Bicycles have a long and colorful history in Australia, stemming from the rudimentary machines of the late 19th century to the sleek, streamlined pushies of today, says Phil Jarrat on Australian Geographic. He also adds that more than 4 million Australians ride a bike for recreation or transport each week. With the stiff competition from online retailers, it’s been a difficult time for bicycle shops in Australia. Online shops have an advantage over Canberra bicyle shops that face high rents and less demand. One of the key goals of owning a shop is turning a profit. Below are tips on how to make your Canberra bicyle shop profitable.
Cut supplier list
The first step will involve cutting your supplier list. This will help you to focus and make your bicyle shop in Canberra more efficient. By cutting your supplier list in half you are able to improve your freight to invoice and focus on quality not quantity, easily manage your accounts and make your purchasing process simpler. The number of suppliers you need are around 7 to 8. However, it is advisable to keep four basic suppliers than one or two to add your business value.
After taking care of your supplier list, it is time to renegotiate. This will involve meetings with your core suppliers in order to renegotiate on certain relationship decisions where you can review and reset some things. Have a detailed account of how much you spend per category yearly and discuss it with them. Decide on the categories you intend to support or keep working with. Aim to have a profitable and mutually beneficial relationship with them as you make decisions with regard to service frequencies, investment on co-marketing, merchandising and best pricing among other things. Click here Box of Bikes for more information.
You also have to invest in your value. The price of a product or service in relation to the quality of the product will determine its value. As you set your prices, consider the value of the product not making the price more expensive or too cheap. However, you can have discounts in case you want to drive traffic or win market share. The key factor is to invest in the service you provide, support, delivery, image and also the reputation of your Canberra bicyle shop.
In addition, you need to make use of the ever changing technology. Today the internet is one of the best means of marketing your product. Create a website for your shop where people can gain access to the products you are selling. Make the website user-friendly to give your clients an easy time when they view and then order the products. Door to door delivery is also an added advantage as it makes the buying process easy. This will even out your competition with online shops enabling you to have customers and make profit.
With a good and reliable plan, you are well on your way to having a successful bicyle shop Canberra based. For example, one can find bicyle shop in Canberra by visiting http://boxofbikes.com.au/ .