Home: Message List - Starting a new business - Any advice / suggestions GREATLY appreciated!!!

Re: Starting a new business - Any advice / suggestions GREATLY appreciated!!!

MsEntrepreneu — Sat, 16 Feb 2008 05:18:00 GMT

Sorry capecoach, this reply was supposed to be directed to CLU925. I am just learning to navigate this great site. Your ideas were perfect; I just tried to simplify them and add my own twist to keep it simple. This is a huge jump from IT to business owner/operator. I've been there. It's like diving off the high board - or even jumping. Following a dream should be fun, that's my steadfast claim to fame.

Re: Starting a new business - Any advice / suggestions GREATLY appreciated!!!

MsEntrepreneu — Sat, 16 Feb 2008 05:01:39 GMT

This is a great adventure. As a past biker mama (Harley), there is no other way to see the world than on the back of a bike! I am hearing lots of big words from really smart people giving you great advice. Going from an IT background to owning/managing your dream motorcycle store, is the difference between night and day. I don't have to tell you that. I am going to put this in words that we only know from hearing them on TV or radio. Write a story to yourself = where do you see yourself in a year, five years, ten years. Are you still standing in the same place, will you want to purchase your building someday, will you add services as well as goods? You and I both know how much fun it is to take one of those frequent breaks along a beautiful highway, even a not so beautiful highway. It sounds to me, that you have found a diamond in the rough. I believe one of the greatest secrets to your success will be in your "name" - your "logo". Your biggest investment, due to the high volume of motorcycle traffic, will need to be in your signage to catch the attention. Bikers love a good store to wander through. Bikers are also people who carry that credit card with them. From the trips I have taken, and all of the stores I have been in, I would suggest that you include some parts - simple service parts that motorcycles sometimes need. Your husband will know which ones to include in your inventory. Most riders that venture onto the highway, have a pretty good knowledge of how to repair simple problems. You will need oil, sunglasses, plain glasses, bandanas (bugs!), gloves, rain gear, and definitely saddle bags, and other "bags" to carry things that are inevitably bought along the road. Don't be afraid to carry large items. They can be shipped back to their home addresses. You must have an attorney on retainer - he will come in handy for many reasons that I won't go into here. What is very important is that you and your husband realize your talents and your weaknesses. Don't be afraid to hire a bookkeeper or a CPA. Will you be having employees? If not more than a couple or so, than a good and trustworthy book-keeper will take care of your AR/AP (accounts receivable - money paid to you - and accounts payable - money you must pay out!). You must also prepare payroll, if applicable, and of course, you must pay taxes - on time - quarterly. If the pair of you see the same outcome in the year, five years, and the future, enjoy. Build a business with joy not burden. Bikers expect the best, so go to Sturgis (sp?) and go through every store in the area. Carry your notepad, write down all of the things you know are cool. Order five of everything you like. This part is gambling - but then, that is what creating your dream is all about. Trust your taste; it sounds like you would be fun to travel with!! That means you need to have your large logo sign high in the air, put it on your cards, keep it big, keep it simple. Business people ride bikes for a reason = they don't want to think too hard. They can carry your card in a wallet, a brochure might get pitched during the trip, by mistake, or by the need of that last bit of room to store something in! If you can farm out all of the jobs that you or your husband do not want to do, or might not be good at accomplishing, it will allow you to be smiling and chatting with your customers - the best advertising is word of mouth. I like a friendly store owner/worker when I am riding plus you get a chance to chat without spitting. The idea of trading tit for tat with the restaurant is a great idea for all of you. Good luck, and just do it. Enjoy your great dream.

