If you think that fixing up old bikes and selling them for profit is a dream job…you’re right!
You may have fixed up an old bike already. It may have been a fun project for yourself, you and a family member (can you say, father-and-son business?), or maybe you’ve even flipped a motorcycle for profit already.
But do you realize that you can actually take this fun hobby of yours and turn it into a profitable business?
With some knowledge, a little elbow grease, and a wholesale dealer license, we’re going to show you how!
Along for the Ride
What we’re talking about here is not some pie-in-the-sky dream—it’s a real, tangible goal that you can be well on your way to pursuing in as little as 30 days!
But there are a few things you need to know before pulling back the throttle and placing a layer of rubber on the asphalt as you chase down your rewarding—but challenging—new career.
- Get a wholesale dealer license
- Assess your skills
- Make a budget
- Find a workspace
- Buy the right bike
- Sell it!
Let’s go over each of these points in detail…
Wholesale Dealer License
You CAN sell vehicles without a wholesale dealer license; however, you won’t get far. Depending on the state you live in, you may only be able to sell a few bikes before you need to get a wholesale dealer license anyway.
You may as well do it right away.
At US Dealer Licensing, we make it easy to get your wholesale dealer license in just 30 days! With this license, you can buy and sell vehicles wholesale to and from dealers and auctions.
This means you can buy and sell as many vehicles as you like!
Assess Your Skills
Once you can legally buy and sell vehicles without limitations, it’s time to take a hard, honest look at your current skills and what you’re ready to do and to learn in order to flip your next bike.
Let’s face it—there’s no point buying a motorcycle that doesn’t run if you don’t have the wherewithal to make it purr again. And if you have no experience (or talent) with doing cosmetic work, then buying a bike that needs a paint job or with broken trim work won’t bring you as much profit.
Be honest with yourself about what you know, and be willing to learn what you don’t know if you really want to maximize your potential for making money selling motorcycles.
Make a Budget
If you’ve rebuilt bikes for fun in the past, you may not have kept careful track of what it cost from start to finish by the time it was all said and done—especially if it took you years of slow tinkering in the garage before you called it done.
Things to consider are…
- Initial cost of the bike
- Cost of replacement parts
- The cost of your own time
- Cost to hire a professional mechanic for complex repairs
- Promotional costs
Find a Workspace
This may sound obvious, but you’d be surprised by how many people attempt an undertaking like this without fleshing out this essential detail. You may think that it doesn’t take much space to work on a bike—and if you’re comparing this to working on a car, then that’s somewhat true.
But don’t be too hasty!
You don’t want to end up working in the rain or needing to expand your operation to a makeshift, tarpaulin shelter! Not only is it no fun to work in such conditions, but you also run the risk of having parts stolen or ruined in the weather.
Realize that you’ll need more space than you think you do! This is especially true if you’ve never worked on a bike before. But you definitely need to consider that unforeseen complications are bound to arise, and you may end up needing extra shelf space as a routine repair turns into a major overhaul.
Buy the Right Bike
Finding the right motorcycle to fix up can be a challenge in itself—especially if you’re starting out without much mechanical knowledge. And keep in mind—whichever bike you pick will set the course for your whole project, so gain some knowledge—and choose wisely!
First of all, this is a balancing act. Generally speaking, the more that needs fixed on a bike, the less you’ll pay for it and the more money you’ll inevitably make on it. Conversely, finding a bike that’s in pretty good shape but could use some sprucing up can turn a quicker, easier profit, but you’ll typically pay more up front and gain less profit overall.
You’ll want to weigh the cost of the bike against your mechanical skills and how quickly you’d like to turn a profit, however big or small.
Don’t forget! Whatever you do, always make sure that the bikes you buy have a title! If not, you’ll be in for some real headaches down the road.
Before you do anything, make sure the bike is clean and presentable! It would be a real shame to put in all the effort to fix up a bike and find the right buyer, only to have them pass it up when they find a better-looking one elsewhere.
But once your bike runs great and is freshly washed, it’s time to give it a new home!
Take advantage of every promotional avenue available to you. Posting ads online is the most obvious choice. You can use sites like craigslist.com or cycletrader.com to place an ad for people specifically looking for a bike. Social media is a good way to let people know you have a bike for sale.
But another thing to try is simply placing your bike on your lawn or in a populated area where you’ll attract the attention of people who aren’t already looking for a motorcycle. The right buyer might be someone who lives a block away who’s never even ridden a motorcycle!
Give it a Try!
If fixing motorcycles is a passion of yours, why not make some money while you’re at it. Just keep these tips in mind, and don’t forget to procure a wholesale dealer license before getting in too deep.