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ReCycles Bikes
United States
Приєднався 8 чер 2014
💡 Free Shop Health Assessment: recyclesbicycleshop.com/shop-health-quiz
Dreaming of opening a bike shop and don't know where to start?
Or are you already a shop owner, but feeling stuck with low margins, long hours, and no time to enjoy life? What if I told you there’s a way to run a simpler, more profitable bike business while living your dream?
Hi, I’m Matt, owner and operator of ReCycles Bikes. A Maryland local shop serving everyday people who need trustworthy, practical bikes. While ignoring industry trends, I have doubled the industry average salary for shop owners-while taking 15+ weeks of vacation each year.
Sound too good to be true?
Follow along and find out how I've cracked the code to running a profitable bike shop, one that's as rewarding financially as it is personally.
This isn’t just a business channel-it’s a movement to bring back the local bike shop. Whether you’re starting, scaling, or surviving in this industry, I’m here to help.
-Matt
Dreaming of opening a bike shop and don't know where to start?
Or are you already a shop owner, but feeling stuck with low margins, long hours, and no time to enjoy life? What if I told you there’s a way to run a simpler, more profitable bike business while living your dream?
Hi, I’m Matt, owner and operator of ReCycles Bikes. A Maryland local shop serving everyday people who need trustworthy, practical bikes. While ignoring industry trends, I have doubled the industry average salary for shop owners-while taking 15+ weeks of vacation each year.
Sound too good to be true?
Follow along and find out how I've cracked the code to running a profitable bike shop, one that's as rewarding financially as it is personally.
This isn’t just a business channel-it’s a movement to bring back the local bike shop. Whether you’re starting, scaling, or surviving in this industry, I’m here to help.
-Matt
The ONE Bike Shop Lesson I Wish I Knew Earlier...
💡 Free Shop Health Assessment: recyclesbicycleshop.com/shop-health-quiz
Dreaming of opening a bike shop and don't know where to start?
Or are you already a shop owner, but feeling stuck with low margins, long hours, and no time to enjoy life? What if I told you there’s a way to simplify operations, become more profitable, and better your work-life balance while living your dream?
Hi, I’m Matt, owner and operator of a Maryland local shop serving everyday people who need trustworthy, practical bikes. While ignoring industry trends, I have doubled the industry average salary for shop owners-while taking 15+ weeks of vacation each year.
Sound too good to be true?
📖 A Brief ReCycles Bikes Story:
At 8, I swore off bikes after a traumatic bloody knee incident while out on a ride.
At 15, I discovered biking to school instead of taking the bus meant more sleep. I am not a morning person. Suddenly the past trauma wore off.
At 19, I started tinkering with bikes in my garage and found my passion.
By 23, I had a “fancy” chemical engineering job but couldn’t stop dreaming of bikes.
At 24, I took the leap, and gave up a more than healthy salary to open up my shop.
Despite making mistakes, I doubled my first-year projections, and by 28, I was taking home over double that of the average shop owner.
At 31, we posted yet another record year while creating a licensing program to help others replicate our success.
Today, I've cracked the code to running a profitable bike shop, one that's as rewarding financially as it is personally.
But here’s the thing: too many bike shops are struggling. Many owners work grueling hours, make little profit, and eventually close their doors. I created this channel to change that. Let's bring bike shops back.
🚴♂️ What You’ll Gain From This Channel:
-Proven strategies for running a profitable bike shop.
-How to serve an overlooked yet highly lucrative customer base.
-Ways to simplify operations and increase margins while working less.
-Stories, insights, and mistakes from my journey to inspire and empower you.
This isn’t just another business channel-it’s a movement to bring back the local bike shop.
Whether you’re looking to start your shop, scale an existing one, or simply survive in this tough industry, I’m here to help.
-Matt
Dreaming of opening a bike shop and don't know where to start?
Or are you already a shop owner, but feeling stuck with low margins, long hours, and no time to enjoy life? What if I told you there’s a way to simplify operations, become more profitable, and better your work-life balance while living your dream?
