Pros:
1. Low startup cost – With the right tools, you can start your own bike repair business with minimal upfront costs.
2. High demand – More and more people are turning to biking for transportation or recreation, meaning there is an increasing demand for bike repair services.
3. Opportunity to be creative – Bike repair offers a chance to build custom parts and work with unique materials, allowing for more creative freedom than other businesses.
Cons:
1. Competition – As the demand for bike repair increases, so does the competition from other established bike repair shops.
2. Limited space – Running a bike repair shop requires dedicated workspace, and it can be difficult to find the right space at an affordable rate.
3. Knowledge gap – Knowing how to properly diagnose and fix different types of bikes is essential for success in this business, so having the right knowledge or experience is necessary.
4. Seasonality – Depending on the location and climate, bike repair may only be in high demand during certain times of the year. During slower months, it may be hard to make enough money to cover overhead costs.