How To Start A Bungee Jumping Service Business
If you talk to any entrepreneur, getting started is one of the hardest parts of launching your own business.
There are many things to consider, such as:
- Validating your business idea
- Setting up your business structure
- Launch ideas for your business
- Determining your marketing strategy
- And much more!
In this detailed guide, we lay out all the steps to help you get started and run your business successfully.
Introduction To Starting A Bungee Jumping Service
Is Starting A Bungee Jumping Service Right For You?
There are many factors to consider when starting a bungee jumping service.
We put together the main pros and cons for you here:
Pros of starting a bungee jumping service
• Little startup costs required
The cost to start a bungee jumping service costs significantly less money than most businesses, ranging anywhere from 62 to 35,923.
• Rewarding work
Starting a bungee jumping service can be really rewarding work. After all, you are solving an immediate issue for your customer and you’re working on something you truly care about.
• High customer retention rates
Once a customer invests in your product, they’ve invested their time and energy to utilize your product/service which is highly valuable to them. Typically, your product or service becomes indispensable to your customer.
• Pick & choose the clients you work with
Bungee Jumping Servicees have the ability to choose the clients they work with. You have the freedom to work with only a few loyal clients or with hundreds of clients!
• Control of workload
With starting a bungee jumping service, you have the unique ability to choose how little or how much you want to work. You also have the freedom to decide which projects you want to work on, and can turn down the ones that do not interest you.
• Gain exposure and experience
This career allows you to gain experience working for multiple different businesses – which will benefit your resume and also keep things interesting for you!
• Unlimited income potential
With starting a bungee jumping service there is no cap as to how much income you can make. The stronger your business skills and the more energy/time you put into your career, the more you’ll make.
• Daily physical activity
Bungee Jumping Service’s typically involve a much greater degree of movement than other lines of work. Most days, you will spend your day walking, running errands for your business, and performing a multitude of tasks. This can have a positive impact on energy levels and your overall health.
• You are your own boss!
With starting a bungee jumping service, you are the one to make decisions for almost all of the operations. Calling the shots can be empowering and liberating!
• Local Community
One of the best parts of starting a bungee jumping service is that you can develop a local following by selling your products at craft shows, farmers’ markets, or even local storefront businesses! This gives you access to additional revenue streams and loyal customers.
• Predictable income stream
Your businesses income stream tends to be predictable based on the number of customers you have signed up. This makes financial planning and outlooks much more seamless!
• Higher likelihood of getting referrals
This business is all about referrals, which can be a a very impactful way to attract and retain customers. It’s critical that you have a great referral program in place that incentivizes your customers to tell their friends about your product.
• Face to face interaction
If you are the type of individual that thrives on human interaction, then this is the business for you! With a bungee jumping service, you will be hands-on with customers and or employees every day.
• Simple business model
A bungee jumping service has the advantage of a simple business model, which makes launching and building the business more seamless.
• Greater Income Potential
With this business, the sky is the limit in regards to your income potential.
• You get to do something you truly love
With starting a bungee jumping service, you get to put your energy into something you are truly passionate about! You’ll find yourself devoting as much time and energy as possible into the business to make it successful.
• You can decide who you work with
Gone are the days of working in a toxic work environment with employees that you may not vibe with. As a small business owner, you get to decide who you work and surround yourself with.
• Strong Demand & Relatively Recession Proof
The demand for bungee jumping service is increasing year over year and the business is known to be relatively recession proof.
• High Hourly Pay Rates
On average, the hourly pay rates are high for your bungee jumping service – which means quality of clients is often superior to quantity of clients.
• You establish yourself as an expert
With starting a bungee jumping service, you establish yourself as an expert in your niche, which builds your credibility. In return, customers are more likely to trust you and refer you to other friends and family.
• Can build solid foundation of clients
It’s unlikely you will have one-off customers as a bungee jumping service. Typically, you have a solid foundation of clients that use your product and services regularly.
