Introduction
Accessories for bikes can range from mobile electronics to sidecars and trailers, all chosen by the rider to improve his or her motorcycle's speed, safety, and comfort. It is possible for an accessory to be added to a vehicle either during the manufacturing process or after the vehicle has been sold and fitted by the owner as an aftermarket product.
The low temperatures encountered at night or in the winter can be made bearable by adding heated seats or grips, which certain manufacturers make possible due to motorbikes' lack of wind protection and climate control.
Indian Bike Spare Parts Market (2022 to 2027)
Between FY'17 and FY'22, India's bike parts aftermarket services business grew at a CAGR of 7.9 percent, based on the revenue produced. The industry saw a 5.3 percent Y-o-Y rise during the last year. Motorcycle accessory sales are expected to grow at a CAGR of 6 percent between 2022 and 2027, reaching a total value of US$ 15 billion by 2027.
Benefits of Starting A Motorbike Part Manufacturing Business
1. Connecting In A Meaningful Way At Work
As a motorbike parts business, you never know who you'll run into. What a great potential this may be for a business!
2. It's Full Of Great Perks And Deals!
If you work in the motorcycle components industry, you'll enjoy the benefits! As a provider of these goods and services, you'll frequently be eligible for special discounts and benefits offered by the sector.
3. You're The One In Charge!
Establishing a bike parts company means that you'll be in charge of making most of the business choices. Having the ability to make decisions is both freeing and powerful.
4. Face-To-Face Communication
For those who thrive on a personal connection, this is the perfect business opportunity! You'll be dealing with clients and/or staff daily if you own a motorcycle parts business.
5. There Is Never A Dull Moment
There is never a boring moment when beginning a business selling motorcycle components. You'll learn a lot about a wide range of topics and encounter a diverse range of individuals thanks to your profession.
Also Read: How To Start Car Parts Manufacturing Business in India for 2023
Top 10 Bike Parts Manufacturers And Dealers In India
- Suri Automobile
- SK Auto Agency
- Pritam Singh Sunrise
- Mandap International Pvt. Ltd
- Mahaveer Auto Agency
- Nirmal Motor
- Sangam Automobiles
- S Sif Company
- Kunal Auto industries Pvt. Ltd
- Reliable Autoexpo
Easy Steps To Establish A New Bike Spare Parts Manufacturing Business In India
1. Requirements for Investing
To start a business, you'll need to have money on hand. To manage a motorbike repair shop, you'll need money to buy the supplies you'll need. Loans are an option if you don't have enough money.
Nowadays, obtaining a company loan is not difficult at all. When it comes to financing your motorcycle components company, you might look for a private investor. Co-operative societies are another option for obtaining startup capital.
There are two usual "pre-opening" expenditures for beginning a motorcycle parts business, and I've described the prices for each:
- Minimum cost= $12
- Maximum cost= $37,876
2. Pay Attention To Personal Finance.
Your financial affairs need to be straightened out. Start your motorcycle parts business by deciding how much money you'll need to put into it. Cash, bank funding, or venture capital can all be used to finance a business, for example. Consider applying for a credit line from motorcycle-parts wholesalers. Typically, a mix of these strategies will be used to raise money.
3. Purchase The Necessary Tools
Equipment purchases account for the majority of a manufacturing company's initial working capital. In the case of motorcycle parts, several different machines are required to set up a factory.
Equipment:
- Chainring
- Crank
- Bottom Bracket
- Rear Suspension
- Seat post
- Stem and more
The equipment you need for your two wheeler spare parts near me relies on the niche you have chosen. To acquire a complete inventory and quote for the items you require, you can contact a machining service provider online.
Maintaining machinery is an expense that must be considered even by tiny manufacturers in this industry. The health and safety standards for operating heavy machinery must also be taught to your personnel.
