1. Cater to kids, fix their flats for free, make them welcome in the shop. Their parents will come in by default.
2. Customer service must be impeccable! This is something no one can get off the web.
3. Sex sells. Hire a very cute, flirty girl to work the front counter. Might be sexist but its been proven over and over. A smart one will know when to turn it up and when to turn it off.
4. Open a couple of "do it yourself bays". Don't get greedy and think you have to do all the wrench work. There's no profit in small jobs like flats and adjusting SIS issues. Let someone come in, do it themselves, and taunt them with impulse buys placed around the shop.
5. Stock parts on hand. Don't tell someone you can "get it for them". With the internet, we can all get it. They came in because they need it now, before tomorrows ride. (they also came in because you have the hot chick at the counter, but we can't admit that since the feds will be all over us).
There's hundreds more...use your head. There are many, many independent bike stores in the world doing just fine. But they are smart about it. Don't start a business with less than a years operating expense in the bank, you'll need the capital. If you think I'm wrong, try it - I dare you. You'll be in the tank in no time.
Start with a smart business plan. Walk through many successful businesses and observe what they are doing (not just bike stores). Many are simply brilliant, they have you tricked into buying stuff without you even knowing it.
If you're out of work, in personal debt, have no capital, and are opening a bike shop just because you need a job - you'll probably fail.
Be realistic, opening a bike shop is a lot of work and not always fun (you'll probably organize the saturday rides, but not get to go).
Flat.