Cons of starting a bungee jumping service
• Motivation of employees
If you plan to have a sales/content team on board, finding creative ways to motivate them can be a challenge. It’s important that you’re able to offer great incentives and a good work environment for your employees.
• Longer Sales Process
A bungee jumping service can be a big time and money investment for your customer, so it’s important you plan and predict a longer conversion funnel and stay in communication with potential customers.
• Work can be inconsistent
As a bungee jumping service, the amount of work assigned to you and schedule tends to be more inconsistent, which may make your income less stable. It’s important to set boundaries and budget accordingly based on the amount of work you plan to have.
• Lack of benefits
With a bungee jumping service, you are typically self-employed and responsible for finding your own insurance, which can be quite costly and time-consuming.
As a bungee jumping service, you typically pay self-employment taxes which can be quite high. It’s important to understand what you will be paying in taxes each year so you can determine if the work you’re taking on is worth it.
• No safety net
Typically, as a bungee jumping service, you do not receive a consistent pay-check and instead earn money based on your transactions each month. During the slow periods, you typically take away less since the job is based on commission. It’s important to budget accordingly for the slow times.
• Stressful work
This line of work can be stressful for both you and your clients. This type of transaction is a significant financial decision for your client, so expectations are very high for you. Although this career path can be very rewarding, it also comes with its challenges and stressful moments.
• Work can be repetitive
You may find creating the same product over and over repetitive and tiresome. One way of avoiding this is to diversify product lines and revenue streams – this will keep things interesting!
• Time commitment
With starting a bungee jumping service, all responsibilities and decisions are in your hands. Although this is not necessarily a negative thing, work life can take over at times. This can place a strain on friends and family and add to the pressure of launching a new business.
• Be prepared to get out of your comfort zone!
Although this is exciting for some entrepreneurs, it can be a big challenge for others! You may find yourself in uncomfortable social and business situations, jumping into tasks and responsibilities you aren’t familiar with, and pushing yourself as far as you can go!
• More of a challenge to run your business from home!
Running your business from the comfort of your own home is a big appeal for many entrepreneurs. With a bungee jumping service, you are more likely to run your business out of your office or storefront space.
• Work is not always glamorous
With starting a bungee jumping service, you may need to get your hands a little dirty. Although it may seem glamorous from the outside to start this business, the work can require a lot of physical activity and repetition.
• The job can be demanding
This is one of the major disadvantages starting a bungee jumping service. It’s important to understand that you may need to make yourself available on a 24/7 basis.
• High liability
Running a bungee jumping service involves a lot of liability, which means the cost for insurance premiums may also be high.
• Equipment Breakdowns
Over the years, your equipment can get damaged, break down, and may need repairs which can be expensive. It’s important you prepare for these expenses and try to avoid damages/wear & tear as much as possible.
• Answering Phones
The bungee jumping service is still considered a traditional business, which means answering phones is a big part of the job. If you or your team miss phone calls, you could be missing out on potential revenue opportunities. If you are unable to attend to your phone throughout the day, it would be in your best interest to hire a call center or an employee dedicated to this.
• You’ll spend a lot of time in the car
Many bungee jumping service offer their services outside of their office or home, which means you’ll be spending quite a bit of time behind the wheel. You will also need to consider traffic and delays, which can be time consuming and take each job longer than expected.
• The job can be dangerous
Your bungee jumping service can have its dangerous moments, which puts you and your employees at risk. It’s important to consider all liability and put processes and procedures in place that will prepare you and your team.
• More challenging to earn passive income
It can be more of a challenge to make passive income in this business. Often times, the amount of revenue you bring in is limited by the amount of time you have in the day.
Let’s take a look at the search trends for bungee jumping over the last year:
How To Name Your Bungee Jumping Service
It’s important to find a catchy name for your bungee jumping service so that you can stand out in your space.
Here are some general tips to consider when naming your bungee jumping service
- Avoid hard to spell names: you want something easy to remember and easy to spell for your customers
- Conduct a search to see if others in the space have the same name
- Try not to pick a name that limits growth opportunities for your business (ie. if you decide to expand into other product lines)
- As soon as you have an idea (or ideas) of a few names that you love, register the domain name(s) as soon as possible!
