If you’re passionate about sports, you may want to consider the idea of starting a roller skating rink. This is a fun game that can be turned into a money-generating sports venture.
Getting started involves a lot of strategic planning and implementation.
Starting a Roller Skating Rink Business
You’re probably reading this right now due to the interest you have to start your own rollers skating rink.
If so, you’re in the right place. Here, we’ll be discussing ways through which interested entrepreneurs can float their business.
Every business requires planning to be successful. Writing your roller skating rink business plan requires you to focus on key areas such as identifying the startup and ongoing costs. You must identify a target market for your business.
Additional areas to focus on include having a pricing structure. This should be such that your target customers can afford it.
Also, your pricing should be competitive enough. You’ll need to give your roller skating rink a catchy and exciting name.
Choosing a Legal Entity
Part of the process of establishing your rollers skating rink business includes choosing the right legal entity for your operations. It’s important that choose one that saves you from personal liability. There are multiple legal structures to choose from.
Some of the most popular include Doing Business As (DBA), Corporations, and Limited Liability Company (LLC).
You might want to ask for further guidance from a legal expert on which structure best serves your roller skating rink business.
There are certain types of registrations necessary for most businesses (including rollers skating rinks) to commence operations. You’ll need to register your business for state and federal taxes. In some cases, local taxes may apply.
If you’ll be hiring, then an Employer Identification Number (EIN) needs to be obtained. This is issued by the Internal Revenue Service (IRS). Tax registrations are free and easy. Failure to register will only lead to problems in the form of sanctions among other things.
Open a Business Account
For a roller skating rink business to be taken seriously, business and credit card accounts will need to be opened.
There are several benefits attached to opening such accounts. A few include having an organized business accounting record, as well as keeping your business and personal transactions separate.
Additional benefits of a business account include improving your roller skating business’ credit score. This improves your loan favorability. Additionally, creditors are unable to pierce the corporate veil. In other words, your assets are safe.
Opening a business account for your roller skating rink also gives it an appearance of professionalism. This is an image you’ll love to portray to clients and whoever you do business with.
Set Up Business Accounting
This step is crucial to how effective your cash flow management is. It involves recording all expenses incurred by your roller skating rink business in addition to identifying and recording all sources of revenue.
That way, the financial performance of your business is closely monitored and improved upon when the need arises.
More so, setting up business accounting enables you to keep accurate accounts or records which in turn simplify your annual tax filing process.
Get All Necessary Permits and Licensing
Before your roller skating rink business commences operations, you’ll need to first obtain all necessary permits and licenses. There are different types of licensing and permit requirements for all types of business.
You’ll need to find what applies to your roller skating rink business and obtain them. Now, every state has its unique licensing requirements. In other words, there are not uniform licensing requirements for roller skating rink businesses across all states.
A visit to your state’s department of commerce or its website is a great way to get started. Without permits and licensing, your roller skating rink business will be operating illegally which in turn attracts heavy fines or penalties.
Release of Liability
Operating a roller skating business is likely to attract liabilities if necessary protective steps aren’t taken. A release of liability form not only benefits your business but also the client as it provides access to a wide range of legal complimentary advice.
If this seems a bit sketchy, consider consulting a legal expert for further details on this. Other legal aspects of your roller skating rink business operations should also be discussed at length to help avoid future problems that may arise.
To have a successful launch of your roller skating rink business, you’ll need to obtain business insurance. During a covered loss situation, your business insurance provides financial safety. The type of insurance policy you choose also matters.
There are several to choose from. One of the most basic includes General Liability Insurance. You may later find that more insurance coverage is required based on the needs of the business as it grows.
There’s also workers’ compensation insurance if you’ll be hiring employees for your rollers skating rink. We recommend asking for explanations from your insurance providers to clearly understand what benefits each insurance type offers.
To create recognition and respect for your roller skating rink business, you’ll need to define your brand. Perception is everything in business as such, you want a favorable perception.
Measures taken to promote or build a brand include website and online ads, sales, and customer service, the name you give, and your business environment. These and many more help shore up the favorability index of your roller skating rink operations.
We live in times where online presence is vital for any venture including a roller skating rink business.
By having a web presence, you’re projecting your business to clients and your target market who can easily find out the type of services you offer.
Leveraging on social media is another plus. With social media accounts opened for your roller skating rink business, you can link these accounts to your website for a seamless customer experience.
Starting a roller skating rink is a great idea if you have the needed guidance. Here, we’ve provided some basic steps to take to make your desires come to reality.