The first thing that you need to do before starting any business is research! It doesn’t matter if you plan to rent electric surfboards and surfboard accessories or you are planning to set up some other kind of business, doing it without proper research will be like starting on the wrong foot. We have discussed below the significance of research in more detail, along with some other easy steps that you can take to make your water sports rental business a success.
The research that is needed to start a water sports rental business includes finding out what water sports are possible in the area you are setting your shop up. It will also be helpful to know what water sports are trending and how long can those trends be expected to last.
This knowledge will help you figure out whether a motorized wakeboard or a motorized surfboard will be a better product choice for rentals and save you from the hassle of offering products that are not in demand.
Another important aspect of the research is to know the preferences of your potential customers. Customer preferences often vary from location to location thus Honolulu electric surfboard customers can have different expectations than Encinitas electric surfboard customers. Similarly, California jet surf customers and Hawaii jet surf customers may be likely to value different aspects of the products. Know your customer and offer a product or service accordingly.
Once you have performed all the research and have an understanding of the market trends it is time to develop a business plan. A business plan will help you set clear and well-defined goals while also giving you a framework to achieve them.
A good business plan usually covers market dynamics, business development strategy, sales, and financial strategy. The more well laid out the plan, the more clarity you will have moving forward.
Partnerships with other businesses that are somehow related to the experience of water sports but are not direct competitors, can be very useful in giving your business a kick-start by bringing in more customers.
Resource Planning includes figuring out what physical, human, intellectual, and monetary resources you will need to set-up and run your business successfully. Some of the important resources include a storefront, the right products, management team, point of sale software, and capital. It will be also a great idea to create an eCommerce platform to facilitate your customers or let Ewave do that for you.
Key Business Activities
Your key business activities will depend on whether you want the business to remain exclusively for rentals or you want to include other services. Including services like boarding instructions and fishing lessons can help you attract more customers. At the end of the day whatever services we plan to offer make sure to plan the related business activities. This will ensure that the customers get a hassle-free experience.
A value proposition is what sets you apart from other businesses and gives you a competitive edge. You can use your market knowledge to decide whether you want your value proposition to be based on providing the highest quality motor surfboard or on providing one at a very low price. In other words, if the product you are giving for rent is a jet board, there will be some people who will only be interested in jet surfboard price and there will be some who will want to know its quality. The ideal option will be to make both of these factors your value propositions.
Relationship with Customers
The relationship with customers starts when the customer first hears about your business and if it is a good one, it lasts as long as the business. From awareness campaigns to your support services, make sure to make your customers the priority.
Be open to change
Always remember that no plan is perfect. If things are not turning out the way you wanted them to, instead of giving up on your business altogether or doing nothing about it, take some time to identify and then solve the problem. Sometimes a little improvisation can go a long way.