I could tell you all day long what I have done wrong (or nearly done wrong!) but most of it is just business sense! We are in a wee village outside of Stirling so don’t get the footfall we would like but then rates are supercheap and we have a 28m long shop with lots of options to make it MUCH bigger.
Our signage is terrible (although a £500 investment in a huge movable sign has helped no end) so get that sorted from the start. Don’t use the local rags, in general they are of little use.
Suppliers in the cycle trade are generally painful, invest in tools, mechanics and workshop above anything – that’s where you get to pay your employees’ wages.
I haven’t paid myself yet (and it’s been some time) but I never even intended to make a gross profit in the first two years and it’s slightly better than that. Investment – we have around £160K – £200K of stock at trade before VAT (which is very close to retail prices!). To be fair, I’ve gone all out to retain customers and to gain brands that really get people travelling from all over to actually come and see us so that is OTT. We spent at least £4K on tools, workstands etc. (and lots more since) and we pay incentives to the mechanics too (and will do more – they are not paid well enough) – not to rip people off but to get a lot of work done quickly so there’s fast turnaround and people will keep coming back for more.
When it’s winter, invest in snowboard gear or something similar (or maybe outdoor clothing?), It’s tragic.
There is ALWAYS something to do, so you’ll enjoy it. It’s mighty stressful and I have not enjoyed the first 18 months or so but now it’s sunny and I’m going out riding with customers and have the footfall, it’s all good.