10 Steps to Starting a Profitable Teepee Sleepover Business
Starting your own teepee sleepover business can be a very daunting task. There is so much to think of. From you business concept and name through to how you officially register your business and start trading. That is why I have put together this guide together to help you get started.
1. Check Out Competition in Your Area
It's important to know who your competitors are and what services are already available in your area. This will help you to know where there is a gap in the market that you can fill. It also gives you a good idea of the prices people are paying for similar services.
Some teepee sleepover businesses only offer bespoke styling for large parties utilising bell tents, balloon decor and more. Whilst others concentrate on modest parties with set themes mainly focusing on indoor sleepovers. Both options have their own unique customer base. By checking out the competition and what they offer you can see what skills you have that can fill any voids you identify. You can also identify your competitors strongest assets. that way you can try and offer slightly different to them so that you can work alongside each other rather than being in direct competition. After all it is better to be uniquely you rather than replicating other peoples work.
2. Look For Necessary Courses or Training
Many people who start a Teepee Sleepover business or Events industry have little to no previous business experience. There are many business courses on the market that detail how to start generic businesses however Tara, founder of Dreamee Teepees Academy has created courses that take you through the process of setting up a teepee sleepover business. She uses her knowledge and expertise to provide people with the support that she wishes had been available when she initially started her own business in 2016. At the time of writing this blog there are two courses available:
a) Start A Sleepover Business - The 28 Day Challenge
The 28 Day challenge is priced extremely low to enable as many people as possible to have the opportunity to start a Teepee Sleepover business. The course has been designed with English speaking participants in mind and covers a multitude of information and links relevant to many countries. This is a great starting point. For more information on this course click here
b) The Sleepover Business Bootcamp - A 5 week course
This course is an intensive grounding in the industry. During the 5 weeks you are provided with pre recorded videos to consume in your own time as well as personal support via live video calls with Tara on a weekly basis. This course has produced astounding results with people being able to drop their hours at their main employment and some even leave to concentrate full time on their teepee sleepover business as they are earning a substantial wage. For more information on this course click here
3. Work Out Your Financial Requirements
Before you can start a teepee sleepover business you need to have an idea of how much it will cost for the equipment needed so that you know it is a viable idea that you can afford. The question now is, 'How much does it cost to start a Teepee Sleepover Business?'
Believe it or not, this all depends on what you are wanting to earn.
The first thing you should do is work out all your financial outgoings i.e. bills. How much do you need to make to be able to pay all of your bills? This would be your make or break figure. In other words if you don't make this amount of money your situation would be at breaking point.
The next thing you should do is calculate how much you need to earn in order to live a comfortable life and afford some luxuries. This could include: moving to a new rental property with a higher price point; being able to afford the extra curricular classes that your kids have been enquiring about; being able to afford to eat out once a month or even something like upgrading your vehicle. What ever those things are be sure to add the cost to your list. Then calculate the total. The idea here is not to go crazy but to look at where the next step up would be for you.
The reason you are doing this is because you need to live comfortably otherwise what is the point in starting the business. Once you know these figures you can then calculate the price point for the services you want to offer. In both the 28 Day Challenge and the Sleepover Business Bootcamp you are shown how to do this.
The fun bit now is deciding on the equipment and accessories you need to buy to meet those price points and ultimately the amount of money needed to start your business.
It is always worth checking your local government funding for new businesses, especially following the current worldwide pandemic. Many Governments are giving grants and Start Up Loans to support those people wanting to start their own businesses. After all this is how they will kickstart the economy.
4. Choose Your Business Structure
An important part of starting a teepee sleepover business is choosing a legal business structure.
- An LLC/LTD company - An LLC (Limited Liability Company)/LTD (Limited Company) Is the most formal type of business structure that we all recognise. This sets your business up as a legally distinct entity which is separate from you, the owner. They are more complex to set up and you do require an accountant to support you with submitting your yearly accounts to the government.
- A Partnership - This is very similar to an LLC/LTD Company with the main difference being that there are two or more people who are setting up the business together.
- A Sole Trader/ Sole Proprietorship - This is the simplest form of business to set up and is also known as being self employed. With this type of business structure you are also personally responsible for liability should anything go wrong. This will also mean that your company is not protected from other people using the same business name as you in the same sector unlike the name of those with an LLC/LTD company.
