so i started a bike shop. update 31/07/24
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i thought i'd do another little update, things are changing again, VAT.
the bastard tax man. as of the 1st of December i have to be VAT registered, i am really not sure what this will mean for the future, there are pros and cons, so here's what i understand, i pay vat every 3 months as a lump sum, but i can claim back a certain amount of VAT on my current stock including my start up costs, this means that when i do my initial Vat return i will actually be in credit and i'll get a refund, but 3 months later i'll have to pay it and so on, it's like getting a loan then getting it foreclosed on! very weird. silver lining is that i will pay less income tax, but overall if the turnover goes up i should be ok. my accountant is doing some forecasting for me, i have asked him to work out based on my figures how high my turnover needs to be a year to pay me £1000 a month, i realise that sounds like a low amount but because i can put things through the business (legally) and the shop pretty much pays for my bike habit then £1000 a month is actually a reasonable wage for me, currently i have been living on £350 a month plus expenses, which is between £20 and £150 usually, the "expenses" are usually my work related milage in the van at 45p a mile. long term i'll have to see what happens an make a decision down the line as to weather the business can support me but on a month to month basis i'm ticking over ok.
right that's the crappy bit sorted!
this month has been more shop rides, a ride on the Isle of Wight with some friends (at short notice so sorry to those who would have like to come) and i got my Orange 5 resprayed and rebuilt so here are some pics and a few from inside the shop today. i also ventured up to the Steel is real demo day on the Forest of Dean, where my Demon got spotted and the next thing i know it's on Factory Jackson and WideOpen mag
here's the story, my bike etc is about halfway down:-
https://www.wideopenmountainbike.com/20 ... -real-demo
anyway here are some pics:-
my Demon got a refresh a while ago, not sure if i mentioned this, it was changed to accept 650b wheels so the fork was changed and the gears adjusted to suit
IMG_8170 by Dr. Branom, on Flickr
IMG_8169 by Dr. Branom, on Flickr
IMG_8172 by Dr. Branom, on Flickr
IMG_8171 by Dr. Branom, on Flickr
Ben aka B3 from NZ who came back to england with me a couple of years ago, he now works from Specialized Uk in chessington, he came on the IOW ride, he was happy at this point but he was upset at the IOW's laggy mud later in the day!
IMG_8208 by Dr. Branom, on Flickr
Matt from GA cycles and Adam formerly of GA cycles and DC cycles in the foreground, this is on Mottisone down if memory serves.
IMG_8210 by Dr. Branom, on Flickr
can never remember the name of this bit
IMG_8212 by Dr. Branom, on Flickr
IMG_8214 by Dr. Branom, on Flickr
i was riding my 2007 Orange Clockwork
IMG_8215 by Dr. Branom, on Flickr
claggy mud
IMG_8219 by Dr. Branom, on Flickr
more pics next post
i thought i'd do another little update, things are changing again, VAT.
the bastard tax man. as of the 1st of December i have to be VAT registered, i am really not sure what this will mean for the future, there are pros and cons, so here's what i understand, i pay vat every 3 months as a lump sum, but i can claim back a certain amount of VAT on my current stock including my start up costs, this means that when i do my initial Vat return i will actually be in credit and i'll get a refund, but 3 months later i'll have to pay it and so on, it's like getting a loan then getting it foreclosed on! very weird. silver lining is that i will pay less income tax, but overall if the turnover goes up i should be ok. my accountant is doing some forecasting for me, i have asked him to work out based on my figures how high my turnover needs to be a year to pay me £1000 a month, i realise that sounds like a low amount but because i can put things through the business (legally) and the shop pretty much pays for my bike habit then £1000 a month is actually a reasonable wage for me, currently i have been living on £350 a month plus expenses, which is between £20 and £150 usually, the "expenses" are usually my work related milage in the van at 45p a mile. long term i'll have to see what happens an make a decision down the line as to weather the business can support me but on a month to month basis i'm ticking over ok.
right that's the crappy bit sorted!
