September 13, 2024 – The National Bicycle Dealers Association (NBDA) is proud to announce the release of its highly anticipated 2024 Cost of Doing Business Study, a comprehensive report that provides an in-depth look at the financial and operational data from hundreds of specialty bicycle retailers across North America.
The report includes detailed insights into critical business metrics, such as margins, operating expenses, payroll, employee benefits, online sales, click-and-collect services, community served, net profit, and inventory turn. It is designed to provide retailers with a clear understanding of their profitability and productivity, as well as how they compare to their peers in the industry.
Heather Mason, NBDA President, emphasized the importance of this report, stating, “This report is invaluable not only to retailers but to the entire industry. What we learn from this data can help both retailers and suppliers make key decisions that shape the future of specialty bicycle retail. With operating expenses rising and net profits shrinking, understanding what it costs to run a bicycle business today is essential. By working together and using this data, we have the potential to identify opportunities for higher margins and long-term strategies that ensure profitability and success for specialty bicycle retailers.”
The 2024 Cost of Doing Business Study serves as a vital resource for retailers to evaluate their own financial performance, pinpoint strengths and weaknesses, and identify opportunities for improvement. Retailers can compare their figures with industry benchmarks based on revenue, store type, geographic region, and high-profit firms. The ability to spot significant performance differences is crucial in guiding business improvement and profitability.
Key highlights of the report include:
- Operating expense breakdowns and how they affect net profit.
- Data on emerging trends like online sales and click-and-collect services.
- Metrics on employee compensation, benefits, and how they contribute to overall business success.
- Comparative insights for single and multi-store operators across different regions.
Pricing and Availability:
- The report is available to NBDA Members for $99 (member login required for discounted pricing).
- Non-members can purchase the report for $399.
- Retailers who submitted data for the study will receive the report directly from Industry Insights.
Conducted in early 2024, this study is the most up-to-date financial performance data available for specialty bicycle retailers. It is designed to help retailers gain a competitive edge by understanding industry norms and how their business stacks up.
Purchase the report, via this direct link.
For more information about the National Bicycle Dealers Association and its initiatives, visit NBDA's website.
###
About the National Bicycle Dealers Association (NBDA):
The NBDA is a non-profit organization dedicated to supporting and promoting independent bicycle dealers. Through various initiatives, education programs, and networking opportunities, the NBDA strives to elevate the bicycle retail industry and empower dealers for long-term success. For more information about the NBDA and its initiatives, please visit www.nbda.com.
