Belong Designs is all about pursuing your passion in life.
The euphoria of harmonizing with nature and body, spirit and mind; is what it means to belong. Whether you are a fan, athlete, or someone who simply wants to live in the moment, you have the right to belong.
We currently sponsor 13 athletes in various sports, 6 of which are professional. We are stoked for the future direction of our company as we have began product development for Skis, Snowboards ("BelongBoards"), and Longboards ("BelongBoards").
We have prototypes coming in for custom Belong outerwear for the Ski and Snowboard industry including gloves and ski/board jackets. We are currently investigating areas of the action sports industry that can be improved from a product enhancement standpoint.
All three owners currently work Project Management jobs that pay extremely well and are completely investing all income (aside from living expenses) into Belong. The 18hr days (10hrs PM+ 8hrs Belong) are definitely taxing, however as Rob Dyrdek put it... "True entrepreneurs will work at what they love from when the sun comes up and go to bed when they can barely keep their eyes open".
I would definitely recommend making the right connections in the industry and making sure that loyalty is paramount in everybody's minds! Definitely put your company out there and stick to your core values as a house is only as strong as its foundations, no matter what fluff you put on the outside :)
Sharing our passion for snowboarding, skiing, mountain biking, surfing, music and art is just the beginning.
We have put together this simple guide to starting your outdoor store. These steps will ensure that your new business is well planned out, registered properly and legally compliant.
Exploring your options? Check out other small business ideas.
A clear plan is essential for success as an entrepreneur. It will help you map out the specifics of your business and discover some unknowns. A few important topics to consider are:
Luckily we have done a lot of this research for you.
Choosing the right name is important and challenging. If you don’t already have a name in mind, visit our How to Name a Business guide or get help brainstorming a name with our Outdoor Store Name Generator
If you operate a sole proprietorship, you might want to operate under a business name other than your own name. Visit our DBA guide to learn more.
When registering a business name, we recommend researching your business name by checking:
It's very important to secure your domain name before someone else does.
Business Name Generator
Your first task is to decide on a location. Try to pick an affordable space with ample foot traffic and parking. The business’ short and long-term goals should play a factor, as should the condition and setup of the space. Balance is key - you want something you can grow into, but your space should not feel empty while you’re building your inventory. While rent and deposit costs vary by region, plan on budgeting for $4,000 - $5,000 to secure a location.
Once you’ve found a place to call “home,” you can start designing and filling the space. Include these items in your budget:
Construction costs for customizing the store - $3,000 to $8,000
Fixtures - purchase racks, shelves, mannequins, counter/checkout area, and lighting. This will account for approximately $3,500. Many of these items can be purchased used, reducing your overall budget.
Clothing hangers - up to $1,000
Inventory - this number varies depending upon the specifics of your store and the retailers you choose to work with.
Computer, accessories, internet, and phone system - $1,000
POS software, customized to fit the needs of your retail business - $1,000 - $3,500
Website - $1,500 - $3,500, depending upon your specific needs
Marketing materials - exterior and interior signs, logo design, business cards, coupon design/printing - store owners have reported spending close to $9,000 on these materials.
Grand opening event - this is a great way to introduce the business to your community. $1,500
Insurance - cost will vary depending upon the specifics of your business
The Outdoor Industry Association and American Outdoors Association both offer industry insight and advice to help start your business and market for long-term growth.
There are a number of factors that will influence your ongoing expenses. The size of the space you occupy, how much inventory you order each month, and the number of employees will all factor into your monthly budget. Retail shop owners advise budgeting for between $6,000 and $21,000 per month.
Your customer base will individuals ranging from the novice outdoorsmen, eager to learn everything about their new hobby, to experienced individuals. You have a unique opportunity to build a relationship with each of these classes of people. It is also important to converse with and listen to your customers, as you will be able to gain a better understand of activities that you are not as knowledgeable about, and you will also be able to survey the needs and wants of your customers.
