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8 Easy Steps to Begin a Successful Water Sport Rental Business

Young guy discussing rental terms of outfit for surfing with female owner of surf club

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.

Research

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.

Business Plan

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

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

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.

Value Propositions

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.

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5 Things to Consider When Starting a Jet Surfboard Rental Business

Jet Surfing is the new rage in water sports and with more and more people wanting to try it out, starting a jet surfboard business that allows people to rent surfboards is a bright business idea. However, there are a few things that you must consider when starting a jet surfboard rental business. Ewave has compiled a list of some important things to consider below:

Location

Whether you are planning to open a Hawaii electric surfboard rental shop or a California jet surf shop, the location of your shop is a key factor that cannot be ignored. As every good thing comes with a price, a shop with a location closer to the water body is likely to be more expensive. The advantage of having a shop very close to the water body is that the customers will find it convenient to carry their jet surfboard to the water and thus they will prefer to buy from you.

However, if you do not have enough capital to afford a jet board rental shop very close to the water, you should consider offering a service to carry the surfboard and other surf accessories that you may offer, to the water. And if you are offering this service in a shop that is at a distance from the water body, you should make sure that your customers know about it when they see your shop. Consider placing a banner outside the shop. Remember the idea is to offer as much convenience to the customer as possible.

Competitors

The next thing you need to consider is how many electric surfboard shops are there already and what jet board price are they offering for rentals. Having evaluated the market, you must figure out how your business will fill a gap in the market and what is the unique selling point that will give you an edge over other motorized surfboard rental businesses and make the customers come to you.

Effect of Season on Business

People mostly engage in water sports including surfing in summers. This means that the demand for products like a motor surfboard and motorized wakeboard goes down when the summer is over. So when starting a rental business involving things like water jet board or surfboards which have seasonal demand, you must consider a business management plan that will keep you supplied all year round. In other words, you have got to make the best of the peak season.

Familiarizing Oneself with the Law

If you are opening a Rhode Island Jet Surfboard rental shop, you must be familiar with what goes around in Rhode Island. Are there any specific rules and regulations that you need to follow for running a business there? If so, you should make sure to familiarize yourself with them. Moreover, you should also know the laws specific to rental businesses and laws specific to renting water sports equipment. Having learned that you should consider getting an insurance policy for your business that will provide you maximum protection.

Customer Preference

When researching the market for competitor information, you should also research the preferences of your potential customers. Encinitas electric surfboard customers may have different expectations from a surfboard rental shop than California electric surfboard customers. If you are getting your equipment from different brands, you should know what brand your potential customers will prefer. In some areas, most customers you get will prefer lower rates over anything, in other areas they can be very specific about what quality of surfboard they want. The key to success is to know exactly what your customer preferences are and then complying with them.