Pros:
– Potentially high profit margins through the sale of premium products.
– Low overhead costs due to minimal labor requirements.
– Fewer regulatory burdens compared to some other businesses.
– A growing market for luxury bicycles that has seen increased demand in recent years.
– Great marketing opportunities, since luxury bike buyers tend to be highly aware of their purchase decisions.
Cons:
– High startup costs due to the cost of purchasing or leasing equipment and obtaining necessary permits and licenses.
– Competition from established brands and businesses with more resources.
– Difficulty in identifying reliable suppliers and distributors.
– Limited market appeal due to the high cost of luxury bicycles.
– Difficulty in maintaining quality assurance standards with outsourcing or foreign manufacturers.