this month has been more shop rides, a ride on the Isle of Wight with some friends (at short notice so sorry to those who would have like to come) and i got my Orange 5 resprayed and rebuilt so here are some pics and a few from inside the shop today. i also ventured up to the Steel is real demo day on the Forest of Dean, where my Demon got spotted and the next thing i know it's on Factory Jackson and WideOpen mag
here's the story, my bike etc is about halfway down:-
https://www.wideopenmountainbike.com/20 ... -real-demo
anyway here are some pics:-
my Demon got a refresh a while ago, not sure if i mentioned this, it was changed to accept 650b wheels so the fork was changed and the gears adjusted to suit
IMG_8170 by Dr. Branom, on FlickrIMG_8169 by Dr. Branom, on FlickrIMG_8172 by Dr. Branom, on FlickrIMG_8171 by Dr. Branom, on FlickrBen aka B3 from NZ who came back to england with me a couple of years ago, he now works from Specialized Uk in chessington, he came on the IOW ride, he was happy at this point but he was upset at the IOW's laggy mud later in the day!
IMG_8208 by Dr. Branom, on FlickrMatt from GA cycles and Adam formerly of GA cycles and DC cycles in the foreground, this is on Mottisone down if memory serves.
IMG_8210 by Dr. Branom, on Flickrcan never remember the name of this bit
IMG_8212 by Dr. Branom, on FlickrIMG_8214 by Dr. Branom, on Flickri was riding my 2007 Orange Clockwork
IMG_8215 by Dr. Branom, on Flickrclaggy mud
IMG_8219 by Dr. Branom, on Flickrmore pics next post
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so the Orange 5 rebuild
frame repainted in norlando grey, left the Pike fork in it for the moment, bar stem and seat post are thomson, converted to a 1 x 11 shimano Xt set up running on hope tech enduro wheels, i also changed a few bits colour wise to match stickers etc, rides lovely.
IMG_8267 by Dr. Branom, on Flickr
IMG_8268 by Dr. Branom, on Flickr
IMG_8269 by Dr. Branom, on Flickr
IMG_8270 by Dr. Branom, on Flickr
IMG_8271 by Dr. Branom, on Flickr
IMG_8273 by Dr. Branom, on Flickr
IMG_8274 by Dr. Branom, on Flickr
IMG_8277 by Dr. Branom, on Flickr
and here are some shop pics as of today
might have gone a little overboard on lights but they are selling fine.
IMG_8280 by Dr. Branom, on Flickr
luggage etc is slow but does go out the door, sell loads of saddle bags
IMG_8281 by Dr. Branom, on Flickr
i probably have too many lube brands but everyone seems to have a favourite so i try and cater to them all
IMG_8283 by Dr. Branom, on Flickr
IMG_8286 by Dr. Branom, on Flickr
comfy saddles as opposed to race saddles seem to be what most of my customers want
IMG_8284 by Dr. Branom, on Flickr
met helmets steadily sell and cover all the bases from kids to racer
IMG_8284 by Dr. Branom, on Flickr
looking at the counter from the front of the shop
IMG_8290 by Dr. Branom, on Flickr
the shop front in the sunset!
IMG_8291 by Dr. Branom, on Flickr
loads of shimano!
IMG_8293 by Dr. Branom, on Flickr
loads of sram!
IMG_8294 by Dr. Branom, on Flickr
shop ride showing off the Use exposure MaxxD light
IMG_8107 by Dr. Branom, on Flickr
so the Orange 5 rebuild
frame repainted in norlando grey, left the Pike fork in it for the moment, bar stem and seat post are thomson, converted to a 1 x 11 shimano Xt set up running on hope tech enduro wheels, i also changed a few bits colour wise to match stickers etc, rides lovely.
IMG_8267 by Dr. Branom, on FlickrIMG_8268 by Dr. Branom, on FlickrIMG_8269 by Dr. Branom, on FlickrIMG_8270 by Dr. Branom, on FlickrIMG_8271 by Dr. Branom, on FlickrIMG_8273 by Dr. Branom, on FlickrIMG_8274 by Dr. Branom, on FlickrIMG_8277 by Dr. Branom, on Flickrand here are some shop pics as of today
might have gone a little overboard on lights but they are selling fine.
IMG_8280 by Dr. Branom, on Flickrluggage etc is slow but does go out the door, sell loads of saddle bags
IMG_8281 by Dr. Branom, on Flickri probably have too many lube brands but everyone seems to have a favourite so i try and cater to them all
IMG_8283 by Dr. Branom, on FlickrIMG_8286 by Dr. Branom, on Flickrcomfy saddles as opposed to race saddles seem to be what most of my customers want
IMG_8284 by Dr. Branom, on Flickrmet helmets steadily sell and cover all the bases from kids to racer
IMG_8284 by Dr. Branom, on Flickrlooking at the counter from the front of the shop
IMG_8290 by Dr. Branom, on Flickrthe shop front in the sunset!
