Making the right decisions for your cycling business

Whatever your business, there are certain things you should always make sure you do.  From choosing the right insurance package to obtaining the best savings account, it pays to take your time and find the best deal to suit your venture.

If your passion for cycling has developed into a business; you should ensure you take care of the following.

Choosing a business account

Whether just starting out, or even if you’ve been in the industry for a few years, it pays to look at your banking and get the most appropriate business savings bank account

for your needs.

As is the case with personal savings accounts, the best business savings account can come in a variety of different formats.  There is no hard and fast rule for which is the best; picking the right one for you, will always depend on the individual circumstances of your enterprise.

The one thing that remains the same – whatever your business – is that you need to make a good rate of return on your money. Obviously sales and revenue are integral to this, but you also need your bank account to aid with this in terms of the interest earned on the savings.

Savings accounts with access

If you’re going to need to access funds at short notice, then it’s likely you’ll require an instant access account or at least one that allows for some form of access to your funds.   This will allow you to freely deposit and withdraw funds at your convenience, whilst still receiving interest on the money held in the account. 

Instant access is arguably the best option when just starting out.  You’ll no doubt have funds to plough into the business; but access to them at short notice will be key.

Fixed rate savings accounts

Whilst it is still possible to secure a high rate of interest through an account with access, if you are able to shelve funds away for a specific amount of time, a fixed rate business savings account provides the best way to save, as you will receive a higher rate of interest.

This means you won’t be able to access the funds deposited in the account for a specific amount of time – usually one year or more, depending on what you choose – but you can rest assured your money is working for you.  With the interest rate being fixed, you’ll be protected from any dramatic falls in the market, giving you peace of mind.

This is the ideal option for those who are starting to become more established.  If your enterprise is doing well and you have a good flow of income, it’s always worthwhile looking to change your business account and choose a better fit for your current circumstances.  As your business evolves, so should your business bank account. So, don’t sit on your laurels, keep abreast of the market and move your monies accordingly to maximise your returns.

Business insurance


When involved in the cycling business, it’s likely you’re going to have secured appropriate premises. After all, you need somewhere to showcase your array of bikes and gear.  Accordingly, small business insurance in the form of Public Liability is a must. This will protect you and your business against any accident suffered by a third party whilst on the premises.  Without it, if anything were to happen this could potentially put you in financial difficulties.


You may have started out on your own (or are thinking about starting out on your own), but as your business grows you’ll no doubt need to start employing staff. As soon as you do, ensure you take out a full and comprehensive Employers’ Liability Insurance policy.  This will protect you and your staff, should any injuries or illnesses occur during their working life.

Cycling is top of the sporting agenda in the UK at the moment; if business is booming, make sure you make all the right decisions for the future.