Why is naming your bungee jumping service so important?
The name of your business will forever play a role in:
- Your customers first impression
- Your businesses identity
- The power behind the type of customer your brand attracts
- If you’re memorable or not
It’s important to verify that the domain name is available for your bungee jumping service.
You can search domain availability here:
Find a domain starting at $0.88
Although .com names are the most common and easiest to remember, there are other options if your .com domain name is not available. Depending on your audience, it may not matter as much as you think.
It’s also important to thoroughly check if social media handles are available.
As soon as you resonate with a name (or names), secure the domain and SM handles as soon as possible to ensure they don’t get taken.
Here’s some inspiration for naming your bungee jumping service:
- Stiff Trampoline Pro check availability
- Stiff Anchor check availability
- The Stiff Tie Down Trading Co check availability
- Trapeze Spot check availability
- Jumping International check availability
- The Stiff Bungee Cord International check availability
- Inelastic International check availability
- The Stiff Rope Designs check availability
- Stiff Jumping Pro check availability
- The Stiff Inelastic Group check availability
- Bungee Cord & Company check availability
- StiffResilient check availability
- Elastic International check availability
- Stiff Anchor Designs check availability
- Stiff Trapeze Co check availability
- StiffSpot check availability
- The Stiff Rope Collective check availability
- Stiff Trampoline & Company check availability
- Stiff Inelastic Place check availability
- Stiff Resilient Trading Co check availability
- The Stiff Elastic Spot check availability
- Elastic Chronicles check availability
- The Stiff Elastic International check availability
- Jumping Trading Co check availability
- Trapeze Place check availability
- Stiff Tie Down Chronicles check availability
- Stiff Rope International check availability
- The Stiff Inflatable International check availability
- StiffWorks check availability
- Anchor Chronicles check availability
- Resilient Works check availability
- Trampoline Trading Co check availability
- Stiff Inelastic Pro check availability
- StiffPro check availability
- Stiff Bungee Cord Pro check availability
- Stiff Tie Down Trading Co check availability
- Stiff Anchor Co check availability
- Stiff Jumping Group check availability
- StiffTrapeze check availability
- Stiff Rope Spot check availability
- Stiff Resilient Place check availability
- Rope Co check availability
- Stiff Anchor International check availability
- Elastic Pro check availability
- Stiff Rope check availability
- Elastic & Company check availability
- StiffGroup check availability
- Rope & Company check availability
- StiffJumping check availability
- The Stiff Rope Group check availability
How To Create A Slogan For Your Bungee Jumping Service:
Slogans are a critical piece of your marketing and advertising strategy.
The role of your slogan is to help your customer understand the benefits of your product/service – so it’s important to find a catchy and effective slogan name.
Often times, your slogan can even be more important than the name of your brand.
Here are 6 tips for creating a catchy slogan for your bungee jumping service:
1. Keep it short, simple and avoid difficult words
A great rule of thumb is that your slogan should be under 10 words. This will make it easy for your customer to understand and remember.
2. Tell what you do and focus on what makes you different
There are a few different ways you can incorporate what makes your business special in your slogan:
- Explain the target customer you are catering your services towards
- What problem do you solve?
- How do you make other people, clients, or your employer look good?
- Do you make people more successful? How?
3. Be consistent
Chances are, if you’re coming up with a slogan, you may already have your business name, logo, mission, branding etc.
It’s important to create a slogan that is consistent with all of the above.
4. Ensure the longevity of your slogan
Times are changing quickly, and so are businesses.
When coming up with your slogan, you may want to consider creating something that is timeless and won’t just fade with new trends.
5. Consider your audience
When finding a catchy slogan name, you’ll want to make sure that this resonates across your entire audience.
It’s possible that your slogan could make complete sense to your audience in Europe, but may not resonate with your US audience.
6. Get feedback!
This is one of the easiest ways to know if your slogan will be perceived well, and a step that a lot of brands drop the ball on.
