Most people dream about being able to travel the world and enjoy endless adventures as a motorcyclist, but the reality for many is much different. While most people associate motorcycling with freedom and exhilaration, for some it brings financial hardship. The good news is that it doesn’t have to be that way. With the right planning and management, you can create a passive income stream from your motorcycle and enjoy the adventure of a lifetime. Here’s how.
The Income Potential Is Endless
If you’ve ever been curious about the income potential of motorcycling, you may have heard of some legendary figures in the industry. People like E.J. (Jack) Schwen, who in 1960 was one of the first to earn a living selling motorcycles; Karl Klinger, the first person to start a motorcycle-related business in Germany in 1897; or Enrico Tommasini, who in 1917 founded the company that would become Iveco, the largest producer of tandem bikes in the world.
Though they’re well-known for their entrepreneurial spirit and desire to make a living from something other than a regular job, these men and women were actually riding a form of modern-day RV that enabled them to do so. That same spirit can be applied to anyone today, as the opportunities to make money from a motorbike have never been greater. For example, if you live in a country where motorbikes are legal and you’ve got the talent and drive to be successful, you could start a bike business and begin delivering packages for various businesses or individuals as a form of contractual work. Or, if you’ve got a genuine love for bikes and you’ve built up a decent following on social media, you could start engaging with bike enthusiasts online and gain some meaningful revenue from your efforts. The possibilities are endless.
The Industry Is Booming
In addition to the endless possibilities for income, the industry for motorbikes is also experiencing a boom period as more people want to get into biking as a means of transportation. According to the Global Motorcycle Market Size, the size of the market will increase from roughly 88 million units in 2021 to around 107 million units by 2027.
In most cases, this will be driven by emerging markets in China and India, as more people there want to get around on two wheels. But as the industry continues to expand, so does the need for financial security, which in turn, creates opportunities for those looking to enter the market.
What Makes Bikes So Special?
Bikes are pretty cool. They’re functional, easy to use, and designed to give you a unique experience. But beyond the basics, what makes bikes so special is how they bring us together as a community. For example, if you live in a country where motorbikes are popular, you’ll most likely have seen bikers socializing and riding around together. This can range from casual Friday outings to full-blown bike festivals where people from all over the world come together to celebrate the lifestyle.
The bond that many riders feel with their bikes is very unique. In some cases, it’s even led to owners creating lasting relationships with their vehicles. For example, the owner of a vintage Harley-Davidson that he restored and customized learned that the only way he could pay for his daughter’s college education was to sell the bike. The emotional attachment that some people feel toward their bikes is truly special. It’s probably why we’re so attracted to cars that drive themselves. When that technology starts becoming accessible to the general public, the opportunity to own a car will start looking a lot more appealing.
How Do I Get Started?
If you’re looking to get started with your bike business, the first thing you should do is figure out how much you’re willing to risk. A good place to start is with a side gig, which can be a stepping stone to further opportunities. If you can prove that you’re capable of handling the responsibilities that come with running a side business, you could look into the franchising opportunities that accompany owning a pizza store or an Italian restaurant. This way, you won’t be risking your entire net worth but only a small percentage of what you’ve got.
As you get more experienced, you could branch into more lucrative ventures. For example, if you’ve got a good eye for design and can build a brand, you could start your own bike component company and begin seeking out partnerships with other industry leaders. Or, if you want to be a full-fledged bike entrepreneur, you could start your own bike-related business and begin delivering pizzas or making espresso machines, which can be more lucrative endeavors.
Regardless of which path you choose, there are endless opportunities to make money from your motorcycle. Just remember to be resourceful, honest, and willing to learn. These three areas will set you up for long-term success as a motorcyclist entrepreneur.