Motorcycle spare part business is fast gaining ground in
Africa and Asia. The reason is due to popularity of commercial cycle’s business
in many countries.
Major manufacturers especially in China have lowered the
cost of new bikes making them more affordable. Many City capitals have huge
number of riders plying their trade as commercial transport operators.
This has provided job opportunities for a large number of
seemingly unemployed youths. The astounding numbers of mostly commercial riders
have opened new business opportunities in motorcycle spare parts business.
The lucrative fast growing trade has attracted astute
entrepreneurs to trading in spare parts. The venture involves selling
motorcycle parts as a wholesale or retailer to motorcycle enthusiasts. Commercial transporters are common in major
cities and even suburbs making the venture quite lucrative.
The importance of having a business plan can’t be over emphasized.
The plan helps to highlight the business structure, challenges and future
projections of the company.
The plan should have provisions for funding, staffing, purchase,
location and merchandising. It covers all the parameters for a startup parts
dealership. You can even secure bank loans on the strength of a comprehensive
business plan.
If you don’t have a clue on writing a business plan hire
a professional. Other considerations in the plan are accounting procedures and
stocking.
Obtain
a Business License
You need to register your company and obtain a business
license. There are many unions and association regarding spare parts
dealership. Find the ones in your area and join them to avoid undue harassment.
Find out if you need special permits to handle hazardous material
like engine oil or diesel.
Getting insured is very important in the cycle business. To
avoid liabilities and risks get proper insurance for your goods. There are
different types of insurance like comprehensive, accident and others.
Choose
the Sector
The job of a bike spare parts trader involves selling
either new or used parts. Most dealers concentrate on only one sector, however a
few deal in both used and new parts.
You need to decide on new, refurbished or used parts. To attract
lots of customers deal in everything but make sure your customers know what
they are buying.
Operating on the retail end of the business requires a
reputable wholesaler or manufacturer. Find a good wholesaler in your locality and
do a general check on them before taking a decision.
Try to get recommendations from mechanics and other
retailers before stocking your store. If you have money we recommend you buy
your stock directly from manufacturers.
A businessperson interested in motorcycle spare parts
business needs to have adequate finance. The money is needed for a store or
warehouse, and spare parts.
He should consider insurance, marketing and proper
location. The entrepreneur can get loans from banks and other financial
institutions.
Other methods of securing finance are target saving, contributory
schemes and loans from cooperative societies. Some apply local thrift
collecting methods through daily contributions to shore up capital.
The entrepreneur could seek out a core investor or sell
equity in his business venture. Startup capital is possible through partnership
or the sale of ordinary shares in the company.
Spare parts traders usually have trade unions who aid
members with soft loans and finance. To start a small spar parts business you
need 5000-10000 this includes cost of parts and rent.
Learn
the Trade
To start this enterprise understanding the intricacies of
the business is beneficial. Motorcycles have many spare parts like headlights, cylinders,
seats, engine blocks and brake pads.
Learn about the parts that regularly need servicing or
change. Before stocking your store study the type of bikes favored in your
locality.
There are many brands in the market from Honda, Yamaha,
Toyo,Boxer and lots of Japanese and Chinese’s bikes. Try to stock only spare parts
of the common brands used by commercial motorcycle riders in your area.
To learn the trades understudy a spare parts dealer as an
apprentice. Read lots of books, get viable input from mechanics and spare
stores in your locality.
Locating
the Business
The best possible location is beside a motorcycle
mechanic workshop. Situating the motorcycle spare parts shop beside a mechanic
guarantees lots of patronage.
Your shop will also get lots of customers in a densely
populated area. The shop should be properly secured from theft and your goods insured.
You can warehouse majority of your merchandise at another
secure location and only display one of each item.
Some good locations for your business are a busy
intersection or market place. You can locate your business at an articulated
spare parts market to attract steady patronage. However you might have to
compete with stores that sell the same merchandise.
Try to stock only spare parts that have quick turn over
and are constantly in use. More common spare parts stocked are motorcycle
tubes, tires, and shock-absorbers
Other parts include seats, helmets, gear levers, exhaust
pipes, rims and clutches. There are also parts like petrol tanks, break pads,
head lamps, motorcycle frames and other accessories.