Hi, I’m Matt, owner and operator of a Maryland local shop serving everyday people who need trustworthy, practical bikes. While ignoring industry trends, I have doubled the industry average salary for shop owners-while taking 15+ weeks of vacation each year.
Sound too good to be true?
📖 A Brief ReCycles Bikes Story:
At 8, I swore off bikes after a traumatic bloody knee incident while out on a ride.
At 15, I discovered biking to school instead of taking the bus meant more sleep. I am not a morning person. Suddenly the past trauma wore off.
At 19, I started tinkering with bikes in my garage and found my passion.
By 23, I had a “fancy” chemical engineering job but couldn’t stop dreaming of bikes.
At 24, I took the leap, and gave up a more than healthy salary to open up my shop.
Despite making mistakes, I doubled my first-year projections, and by 28, I was taking home over double that of the average shop owner.
At 31, we posted yet another record year while creating a licensing program to help others replicate our success.
Today, I've cracked the code to running a profitable bike shop, one that's as rewarding financially as it is personally.
But here’s the thing: too many bike shops are struggling. Many owners work grueling hours, make little profit, and eventually close their doors. I created this channel to change that. Let's bring bike shops back.
🚴♂️ What You’ll Gain From This Channel:
-Proven strategies for running a profitable bike shop.
-How to serve an overlooked yet highly lucrative customer base.
-Ways to simplify operations and increase margins while working less.
-Stories, insights, and mistakes from my journey to inspire and empower you.
This isn’t just another business channel-it’s a movement to bring back the local bike shop.
Whether you’re looking to start your shop, scale an existing one, or simply survive in this tough industry, I’m here to help.
-Matt
Переглядів: 168
Відео
The 4 Characters At Bike Shops
Переглядів 3,3 тис.2 години тому
💡 Free Shop Health Assessment: recyclesbicycleshop.com/shop-health-quiz Dreaming of opening a bike shop and don't know where to start? Or are you already a shop owner, but feeling stuck with low margins, long hours, and no time to enjoy life? What if I told you there’s a way to simplify operations, become more profitable, and better your work-life balance while living your dream? Hi, I’m Matt, ...
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Переглядів 7064 години тому
💡 Free Shop Health Assessment: recyclesbicycleshop.com/shop-health-quiz Dreaming of opening a bike shop and don't know where to start? Or are you already a shop owner, but feeling stuck with low margins, long hours, and no time to enjoy life? What if I told you there’s a way to simplify operations, become more profitable, and better your work-life balance while living your dream? Hi, I’m Matt, ...
PROFITS REVEALED. How Much We Make Selling Used Bikes
Переглядів 1,6 тис.9 годин тому
💡 Free Shop Health Assessment: recyclesbicycleshop.com/shop-health-quiz Dreaming of opening a bike shop and don't know where to start? Or are you already a shop owner, but feeling stuck with low margins, long hours, and no time to enjoy life? What if I told you there’s a way to simplify operations, become more profitable, and better your work-life balance while living your dream? Hi, I’m Matt, ...
The Case For Used Bikes In YOUR Shop
Переглядів 36812 годин тому
💡 Free Shop Health Assessment: recyclesbicycleshop.com/shop-health-quiz Dreaming of opening a bike shop and don't know where to start? Or are you already a shop owner, but feeling stuck with low margins, long hours, and no time to enjoy life? What if I told you there’s a way to simplify operations, become more profitable, and better your work-life balance while living your dream? Hi, I’m Matt, ...
We Had A Bike Stolen
Переглядів 1,2 тис.14 годин тому
💡 Free Shop Health Assessment: recyclesbicycleshop.com/shop-health-quiz Dreaming of opening a bike shop and don't know where to start? Or are you already a shop owner, but feeling stuck with low margins, long hours, and no time to enjoy life? What if I told you there’s a way to simplify operations, become more profitable, and better your work-life balance while living your dream? Hi, I’m Matt, ...
