@megz1985 First off, don’t let the current owner jack up the price with the past few month’s numbers! Coronavirus has really surged bike sales, but you need to care about the next few years, not the next few months. Plus if the shop is out of inventory because of supply issues you can’t go replicate those same sales anyway.
That said, one important point I haven’t seen mentioned yet is that when buying or starting a business, one of the most important skill sets isn’t necessarily the industry specific knowledge, but rather the knowledge of how to own and run a business.
This is to say, business owners across industries have more in common with each other than non-owners within the same industry. Generally speaking. There is a huge range of skills and a kind of attitude that comes with the job. A good sense of numbers is vital. You’ll learn to understand cash flow whether you want to or not, for instance. Basic bookkeeping is an essential thing to know, even if you don’t do it, so you can monitor it at the very least.
Marketing decisions, expansion plans, branding, HR. All areas you can dip your toes into and might need to go deeper if you’re too small to afford outsourcing.
Your marketing and IT background helps a lot, I believe. I would explore that e commerce channel hard. You’re in an interesting retail segment that has seen major new demand, but for all we know that demand now could result in a slowdown in a year.
Ultimately you need to evolve to think like a business owner to be a good one. Just like lawyers go to law school, or doctors go to med school, to learn how to
think like their fellow professionals as much as learn material. You don’t have the luxury of a formal education, though, so self-educate. Cash flow, as mentioned before. Or the idea that you’re either growing or dying. These are the kinds of things you’ll learn if you want to succeed, and the fact that you’re already contemplating your next step is great because every business owner should
always have the next step forward in mind.