If you require more advice or support with this choice please do seek out professional support from a business advisor to check what is best for you and your circumstances.
5. Investigate the Licences Needed
Did you know that if you want to provide snacks with your teepee sleepover business you need to have a licence?
No, neither did I when I first started in this industry. The truth is that even if you are providing packets of closed sweets from a reputable brand you have to have a licence. It is mostly free to apply for the licences and isn't particularly hard to do. However it is needed so that the channels of distribution can be monitored effectively. It allows any food poising or allergic reaction cases to be quickly dealt with. It also ensures that you are doing everything lawfully.
You also need a licence to play music publicly, provide or sell alcohol with your services and if you are planning on providing movies with your equipments. The best place to find out which licences apply to you is to check your local government website. If you are unsure you can always ask other local businesses to advise which website they found the information on.
6. Gather Your Business Insurance Quotes
Depending on the type of business structure you have decided to use for your Teepee Sleepover Business it will determine the type of insurance you require. In order to determine which type of insurance you require you should speak with a professional Insurance broker, like Risk Kitchen Limited (UK) or an Insurance company with experience in this industry.
Some of the types of insurance you may come upon are:
- Public Liability Insurance (UK)- This covers you and your equipment in case there is damage or injury in the home or event premises of your customer.
- General Liability Insurance (mainly US/AU/CAN) - This helps protect your business from claims of injury or property damage. In some instances they may also cover libel and slander.
- Employers Liability Insurance/ Workers' Compensation Insurance - In the UK this is a legal requirement if you have employees. For those internationally it helps to protect your employees if they have a work-related injury or illness.
- Commercial Vehicle Cover - This is a legal requirement in most countries if you are using your vehicle (car/van) for business purposes but again check the government websites where you are based.
7. Research Your Business Name
One of the ways you can really set yourself aside when starting a Teepee Sleepover Business is to have a name that helps you to stand out. Your name should be unique and show your personality. After all a business that provides a service requires the customers to trust and buy into the person behind the business. That would be you. Choosing a name that is unique and shows your personality is the first step in doing this. Be sure to check social media channels, the legal registers of LLC/LTD businesses as well as trademarks registered with your chosen name.
8. Register Your Business
Once you have decided on your business name and the type of business structure you would like, you then need to register your teepee sleepover business legally. If you are going to operate as an LLC/LTD company then you should register your business as soon as your name is chosen.
Make sure you check the local government websites for how to legally do this and the steps you need to take as they do differ slightly from place to place.
9. Decide on a System for Keeping Records
It is important you meet the legal obligations associated with running a Teepee Sleepover Business. As well as keeping details of the income and expenditure for your business you will also need to keep receipts and invoices so that you have evidence of what is being paid in and out of your business. There are online accounting packages that can do this for you as well as custom built systems for this industry. These are the kind of things that are detailed by Tara, Dreamee Teepees Academy in her courses.
As well as these financial obligations you will need to have a system to safely and securely store your customer data in line with your countries privacy laws. There are apps and websites that are built to provide a streamlined customer service experience. Investigate types of CRM and Data handling systems and choose one that meets your technical ability and financial budget.
10. Create Your Business Presence
Last but not least is actually creating your shop window also known as your online presence. This involves setting up your social media platforms and website, should you decide to create one, as well as any printed advertisement materials you may want.
- Choose a Logo and Brand Style - There are professionals who are very skilled in creating these for you. With the market exploding as exponential rates choosing something unique for your Teepee Sleepover Business is a must. You can use some packages to create something yourself. This is a personal choice but do remember to think about your chosen customer base when you are deciding on which option you want to take
- The most popular social media sites at the moment are Facebook and Instagram. However some people are using TIKTOK and Snapchat too.
- A website is a great way to give your business the chance of showing up in web searches. They require knowledge of SEO to optimise them but are a great asset to have.
- Flyers and printed materials are a tried and tested method for businesses who wish to reach the audience in their local area. Ensure these are good quality and include clear images and your logo as well as being in keeping with your business branding.
If you would like some further guidance with what you need to think about when starting in the teepee sleepover industry then check out this blog which details the things you need to consider before starting a teepee sleepover business. Click on the image to find out more