HOW TO START MOTORCYCLE PARTS BUSINESS
A motorcycle trip to Leh Ladakh is definitely one amongst the to-do things list of any Indian youth today. The motorcycles are not just a medium of transport of people, they are a matter of pride. With time there has been an evolution of the motorcycles too. We have people in our country who are hoarded of classic and modern motorcycles and it’s just for the collection. The first motorcycle speed record which was noted in 1905 was 103 km/h compared to the latest record of 605km/h as noted in 2010. By this, you can make out the technological advancements that have taken in this industry. the motorcycle industry is inculcating the new technology to build more advanced and robust bikes than ever before. Bikes are now faster, luxurious, and more comfortable than they have ever been. But to keep these bikes moving and running like they are brand new; you need accessories and perfect functioning parts that will ensure the motorcycle’s performance is at its best.
Motorcycle parts and systems of motorcycles include essential components like the frame, engine, wheels, and tires. It can also include the suspension, transmission, instruments and controls, brakes, electrical and lighting system, seating, bodywork, and cargo storage, and other accessories. It basically consists of most of the parts of the motorcycle unassembled. Motorcycles when used in the long run, demand maintenance and servicing and this is when the motorcycle part businesses make their profit. There are more than 37 million motorcycles in India itself, which means every 4th Indian has a motorcycle of his/her own and this amounts to huge demand from them for the motorcycle parts when they get dusty or don’t function properly. The motorcycle parts business is a big opportunity for people who are trying to start their business venture in a small market.
Let’s have a look at how you can set up a motorcycle parts business:
Decide on product
There is an array of products that are available in the market, you have to first decide what are the products you are want to sell. The business will expand and the list can always increase but decide first what is your introductory range. Know the types of motorcycles that are in your locality, keep the accessories for most popular brands such as Suzuki, Hyundai, Honda, etc readily available with you.
Decide on size and type of business
The business has a lot of scopes to grow but keeping in mind that your initial investment and capacity to arrange resources, decide the initial setup of your motorcycle parts business. Whether it is going to be a big fancy store or a small kiosk, in a small local market or high-end mall. Decide if you want to keep an offline store or are you ready to invest your time and money by introducing yourself in the e-commerce market.
Have the right distributor
Make sure you have a distributor who can easily make you available with the supply whenever you demand them and have access to the latest technology and designs that are launched in the market. If you want to run a motorcycle parts business, you should know that customers should not go empty-handed just because you did not have that product available on that day.
Location and storage space
It is obvious that you will have to rent/ buy a place where you can store your product and display them. Keep in mind that the location of your store matters a lot. A market place with high footfall is always in big demand. You can rent a place near a motorcycle showroom or a repair shop so that whenever customers visit the other shops, they are more likely to see your shop too. When you are renting a place, be aware of the competition around. Try to locate yourself when there are lesser motorcycle parts shops.
Also, keep in mind the storage capacity of your store. The products should be placed systematically and categorically for your own ease. You most likely will be required to have a go-down once your business expands.
Social Media is used by almost everyone around the globe. It is almost certain that at least one person in your locality must be using any social media platform. Putting up pages on Facebook and Instagram and asking youth in youth in the locality to share it amongst friends, developing a strong SEO, and investing in marketing offline can bring great audience attraction to your new motorcycle parts business. Putting up ads with discounts and amazing offers are always a plus. Along with online, spending on offline methods to propagate business is necessary. Go old school and hand our pamphlet whenever a customer arrives. Since you have an offline store and most customers will save your number for future reference, you can invest in WhatsApp Business and use its marketing tools to propagate your business. It is convenient to use and digitally provides a personal touch as the medium is one to one messaging which has become one of the best provisions of converting prospects to customers. Remember to greet them nicely and make them feel important.
With our government asking us to become Atmanirbhar Bharat (self-dependant India) and the increase in the unemployment rate of our country, many young warriors have taken battles in their hands and are ready to join the market as entrepreneurs. It is very encouraging to see young minds having an interest in setting up their businesses and working with full force and empowering themselves. There is nothing such as big and small, your investment and profit are all that matters. To open any business, one should be ready to work hard and show a lot of perseverance and determination. Any business will have good and bad days but it depends on the owner how they want to go about it. Your motorcycle parts business is going to be the same. Don’t get overwhelmed and enjoy the process. All the best!