motorcycle parts and repair shop is a great business opportunity for those who love motorcycles and have a passion for working on them. It can be a very profitable business, but it takes time, effort, and money to get it off the ground.