Shop Space.. How Much Do You Need?
Переглядів 52416 годин тому
💡 Free Shop Health Assessment: recyclesbicycleshop.com/shop-health-quiz Dreaming of opening a bike shop and don't know where to start? Or are you already a shop owner, but feeling stuck with low margins, long hours, and no time to enjoy life? What if I told you there’s a way to simplify operations, become more profitable, and better your work-life balance while living your dream? Hi, I’m Matt, ...
Watch Before Signing Your First Lease
Переглядів 76519 годин тому
💡 Free Shop Health Assessment: recyclesbicycleshop.com/shop-health-quiz Dreaming of opening a bike shop and don't know where to start? Or are you already a shop owner, but feeling stuck with low margins, long hours, and no time to enjoy life? What if I told you there’s a way to simplify operations, become more profitable, and better your work-life balance while living your dream? Hi, I’m Matt, ...
Start A Bike Shop, at 1/8th The Cost
Переглядів 98221 годину тому
💡 Free Shop Health Assessment: recyclesbicycleshop.com/shop-health-quiz Dreaming of opening a bike shop and don't know where to start? Or are you already a shop owner, but feeling stuck with low margins, long hours, and no time to enjoy life? What if I told you there’s a way to simplify operations, become more profitable, and better your work-life balance while living your dream? Hi, I’m Matt, ...
Revealing My Income From The Garage Days
Переглядів 835День тому
💡 Free Shop Health Assessment: recyclesbicycleshop.com/shop-health-quiz Dreaming of opening a bike shop and don't know where to start? Or are you already a shop owner, but feeling stuck with low margins, long hours, and no time to enjoy life? What if I told you there’s a way to simplify operations, become more profitable, and better your work-life balance while living your dream? Hi, I’m Matt, ...
Bike Industry Burning? I’m Laughing
Переглядів 2,9 тис.День тому
💡 Free Shop Health Assessment: recyclesbicycleshop.com/shop-health-quiz Dreaming of opening a bike shop and don't know where to start? Or are you already a shop owner, but feeling stuck with low margins, long hours, and no time to enjoy life? What if I told you there’s a way to simplify operations, become more profitable, and better your work-life balance while living your dream? Hi, I’m Matt, ...
Elitism Is Killing Your Bike Shop
Переглядів 26 тис.День тому
💡 Free Shop Health Assessment: recyclesbicycleshop.com/shop-health-quiz Dreaming of opening a bike shop and don't know where to start? Or are you already a shop owner, but feeling stuck with low margins, long hours, and no time to enjoy life? What if I told you there’s a way to simplify operations, become more profitable, and better your work-life balance while living your dream? Hi, I’m Matt, ...
Simple Sales Process For Your Shop Team
Переглядів 221День тому
💡 Free Shop Health Assessment: recyclesbicycleshop.com/shop-health-quiz Dreaming of opening a bike shop and don't know where to start? Or are you already a shop owner, but feeling stuck with low margins, long hours, and no time to enjoy life? What if I told you there’s a way to simplify operations, become more profitable, and better your work-life balance while living your dream? Hi, I’m Matt, ...
Bicycle Frame Materials
Переглядів 96День тому
💡 Free Shop Health Assessment: recyclesbicycleshop.com/shop-health-quiz Dreaming of opening a bike shop and don't know where to start? Or are you already a shop owner, but feeling stuck with low margins, long hours, and no time to enjoy life? What if I told you there’s a way to simplify operations, become more profitable, and better your work-life balance while living your dream? Hi, I’m Matt, ...
This Bike Shop Secret Is How We Get 80% Margin!
Переглядів 16014 днів тому
This Bike Shop Secret Is How We Get 80% Margin!
ALL CITY Cosmic Stallion. Final Tune Up For 2024!
Переглядів 17914 днів тому
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Sweet trade-in on this Fuji tread 3.0!
