Paint chips on your bicycle's frame quickly lead to rust and corrosion; this shortens your bike's life. A reputable bike shop will give your wheels an overhaul, but it will charge a steep price. You can economically repair your bike at home with some thought, preparation and minimal tools and skills.
Shop for paint to match your frame color. Small bottles of craft or automotive paint -- or even nail polish -- will suffice. Bring your bike to the store to match the color
Examine the chip. Pick off any shreds of paint and remove rust from the hole with a pointed nail file. Use a toothpick to apply naval jelly to the area. Allow 30 minutes for the jelly to dry.
Fill the area with automotive spot putty if the hole is deep. Wipe off any excess putty with a rag. Let the putty dry for 30 minutes.
Sand the chips that were filled with putty. Use progressively higher-grit sandpaper, followed by a square-foam fingernail buffer. Remove dust with the rag.
Paint the area carefully. Top with a coat of clear nail-polish to seal any seams between the original and touch-up paint. Allow the top-coat to dry before riding.