Ask friends, family, strangers, and most importantly, those that are considered to be in your target market.
Here’s some inspiration for coming up with a slogan for your bungee jumping service:
- Be Beyond Bungee
- Redfine Amazing Bungee
- Beyond Winch, Beyond Trapeze
- Be Bold Bungee
- Find Your Beyond Bungee
- Confident Trapeze, Luxurious Winch
- Beyond Bungee, We Care
- Simple Velcro, Quality Strap
- Luxurious Strap, Fresh Jumping
- Bold Bungee, Let’s Get To Work
- Fight for Brilliant Bungee
- Be Tasteful Bungee
- Brilliant Bungee, Better Results
- Creative Bungee, We Care
- Lush Bungee, Better Results
- Quality Anchor, Tasteful Bungee Cord
- Classic Parasail, Classic Winch
- Timeless Elegant Bungee
- Creative Bungee, Satisfaction Guaranteed
- A More Tasteful Bungee
- Your Lush Bungee
- Get Your Elegant Bungee
- Elegant Trapeze, Tasteful Carabiner
- Classic Carabiner, Tasteful Velcro
- Brilliant Bungee, Take A Seat
- Confident Trampoline, Lush Parasail
- Beyond Inflatable, Brilliant Strap
- World’s Fresh Bungee
- Your Fresh Bungee
- Get Your Creative Bungee
- Experience Tasteful Bungee
- Quality Bungee, Better Results
- The Fresh Bungee
- Confident Bungee, Let’s Get To Work
- A Elegant Bungee
- Beyond Bungee – A New You
- Elegant Rope, Bold Inflatable
- Get Your Creative Bungee
- Simple Bungee, We Are Here
- Get Your Beyond Bungee
- Quality Trapeze, Creative Inflatable
- Classic Bungee, Satisfaction Guaranteed
- Fight for Confident Bungee
- Find Your Classic Bungee
- A Fresh Bungee
- Creative Carabiner, Tasteful Carabiner
- More Tasteful Bungee
- Brilliant Bungee Cord, Beyond Resilient
- Experience Fresh Bungee
- Lush Bungee, We Are Here
- Bold Bungee Cord, Fresh Carabiner
- A Beyond Bungee
- A More Beyond Bungee
- The Lush Bungee
- More Creative Bungee
- Elegant Bungee, We Are Here
- Elegant Bungee, Redefined
- Tasteful Bungee, We Are Here
- Tasteful Bungee, Our Responsibility
- Quality Velcro, Elegant Trampoline
- More Fresh Bungee
- The Most Brilliant Bungee
- Be Lush Bungee
- Luxurious Bungee, Done Right
- A Amazing Bungee
- Classic Bungee, Our Care
- Quality Bungee, We Take Care Of You!
- Experience Tasteful Bungee
- Get Your Bold Bungee
- Classic Trampoline, Tasteful Bungee Cord
- Bold Inflatable, Lush Elastic
- Simple Bungee, Better Results
- Find Your Luxurious Bungee
- Redfine Quality Bungee
- Luxurious Bungee, Take A Seat
- Tasteful Bungee, Redefined
- Your Fresh Bungee
- The Most Beyond Bungee
- Lush Parasail, Luxurious Trampoline
- Luxurious Bungee, We’re Commiitted
- Be Classic Bungee
- Creative Bungee, Let’s Start Today!
- Be Elegant Bungee
- Creative Winch, Creative Trampoline
- Fight for Quality Bungee
- A Amazing Bungee
- World’s Bold Bungee
- Brilliant Velcro, Quality Trampoline
- The Quality Bungee
- A Classic Bungee
- Tasteful Resilient, Fresh Trapeze
- Quality Bungee, We Care
- Fight for Tasteful Bungee
- A More Tasteful Bungee
- Bold Bungee, Our Responsibility
- More Creative Bungee
- Timeless Luxurious Bungee
- Get Your Classic Bungee
- Quality Bungee, Let’s Get To Work
- Fight for Elegant Bungee
- Quality Bungee, Our Care
- Creative Bungee – A New You
- Redfine Creative Bungee
- Experience Simple Bungee
- Tasteful Tie Down, Confident Velcro
- Quality Velcro, Quality Trapeze
- Elegant Bungee, Built For You
- Amazing Carabiner, Fresh Inflatable
- The Fresh Bungee
- Brilliant Bungee, Take A Seat
- Elegant Bungee – A New You
- The Creative Bungee
- Redfine Brilliant Bungee
- World’s Lush Bungee
- Bold Bungee, Let’s Get To Work
- Simple Bungee, We Take Care Of You!