Переглядів 12821 день тому
Sweet trade-in on this Fuji tread 3.0!
Garage Hobby to Local Bike Shop: The Story of ReCycles Bikes
Переглядів 2,5 тис.21 день тому
Garage Hobby to Local Bike Shop: The Story of ReCycles Bikes
Quick Money On This Trek Navigator 3.0!
Переглядів 99Місяць тому
Quick Money On This Trek Navigator 3.0!
Basic Tune Up on this Novara Corsa Hybrid Bike!
Переглядів 95Місяць тому
Basic Tune Up on this Novara Corsa Hybrid Bike!
Speak your truth without letting others influence your opinions
Is the clock battery dead? appears to be stuck
I really like this guy. The micro is about bikes and business, but the macro is about meeting people's needs and wants via respect, attitude, understanding, and treatment. "NEW" can always be a trap. "NEW" is a shiny object, smells good, looks kewl and appeals to our tactile, intellectual, and business senses so it must be good, right? WRONG. We all have FOMO (Fear Of Missing Out).However one must also remember that the grass is not always greener on the other side, it's where you distribute the water. Basically be the be the best at your core strengths and products. This is the primary mission, then look to the new. This a fundamental for me.
You have got this very right!
I'm a combination of 3 & 1 I need a multipurpose bike & having the better stuff is nice but not if it means over paying when something just as good but not the latest trend works just as well
So true 😊
I'm in Ireland so not speaking for North America and I'm not absolutely sure which segment I fit into. I got back into riding a bike about 8 years ago. I had no interest in being a roadie so it was just for the occasional ride for fun or to leave the car at home. The bike was a Christmas gift so I didn't buy it. I soon got a set of panniers from Lidl and then racks, bags and baskets for every conceivable use and then I got a couple of big trailers and suddenly my bike was a real alternative to a car. Then I decided I wanted to go "e". I just took delivery of my first e-bike at the end of July last year. I spent several months going into a lot of different bike shops in a 50 km radius checking out what was available beforehand. I'm 2 metres tall (over 6'6) and 120 kg so I knew I was going to be limited to a smaller selection of what was available and it would probably have to be a special order too. Which is exactly how it turned out to be. I wanted what I described as an all round commuter cargo bike lite workhorse (but not an actual cargo bike) and showed photos and videos of what I was doing with my existing ordinary hybrid to warrant that description. A picture really is worth a thousand words sometimes. I still regularly got directed to the e-road bike and e-mtb sections although that was absolutely what I did not want. Oddly enough for whatever reasons, there seemed to be a pretty large selection of e-road bikes in extra large frame sizes available even though I didn't want one. I rarely saw family orientated or utilitarian bikes at all in these shops apart from kids bikes. And 80% of them who said they'd look into availability for something to suit me never made contact again. They appear to be selling almost exclusively expensive road or mtb bikes for the sport and recreational market or cheap crappy pretend versions of road or mtb bikes for whatever market that is. I ended up buying from a shop that persuaded me to buy a cheaper model with a less sophisticated but more durable and cheaper to repair drive system. Although that was still €3,500! A Cube Kathmandu One. I'm happy with being persuaded now. And I had to wait several months for the manufacturer to actually make more 62 cm XL frames but that wasn't a problem. But absolutely, most bike shops are not showing they are very interested in the utilitarian or family end of the market and are missing out on attracting a market that's ready to grow rapidly with additional encouragement. A long comment and perhaps not entirely relevant but my most relevant experience from dealing with bike shops. I'm enjoying your videos since they popped up and all pretty relevant globally.
Imagine an industry that can pick and choose the type of customers they choose to cater to. I can’t argue that this is a real phenomenon as I quit patronizing my previous shop for just this reason. My old shop (I had been going there almost exclusively for about 3 decades) was bought out by new owners and they changed the vibe almost immediately. Instead of a welcoming atmosphere it got all upscale and elitist practically overnight. The new salespeople were snooty and condescending and since I don’t present as a typical cyclist even though I have been riding my entire life and ride daily and so I was considered persona non grata and relegated to second class citizen status. I decided to vote with my wallet and take my business elsewhere.