IMG_8291 by Dr. Branom, on Flickrloads of shimano!
IMG_8293 by Dr. Branom, on Flickrloads of sram!
IMG_8294 by Dr. Branom, on Flickrshop ride showing off the Use exposure MaxxD light
IMG_8107 by Dr. Branom, on Flickr
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Re: so i started a bike shop. update 01/07/17
If anyone is wondering Why Jon appears to be doing alright, It's because he's doing things RIGHT.
I went in about a week ago (I've only met Jon once, and he didn't recognise me), asking about a rebuild for my Fox shock. He explained to me that Mojo have split from fox, options, rough guide on prices, timescales, everything. Consummate professional, proper helpful!
I'm only sorry that in doing so he dropped a conversation with the other fella in the shop (Who I totally recognise... Either a local, or from Iconoclassic!!) Sorry bud!
Enjoy the biccies Jon!
If anyone is wondering Why Jon appears to be doing alright, It's because he's doing things RIGHT.
I went in about a week ago (I've only met Jon once, and he didn't recognise me), asking about a rebuild for my Fox shock. He explained to me that Mojo have split from fox, options, rough guide on prices, timescales, everything. Consummate professional, proper helpful!
I'm only sorry that in doing so he dropped a conversation with the other fella in the shop (Who I totally recognise... Either a local, or from Iconoclassic!!) Sorry bud!
Enjoy the biccies Jon!
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Re: so i started a bike shop. update 01/07/17
bugger!! i didn't! now it makes sense!! you should have said! i'm terrible for faces, i recognise bikes!!
My_Teenage_Self":3dlzff2f said:
bugger!! i didn't! now it makes sense!!
you should have said! i'm terrible for faces, i recognise bikes!!
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i tried a 650b wheel in it and it fitted, so bought a fork and rebuilt the wheels, job done, personally i think the 650b wheel fits in the rear of the bike better.
Mike Muz 67":38kv2x3f said:
i tried a 650b wheel in it and it fitted, so bought a fork and rebuilt the wheels, job done, personally i think the 650b wheel fits in the rear of the bike better.
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Re:
thought i'd do another little update, a few things have changed in the shop,
the VAT thing hasn't been an issue yet, and it looks like i'll get a rebate the first time because of all the stock and the start up costs that i can claim back, that said they are questioning it which means some paperwork but i'm sure it'll sort itself out, but i'll have a better idea of how it affects me at the end of march when i have to pay the first VAT bill! :|
i decided to get some electric bikes in, Volt bikes work in a slightly different way to the normal bike distributors in that they give me the bikes, when i sell them they send me a commission cheque, it's not as much as the mark up on an average bike but there's no financial risk so it works well for me.
here they are:-
IMG_8461 by Dr. Branom, on Flickr
IMG_8463 by Dr. Branom, on Flickr
i've also had a few tasty bikes in, this one was used in a Masters category race in France a while ago
IMG_8659 by Dr. Branom, on Flickr
IMG_8660 by Dr. Branom, on Flickr
also got trained on Bosch electric motors, i figure it's a string to my bow sort of thing, bought the tools and diagnostics etc and christ were they expensive!
IMG_8652 by Dr. Branom, on Flickr
IMG_8653 by Dr. Branom, on Flickr
IMG_8654 by Dr. Branom, on Flickr
on the tool front as well, i'm loving Park Tool stuff as you'd expect, these are all the specific Suspension fork sockets, 6 sided means they fit extremely well.
IMG_8650 by Dr. Branom, on Flickr
and obvs i need a good mug for my tea
IMG_8651 by Dr. Branom, on Flickr
i also recommend using lube on your chain even though some customers seem to not think this is important
IMG_8600 by Dr. Branom, on Flickr
also love it when you win with a pain in the bum BB removal
IMG_8602 by Dr. Branom, on Flickr
IMG_8603 by Dr. Branom, on Flickr
the most dreaded part of any shop owners day, refilling the price gun
IMG_8772 by Dr. Branom, on Flickr
i also bought a huge load of locks!! i was frustrated with Abus, they're are good lock s but they are very expensive for the spec, Oxford offer similar spec for 30% to 40% less, and they chucked in the stand, which is massive!
