Starting Small And Ending Up Big Like Biz 2 Biz

Any successful entrepreneur will attest to the fact that the power of business is to start small. This does not mean that you are not bound to fail in your business activities; failure is part of the success story. What they mean by starting small is that first you need to have the idea in mind and look for the best way to implement it. This could be whether you are already working or you are jobless and would love to make money from the business. When you have a job, you are financially stable. It has its own advantages and disadvantages. The advantage of it is the fact that you do not need to strain financially to fund the business as well as get your daily income. Its main disadvantage is that you will not give the business your all now that you have a back up a financial plan. There is also the possibility of using your income to the business such that you will not have proper accountability on whether the business is making profit or loss. You can only curb this by having an autonomous financial system away from your normal income.

Here are five steps of how to start small in a biz 2 biz enterprise

Carry out your research

Not all business is viable based on your location. This depends on many factors which include competition, technological advancement, and the market. While doing the research you have to run a SWOT (Strengths, weaknesses, opportunities, and Threats) analysis of the business just to be sure of the market survey results. It is during the research period that you also need to make sure that you have the right information concerning the specific business.

Have a business plan

You need to have a plan which includes all the details of the business. In the plan, you need to have a financial flow, objectives of the business, its mission and vision and well the business structure. This is a hypothetical view of what you need to expect in the business with all the other factors considered. This is the point you need to specify all the financial sources including the amount. Narrow it down to both liabilities and assets that you may need in the business.

Legalize the business

The legality of the business is something you cannot afford to compromise. Get all the permits and the legal structures in place to avoid being in the wrong hands of the law. If there are some that may need time you need to start early. Take note all the financial implications should be stated out in the business plan.

Choose a location

You now have all the theoretical view of what you expect from the business. It is now time to choose your location with the SWOT analysis in mind. As much as this is just theory it needs to display the practical view of what is expected.

Start your business

It is now time to start the business. Get all that you need and just begin with little stock as you progress based on the market.
There is no guarantee of success. All you need is flexibility s your entrepreneur. Learn the market trends and changes were possible to take advantage of the peak times.

How To Start A Successful Children’s Indoor Trampoline Business

Learn about all the aspects involved in a children’s indoor trampoline business. Since trampolining became an official Olympic sport in 2000, its popularity has grown massively. Recently, the indoor trampoline industry has taken off immensely. In 2011, there were a handful of indoor trampoline park businesses. But today, there are more than 500 parks in the USA alone.

Who should start a children’s indoor trampoline business?

This is one of the fastest-growing segments in the entertainment and experience industry It is a great business opportunity for anyone who loves to have fun and seeks pleasure in giving people an amazing adventure. A children’s indoor trampoline business allows its patrons a memorable adventure and a whole range of fun activities in an indoor setting. However, business owners must have either big savings, a good business partner, or a good line of credit, as the initial expenses to install an indoor trampoline setup is high.

What is the target market and how is a typical day of business?

The ideal customer for children’s indoor trampoline business is a high-income family with super-active children. Trampolines are ideal for children to exhaust their energy. On a typical working day, the owner will welcome the guests, introduce them to the trampoline adventures, explain safety protocols, and answer their queries. In the background, the business owner has to schedule and manage their employees, inspect the equipment for maintenance, and market their businesses.

Skills required to start:

Technically, there is no specific skill set or qualification required for anyone to start a children’s indoor trampoline business. However, the business owner should have good communication skills in order to be appealing and approachable to the guests. It may also be beneficial if the owner becomes a certified technician in order to lower the overall maintenance cost of the equipment.

Costs involved:

The initial investment cost involved to start a children’s indoor trampoline business is high. It averages in the low seven figures since every trampoline equipment is usually custom built. However, to get the cost lowered down slightly, business owners can take these two steps:

  1. Acquire quotes from multiple contractors. This gives the business owner an opportunity to compare the different costs bid by different contractors before making the final decision.
  2. Searching for a building with a vast open space. A widely-spaced area ensures that the business owner doesn’t have to incur demolition costs.

Getting a good location is very helpful. However, families would be glad to drive down because of the uniqueness of the business as well as the experience. Business owners can also join different franchises so that the effort of branding and marketing is eliminated. Starting a children’s indoor trampoline franchise can cost anywhere from $1,000,000 to $3,000,000. Niche brands like Rockin’ Jump have a lower investment cost while Premium franchises like Sky Zone cost much MOM.

Earning potential:

A children’s Indoor trampolines can charge around the $10 mark. Rates are slightly higher in a high-rent area and are usually lower in areas with lower population. Since the initial investment is high, the children’s indoor trampoline business offers high-profit potential as well For instance, one trampoline business in California clocked a gross revenue of $2 million with a 39%-profit margin, i.e. around $780,000. Another business owner in New Jersey is expected a profit margin of 2S% by the end of this quarter. You can grow your profits by growing your business. This can be achieved through proper yet simple marketing. One good idea is to invite customers through target segmentation. Business owners can schedule different activities like a morning fitness class, an afternoon batch, and an after-school children’s club.

Legal requirements:

To start a children’s indoor trampoline business, one may require certain permits and licenses depending on the location of the business.

If food is sold inside the premises, the business needs licensing from a local health department.

For labor safety, the business has to comply with OSHA regulations.

The business also requires a Certificate of Occupancy (CO) to carry out business from a physical location.

Final thoughts: If you have the capability to accommodate the high initial investment amount and have a flair of showmanship, the children’s indoor trampoline business might just be right for you It would be very helpful if you prime yourself for the various nuances involved in building a business, managing the manpower, maintaining the equipment, and marketing your business. A children’s indoor trampoline business yields better profits than most of the business segments in the entertainment and experience industry.