The key to success in this business is to narrow down
your inventory and buy directly from manufacturers. There is nothing wrong in
sourcing your merchandise from wholesalers. However, buying directly from
manufacturers puts you ahead of the game.
Stock
Quality Items
Try to buy only top quality parts for your enterprise. They
are pricey but your customers would vouch for your reputation. Offer high
quality items at best prices and include prompt delivery service.
List
of Spare Parts to Stock
This is a short list of spare parts to stock in your bike
parts business.
1
Motorcycle seats
2
Hard hat helmets
3
Tire tubes
4
Tire rims
5
Shock absorber springs
6
Exhaust pipes
7
Break pads
8
Clutches
9
Head and rear lamps
10
Bike frames
11
Petrol tanks
12
Engine blocks
13
Piston and rings
14
Other accessories like packing, belts, bolts,
chains
Major
Channels
As a spare part dealer you have a choice to sell
wholesale or retail directly to customers. Wholesale traders need more finance
than retailers to stock his warehouse.
You can buy stock directly from manufacturers in India,
Asia, and China.
Marketing
the Business
Both retailers and wholesalers attract more customers
through advertisement. Newspaper publications attract lots of patronage for
wholesalers and retailers.
You can use handbills, word of mouth and banners to
advertise the business. Get creative by
organizing workshops, seminars and instructional classes.
Offer discount, coupons and inexpensive options for
customers. Another marketing tool that works is a dedicated website for your
operation.
List items in your store and add your company location
and cost of shipment. Online resources account for 30% increase in sales for
many businesses.
How
to Stay Ahead of Competition
There is no business venture that does not have solid
competition. To stay ahead of the competition you should stock high quality
parts and secure a good location. Other ways are affordable parts, proper
pricing and honesty.
Sharp practices such as selling counterfeit or
substandard parts would have negative impact on your business. Study what your
competitors are doing right and do it better.
Motorcycle spare part business is fast developing into a
billion dollar industry. Businessmen interested in this venture can join the
emerging market and reap huge profit.
Things to consider before starting a motorcycle spare
parts business
1
Write a feasibility study
2
Get relevant certification and allocation
3
Register your company
4
Get proper financing
5
Locate a good property or shop
6
Buy spare parts from recognized dealers and
manufacturers
7
Get high quality spare parts
8
Offer
competitive prices
9
Market your products and services
Are you thinking of starting a business then try motorcycle
spare parts trading.
Related
reading: How to Start an Automobile Business
12 comments:
That will be hard. They have become my favourite gloves to wear –– so comfortable now, so broken in, that I don't really notice I'm wearing them. rogue helmet
Get best Motorcycle parts online Nagpur's king for tyres and accessories is Ajmera Tyres.
Amazing blog post
Thanks for sharing such a useful post.
The idea of perception is important, especially in investing. As you gain more knowledge about investments, visit CapitalHeight
A business plan is a formal articulation of business objectives, reasons they are feasible, and plans for contacting them. It might likewise contain foundation data about the association or group endeavoring to achieve those objectives. If you want to know more, Please check out here: business plan
You Ideas about Motorcycle Spare Parts Business. I have read this plan and told that it is really interesting and effective. I told this information in my blog. I again visit your website for another new post.
A helmet that is lightweight is more viewed as that one that is substantial. Wearing a substantial helmet on your head influences you to feel tired dissimilar to when you have the light one. You can ride speedier with a light helmet contrasted with the substantial helmet. The light one you can likewise bear it starting with one place then onto the next on your hand without getting drained.If you want to know more, Please check out here: Bluetooth Motorcycle Helmets
Wow! What a nice blog you have here, your contents are great, keep it up. Would your care for link exchange or a gusts post from https://smartincomepro.com ? Let me know by replying to smartincomepro0@gmail.com thank you
I am Thankful your blog is updated and Provided nice information
CapitalHeight
Correct
Very interesting will start soon.
Post a Comment