Business Start-up

Starting a Business in Watersports - 6 Point Plan

* The starting of a business is a serious undertaking and degres of success vary from business to business and person to person. There are no guarentees in business and there is always the chance you will lose your initial investment. Dive Industry Association does not give legal or financial advice. We stronly suggest you seek consel from a Business Attorney, a Financial Advisor and a Marketing Professional. A good start will be your local SBDC.

Assemble your Team of Advisors (Business Attorney, Accountant or CPA, Business Consultant specializing in Diving and your Spouce!). Meet on a regular basis during the process.

Business Start-Up 6 Point Plan

  1. Personal Assessment - Do you have what it takes to start a business?
  2. Feasibility Study - Is there a market for your products?  Ca you sell enough profitable products to enough profitable customers?
  3. Business Plan - Have you thought out all the details and written them down?
  4. Financing Your Business - Can you raise sufficient capital to fund the start-up properly?
  5. Action Plan - Ready, Set, Grow!
  6. Exit Strategy - At what point do you call it quits?

 

 

1. Personal Assessment

2. Conduct a Feasibility Study

3. Write a Business Plan
- Colorabrate with an SBDC Business Consultant. Get their input then opinion on the finished plan.
- Share Plan with your Spouce or Family Members

Write a Marketing Plan and Start-up Budget

4. Financing Your Business

5. Action Plan - 20 point plan

1.  File for your chosen Business Structure

Sole Propreitorship
- File with County Clerk's Office

Partnership
- Attorney - Partnership Agreement
- File with County Clerk's Office

Corporation (C or S)
- Work with an Attorney
- Choose a Corporate Name
- Prepare and File Articles of Incorporation (Form 201)
- Set up a Corporate Records Book.
- Prepare your bylaws.
- Appoint Initial Corporate Directors
- Prepare Minutes of the First Board Meeting.
- Issue Shares of Stock.

LLC
- Work with your Attorney

2. Obtain Employer Identification Number

3. Sales & Use Tax Permit

4. Set up Business Bank Account

5. Have Accountant set up your "Books"

6. Secure Retail Space

7. Insurance Agent & Insurance

8. Office Equipment & Electronics

9. Set up Commercial Accounts

10. Hire Key Employees

11. Introduce Key employees to Business Plan & Train

12. Build Out & Tenant Improvements

13. Order Fixtures & Equipment

14. Set Up Business Systems

15. Order Inventory

16. Hire & Train Operational Staff - Dry Run

17. Join local Chamber of Commerce & Professional Associations

18. Launch Marketing Campaign

19.  Grand Opening

20. Start re-writing Business Plan & Exit Strategy

6. Exit Strategy

1.  Sell Business

2. Retain Ownership

3. Turn Business Over to Your Children

4. Promote from within

5. Hire Professional Management Team

6. Stay on as paid Employee

7. Stay on as non-paid Director

8. Retire

To be continued...

Orlando, Florida - Sep 6-8, 2018

Exhibits at Surf Expo: Surf Expo will open its doors on September 6th for three days of watersports equipment and fashion apparel. Over 4,000 brands will be represented.

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