Re: Starting a new business - Any advice / suggestions GREATLY appreciated!!!

capecoach — Thu, 14 Feb 2008 16:45:40 GMT

You have lots of good advice on this post. A business plan is a must, even if its hand-written on yellow sheets. Use any of the available outlines, but add this, most plans don't call for it... Describe your management system. Start at the top and work down. Will you have a Board of Directors? If so, who is on it and what skills do they bring, and what can you count on them for. If not, which is more likely, develop a formal or informal Board of Advisors, including your lawyer, your accountant, your business coach, any investors (friends and family). Decide and write down how often you meet, what they do to help, and how you will use them. Then look at yourselves. Assuming you have a comprehensive plan, how will you measure your success against it (revenue, profits, cash, # of customers, # of marketing events, customer satisfaction, etc)? And when you measure success, what do you plan to do to celebrate (hopefully) if you make your objectives? How will you adjust if you miss your objectives? How often will you review financial statements? What will you expect to learn, and what will you do about it?
You have to love what you do and do what you love, but you have to make money. Even if you aren't a money-grubbing capitalist, you need money to educate your kids, fund your retirement, or contribute to your favorite charity. So build your business to make money. Some people get so enamored about the new logo or the brochure or the display that they forget to plan to make money.

CLU925

Opium1 — Thu, 13 Dec 2007 00:09:34 GMT

I have heard of the "infamous" Dragon. Great exciting road for motorcycle enthusiasts. Although I have never "tamed" The Dragon myself, many of my friends and colleagues have and your idea of placing a shop there sounds like a shoe-in for a biker. As I am sure you know, the Dragon is one of the most popular (if not the MOST popular) road on the east coast (look out for the up-and-coming Snake 421 along the TN-NC border). That being said, I suggest taking a look at, not only what the local competition is up to, but also what your counterparts on the west coast have done.

Comparably highly transited biker roads on the west coast include such routes as US Route 101 and the area around Alice's Restaurant in Monterrey, CA near the Mazda International Raceway Laguna Seca. As you might know, that was the only MotoGP racetrack in the US for about 20 years until the Indianapolis MotorSpeedway gets finished late 2008 and just happens to be in great motorcycle country so I'm sure the shops in the area know a thing or two about motorcyclists. Specifically the "4 Corners" area around Alice's.

I know it will be a bit of a stretch in regards to putting together the disposable income together for a flight to the west (maybe a ride is in order) when you're already committed to opening in March but I hope you get a chance to see what the guy's that have had some longevity in the business have been doing. Maybe your next vacation idea???

What you're doing sounds fantastic and, as a biker, I look forward to learning of your success in years to come!

All the best-

George F. Mattocks T.
------Opium------

Re: Get in touch Max

maxamillion — Thu, 22 Nov 2007 21:46:01 GMT

I did email him, thanks

Re: Starting a new business - Any advice / suggestions GREATLY appreciated!!!

CLU925 — Thu, 22 Nov 2007 21:31:13 GMT

Awesome!!! I will definitely check it out.

Thanks

Re: Starting a new business - Any advice / suggestions GREATLY appreciated!!!

BarryHurd — Thu, 22 Nov 2007 21:17:49 GMT

CLU925- You should check out biker-events.com, it is a social community and blog site ran by my brother. He has a very strong following there and is building nationwide affiliatons for various routes and suppliers. He often covers events about new bike rallies and service shops.

You may be able to link up with him and find some ways to both prosper.

Re: Get in touch Max

CorpCons08 — Thu, 22 Nov 2007 19:39:56 GMT

It might be because it is a holiday.
I would give him until Monday to respond.

Get in touch Max

brainbag — Thu, 22 Nov 2007 18:35:03 GMT

Hi Max,I have since given you my e-mail but yet to hear from you.Pls,kindly get in touch with me concerning the building of my website.I will really appreciate it.

rgds,

Samson.

Re: Starting a new business - Any advice / suggestions GREATLY appreciated!!!

brainbag — Tue, 20 Nov 2007 14:29:55 GMT

Hi Max,
Thanks a million here is my e-mail address mailto:sammyaliworld@yahoo.com.Pls,e-mail me and i will furnish you with my plans.Also concerning a webdesigner.Am of the believe that it will be better if you could help me find one and we can all work together in achieving such.

I can't wait to get this started.

rgds,

Samson.