How To Start An Inflatable Bounce House Business
Rarely are we at an event that inflatable water slides for sale, regardless of whether it's a birthday celebration, fundraiser, or otherwise isn't present. In fact, it's become so popular that children organize birthday parties on bounce houses, and adults are incorporating bounce houses at their adult-only parties, as well.
Businesses that offer bounce houses are usually setup in two distinct ways. Some prefer to provide mini bounce house to their customers to hold a party. Other bounce house companies operate from retail stores. They fill the space with inflatables and charge kids an entrance fee.
These steps can help you start your inflatable bounce house business:
STEP 1: Plan your business
A well-defined plan is crucial for success as an entrepreneur. It will assist you in mapping out the specifics of your company and uncover some unknowns. The most important things to consider include:
What are the startup and ongoing expenses?
Who are you targeting for your market?
What are the costs you will charge customers?
What name will you choose for your business?
Fortunately, we've conducted some of this research for you.
Step 2 - Create an entity that is legally legal
The most commonly used business structure types are the sole proprietorship, partnership, limited liability company (LLC), and corporation.
If your inflatable water slides for sale business is sued, defend yourself by creating legal entities like an LLC or a corporation.
STEP 3: Register for taxes
You'll have to sign up for various federal and state taxes prior to you can open for business. To register for taxes, you'll need an EIN. It's simple and cost-free!
Step 4: Open your business bank account as well as a credit card.
Using special corporate banking and credit accounts is essential for protecting personal assets.
If your personal and business accounts are mixed the personal assets of yours including your house, car, and other valuables could be at risk. In business law this is known as piercing your corporate veil.
The process of building credit in business can help you obtain credit cards and other financing under your company name, better rates of interest, more credit lines and more.
Step 5: Establish business accounting
In the recording of your expenses and sources of income is crucial to assess the financial performance of your business. Making sure you have accurate and complete financial records also greatly simplifies the annual tax filing.
Our LLC Cheat Sheet for Expenses Sheet helps make LLC accounting simple.
Step 6: Get the necessary permits and licenses
Failure to acquire required permits and licenses could result in substantial fines, or even cause your business to be shut down.
Step 7 - Purchase business insurance
Your company requires insurance in order for legal and safe operating. Business Insurance protects your company's financial security in the event of a covered loss.
There are a variety of insurance policies available for companies of various sizes and with different risks. If you're uncertain about the kind of risks your business may face, begin by obtaining General Liability Insurance. This is the most common insurance that small-sized businesses require, so it's a great base to begin with for your company.
Step 8: Define your brand and define it
Your brand is what your company stands for, as well as the way your company is perceived by the general public. A strong brand will make your company stand out from competitors.
Step 9: Create a website for your company
The next step is to design a logo and identify your business. Although creating websites is an important step, many may feel that it's not within their reach due to the fact that they don't have any web-building expertise. This may have been an appropriate concern however, the internet has made small-business owners' lives much easier over the years.
STEP 10: Install your business phone system
Setting up a phone for your business is among the best ways to help keep your personal and business life separate and private. This isn't the only benefit however; it will also help automatize your business and gives your business credibility and makes it simpler for potential customers to find and reach your.