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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 step guide to starting your skateboarding lessons business. These steps will ensure that your new business is well planned out, registered properly and legally compliant.
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 long it will take you to break even?
- 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 skateboarding lessons business?
So long as your area has anything like a public skate park, the cost of opening this business is extremely low. In fact, you could start for as low as $2500, with $500 of that going towards creating a professional website and the remaining $2000 going into advertising. You should already have your own skateboards, and you should require students bring their own boards and equipment. Conducting lessons at public parks that are free to access means you do not have to worry about an expensive business lease or ongoing overhead that would cut into your profits.
What are the ongoing expenses for a skateboarding lessons business?
For this business, there are no ongoing expenses except for any advertising you do (typically less than two hundred a month after your initial push when you first open) and gas to drive and meet your customers.
Who is the target market?
As mentioned earlier, your primary demographic will be children and young adults. While not limited to this group, many of your students will be males aged 13-18.
How does a skateboarding lessons business make money?
Most skateboard lessons charge a fixed fee for lessons lasting thirty minutes and a higher fee for lessons lasting an hour.
How much can you charge customers?
How much you charge is really up to you. Across the nation, private lessons often range from thirty dollars an hour all the way to a hundred dollars per hour. You will likely want to investigate your local competition and consider the economy of your area before finalizing your prices.
How much profit can a skateboarding lessons business make?
Obviously, the amount of profit you can make is determined by your price and your amount of customers. For instance, someone charging fifty dollars an hour and who teaches for twenty-five hours a week would make $65,000 a year. In reality, in may take some time to establish a steady stream of customers, but the nature of this job (including its low start-up cost) makes it very easy to do this as a “side job” until you feel comfortable branching out.
How can you make your business more profitable?
Consider offering variety in how you teach. This may include lower hourly amounts for group lessons. If you have the skills, you may consider diversifying and offering lessons in adjacent skills such as rollerblading. Be sure to network with local skateboard shops so that you can help advertise for one another. Finally, don't be afraid to raise your prices as your business gets established!
What will you name your business?
Choosing the right name is very important. 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 prevents you from being personally liable if your skateboarding lessons business is sued. There are many business structures to choose from including: Corporations, LLC's, and DBA's.
You should also consider using a registered agent service to help protect your privacy and stay compliant.
For most small businesses forming an LLC is a great option, but if you still want to weigh all your options check our our article, What Structure Should I Choose for My Business?
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?.
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.
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.
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.
State & Local Business Licensing Requirements
Certain state permits and licenses may be needed to operate a skateboarding lessons business. Learn more about licensing requirements in your state by visiting SBA’s reference to state licenses and permits.
Most businesses are required to collect sales tax on the goods or services they provide. To learn more about how sales tax will affect your business, read our article, Sales Tax for Small Businesses.
For information about local licenses and permits:
- Check with your town, city or county clerk’s office
- Get assistance from one of the local associations listed in US Small Business Associations directory of local business resources.
Certificate of Occupancy
A skateboarding lessons business can have its own skate park. Businesses operating out of a physical location typically require a Certificate of Occupancy (CO). A CO confirms that all building codes, zoning laws and government regulations have been met.
- If you plan to lease a location:
- It is generally the landlord’s responsibility to obtain a CO.
- Before leasing, confirm that your landlord has or can obtain a valid CO that is applicable to a skateboarding lessons business.
- After a major renovation, a new CO often needs to be issued. If your place of business will be renovated before opening, it is recommended to include language in your lease agreement stating that lease payments will not commence until a valid CO is issued.
- If you plan to purchase or build a location:
- You will be responsible for obtaining a valid CO from a local government authority.
- Review all building codes and zoning requirements for your business’ location to ensure your skateboarding lessons business will be in compliance and able to obtain a CO.
To avoid liability and potential lawsuits, skateboarding lessons businesses should have their clients sign waivers.
An example of an appropriate waiver can be found here.
STEP 7: Get Business Insurance
Insurance is highly recommended for all business owners. If you hire employees, workers compensation insurance may be a legal requirement in your state.
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.
How to promote & market a skateboarding lessons business
It is worth doing more traditional local advertising via newspaper and radio, especially at the beginning. However, advertising online is a great way to catch the attention of your young, prospective customers. In addition to your professional website, be sure you have a social media presence. Online venues like Instagram and Facebook allow you to show off your skills using high-quality pictures and videos, which helps sell your ability to give lessons.
Recommended: Get started with local advertising for your business with a $300 credit from Yelp.
How to keep customers coming back
One of the best ways to attract customers is to offer free demonstrations and mini-lessons. Go to the local skate park and offer to teach people some basic skills and techniques. This helps showcase your ability to both skate and teach, and may cause those watching to hire you so they can learn more. In terms of retaining customers, you should work out a customized plan of lessons for each customer that charts all of the skills they want to learn. Thus, they don't think of meeting with you as an occasional thing but as part of a weeks-long (or even months-long) plan.
STEP 9: Establish your Web Presence
A business website allows customers to learn more about your company and the products or services you offer. You can also use social media to attract new clients or customers.
Start A Skateboarding Lessons Business In Your State
Select your state below for an in-depth guide on completing each of these steps in your home state.
Obviously, the business is good for those who are already very good at skateboarding. It is also good for current or former teachers or others who are good at working with children and young adults, as these will be your primary customers.
What happens during a typical day at a skateboarding lessons business?
For actual lessons, you will meet customers at the chosen venue (typically a public park) for lessons lasting thirty minutes to one hour. When you are not actively conducting lessons, you will spend most of your time networking, advertising your business, and keeping in touch with your customers.
What are some skills and experiences that will help you build a successful skateboarding lessons business?
You must have extensive skills in skateboarding before you can comfortably offer lessons. While not a requirement, having taken skateboard lessons can provide great experience when you start conducting your own lessons. Any previous networking you have done with local schools, churches, and community centers is also helpful in advertising your business and finding new customers.
What is the growth potential for a skateboarding lessons business?
The exact growth potential of this business is difficult to gauge because there is little in the way of research about the industry. However, nationwide entities such as GoSkate have been thriving, and the fact that your primary customers will be children means that almost any community has a steady stream of prospective customers.
TRUiC's YouTube Channel
For fun informative videos about starting a busines visit the TRUiC YouTube Channel or subscribe below to view later.
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.
What are some insider tips for jump starting a skateboarding lessons business?
Consider taking specialized lessons to help you teach. Websites like Udemy allow you to access lectures and information about how to teach people to skateboard. Try to find opportunities to partner with local schools, especially when their events give you a chance to demonstrate your skills to prospective customers. Finally, use your skateboarding friends to find out what they think the most critical skateboard lessons are and what techniques ultimately helped them to learn particular skills.
How and when to build a team
Due to the nature of this business, most people conduct skateboard lessons on their own. If your business grows past the point where you can personally accommodate everyone, then you may consider building a small team and continuing to grow.