How To Start-up in Skateboard Company [business model Canvas]

The skateboard manufacturing industry is indeed a big industry considering the revenue that is generated in the trade. A research that was conducted in 2009 clearly revealed that the skateboard market is worth over $4.8 Billion in annual revenue. This study also revealed that there are well over 11.08 million active skateboarders in the world. Without a shadow of a doubt, this goes to show how large the market for a skateboard is.

What really is a skateboard used for, you might want to ask? Well, people use a skateboard for sports (action sports), for recreational activities and as a means of transportation. Those who are into the manufacturing of skateboards have a readily available market for it, and all they need to do is to explore the open market.

As a result, if you are interested in starting your own skateboard company, you should be willing to work hard to gain your own market share of the available market. The startup capital required to set up a skateboard company is mostly dependent on how big you want to the company to be. The startup capital needed to start a wholesale skateboard distribution company is less than the startup capital required to start a skateboard assembly company.

Furthermore, the startup capital required to start a skateboard manufacturing company is far higher than the startup capital needed to start a skateboard assembly company. The truth is that you can use your residential building if you have enough space as a base for your skateboard assembling company but you can’t use your residential facility for manufacturing skateboard.

Types of Skateboards

Mini Boards
Old School Boards
Cruiser Boards
Mini Cruisers
Longboards
Downhill Skateboards

If you have made up your mind to start your own skateboard company, then you will find the following guideline useful;

Starting a Skateboard Company – Sample business model Canvas

Step 1. You Would Need to Carry Out Feasibility Studies

There is a large market for skateboards, but it is essential to state that the business might not do pretty well in some countries or cities. This is why it becomes very pertinent that you carry out thorough and exhaustive research so that you can try as much as you can to build a successful skateboard business as a well informed and enthusiastic entrepreneur. It is for this singular reason that you have got to devote your time to research. Some books may be available to you to look into.

Conversely, you may want to consider using the internet as there are loads of resources available to you online. It is okay if you do not have the luxury of time to do this as there is a respite. What is this respite all about? Well, it means that there are research experts whom you can pay to help you pull things off as quickly as possible.

Step 2. Write Your Business Plan

Look around you, and you may find businesses that didn’t draft a business plan before starting out. These folks are barely grappling with how to make their companies work. You do not want to end up like them; which is why it is expedient for you to write a business plan before commencing your business. There are vital information and processes that must be contained in your business plan to make it a thorough and practical one. Information such as your vision, goals, as well as mission (why you want to start the business).

Also, your long term and short term goals, how much you want to pump into the business for a start, your marketing strategies, and the type of equipment needed to start this business, how much you want to bring in monthly, annually and what have you. If you think you do not have the inkling about how to get things done with a business plan, then you may want to consider employing the services of a business plan writer.

Step 3. Raise Your Start-Up Capital

The question is how do you intend to raise the capital to run such a lucrative business as this? Well, the onus lies on you to determine where the resources will come from. There are some ways to do this. Some of these include; savings from family and friends, you may also want to consider getting a loan from any of the banks and microfinance banks. Do note that this may be with or without collateral; it all depends on the policy in place. It might interest you to also know that there are angel investors scattered all over the globe who are willing to invest in businesses of interest.

Step 4. Register Your Business; Obtain the Required License and Purchase Liability Insurance

Now that things may have started to look up, you will be required to register your business at the local business district office in your country. It is important to note that the names of such offices vary from state to country. For some, it is called the chamber of commerce office, while others call it the corporate affairs office. Whatever the case maybe it is vital that you complete all the necessary forms and requirements that you are subjected to to set the ball rolling.

Step 5. Choose a Location to Setup Your Skateboard Company

Up next, you will need to get a befitting location for your skateboard company. You do not want to site your company in a place that would not be accessible. It is for this reason that you will need give your realtor a good description of what you are looking at. Do note that you would need the factory, offices as well as stores. Also, you will need to situate your business in a business area as this has a lot to do with the number of people you can attract.

Step 6. Purchase the Needed Tools, Supplies and Equipment

Now, you will need to procure all the required equipment to start your own skateboard company. For this task, you may consider hiring an expert who is vast with the nature of the business that you want to start. What will the role of this expert be? Well, this person to a large extent will be saddled with helping you to identify the needed tools and where to get them at the most competitive prices as possible.

Step 7. Market Your Skateboards

After you are done equipping your business, the next thing to do will be to market your products. At this point, you may want to revert to your business plan since you have it already stated there. Do note that for your skateboard to be accepted and compete favourable with those in the market, you have to get plenty of words out there. That is why you have to find the means of what works best for you.

You may consider starting an advert campaign on the internet- this is through classified ads on several blogs and websites, there is also the email and affiliate marketing. You can also consider planning for a road show where you get a myriad of skaters to skate on your boards as a means of advertisement.

So, you see that starting a skateboard business isn’t as herculean a task as you may have thought it to be. However, you have got to have at the back of your mind that it is one business that needs loads of focus and capital if it must survive the teething stage of trade.