SKATEBOARD COMPANY BUSINESS PLAN GUIDE
All areas of human endeavor present many opportunities for entrepreneurs to start or launch their youth sports businesses.
You’ll have to figure out what steps to take to achieve your desires or goals to make that a possibility. A business plan is one tool you cannot do without if you plan to establish a skateboard company.
A full-fledged company will require a workable plan of action that your business plan represents. However, workable requires following definite procedures, which are listed and discussed below.
With these, you shouldn’t have difficulties following and writing your unique skateboard company business plan.
Figuring out Key Sections
To be strategic, you must follow definite steps towards arriving at your objective. In other words, You mustn’t approach the writing of your skateboard company business plan haphazardly.
The key areas to cover include the executive summary, the company description, and the products & services sections.
Others are the market analysis, strategy & implementation, organization & management team, and financial plan & projection.
With these pointed out, what remains is to develop on each of them, and we’ll show you how to proceed.
i. Executive Summary
As the first section of the plan (in order of appearance), the executive summary gives an overview of your skateboard company business plan.
You want to present your readers with a summarized version of your plan. Introducing your project saves your audience time by pointing them to critical areas covered.
One of the main objectives of your executive summary is to keep readers interested in finding more from the preliminary plan.
You should know that investors will likely determine the plan’s viability simply by reviewing the executive summary. So, it becomes necessary to give it your best shot.
Some of the areas covered by the executive summary include the business name & location, products & services, mission & vision statements, as well as the specific purpose of the plan.
These provide further insight into your skateboard company.
In terms of the business name and location, they give an identity to the business and assess the viability of the site chosen for the company.
All of these have to be carefully figured out before writing the plan.
What types of services and products does your skateboard company provide? Every business offers such, which is the reason for its existence. Yours shouldn’t be any different.
Asides from listing the products on offer, you should also point out the benefits of such to your clients.
The mission of your skateboard company should articulate its purpose. In other words, it should announce why the company exists.
The vision statement, on the other hand, helps capture your dream for the company. It’s an internal communications tool that inspires your workforce toward attaining objectives.
What’s the purpose of your skateboard business plan? You’ll need to know what it is and how it impacts your operations as a business.
ii. Company Description
Whoever your audience is, they’ll need to be provided with a clear description of your skateboard company.
Such descriptions cover different areas of operation,n including the legal structure adopted for the company and a summary of short and long-term business goals. Also crucial to include information on how you intend to make a profit. Provide a brief history and nature of your business with information on the market needs and demands you plan on filling.
Who are your customers and suppliers (if any)? Provide a company growth summary with financial & market highlights included.
iii. Products & Services
Products and services offer a whole new perspective to readers on what your skateboard company does.
Here, the objective isn’t only about the services and products but also customer benefits. Are there ongoing development and research activities to create new services and products?
Include such information if there.
Also, state the market role of your services or product, focusings on the advantages over those offered by your competition.
If copyrights, trade secrets, or patented data are associated with your services, you should add them here.
iv. Market Analysis
Every entrepreneur needs to demonstrate their understanding of the industry in which they’re players.
This requires a lot of hard work, patience, and dedication. The outcomes of your research should result in a sketch of targeted customer segments with size and demographics covered.
Also, you need to clearly identify your competitors and carefully analyze their weaknesses and strengths to exploit them. Have an industry description and outlook with supporting statistics.
Your audience must also find product-specific historical, current, and projected marketing data.
v. Strategy & Implementation
Sales and marketing strategy is what this section is about. Investors will need to show how you intend to promote your skateboard company and how you’ll enter the market.
Provide comprehensive cost and pricing details with promotion strategies to help drive sales.
How will your skateboard company function? This is better explained by looking at the operations cycle, sources of labor, and the number of employees required.
vi. Organization & Management Team
Your organization and management team are essential to the success achieved.
In covering the organizational structure, you’ll need to look at the owners, management team, and advisors (if any). Begin with an organization chart with clear descriptions of departments and employees running such.
For the owners, details such as names, percentages, and extent of involvement in the company will be necessary.
Include a biography as part of covering the owners. Details like name, positions held, primary responsibilities, and prior experience for the management team are necessary.
vii. Financial Plan & Projection
The financial plan and projection section requires the input of a professional.
This shouldn’t be difficult to figure out if you have an accounting background. Areas looked at under this section include historical financial data (for established skateboard companies).
Others include having realistic prospective financial information in addition to a brief analysis of financial data.
For an excellent skateboard company business plan, you’ll need to cover these sections. With these in place, you should be ready for the subsequent implementation phase.