How to Own a Skate Shop
Running a skate shop is the ultimate fantasy for skateboarding enthusiasts. It's nice to dream about the cool skate space you'd own and operate, but starting a small business is a pretty technical and time-consuming operation. With attention to detail and hard work, however, you can turn your dreams into a reality.
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Instructions
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Write a detailed business plan. A solid business plan includes a summary of what your business is intended to do, marketing strategies and funding information. Additionally, write a detailed operational plan, describing how you aim to run your business day-to-day.
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Secure adequate financing for your business. Start by researching how much money other shops similar to the one you'd like to run needed for start-up. Consider looking for investors and applying for small business loans.
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File for a limited liability company (LLC) and get your business license. Before you can start selling gear to other skaters, you must have a business license. If you intend to hire employees, an LLC is the right choice for you. An LLC is also a simpler solution to forming a corporation and LLC avoids the double taxation experienced by corporations. A local or state business license is important, too, because it is technically illegal to operate a commercial for-profit business without one in most municipalities.
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Open a bank account and credit lines in your business name. When it comes time to purchase inventory, you will need to have credit available to purchase stock. You will also need a bank account in your business name to process payments made to you and to pay employees.
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Find a space for your shop. Consider working with a commercial real estate agent to find the perfect spot, in the perfect neighborhood for your new skate shop. You can also do the leg work for part of this without the agent. Check out neighborhoods to see which ones in your city would support a skate shop with the culture that already exists in that neighborhood.
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Develop relationships with suppliers and vendors. You will need to stock your shop with goods and developing working relationships with well-regarded vendors will make the process of selecting goods to sell much easier. Research the vendors you want to get in touch with by going to skate shops you like and making notes about the brands carried in those shops. Consider that a retail space might need renovations so that it fits what you have envisioned for your business. Look for spaces that need as little work as possible to expedite the opening of your shop.
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Order inventory. Once you've developed a relationship with vendors and suppliers, you can move forward with ordering goods to sell in your shop. Start small: you can always order more and it is a lot less of a burden to manage small amounts of stock when you're just getting your feet under you as a business owner.
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Hire employees. You won't need a ton of employees at first, but you'll want at least one or two to help you with running the shop so that you don't have to be there 24/7.
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Physically set up the shop space. You'll need a glass case, wall brackets for decks, a cash register and tools for working on skateboards. Also, decorate the space as is attractive to your skate-sensibility.
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Start a website for your shop. One of the smartest ways to market a new business is online. You can take orders online in addition to doing business in your brick-and-mortar shop.
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Open the doors and welcome people. Consider having a party to open your business. Invite local press, skaters and other people who can give you good word-of-mouth about the shop. With very little investment you can throw a party people will be talking about for weeks to come. DJs, food, drinks and some sort of goodie bag are essential components of a successful party. You can also set up a ramp in front of the shop and invite skaters to show off for guests.
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References
- Photo Credit skate board image by max blain from Fotolia.com