IMG_8776 by Dr. Branom, on Flickr
i also took on Swiss stop pads, i am one of those people who generally like to recommend the genuine pads, so shimano in shimano etc but i have found that a lot of companies actually recommend Swiss stop, so now i i have options and i like options
IMG_8789 by Dr. Branom, on Flickr
can't remember if i mentioned i had video camera installed
IMG_8798 by Dr. Branom, on Flickr
view from the counter looking out
IMG_8799 by Dr. Branom, on Flickr
view looking back at the counter
IMG_8800 by Dr. Branom, on Flickr
thought i'd do another little update, a few things have changed in the shop,
the VAT thing hasn't been an issue yet, and it looks like i'll get a rebate the first time because of all the stock and the start up costs that i can claim back, that said they are questioning it which means some paperwork but i'm sure it'll sort itself out, but i'll have a better idea of how it affects me at the end of march when i have to pay the first VAT bill! :|
i decided to get some electric bikes in, Volt bikes work in a slightly different way to the normal bike distributors in that they give me the bikes, when i sell them they send me a commission cheque, it's not as much as the mark up on an average bike but there's no financial risk so it works well for me.
here they are:-
IMG_8461 by Dr. Branom, on FlickrIMG_8463 by Dr. Branom, on Flickri've also had a few tasty bikes in, this one was used in a Masters category race in France a while ago
IMG_8659 by Dr. Branom, on FlickrIMG_8660 by Dr. Branom, on Flickralso got trained on Bosch electric motors, i figure it's a string to my bow sort of thing, bought the tools and diagnostics etc and christ were they expensive!
IMG_8652 by Dr. Branom, on FlickrIMG_8653 by Dr. Branom, on FlickrIMG_8654 by Dr. Branom, on Flickron the tool front as well, i'm loving Park Tool stuff as you'd expect, these are all the specific Suspension fork sockets, 6 sided means they fit extremely well.
IMG_8650 by Dr. Branom, on Flickrand obvs i need a good mug for my tea
IMG_8651 by Dr. Branom, on Flickri also recommend using lube on your chain even though some customers seem to not think this is important
IMG_8600 by Dr. Branom, on Flickralso love it when you win with a pain in the bum BB removal
IMG_8602 by Dr. Branom, on FlickrIMG_8603 by Dr. Branom, on Flickrthe most dreaded part of any shop owners day, refilling the price gun
IMG_8772 by Dr. Branom, on Flickri also bought a huge load of locks!! i was frustrated with Abus, they're are good lock s but they are very expensive for the spec, Oxford offer similar spec for 30% to 40% less, and they chucked in the stand, which is massive!
IMG_8776 by Dr. Branom, on Flickri also took on Swiss stop pads, i am one of those people who generally like to recommend the genuine pads, so shimano in shimano etc but i have found that a lot of companies actually recommend Swiss stop, so now i i have options and i like options
IMG_8789 by Dr. Branom, on Flickrcan't remember if i mentioned i had video camera installed
IMG_8798 by Dr. Branom, on Flickrview from the counter looking out
IMG_8799 by Dr. Branom, on Flickrview looking back at the counter
IMG_8800 by Dr. Branom, on Flickr
Re: so i started a bike shop. update 01/07/17
I love this thread - it's really, really great to read and see a proper success story.
As mentioned on this page, you're success is down to the effort, attention to quality and passion. Without that last bit, it wouldn't work, so absolute kudos.
I was going to mention you should get an accountant to deal with the VAT, but you're already there with one so, again, cap doffed.
My only other question was on stock. You've got a lot of it, so do you feel comfortable you're covering the bases i.e. got the right balance between products and services?
I love this thread - it's really, really great to read and see a proper success story.
As mentioned on this page, you're success is down to the effort, attention to quality and passion. Without that last bit, it wouldn't work, so absolute kudos.
I was going to mention you should get an accountant to deal with the VAT, but you're already there with one so, again, cap doffed.
My only other question was on stock. You've got a lot of it, so do you feel comfortable you're covering the bases i.e. got the right balance between products and services?
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