Start a Mobile Rock Climbing Wall Business by following these 10 steps:
You have found the perfect business idea, and now you are ready to take the next step. There is more to starting a business than just registering it with the state. We have put together this simple guide to starting your Mobile Rock Climbing Wall Business. These steps will ensure that your new business is well planned out, registered properly and legally compliant.
Check out our How to Start a Business page.
STEP 1: Plan your business
A clear plan is essential for success as an entrepreneur. It will help you map out the specifics of your business and discover some unknowns. A few important topics to consider are:
- What are the startup and ongoing costs?
- Who is your target market?
- How much can you charge customers?
- What will you name your business?
Luckily we have done a lot of this research for you.
What are the costs involved in opening a Mobile Rock Climbing Wall Business?
There are a few key components that make up the costs of a mobile rock climbing wall business. This includes purchasing the actual materials needed (the walls, harnesses, and other components) as well as purchasing vehicles to drive to and from locations with ample storage for these items. In addition to this, companies can expect to purchase liability insurance. It is not always necessary to have a storefront for the business (some people operate this business out of their home). Yet, you can expect the out-of-pocket costs for starting up this business to be around $10,000 to $50,000. It costs more if you work with a franchise.
What are the ongoing expenses for a Mobile Rock Climbing Wall Business?
There is a need to continuously invest in the maintenance of the rock climbing walls (ensuring they are maintained properly to minimize risks) and the safety harnesses people use. Ongoing costs include payroll and maintaining the vehicle in order to support your business. Advertising and marketing for your business may cost $500 or more.
Who is the target market?
The target market for a rock climbing wall business like this is quite versatile. Events you cater to may include children's birthday parties, corporate team building events, schools, and various other opportunities. Most often, it is targeted at children and teens, but it can be just as beneficial and enjoyable for adults to participate.
How does a Mobile Rock Climbing Wall Business make money?
A mobile rock climbing wall service typically charges climbers a flat fee per hour. What makes it unique is that this mobile business travels directly to the business, school, or event, creating an opportunity for people to climb right where they are (instead of coming into a center to do so).
How much can you charge customers?
The costs associated with rock climbing wall services like this vary based on the type of service (how large and how long). Most often, companies charge a per-hour rate for these services and book three to four hours at a time. Costs range from $200 to $500 per hour for this type of service. Some events are tapped at a specific rate for longer use.
How much profit can a Mobile Rock Climbing Wall Business make?
The profits are good for a mobile rock climbing wall business, especially when you are a small operation with no employees. You could earn 50% to 75% percent of a profit margin once you pay off your equipment.
How can you make your business more profitable?
It may be possible to add profit to your business by finding new clients to provide services to. You may also be able to create events around reaching new goals and building team skills. Be sure to market these events to organizations that are looking for motivational seminars and team building programs.
What will you name your business?
Choosing the right name is very important. Read our detailed guide on how to name your business. We recommend checking if the business name you choose is available as a web domain and securing it early so no one else can take it.
STEP 2: Form a legal entity
Establishing a legal business entity such as an LLC or corporation protects you from being held personally liable if your Mobile Rock Climbing Wall Business is sued.
Form Your LLC
Read our Guide to Form Your Own LLC
Recommended: You will need to elect a registered agent for your LLC. LLC formation packages usually include a free year of registered agent services. You can choose to hire a registered agent or act as your own.
STEP 3: Register for taxes
You will need to register for a variety of state and federal taxes before you can open for business.
In order to register for taxes you will need to apply for an EIN. It's really easy and free!
You can acquire your EIN for free through the IRS website, via fax, or by mail. If you would like to learn more about EINs and how they can benefit your LLC, read our article, What is an EIN?.
Small Business Taxes
Depending on which business structure you choose, you might have different options for how your business will be taxed. For example, some LLCs could benefit from being taxed as an S corporation (S corp).
You can learn more about small business taxes in these guides:
There are specific state taxes that might apply to your business. Learn more about state sales tax and franchise taxes in our state sales tax guides.
