A Business Startup
Welcome, So excited you’re here.
Moore Bounce is more than a party rental and supply company. We want to be very transparent in the industry we service. We’re going to discuss everything Party Rental, Planning, Décor, the Do’s and Don’ts, how to start and maintain a business, sweet treats and more blog.
Today’s Blog… “The Business Idea”
So you’ve got an idea for a business, this idea has been growing in the background for a while or you may have just stumbled upon a great idea and you would like to give it a try… Good for you!!! Why not you, right? How do you get your idea from your mind and into a real working business just like you have envisioned it.
I remember when I got the vision for Moore Bounce Events and Party Rental. I honestly thought I would do something very small. I was thinking get some bouncers, rent it out on the weekend and make some extra money. I had really not thought about the intricacies and dynamics of even doing just this. So I brought the idea to my hubby who thought it was a brilliant idea. Again, we only envisioned delivering and picking up. God had a bigger vision for us that we couldn’t see, at least not yet.
The first thing we did was became a legit business entity, meaning we became an LLC. We were excited because we had done one major thing. However, we still had ways to go to getting the business off the ground. We needed to be licensed but also fully insured. If you know about inflatables and the bounce house business you will know that most businesses, schools, churches, daycare’s etc. will not let you on their property to service their client’s and or employees without being insured and without offering additional insurance covering them as well.
Well, things started to become stressful because finding an insurance company to at least assess the quote was nearly impossible. Only very specific insurance companies will cover a bounce house business. So we researched and searched and finally found three. Now that we narrowed it down to three, we had to find the bouncers too. I originally thought we would purchase bounces from home depot or Loews because they do sell them. You can imagine when I researched and found out that those inflatables and bouncers at stores like home depot etc. are for individual uses and not necessarily for business use. I researched further to find that I needed industrial commercial grade bouncers. Here comes the expensive part. Well, we found out that each bouncer was in the thousands for the commercial grade and these were the ones we needed to do business with. Now came the question did we want to move further because the commitment was becoming serious at that point. We thought about it, prayed about it, thought about it some more and prayed about it some more and decided to go for it. Well, here’s where it gets tricky. Most small businesses are funded pretty much out of your own pocket until the business can get up and running. However, for equipment as expensive as inflatables. They do offer financing (which in our opinion after listening to and reading all the fine prints we turned down). In business one important rule is to be able to walk away from any deal that in the long run is not to your benefit. We decided to start out financing on our own. And then applied for a business line of credit because you do want to establish credit for your business.
So there are several things you need to consider when getting your business up and running:
–Choose your business entity: Do you want an LLC, Partnership, Sole Proprietorship or Corporation. Research and find out which best fits you.
–Insure your business: Most small businesses need General Liability and Property Insurance at the very least and if you have employees you’ll probably need workers’ compensation.
–Consider how to finance your business: If you have savings and set asides that you can begin with that is great and you won’t need to show a business plan to anyone. However, if you are looking for investors and lenders to help get you started you will need a well put together business plan.
–Business Plan: Most lenders and investors require you to have a business plan. A business plan is also good if you’re financing the business out of your pockets because it allows you to think through all aspects of your startup. But for those needing lenders and investors, your business plan will attract investment capital, secure loans and it also shows these potential lenders and investors that your business has the potential to make profit… otherwise, why do it?
–Open your Business Bank Account: This is so important because it helps you avoid tax issues. It is never a good idea to allow your business funds to mix with your personal account. Making the distinction and segregating your finances is a very smart move to make. Another reason for a business bank account is accurate and clean bookkeeping. Another reason is to protect yourself from legal liability. Do not run the risk of losing your personal assets. In addition, your business bank account provides proof that this is not just a hobby for you and it allows you to present yourself as a business professional.
-Find the pitch for your company: What do you want your company to be known for? For me, I believe my pitch is customer service. I am a client to so many businesses yet, I believe customer service has taken downward turn. Most workers are not happy at their jobs and this carries over into their interaction with clients. Have you ever experienced an employee of a company who didn’t care to serve you and honestly, it had nothing to do with you but because the employee is not happy at work it shows in their tune, demeanor etc. I want any client who interacts with Moore Bounce to know that we are listening, we care and we do look forward to serving each and every one of them.
I’ll end here for now, but we are no way done with this. Stay tuned for more news on marketing, getting and maintaining clients and knowing the difference between motivation and discipline. Feel free to chime in…from one entrepreneur to another, see you soon… and remember, we are always looking forward to serving you.