Read More: Automobile Parts Manufacturers, Suppliers & Exporters In India: Top 10
4. Make Sure you Have the Proper Permits.
Get a company or professional permit: the Local Business Administration website has some recommendations about how to go about this. Find out whether any specific permissions for handling hazardous chemicals, such as motor oil, are required by the motorcycle-parts firms while you're there.
Make sure you have enough insurance to cover your losses. You should talk to your insurance agent about a motorcycle parts company liability coverage that is tailored to the special hazards that motorbikes provide, such as the potential for both life and property damage.
If a set of secondhand brakes you sold fails and causes an accident, ask your insurance agent what insurance you would need.
5. The Address of Your Business
To begin with, you need to think about where your business will be located. Choose a location where you can make the most money and learn the most about your business.
You can select a location close to a large population center. Building a warehouse is simple if the site is near a highway.
There's no better time than now to start offering your products and services via the internet.
6. Set Price of Your Motorcycle Parts
Trying to figure out how much to price for your motorcycle components is one of the most difficult elements of beginning a business selling bike parts.
Underpricing a product may have a significant negative impact on a company's bottom line and image.
The last way you want clients to think of your product or service as "cheap" is to underprice your product or service. The sort of consumer you draw will be impacted as well, and that can be tough to recover from.
7. Assemble Your Team.
You must have a staff that can carry out your plans for a bike parts manufacturing firm effectively if you want to succeed. Bike parts online production requires both an internal and external team.
Production employees, supervisors, other management positions, procurement specialists, and accountants are all needed in the internal team. As a component of your external team, it's critical to work with reliable transportation and logistics companies.
To succeed in the motorcycle parts manufacturing industry, you'll need a strong marketing and public relations staff at your firm. To save money, you might outsource these services.
8. Determine How Your Company Will Make Money.
You must ask the following questions before launching a bike manufacturing company;
- Is the product you're selling the only one of its kind?
- Do you have the necessary management and administrative abilities to operate a manufacturing company?
Making a start in this field is easier if you ask yourself these key questions. With new endeavors, it is common for the big picture to overshadow the day-to-day operations, resulting in decreased production and efficiency. The business model may be planned when this is settled.
Do you wish to market as an individual seller or as an OEM to significant bike manufacturers? You'll need a strong sales staff to assist you to clinch these agreements no matter what path you take. As a small company owner, you have a variety of options for selling your products. Auto retail outlets, online shopping portals, and a dedicated website are all included in this package.
9. Calculator For Gross Margin
The calculator's interface is intended to be as uncomplicated as possible.
Having a clear understanding of what constitutes a good profit margin for your bike parts company is the primary purpose of this article.
10. In-House Production of Your Product
To make your motorbike parts at home or in a professional shop is also typical practice.
You may also want to experiment with several designs and formulas of bike modified parts until you discover the one that works best for your product.
Because they can measure a company’s ability, prices, and production/logistics, some entrepreneurs prefer to produce their products in-house.
Conclusion
The appropriate individuals can help you streamline your day-to-day operations when you begin producing bike spare parts. You'll be able to focus on more important issues, such as streamlining your production process or locating a new market for your products.
FAQs: Bike Parts
Q. How much money is required to start a bike part manufacturing company?
Ans: It all relies on the kind of your company and the volume of your manufacturing. It's a smart option to speak with local professionals who are familiar with the market and can assist you in developing a financial strategy for your firm if you want a precise estimate.
Q. What are the best practices for expanding one's bike parts business?
Ans: Keeping up with the competition and expanding your business may be as simple as using a few fundamental strategies and tactics. These are a few:
- Decide on a good site.
- Invest in highly advanced technology.
- Fair and reasonable prices
- Customer satisfaction is a result of excellent service.
Q. Is starting a bike spare part manufacturing business profitable?
Ans: Establishing a bike spare parts company is an excellent option if you want to establish a retail operation in the automotive sector. This car-related business is quite successful. There is a lot of room for advancement in this field if you already have the experience.
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