Bicycle builder | A conversation with Jim Barry, founder of Valkyrie in Freeport
Photo/Carol Coultas
Jim Barry
Founded: January 2009
Employees: 0
Startup costs: $10,000
Revenue, year one: $24,000
Projected revenue, year two: $32,000
Contact: 208-6667
www.valkyrie-cycles.com
What is Valkyrie?
Valkyrie is a racing bike company, the first of its kind in Maine. Customer service, returns and race support are all Maine based. Specializing in imported carbon fiber framesets, Valkyrie knows the products it markets and stands behind its high-performance design, safety and integrity. All Valkyrie bikes have their graphic design done in Maine and the final products are assembled and tested locally with components from all over the world.
I get a lot of questions about the name. In addition to biking, I am an avid plane and aircraft enthusiast. The XV70 Valkyrie was an experimental bomber aircraft during the 1960s. It was powerful, strong and interesting. It was viewed as radical and actually never made it out of experimentation and failed to be produced. It changed the way that aircraft designers thought about performance; in the same way, I hope that Valkyrie bicycles have the same effect upon the biking community at large. They will change the way that people think about performance, traditional products and craftsmanship.
Why did you start the company?
Because I thought I had a great product and passion for biking. As a performance cyclist myself, I have grown to love and appreciate good, quality cycles. When you race, it’s all about speed. I know what works well and what doesn’t. I believe in the integrity of my product and the value that personalization has in the sport. I am a very creative person and saw the importance of individualized design and fit.
How do you market Valkyrie?
I race in as many races as I can during the racing season, which runs April to December, on my own Valkyrie. By doing this, I hope to prove to people that I believe in my product. I also keep a Valkyrie bike up on the roof of my car wherever I go. I’ve been stopped at traffic lights numerous times and been asked about it.
I’ve found that one of the most successful forms of marketing for my company has been through social media. By using free sources such as Facebook and Twitter, I have been able to market the cycles and start a “conversation.” I am able to see immediate feedback and suggestion through comments and postings. These outlets have also helped me to alert potential customers of races or events I will be attending.
How do you finance Valkyrie?
Initially, I financed Valkyrie through personal savings, and now through accumulated capital from past sales. From the beginning, I’ve made a very personal level of commitment to my venture. There is nothing like time, effort and hard work.
What has been your biggest challenge?
My biggest challenge was to create a great product on day one. The first Valkyrie actually has a special story. A female friend who was a beginning racer approached me one day, having heard of my idea for a business. She was sort of lost in the world of performance cycles, and wanted to have a personalized product that was right for what she was trying to achieve. She was struck by the low cost and high personalization of Valkyrie cycles.
What has been successful about your business strategy?
Building customer relationships and customer satisfaction have been instrumental to my success. I’m actually out there in public proving to people that my bikes work, and work well. As an avid cyclist, I saw an unmet need in Maine for performance racing bicycles. Because of so much overhead and unnecessary costs, most big-name racing companies can add as much as a 30% markup to the finished product. By eliminating that 30%, as much as thousands of dollars, I can use that money to give the customer freedom to do things like add more components to the product.
What are your goals for Valkyrie?
I want to establish better brand recognition by getting more bikes on the road and getting more people interested. By putting effort into creating a great product from my very first bike, I have proven all Valkyrie bikes to be quality, impressive products. I hope to expand my reach and sales to all parts of the world.
Interview by Lara Cole
New Ventures profiles young businesses, 6-18 months old. Send your suggestions and contact information to editorial@mainebiz.biz.
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