Its a joy to read about this. I had such dreams once. I dont think Joe public realise how much smarts you need to set up and successfully run a bike shop and deal with demanding customers. Tiny things really do put serious customers off and its not always price. The emotional bond people form with their bikes should never be underestimated.
I used to sell a ton of bikes bitd. Eg If a woman came in looking at bikes id always emo the sale, asking her what she might call it ( before puchasing ) Sometimes saying hes really missing you as she walked out the store before going for a coffee to think about it....i dont recal one ever not coming back in about 40 mins or so later to complete the purchase, with all the linked upgrades.
it's going pretty well so far, it has quietened down now but i'm sort of relieved as it gives me a little breather! i should get through the winter without too much trouble so the next target for me is to hit a year of trading with a bit of money in the shop account, at this point the accountant can give me an idea of the longevity of the business but the signs currently are good.
i'm still not sure about facebook advertising, on the face of it it looks cheap but i'm on the local community pages for the area and they give me a lot of business, and this is free and specific to the area i'm in.
i think the key to this has been pretty simple, don't be a dick to customers and they come back, this to me seems to have been forgotten by the bike trade in someways, or maybe the usual mail order customer has beaten it out of them, but i find being easy to deal with and friendly goes along way.
That's what targeting is - you chose location, age and interests of people you wish to serve your ad to. Get it touch if you need help with it . The same goes for the website, print work etc.
Most bike shops start up like you/yours... but as they grow up and attract more business than they can handle - they start acting cocky, don't bother taking on small jobs or meeting deadlines, start seeing customers only as a £ sign. Don't let that happen to you and you'll be fine.