Have both liked and subscribed. I am also a bikeshop owner, in Sweden. I started 14 years ago and today it is a what we are doing, in our family. Repair bikes and sell bikes. Many things have changed, it is nearly 80-90% ebikes that customers are asking for - and want to do repairs to, today. 2010 when I started, it was only 1 ebike that year =) I like your videos, they are inspiring! Pls use a better pen, the numbers are a bit fade, but I really liked the idea of using a whiteboard. Looking forward to your next video - have a great 2025!!
Thank you for the insightful analysis, something that you do not find in many places. You mentioned overhead for 2019 of about $12k, does that include everything before taxes (rent, utilities, etc)? Was the overhead in 2024 substantially bigger? Are you subtracting costs like tools (at least depreciation, if not outright cost), employees, etc. when calculating these numbers?
Indeed! Everything before taxes. That first year was out of a hole in the wall sublet, no employees, no ad budget. Expenses are much bigger now, we have scaled to serve our growing customer base. Will cover more current numbers in future videos
I’m thinking of starting a used/repair out of my garage, how did you handle insurance/liability @ first? also do you think a “next door” platform works for early advertising would work as well? thanks ( liked and subscribed ) I’m very curious about your story! great job!
At first, I advertised through free local channels such as Craigslist and Facebook marketplace. Next door wasn't as much of a thing when I started but I suspect that would be a great platform as well. Don't pay for any advertising before having a retail space, the free channels are excellent as long as you are consistent and willing to offer deals for first-time customers 😁 as far as liability/insurance, tricky question out of the garage, I did not establish my LLC or liability insurance until moving into a commercial space. As someone who's not a lawyer, I'd say definitely consult someone locally. In all honesty I played my situation by ear. I decided it was time to get all the paperwork in order once I was meeting multiple people at my house per day to service or sell them bikes. None of my neighbors complained but I also wasn't looking to push that too much 😊 We have a lot of exciting things coming down the pipeline with this channel, including a group discord for shop owners that will be a resource for asking questions to others in the industry, as well as options for private coaching! Best of luck in your endeavors
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Excellent video.
Wow, very impressive
Data like this exceptional for any home based business that is thinking of going commerical. = Always save your financial data.
Have both liked and subscribed. I am also a bikeshop owner, in Sweden. I started 14 years ago and today it is a what we are doing, in our family. Repair bikes and sell bikes.
Many things have changed, it is nearly 80-90% ebikes that customers are asking for - and want to do repairs to, today. 2010 when I started, it was only 1 ebike that year =)
I like your videos, they are inspiring! Pls use a better pen, the numbers are a bit fade, but I really liked the idea of using a whiteboard.
Looking forward to your next video - have a great 2025!!
Absolutely! Just picked up better markers. E-Bikes are another topic sure to be covered. Thanks for watching
great analysis and business approach! very inspiring!
Thank you for the insightful analysis, something that you do not find in many places. You mentioned overhead for 2019 of about $12k, does that include everything before taxes (rent, utilities, etc)? Was the overhead in 2024 substantially bigger? Are you subtracting costs like tools (at least depreciation, if not outright cost), employees, etc. when calculating these numbers?
Indeed! Everything before taxes. That first year was out of a hole in the wall sublet, no employees, no ad budget. Expenses are much bigger now, we have scaled to serve our growing customer base. Will cover more current numbers in future videos
Very nice, thanks!
I’m thinking of starting a used/repair out of my garage, how did you handle insurance/liability @ first? also do you think a “next door” platform works for early advertising would work as well?
thanks ( liked and subscribed ) I’m very curious about your story! great job!
At first, I advertised through free local channels such as Craigslist and Facebook marketplace. Next door wasn't as much of a thing when I started but I suspect that would be a great platform as well. Don't pay for any advertising before having a retail space, the free channels are excellent as long as you are consistent and willing to offer deals for first-time customers 😁 as far as liability/insurance, tricky question out of the garage, I did not establish my LLC or liability insurance until moving into a commercial space. As someone who's not a lawyer, I'd say definitely consult someone locally. In all honesty I played my situation by ear. I decided it was time to get all the paperwork in order once I was meeting multiple people at my house per day to service or sell them bikes. None of my neighbors complained but I also wasn't looking to push that too much 😊
We have a lot of exciting things coming down the pipeline with this channel, including a group discord for shop owners that will be a resource for asking questions to others in the industry, as well as options for private coaching!
Best of luck in your endeavors