A bike shop is a place where a cyclist can buy bicycles or parts. Bicycle stores are also called LBS (local bike shops), or independent bicycle dealers. An LBS is a small business that specializes in bicycle sales, maintenance, and repair. In the UK, these businesses are often called independent bicycle dealers.
Obtaining the right licenses and permits to operate a bike shop is an important step before you start. Without these licenses or permits, you could face large fines and even have your business closed down. The Small Business Administration has a guide to state license requirements. In addition to obtaining a business license, you will also need to collect sales tax.
Another important step in running a bike shop is to get a business mentor. While running a bike shop, it is important to network with other bike shops and learn from their experiences. A website like the Profitability Project by the NBDA is also a good source of information on running a bike shop.
As with any new business, a bike shop should have a business plan. A plan will help you focus on the most important aspects of your bike shop and increase the chances of success. It will also help you gain access to funding from banks and vendors.
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