Help Needed For An Idea

[Jim Lovell]

They way things are with the economy it looks like i may be redundant soon, so i have a dream which will probably stay a dream but i would like your input.

I have been thinking of a motorcycle hire business down here in the south using Royal Enfields, i have no idea how the hire business works or even how to tell if it would be viable.

Its a nice place to ride around for a weekend or longer with loads to do and see.

I have looked on the Net for insurance companies but cant find any info on cost etc.

Do you have any ideas and how many people would consider a hire bike holiday? not just here but in general.

[gs-ell]

insurance wise speak to Leisure insure

They insure me to run this place www.theworksskatepark.com

& i used to run a mountain bike & ski hire shop in the alps

Give us a shout if you have any queries

Elliott

[Harty]

Why not give these guys a call http://www.motorcycles2hire.co.uk/ I'm sure theyd help as long as you're far enough not to be competition.

[Redmurty]

Is there anyone in your area already hiring out bikes, Look at the web site of other hirers around the globe see what they are offering package wise. Look at the cost of bikes and servicing. Put tour packages (guided/unguided) together for our biker friends from abroad, (or UK). Advertise on all relevent web sites, mags etc. Could you import a bunch from India direct? they are about a grand each I believe. Get your back up systems in place,van, mechanic, breakdown recovery. If i think of anything else (like hiring me for a small fee to lead tours)I will add to post. Hope this helps and I have not insulted your intelligence cheers Spud

[Jim Lovell]

Is there anyone in your area already hiring out bikes, Look at the web site of other hirers around the globe see what they are offering package wise. Look at the cost of bikes and servicing. Put tour packages (guided/unguided) together for our biker friends from abroad, (or UK). Advertise on all relevent web sites, mags etc. Could you import a bunch from India direct? they are about a grand each I believe. Get your back up systems in place,van, mechanic, breakdown recovery. If i think of anything else (like hiring me for a small fee to lead tours)I will add to post. Hope this helps and I have not insulted your intelligence cheers Spud

Not at all Spud it all helps me convince myself it could be a goer, i will do all the maintanence etc myself.

Thats an idea about importing them never thought of that one, price wise i was looking at a place in wales that hire Enfields for £100 a day.

[Breva]

Silly question,but why Enfields ? have you considered the new BMW G650GS at under £5000? must be this years bargain buy and i,m no BMW fan.

[Jim Lovell]

Just for cost insurance etc and they are something everyone can ride not to tall, easy to ride and that feel of an Enfield on the country roads, although i have been thinking to start with a couple Bullets just to test the market and then maybe introduce some bigger toys to the stable.

[Selous]

Jim I agree go for the G650gS, or do what bike espaina do the owner has a enfield (1) as well that he rides himself, but while i stayed there a number of people wanteds to give her a go for a few hours, then wanted back on the BMW,
also photos while riding people love having photos of themselves done while riding, (not mamy people get there photos taken while riding), where will they be staying, will you do b & b or they have to go elsewhere?

[James691]

Hiya Jim,

First off I'm sorry to hear you may be losing your job mate!

About your business idea and this is just my own opinion so you take or leave it as you please buddy

What I have seen so far is some sketchy research into a dream - a wonderful dream and that means passion - something you will need for the amount of hours you will need to put in.

But you are talking about a business - and business is business - profit and loss, profit and loss based on turn over.

You need a business plan of at least 3 years worth of projections to where you will be making a profit.

Research - looking into other hire companies
looking into how you can diversify if you need to - perhaps tours
advertising costs - you could ask Alun on this one.
who is your target
how do you get your target
what is your unique selling piont - why should I choose you over B
where are you going to set up
how far do you hire
is there a mileage charge
how much is the insurance
do you need an office
do you need staff
do you need a place to keep the bikes
how much will all that cost
insurance for the business LTD to set up a business account
who does the books and how much will that cost
heating, lighting, rent - how much

Have you tested your target market and what are the results
who else is doing this in the area

what is the intial outlay going to be
will you need loan on your cash outlay - what's the apr on that.

If you can't answer all these questions fully and with research to back up those projections then I'd say you are jumping in blind and most go tits up within 3 years.

Before you start anything I'd call the bank and ask to speak to a small business advisor - NatWest provide this service. There are also business enterprise services set up by the government and they can also tell you if you could apply for a business grant in your area.

Speak to those people and get an idea about what a business is about and look into courses for bookkeeping etc then do some more researh again to see if your plan holds water.

Speak to the family - it can be very stressful and you will need support mate.

When you have done all that and still happy that it's a goer, I'd look into setting up a testing site and see what interest you get from punters.

There are a lot of options and a lot of pit falls - check, check and then check again.

The very best of luck dude

James

[Redmurty]

I started my business 11 years ago, a dream possibly, but I ditched the job because I absolutely hated it (ex cop)I did not take any loans out ,still have not to this day. I have a full diary nearly every week and I owe nobody any money.

unique selling points you are selling someone a dream of riding an old British marque around the British Isles.

Look at staff because you will need them sooner or later so cost them in, will you be able to maintain bikes, answer phones, book people in, recover broken bike/riders. Answer dick ead questions etc all at the same time.

Bullets are about a grand in India, will you be able to import them yourself, what back up will you get, will you piss off the regular importer ? what spare back up structure will you need/get.

Get a really good accountant from the very beginning..........

at the end of the day what is the worst thing that can happen to you if you try before you buy, go for it mate, get everything in place in theory and then make a decision. Now is the time to start a business when everyone is clammering for work and you can get things done, (ask Alun, look at this mag)

If I can help in any way give me a shout, or if you want to bounce some ideas of someone just ping me, just give me a go on a bike or let me know when your importing and I'll fling a grang your way for a bike. :woohoo:

cheers Spud