A retail business generates money from the sale of each item. Many outdoor stores offer additional services, such as equipment rentals, which serve as an additional source of revenue and an effective marketing tool.
Pricing varies from product to product. Items are purchased at cost and marked up to ensure a reasonable return on your investment. If you’re inexperienced in pricing merchandise, ask your manufacturer for assistance.
Owners typically report earning little to no profit the first one to three years (standard for most startup businesses). With the right business plan in place, however, several have reported a profit of up to $64,000 going into their third year. To ensure profitability, keep up with the latest outdoor trends and invest in inventory with a higher profit margin whenever possible.
To increase your shop’s annual profit, consider implementing some of these strategies:
Research any special events that are held in your area targeting specific activities/hobbies.
Approach event coordinators and offer to volunteer, sponsor, or vend at the events.
Host classes geared towards various activities such as how to tie fishing flies or how to properly use cutting edge hunting calls. Make sure you make yourself available to every skill level.
Host “field trips.” Such trips can include hiking, fishing, or hunting trips. These can be educational and social events, offering customers a chance to bond with people of similar interest. Approach your retailers to see if they’d be willing to send a representative to the event.
Want a more guided approach? Access TRUiC's free Small Business Startup Guide - a step-by-step course for turning your business idea into reality. Get started today!
The most common business structure types are the sole proprietorship, partnership, limited liability company (LLC), and corporation.
Establishing a legal business entity such as an LLC or corporation protects you from being held personally liable if your outdoor store is sued.
Form Your LLC
Read our Guide to Form Your Own LLC
Have a Professional Service Form your LLC for You
Two such reliable services:
($29 + State Fees)
($249 + State Fees)
You can form an LLC yourself and pay only the minimal state LLC costs or hire one of the Best LLC Services for a small, additional fee.
Recommended: You will need to elect a registered agent for your LLC. LLC formation packages usually include a free year of registered agent services. You can choose to hire a registered agent or act as your own.
You will need to register for a variety of state and federal taxes before you can open for business.
In order to register for taxes you will need to apply for an EIN. It's really easy and free!
You can acquire your EIN through the IRS website. If you would like to learn more about EINs, read our article, What is an EIN?
There are specific state taxes that might apply to your business. Learn more about state sales tax and franchise taxes in our state sales tax guides.
Using dedicated business banking and credit accounts is essential for personal asset protection.
When your personal and business accounts are mixed, your personal assets (your home, car, and other valuables) are at risk in the event your business is sued. In business law, this is referred to as piercing your corporate veil.
Besides being a requirement when applying for business loans, opening a business bank account:
Recommended: Read our Best Banks for Small Business review to find the best national bank or credit union.
Getting a business credit card helps you:
Recommended: Apply for an easy approval business credit card from BILL and build your business credit quickly.
Recording your various expenses and sources of income is critical to understanding the financial performance of your business. Keeping accurate and detailed accounts also greatly simplifies your annual tax filing.
Make LLC accounting easy with our LLC Expenses Cheat Sheet.
Failure to acquire necessary permits and licenses can result in hefty fines, or even cause your business to be shut down.
Certain state permits and licenses may be needed to operate an outdoor store. Learn more about licensing requirements in your state by visiting SBA’s reference to state licenses and permits.
Most businesses are required to collect sales tax on the goods or services they provide. To learn more about how sales tax will affect your business, read our article, Sales Tax for Small Businesses.
An outdoor store is usually run out of a storefront. Businesses operating out of a physical location typically require a Certificate of Occupancy (CO). A CO confirms that all building codes, zoning laws and government regulations have been met.
:
It is generally the landlord’s responsibility to obtain a CO.
Before leasing, confirm that your landlord has or can obtain a valid CO that is applicable to an outdoor store.
After a major renovation, a new CO often needs to be issued. If your place of business will be renovated before opening,
it is recommended
to include language in your lease agreement stating that lease payments will not commence until a valid CO is issued.
:
You will be responsible for obtaining a valid CO from a local government authority.
Review all building codes and zoning requirements for you business’ location to ensure your outdoor store will be in compliance and able to obtain a CO.
