With the introduction of new and exciting features and styles by bike manufacturing companies, many bike riders upgrade to new bikes and discard the old ones. At the same time, many people cannot afford new bikes and must settle for a good used one. It is what has made second-hand bike dealerships a profitable business, and if you want to take advantage of this opportunity, now is unquestionably the time.
The current trend of Indian second-hand bike showroom
At the moment, three out of every ten two-wheelers sold in India are used. In fact, according to data, India’s pre-owned two-wheeler market is larger than the African continent’s entire new two-wheeler industry, with 6.6 million units sold. According to estimates, it has grown 20-25 percent per year over the last five years. Until the end of the fiscal year, the market for used two-wheelers accounted for nearly 40% of the need for new two-wheelers.
With India overtaking China as the world’s largest two-wheeler market and used 2W market growth accelerating, the second-hand bike showroom has become a lucrative business.
Used bike showroom business plan
Anyone can learn through trial and error, but there is some loss involved with every mistake, and even minor losses can add up to a significant loss. Furthermore, it is always preferable to learn from the mistakes of others rather than making them yourself. On the other hand, a business plan is an excellent way to accomplish this. While creating the project, keep in mind the mistakes that others have made and predefine your moves and the dos and don’ts of running a business.
The first step in developing a business blueprint is deciding on a business objective. The primary goal of a used bike showroom should be to achieve complete customer satisfaction. Each satisfied customer can lead to more referrals and sales.
As long as it’s a business, it’ll need proper licensing, whether it’s a used bike showroom or not. To obtain legal permission to operate your used bike showroom, you must first obtain a dealer’s license. People usually avoid buying a bike from a dealer who does not have a dealer’s license, and having a dealer’s license makes your showroom a more trustworthy source for buying or selling bikes.
Marketing and advertising are critical to the success of any business. There are two ways to market and advertise your used bike showroom: digital and offline. Because of the pervasiveness of smartphones and the internet of things, digital marketing has become a necessity. If you want your business to thrive, you must market it digitally.
The first step is to create a website and promote it through various channels such as search engines, blogs, social media, etc. You can begin offline advertising by placing ads in local radio stations or distributing pamphlets and posters. It is also a good idea to place hoardings in strategic locations. To know more about GST on bikes, click here.