STEP 4: Open a business bank account & credit card
Using dedicated business banking and credit accounts is essential for personal asset protection.
When your personal and business accounts are mixed, your personal assets (your home, car, and other valuables) are at risk in the event your business is sued. In business law, this is referred to as piercing your corporate veil.
Additionally, learning how to build business credit can help you get credit cards and other financing in your business's name (instead of yours), better interest rates, higher lines of credit, and more.
Open a business bank account
- This separates your personal assets from your company's assets, which is necessary for personal asset protection.
- It also makes accounting and tax filing easier.
Recommended: Read our Best Banks for Small Business review to find the best national bank, credit union, business-loan friendly banks, one with many brick-and-mortar locations, and more.
Open net-30 accounts
When it comes to establishing your business credit, net-30 vendors are considered the way to go. The term "net-30," which is popular among vendors, refers to a business credit arrangement where the company pays the vendor within 30 days of receiving goods or services.
Net-30 credit terms are often used for businesses that need to obtain inventory quickly but do not have the cash on hand.
Besides establishing business relationships with vendors, net-30 credit accounts get reported to the major business credit bureaus (Dun & Bradstreet, Experian Business, and Equifax Business Credit). This is how businesses build business credit so they can qualify for credit cards and other lines of credit.
Recommended: Read our guide on the best net-30 vendors so you can start building business credit now, so you never have to worry about cash flow in the future. Keep in mind that poor cash flow is the #1 reason businesses fail!
Get a business credit card
- This helps you separate personal and business expenses by putting your business' expenses all in one place.
- It also builds your company's credit history, which can be useful to raise money and investment later on.
STEP 5: Set up business accounting
Recording your various expenses and sources of income is critical to understanding the financial performance of your business. Keeping accurate and detailed accounts also greatly simplifies your annual tax filing.
STEP 6: Obtain necessary permits and licenses
Failure to acquire necessary permits and licenses can result in hefty fines, or even cause your business to be shut down.
STEP 7: Get business insurance
Just as with licenses and permits, your business needs insurance in order to operate safely and lawfully. Business Insurance protects your company’s financial wellbeing in the event of a covered loss.
There are several types of insurance policies created for different types of businesses with different risks. If you’re unsure of the types of risks that your business may face, begin with General Liability Insurance. This is the most common coverage that small businesses need, so it’s a great place to start for your business.
Learn more about General Liability Insurance.
Another notable insurance policy that many businesses need is Workers’ Compensation Insurance. If your business will have employees, it’s a good chance that your state will require you to carry Workers' Compensation Coverage.
STEP 8: Define your brand
Your brand is what your company stands for, as well as how your business is perceived by the public. A strong brand will help your business stand out from competitors.
If you aren't feeling confident about designing your small business logo, then check out our Design Guides for Beginners, we'll give you helpful tips and advice for creating the best unique logo for your business.
How to promote & market a Mobile Rock Climbing Wall Business
The promotion of a business like this can be one of the biggest hurdles in building a strong business model. A good place to start is by building an online presence and using social media, reviews, and digital marketing skills to sell your business. Promotion may also mean reaching out to organizations and schools to offer your services and creating promotional events and sales materials that show why people should use your service.
How to keep customers coming back
Word of mouth is a powerful tool for this type of business. You want your customers to have a lot of fun, so they tell their friends about the service. That's very important when it comes to local events and birthday parties. It may be possible to set up offers to encourage schools to invite your business back numerous times. Other times, it is going to be very important to build up reviews online so that people can see how much fun it is.
Still unsure about what kind of business you want to start? Check out the latest Small Business Trends to help inspire you.
STEP 9: Create your business website
After defining your brand and creating your logo the next step is to create a website for your business.
While creating a website is an essential step, some may fear that it’s out of their reach because they don’t have any website-building experience. While this may have been a reasonable fear back in 2015, web technology has seen huge advancements in the past few years that makes the lives of small business owners much simpler.
