Owning your own bicycle shop is traditionally a labor of love. It’s one of those industries that people get into because of a lifelong hobby. Just with any other small business it takes a lot of hard work to become successful. As a unique specialty retail business there are also many unique ways to increase your profits. In order to create a thriving business your strategy will need to include far more than just selling bikes. Bringing in new business and increasing revenue from current customers is top priority. Here are some great small business growth strategies to help you achieve your goals and thoroughly enjoy the process.
Build Your Own Bike
When it comes to bike enthusiasts everyone is looking for something that is one of a kind. As the owner of a bike shop you have the opportunity to buy distinctive parts and frames in bulk at discounted rates. Allowing your customers to build their own bikes will set you apart from the competition and provide your clients with the opportunity to be creative. People that create their own bikes are bound to want to show them off. This will create a significant amount of free advertising for your business.
Custom Paint
Those that own their own bikes or have made a new purchase may want something that makes their bike stand out. Offering custom paint jobs will help you bring in revenue and show off the skills of your workers. It’s also a great idea to offer the occasional free paint job in exchange for allowing company branding to be placed on the bike.
Racing Events
Bike racing events bring in spectators all over the world and can be a great way to promote your business. Organizing your own event that involves current customers can breed customer loyalty as well as bring in new customers. You also have the opportunity to collect advertising dollars from companies that want to promote your event.
Sponsorship
Sponsoring a race team can maximize the exposure of your brand. Races are viewed by many bike enthusiasts and can put your business name in front of a highly targeted audience. If you’re not looking for a long term commitment you can always offer to sponsor individual events. These events can be broadcast online and even on television so the return on investment from this type of advertising can be considerable.
Charitable Donations
Showing goodwill towards your community is a sure fire way to build a great reputation. This can come in the form of collecting donations for a worthwhile charity or even providing some of your own. Giving away bikes to under privileged children is not only a wonderful gesture, it also brings positive exposure for your business. In small business being accepted by the community is a must. Partnering with charitable organizations is always a great PR move.
Raffles
If you’re looking to build interest in your product lines holding a raffle and giving away a top of the line bike is a great way to do so. The money you raise from selling the tickets will more than likely pay for the product and possibly even provide you with a profit. You could sell entries for cash and also offer entries for those that spend a certain amount in your shop.
Digital Marketing
These days most purchases start with an online search. As a small business your online presence can make or break your success. Having a well developed website to promote and showcase your products is a must. Setting up an e-commerce option where customers can purchase products on your website can increase your sales and expand your reach dramatically. Social media is necessary in today’s world to promote your brand. Hiring an expert to manage your digital marketing efforts gives you the best chance at success.
Securing Cash Flow
With most small businesses there will come a time when you need cash for improvements or to simply pay the bills. Quikstone Capital Solutions works closely with owners to help them realize their business goals. If you’re looking for fast funding to help your business prosper, consider a merchant cash advance from Quikstone Capital Solutions.
