Profit, Purpose, and Pedals: A Unique Spin on Entrepreneurship

In this video, business owner and bike enthusiast Arleigh Greenwald aka the “Bike Shop Girl”, made the tough decision to close her profitable bike shop. While this isn’t the typical interview I look at, she shares several lessons that aspiring bike shop owner should hear.

Despite the typical assumptions, the business was not shuttered due to lack of financial success. In fact, the shop was a prosperous venture that was very much in the black. Arlee’s reasoning for closing down her business was driven by her unique perspective on success, rather than traditional profitability indicators.

Related: How to start a bike shop

Key Insights for Entrepreneurs

Arlee shares valuable insights that can be highly beneficial for anyone planning to start a business, especially within the bike industry. She emphasizes the importance of non-monetary key performance indicators (KPIs) that impact the sustainability and real success of a small business.

1. Reward on investment: Arlee evaluated whether her business was rewarding the financial and time investment she and her family put into it. Her goal was not just to repay the borrowed funds but also to compensate for the time taken away from her family and herself.
2. Sustainability: Arlee prioritized the sustainability of her business model, which she believes should not only generate a good income but also allow time for personal life and mental health. Her idea of sustainability is a business that serves the owner’s life and helps them fulfill their personal and community goals.
3. Community Contribution: Arlee valued her business’s ability to pay it forward, by investing time and resources back into the community that helped her business grow. This included supporting local non-profit organizations and creating valuable content for her audience.

Key Quotes and their Interpretation

“Time is what matters the most, so invest wisely.” – Brad Corrigan

This quote, shared by Arlee, emphasizes the critical role of time as a resource. For budding entrepreneurs, this means focusing not only on financial profits but also on efficient time management. The time invested in a business should yield returns in terms of personal fulfillment, life balance, and positive community impact.

“Your small business should live to support you, to help you create the life you want to live and service the community you hope to impact.”

In this quote, Arlee encapsulates the notion that a business should not become the owner’s entire life. Instead, it should enable the entrepreneur to lead the life they aspire to while positively impacting their community.

Conclusion

Arlee’s experience presents a unique perspective on entrepreneurial success. She reminds us that while profitability is essential, it is not the sole indicator of a successful business. Personal fulfillment, work-life balance, and community impact are equally important measures of success.

To anyone thinking of starting a business, Arlee’s story serves as an inspiration. It teaches us to not merely pursue monetary success but to create businesses that align with our personal values and aspirations, and contribute positively to our communities.

Remember, you’re not just starting a business – you’re crafting a story. Make sure it’s a story you want to live, and one that brings about the change you wish to see in the world. In the words of Arlee, “Create the story you want to live and be the change you want to see.” So, take action, pursue your entrepreneurial dreams, and remember to invest your time wisely.