So I just found out. i'm a freedom rider...
FREEDOM rider here. GREAT video. I don’t work at a bike but I’ve definitely seen & meet these people at bike shops….LOL…
econ 102, pricing in business/maximizing profit = econ 102❤❤❤
good vid, but your not looking at camera, put a sticker star where the lens is so you will make eye contact with us viewers
30-45 min assembly is crazy fast. Especially low end bikes are such garbage from factory. Bent rims, rotors and derailleur hangers, tyres not seated, front derailleurs misaligned, no grease in headsets etc.
You have an admirable business plan …Thank you for sharing. I work on bikes out of my garage for me and my family only but I do enjoy seeing how you run your company.
Haha I feel really called out by the "freedom rider" type. Bikes are the most important thing in my life but I don't care about carbon bikes and electronic shifting and the lightest of everything. I even ride a custom belt drive Surly Straggler as my daily driver! I'm glad you cater to the "Dave & Susan" type buyers. They're the ones who need bike shops the most.
Like the BikeFarmer dude said: “Practical bikes for practical people.” That pays the bills.
Cyclist here. I’m not mad about Dave and Susan, they do need a bike shop and they have LOTS of questions when they come to the shop I use because of the sticker shock. Whereas I am thinking “do I want the one piece cockpit and will it fit on my bike”.
You forgot the fifth character, Discount Des. Des comes into the store once a year at most and always bagels staff into a discount. He has not affiliations with any of the clubs, charities or other groups the shop supports but insists hw is entitled to a big discount.
I am cranky Carl and I do all my bike shopping on Amazon because they have my prices and my sizes always in stock. Surly Rocks!
Dave and Susan will buy those bikes and ride them once or twice and their butts will hurt so bad the bikes end up hanging in their garage for the next 10 years.
looks like im the third, cool
My name isn't Dave or Carl so it puts me into the Freedom Rider group although I need 2 more bikes to cover the last 2 days of the week 😅
This comment is meant to apply to all of your videos. While your content is good, what I extra appreciate about your videos is their short form. Love that I can consume the content in a 5 min to 15 minute video. While I like BikeFarmer videos, many nights I just do not have 30 to 45 minutes to dedicate to watching 1 video on UA-cam. Thank you for the shorter vids.
You have some great content and a perspective worth considering. I think you've identified a clientele that offers a real opportunity for sustainable growth. Most people just want the wind in their hair and some sunshine. Probably less than 10% are destined to become cycle needs. Make cycling accessible to the masses at a reasonable price and the sport can only grow. You're definitely on to something!
I fall into group one. I don't gate keep or do the snob stuff. Arguably one of the biggest harms to the bike industry has been chasing after group 1's pocket books. Thank you for shedding more in sight into the industry. Another great video.
Me too, and you're right. But the one thing I do need from shops are mechanics who are able to help me maintain my bikes with stuff I can't do. I have been lucky to find a couple where I live.
@stuartdryer1352 that's the biggest thing I need. I try to give them most all the work past changing a chain. I changed my own tires because they couldn't get them. (Schwalbe Alberts).
I am the "Freedom Rider" with the Surly, complete with racks and panniers, of which I fill with dumpster dived items that are sold on eBay. Doesn't get more Portlandia than that, but it's totally true. I hate that I AM that guy, just because of the optics and how people perceive such a thing, but it's just how I ended up and I try to be as least annoying as possible. The problem trying not to be annoying is that this keeps me out of the bike shop when I need to be in there. I'm in the midst of challenging myself to learn things, but I'm just not good at teaching myself. Soldering, looking at a circuit board, truing a wheel, tuning a derailleur. There is only so much time in the world.