Here are the main reasons why you shouldn’t delay building your website:
- All legitimate businesses have websites - full stop. The size or industry of your business does not matter when it comes to getting your business online.
- Social media accounts like Facebook pages or LinkedIn business profiles are not a replacement for a business website that you own.
- Website builder tools like the GoDaddy Website Builder have made creating a basic website extremely simple. You don’t need to hire a web developer or designer to create a website that you can be proud of.
Using our website building guides, the process will be simple and painless and shouldn’t take you any longer than 2-3 hours to complete.
STEP 10: Set up your business phone system
Getting a phone set up for your business is one of the best ways to help keep your personal life and business life separate and private. That’s not the only benefit; it also helps you make your business more automated, gives your business legitimacy, and makes it easier for potential customers to find and contact you.
There are many services available to entrepreneurs who want to set up a business phone system. We’ve reviewed the top companies and rated them based on price, features, and ease of use.
Recommended: Find the best phone system for your business; check out our review of the Best Business Phone Systems 2021.
Start A Mobile Rock Climbing Wall Business In Your State
Select your state below for an in-depth guide on completing each of these steps in your home state.
Is this Business Right For You?
Those who love the thrill of climbing to the peak of a mountain may find a rock climbing wall a good way to get others interested in the sport. Rock climbing itself has grown in demand over the last few years. People are interested in learning how to climb, and your business can help individuals achieve their goal of climbing with skill and confidence. A business owner who is knowledgeable about sales and marketing, and has the ability to provide hands-on support for these services, may do well in the industry.
Want to know if you are cut out to be an entrepreneur?
Take our Entrepreneurship Quiz to find out!
What happens during a typical day at a Mobile Rock Climbing Wall Business?
Typically, a mobile rock climbing wall business involves moving large components that make up a rock climbing wall to various destinations and assisting people in learning how to climb it. This includes a lot of hands-on instruction and safety work with customers. In addition to this, company owners have to work consistently to build their business. Growing a business often necessitates marketing to find new opportunities.
What are some skills and experiences that will help you build a successful Mobile Rock Climbing Wall Business?
While the main skill may seem to be knowing how to climb a rock wall, that's not all that a business owner needs. There are risks involved in this industry, so having a keen eye for safety is another fundamental skill that business owners need to have. Additionally, business owners need to be good with people and have strong marketing skills.
What is the growth potential for a Mobile Rock Climbing Wall Business?
Mobile rock climbing walls are becoming more sought after as more people learn about the industry. There are several franchises that a business owner can buy into, which can also help to increase name recognition and maximize investments into advertising. Thanks to these franchises, more people know about this service now than ever before.
TRUiC's YouTube Channel
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Take the Next Step
Find a business mentor
One of the greatest resources an entrepreneur can have is quality mentorship. As you start planning your business, connect with a free business resource near you to get the help you need.
Having a support network in place to turn to during tough times is a major factor of success for new business owners.
Learn from other business owners
Want to learn more about starting a business from entrepreneurs themselves? Visit Startup Savant’s startup founder series to gain entrepreneurial insights, lessons, and advice from founders themselves.
Resources to Help Women in Business
There are many resources out there specifically for women entrepreneurs. We’ve gathered necessary and useful information to help you succeed both professionally and personally:
If you’re a woman looking for some guidance in entrepreneurship, check out this great new series Women in Business created by the women of our partner Startup Savant.
What are some insider tips for jump starting a Mobile Rock Climbing Wall Business?
Starting a mobile rock climbing wall business may seem easy enough. To do well, you have to get people excited to be a part of the experience. That can complicate the process. If you are an energetic person who can really push and encourage people with confidence, you may get more return customers.
How and when to build a team
Building a team for a mobile rock climbing wall business can be done over time as the company grows and you book more than one event at a time. Keep in mind that having two people or more may be beneficial to ensure things run smoothly.