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Unless you have access to significant seed money, don't buy what you can rent when starting up.

Once you have the numbers and the necessary business plan, you will need to set up a business account with your bank. This may also require obtaining pre-clearance for an operating loan, in which case they will definitely want to see the figures before letting out any of the cash.

Don't forget about advertising! Word of mouth won't cut it, not at the beginning. Although you may be tempted to cut back on staff costs at the beginning, getting the right part-time shop assistant may also get you an in with the local skateboarding crowd. Constantly re-evaluate how you might be able to create or use existing events and promotions to your advantage. Your very first promotion will be your grand opening. A 10% off or "tax free day" usually works as a good draw, possibly combined with a raffle: which, if planned well, also gives you an e-mail database to follow up with regular newsletters advertising new promotions, such as special on-site guests. T-shirts with your store's logo make excellent promotional items. Allow at least a month for spreading the word ahead of your grand opening.

Follow these steps without shortcuts, and you may be one of the lucky 10% of new businesses which make it. Of course, you now also know that luck has much less to do with it than hard work and a lot of research. May your venture be successful.

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