Great video! Work in a bike shop myself, we have the occasional “time suck” customer that talks and talks and talks 🙄. We treat everyone with respect and courtesy but sometimes it’s a challenge to get them out the door. Bike shops tend to attract “interesting” individuals. 😁
I am not sure exactly who I am in that group. I am not exactly a “cyclist,” although I ride a lot. I am also not quite a Dave or Susan. I am way more nerdish than that. You mentioned a Surly Midnight Special. I don’t have one of those; but I do own an All City Zig Zag, which I largely built myself. That’s a similar vibe, but with nicer steel and a carbon fork. I do not have a bike for every day of the week. I am closing in on one for every day of the month. Well, once I get about 10 more, anyway.
That was perfect So completely correct Thanks again for another great video 😊 Mark from Maryland
This is the most energy I've seen yet! Smart to go slow on the educational content, but more of the passion here too please!
Thank you sir! Still getting accustomed to speaking to a camera, but feeling more natural each video
@@ReCyclesBikes_ great to hear man, you're on a roll. Keep it up!
Bravo to you sir!
Fail... CUSTOMER.. not consumer. New age "customer control" rather than Customer Service. You would not be my bike shop and I would not be your customer. Far too formulaic, veiled elitism and your mannerism and presentation are, in my opinion, a deterrent to purchase. Best of luck.
@jeffh ...you sound like the BikeFarmer guy who forgot to take his meds...
Thanks for the feedback, Cranky Carl!
"Lol - Cranky Carl - spot on!! Yes, hard to get pleased ! Luckily there are the 3 other groups!
I live two doors down from Matt. Pretty awesome and down to earth guy full of great advice.
Hey Herb! Good to see ya here 😂
Bingo!
Thank you for your articulate and analytical posts. I have a small business, ‘The Bike Orphanage’ selling used bikes in Australia. We donate $500 each month to a registered charity (The Starlight Foundation) helping children going through cancer treatments. In Australia the donation is tax deductible but moreover, a lot of our customers give us their old bikes for our charity support. We also receive a lot of community support for doing this. It’s on our signage and social media posts. This practice may be useful for other small businesses although I understand each geographical location has different economic conditions. Goodwill can come in many forms.
That's a great practice! For us, we have a local charity we've worked with focused on assisting homeless children in the area, the scope of their charity is large but it does include rehabbing bikes as transportation
👍video. Can you tell us your thinking ref your membership scheme, and the economics of offering this
This will be coming out in a video in the next few weeks!
For the love of Archimedes fix your damn clock behind you … that seconds hand ugh OCD is working overtime
🤣 one of these days
I am sure that you have thought of this , but adding an "About This Bike" card to the handle bar might be a great way of telling a story about why that bike is Interesting/Great/Unique/Valuable. I was on FB Marketplace looking at 1990 MTBs. Saw someone selling for $200 a Rocky Mountain bike. I knew nothing. Thought Rocky Mountain was a Walmart marketing name. Went and Googled Rocky Mountain bikes and discovered that it was no Walmart bike. Then I wanted to own it!
Have sold hundred of used bikes. Anything exotic is a nightmare, Had a lot of success with durable bikes, they don't have to shift prefect or have a buttery fork, they just have to work, be presented clean and be reliable. So many people just want to pump up the tires and go for a spin randomly with the Kids.... that's their choice, not ours.
Very comprehensive and well worded, thanks again for the uploads
Thanks for watching!
Nice video - as always! Interesting about the kids-bikes. But nowdays there are also very low ends Trek, Giants and Specialized - hardly to differ from those cheap bikes you mention. Do you take every bike only by name - or do you say yes/no also by how they look like?
Brand name is our first filter, then we look at age and condition. Each bike we take in will go through and initial mechanical inspection which takes about 3 minutes and then we offer a trade in value. We probably end up taking in roughly three out of every 10 bikes that are offered to us, there's plenty of them out there! Just less so with kids bikes
I have a question for you. Does your shop charge a “corking fee” if a customer brings in their own parts? I was having a front triangle replaced on a warranty issue and was paying a fee for the rebuild. I decided it was a good time to upgrade the drivetrain. I found a good deal online, ordered it, dropped it off at the shop and then found an additional $200 “corking fee” on the receipt. Is this standard across the industry?