Just as with licenses and permits, your business needs insurance in order to operate safely and lawfully. Business Insurance protects your company’s financial wellbeing in the event of a covered loss.
There are several types of insurance policies created for different types of businesses with different risks. If you’re unsure of the types of risks that your business may face, begin with General Liability Insurance. This is the most common coverage that small businesses need, so it’s a great place to start for your business.
Another notable insurance policy that many businesses need is Workers’ Compensation Insurance. If your business will have employees, it’s a good chance that your state will require you to carry Workers' Compensation Coverage.
Consumers who have taken the time to visit your store are enthusiastic about their newfound hobby. They want to share this excitement and learn as much as they can. Therefore, entrepreneurs who share their passion for the outdoors are best suited for this business endeavor. While not expected to be an expert on every outdoor activity, outdoor store owners should have a basic understanding of them, as well as the gear associated with each.
Take our Entrepreneurship Quiz to find out!
Entrepreneurship Quiz
In the retail business, there are a number of tasks that will keep you busy from one day to the next. Some of your duties include:
Keeping up with inventory and place orders for items you’re running low on
Rotating/rearranging in-store and window displays
Interacting with customers and assist them in identifying which items best suit their needs
Spending time with customers, offering advice and allowing them to share what they’ve learned and experienced thus far
Researching the latest trends, try out new products, and share your knowledge with customers
Attending local outdoor activities
Marketing
As with every business, there are a number of administrative duties you’ll be tasked with. As the store grows and you’re able to build a trusted team, many of these responsibilities can shift to the store manager.
Leaders in the retail industry agree that there are three critical skills you must possess to run a successful outdoor store. First, you must have strong interpersonal skills. Your days will be spent interacting with people, offering advice and, more often than not, learning from their experiences. This leads us to the next skill, which is that you must be modest enough to realize that there’s always more to learn. Lastly, it’s critical, particularly in this industry, that you be astute enough to surround yourself with people whose strengths are different from yours. This allows for an educational, give-and-take environment.
A recent study revealed that over 140 million U.S. citizens incorporate outdoor activities into their daily schedule, spending almost $646 billion annually. As consumers recognize the health and social benefits to outdoor recreation, it’s shifted from being a luxury to a “must have.” This offers entrepreneurs significant growth opportunity, particularly in regions with an abundance of outdoor activities to choose from.
TRUiC's YouTube Channel
For fun informative videos about starting a business visit the TRUiC YouTube Channel or subscribe to view later.
One of the greatest resources an entrepreneur can have is quality mentorship. As you start planning your business, connect with a free business resource near you to get the help you need.
Having a support network in place to turn to during tough times is a major factor of success for new business owners.
Want to learn more about starting a business from entrepreneurs themselves? Visit Startup Savant’s startup founder series to gain entrepreneurial insights, lessons, and advice from founders themselves.
There are many resources out there specifically for women entrepreneurs. We’ve gathered necessary and useful information to help you succeed both professionally and personally:
If you’re a woman looking for some guidance in entrepreneurship, check out this great new series Women in Business created by the women of our partner Startup Savant.
Entrepreneurs who’ve found success in this industry offer the following advice:
Consider your demographic when setting store hours. If part of your client base goes hunting at 4am during turkey season, make sure you’re open. You never know what last minute supplies they might need.
Make sure your staff is knowledgeable and friendly. If they don’t know the answer, they shouldn’t be afraid to say, “I’m not sure, but let me find out.”
Stock your inventory with a mixture of items that can be purchased at the larger retail chains and gear that can’t be purchased within a certain radius.
Your logo can make or break you in this industry. Hire a professional.
Unless you have a significant amount of experience, take a basic business course at your local college or utilize your county’s small business resources.
Carefully select your team members. Delivering stellar customer service and educating each individual that enters your store should be of the highest priority to your employees. Your dream team should be diverse in their knowledge of various outdoor activities and willing to go above and beyond to find the answers they don’t already have.