Motorcycles are the passion of young people in India, and the craze around motorbikes is not limited to youngsters. With the surge of motorcycle sales, the motorcycle parts business will get a boost. If you are a motorcycle enthusiast looking for a business idea, it is high time to start a business.
In this article, we will talk about starting a motorcycle part business. Everything related to the two-wheeler spare parts business will be discussed here. If you are new in this industry, we can assure you will have better knowledge of starting a motorcycle business after reading this article. If there are any risks regarding this business, we will talk about them.
Did you know?
Nowadays, the tires of motorcycles are made with synthetic rubber for more durability and traction.
Why Should You Start a Motorcycle Parts Business?
Before starting this business, you must know about the industry, and you should know what the advantages and disadvantages of the business are. If you are thinking of starting a two-wheeler spare parts business, you must know why you should start it.
- Starting the motorcycle parts business can be very rewarding. When someone has issues with their bike, you can quickly fix the motorcycle components.
- The motorcycle spare parts business can be a blissful experience if you are a real motorcycle lover. You can make your passion into a profession by getting started with the business and over time, you can earn profits.
- Understanding everything about the motorcycle parts can give you in-depth knowledge and experience repairing its components.
- You won’t need to have any degree to start this business. You can easily learn from industry experts and your local mechanic shop.
- With the higher demand for bike service centres, you do not worry about getting customers.
- Your motorcycle parts store will be your own office, and you have the chance to interact with various people every day.
- The motorcycle spare parts business can grow with word of mouth. With better services, you can get better clients, and their references can be helpful to get further customers.
How to Start a Motorcycle Parts Business?
Planning Your Business
If you want to start a motorcycle components business, You must have a clear about that before getting started. However, if you are unsure about it, you can start your research about the industry.
The best way to start any business is to have proper legal permission and get the required documents. Before starting your motorcycle business, you need to fill in all the formalities to acquire the necessary licence.
Choose Your Business Model
Motorcycle parts can be sold in two ways. Some sell only the old parts, whereas others use new motorcycle components. You can choose any of the business models to start your business.
You can also go into the retail motorcycle parts business, and it can also be another option for you to expand your range as a business owner.
At the very beginning of your business, You need to have funds ready. You can’t purchase the materials required to run your motorcycle repair shop without funds. If you are short on funds, you can opt for a loan. Nowadays, getting a loan for business is not too complicated. Otherwise, you can choose an investor who can invest in your motorcycle parts business. You can also contact co-operative societies who can lend you money to start your business.
Location of Your Shop
The selection of location for your shop is one of the key aspects you need to consider. You must choose a place where you can grow more in terms of financial gain and get sufficient knowledge related to your industry. You can choose a near to the heavily populated area. If the location is situated on the highway, you can easily build your warehouse. You should choose to provide online services as everything is moving towards having a strong presence on the internet.
Sufficient Stocks in Your Shop
To attract more customers, you must have sufficient stocks of different motorcycle parts. Ensure that customer service provided is of top quality. You can opt for the nearest retailers who can serve you when you need them for the short supply of motorcycle components.
Marketing Your Business
Right marketing strategies are key to the success of your business. You need to have a good marketing plan for your business to expand its reach. You can take professional help for marketing related tasks. You can make banners for your business, print notices and distribute them in your local area. And also, don’t forget to open a social media page and start promoting your shop. Social media is the best way to market your business in this digital age.
The Pricing Structure
You must have a pricing structure for the motorcycle components you are planning to sell in your shop. But before that, you must know the market you are operating in. Try to lower the price of the motorcycle components at least in the beginning days of your business so that customers come to your motorbike store. The price should be affordable and, at the same time, not too high or too low.
Must-Have Skills When Starting Your Business
You need to have some basic skills to grow your motorcycle components business, and here we are listing some of them.
- Leadership skills: You need to run a business and other people.
- Self-confidence is important for customer deals.
- You need to understand finance, and you can hire a professional too.
- You need to have strategic skills.
- Problem-solving skills can do wonders.
- Better writing skills for email writing and content creation
- Friendly behaviour for customers.
What Are the Risks Involved?
Risks are everywhere in every business, and you must understand that. Here we share some of the risks you might face in the two-wheeler spare part business.
This business is not new, and so far, many more people have tried their hands on it. So you might find some competition here. You must not be afraid here, and you can start with baby steps with small targets and focus on growth.
You need to find the right retailer and supplier. It can be a hectic task. You can search online and check their ratings. Otherwise, you can contact dealers.
Right employees can help you to grow in the motorcycle component business. Try to find hard-working people and make them comfortable in your workplace. Their knowledge and experience will matter.
Starting a business of motorcycle parts in India is not too difficult. You do not need any kind of degree to start a business and all you need are good strategies and plans to grow in this industry. If you are a motorcycle enthusiast, you know more about this sector than the average person. Those who are not aware of motorcycle components can start the business too. You need research work here and you can learn from different motorcycle blogs.
As a beginner, you need to start with baby steps. Considering the market and other competitions, you need to focus on self-growth. If you can master some skills like customer dealings and confidence, you are halfway away from others. You can also check your problem-solving skills, and it can be great to solve any problems quickly.