This is the first I've heard of this concept. We don't charge one more did either of the previous shops I worked at. Sounds like a bit of a frivolous fee to me.
@ thanks for the response. It rubbed me the wrong way. I wasn’t told abt it on the phone or when I picked up my bike. I only saw it on the receipt afterwards. I figure a policy is at the discretion of the proprietor, but I never had a chance to decide if I wanted to accept it
Look at the customer. Do they have a Lexus key fob, or a Rolex on their wrist? Do they have a cup from Dunkin' or Peets? Do they seem like they know anything about bikes? These are the things to look for to maximize profit on the bike you pulled up from the river bottom. Is the bike really rusty? Emphasize the patina.
To put in perspective these prices, can you please help me to understand? What's avarege salary in your area? (How much investment reqs from an average Joe?) What are these bikes used for? (Not the cargo nor the road bike.) Going to the corner to grab an ice cream, or daily commute? Does your city has an acceptable infrastructure to use bike "safely" instead of a TRUCK.
As far as average salaries we would not know exactly. We are in a suburban area about 40 minutes outside of DC. We have a population of 350,000 people, so there is a variance. We corner the market of more everyday people rather than those looking for a $5,000+ road or MTB. Both exist in our area, those looking for higher end will likely visit other shops. 80% of our customers fall within the 30 to 55-year-old age range, which I suspect may be similar in most shops. Our customers use their bikes to cruise around the neighborhood with their kids, ride on rail trails, and for light exercise. Only very few of our customers use bikes as a utility rather than recreation, such as to commute or pick up groceries. It would be good to know there is a variance of used bike pricing depending on location, in the heart of DC they would likely sell for more whereas further out in the country we may not get as much. So you are good to pose the question, the prices in your area may vary, but with it your overhead expenses as well will be higher or lower depending on where you are
Just found your Channel and I am glad I did😀
Welcome!
We have sold "used" and new bikes for quite some time. The used category certainly changed during COVID, as it seemed that most wanted new bikes. Then about a year/year and a half into COVID, lots of folks were selling the bikes that they just bought..so "used" bikes took another hit. Like everything in the shop, you can do well if you pay attention to ups/downs of the bike industry.
Do you have a specific, or average, gross profit percentage in mind ?
Yes and no, everybody thinks of their numbers a little differently. I tend to think in terms of averages and minimums. I keep track of the average (I know we make $320 on a bike, on average) and I think about minimums (we try not to bring in a bike we will make less than $250 on). Most of our bikes fall into the $250 to $300 range, and then few will make us more, between $500 and $700. We track these and many more metrics that will be seen in future videos!
@@ReCyclesBikes_ The dollars mean little, it's the gross profit PERCENTAGE that is important. In the auto biz ( I was there for 25 years) it's all about gross profit. Example parts sales. The standard here is 40% gross profit. more is better, a lot more is gouging ( the new national pastime in business in the USA). Guidelines...Cost of labor 30%. New vehicle sales.. 20& average.. used car sales 25% or more. Successful auto dealerships follow it. Cons abuse it and those who are generous are no longer in business. Another way to get to 40 % gross profit on parts is to multiply cost by 1.675. ( I hope I remembered that correctly) However I prefer a stair stepping matrix, the lower the cost the higher the percentage, the higher the cost the lower the percentage.
Please stop calling criminals gentleman.
🤣 Good point, edit* a criminal walked into our store...
@ReCyclesBikes_ I'm also sorry this happened really grinds my gears. Hard working honest people don't deserve this.
One wonders why the cycling industry don't follow the car industry example.......where you can buy used cars, or trade in for a new car.
I've always said to customers "used car dealerships are all over the place but used bike dealerships are few and far between"
Really enjoying the video's. Thank you.
Thanks for watching!