Cash Infusion Sets the Stage for a Big ROI: Bearings Skateboard Academy
Gabe Triplette has been skateboarding for 32 years and working as a professional coach for over 12 years. It was this passion for skateboarding and coaching which led him to found the all-inclusive youth-focused skateboard facility, Bearings Skateboard Academy in Bend, Oregon.
Bearings offers one-on-one lessons, summer skateboard camps, open skate sessions, skate birthday parties, skate movie nights and new skateboard related programs. The goal at BSA is to create a fun, friendly, and positive skateboarding experience for all ages and ability levels.
Recently a partnership with the local parks and recreation center created an opportunity for program expansion. Gabe decided it was the perfect time to do a remodel to make way for the influx of interest. A significant remodel plan would boost profits and accommodate more students and coaches.
“ Skateboarders skate and destroy, and they skate and create. Every three years if you own a skatepark, the standard is that you should do a remodel, and I am at that three-year mark. ”
Challenges for a Small Business Planning a Renovation or Remodel
Cost of Permits/Fees/Licenses/Insurance: A top priority for Gabe is to keep his insurance policy updated every year. It’s a significant expense to cover upfront for his business. In order to operate the company legally, it was a priority to update the plan before the deadline. With the funds, he was able to update the insurance policy on time and move forward with other projects.
Cost of Labor: While Gabe planned to do much of the remodel himself, he needed a cash infusion to help cover the additional costs of contractor fees for the floor redesign. Reliant gave him fast access to cash to hire the right help for his business.
Cost of Raw Materials: Even with most of the renovations being handled by the business, the upfront cost of materials was significant. With the working capital on hand from Reliant Funding, BSA was able to get the materials to the facility ahead of schedule and could begin renovation work before the partnership was launched.
Marketing/Advertising: With the business now poised for big success, getting the word out was next up. With no limitations on where the capital gets used, Gabe was able to use some of his funding to activate an exciting marketing campaign focused on getting news about the business’ recent updates to the masses.
“ I like the payment system. The funding is the reason why I’m where I am today. There is no way I can do business without covering my insurance policy. ”
Why Reliant Funding?
Reliant was Gabe’s first choice because of how quickly he could access working capital. With planned design changes to his skateboarding facility, Gabriel was confident he could increase the number of coaches and sessions happening on the floor which in turn, would increase the ROI significantly. Previous, Bearings Skateboard Academy could accommodate 17 students comfortably. However, with a floor redesign, it can now accommodate 25 students allowing the business to fully capitalize on the upcoming partnership with the Parks and Recreation department.
“I’ll be able to get more people in the facility and get them excited about what we’re doing here. I just hired more coaches. My goal is to fill up every hour with students and have everyone firing on all cylinders. Now I have the have money to make that work.”
Gabe appreciated the smooth process and getting the money he needed fast. Not only has this influx of capital helped the immediate future for the business, long term with this type of flexibility and access Gabe believes the business model can be replicated and franchise opportunities are now in the business’ future.
“ Down the road, I want to franchise my business in Portland, Maui and on the East coast. This funding is setting up the path to making that happen. ”
Choosing the right funding partner to finance your renovation project is key. With funding options ranging from $5,000 to $500,000, Reliant Funding can meet your needs for today and in the future. Getting approved not only offers you the chance to overcome the challenges your business is facing today but provides you the security of knowing when additional opportunities arise, you can take advantage of them.
Since 2008, Reliant Funding has been helping American business owners access the capital they need to build and grow their businesses. Over the past ten years, we’ve been privileged enough to work with over 10,000 companies and have funded over one billion dollars. We know your business is unique, which is why we’ve developed the fastest, simplest and most flexible business funding solution available in the market today. Learn more about how we accomplish each below or apply now and see for yourself.
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