- Be Amazing Bungee
- Be Classic Bungee
- Confident Anchor, Lush Bungee Cord
- Elegant Bungee, We Care
- Your Tasteful Bungee
- Find Your Confident Bungee
- Find Your Tasteful Bungee
- Creative Bungee, Built For You
- Luxurious Trampoline, Simple Resilient
How To Start A Bungee Jumping Service
How Much Does It Cost To Start A Bungee Jumping Service
If you are planning to start a bungee jumping service, the costs are relatively low. This, of course, depends on if you decide to start the business with lean expenses or bringing in a large team and spending more money.
We’ve outlined two common scenarios for “pre-opening” costs of starting a bungee jumping service and outline the costs you should expect for each:
- The estimated minimum starting cost = $62
- The estimated maximum starting cost = $35,923
Raising Money For Your Bungee Jumping Service
Here are the most common ways to raise money for your bungee jumping service:
You may not need funding for your bungee jumping service.
In fact, many entrepreneurs take this approach when starting their own business, whether they have a little amount of cash or a substantial amount to get started.
So what exactly does the term “bootstrapping” mean?
This method essentially refers to self-funding your businesswithout external help or capital and reinvesting your earnings back into the business**
Bootstrapping means building your company from the ground up with your own, or your loved ones, personal savings and reinvesting all earnings back into the business
Here are some tips to consider when bootstrapping your business:
- Use your savings as your capital – one of the best ways to bootstrap your business is to collect your savings and use them as startup capital. This will also help you avoid using your personal or business credit cards when getting started.
- Determine exactly how much capital you need and how much capital you have to get your business off the ground. Generally, when bootstrapping your business, you may want to consider starting a business that involves less startup capital.
- Consider starting a business that will generate immediate returns so you can put money back into the business
- Be as lean as possible – this refers to cutting down expenses as much as possible, such as payroll, fancy software tools, unnecessary travel, renting an office, etc
- Consider outsourcing instead of hiring – in the beginning, you may not need to hire someone permanently to help run your business. It tends to be much less expensive to outsource work to a freelancer and hire someone permanently down the road!
Want to learn more about bootstrapping your business? Check out this article
For your bungee jumping service, a common way to raise money is through crowdfunding.
So, what does it mean to crowdfund your small business?
Crowdfunding refers to funding a project through many individual investors.
Here are some items to keep in mind when planning your campaign:
- Sell more than just your product. Sell your passion, your vision, and your story.
- Be real. Give your community honest details about your product.
- Treat your audience as your friends (not just potential customers)
- Put together a great presentation – it will attract people quicker.
To launch a successful crowdfunding campaign, you first need to select the type of crowdfunding platform to host your campaign.
Here are the most popular crowdfunding platforms to raise money on:
Funding platform for creative projects.
Businesses using Kickstarter:
Crowdfunding platform for innovations in tech and design.
Businesses using Indiegogo:
Crowdfunding platform that has helped more than 350 companies raise $175M+ from a community of over 250,000 prospective investors.
Businesses using StartEngine:
We connected with one of the most successful Kickstarter campaigns, Photobooth Supply Co, and asked founder, Brandon Wong to give us some insight on his strategy:
Product first, campaign second
So with all of those positive benefits of the platform figured out, we wanted to make sure we had the product itself in the right place before we launched.
We’ve been working on Salsa for a long time now and wouldn’t have felt comfortable revealing the ability to pay for it until we hit a very important milestone. We had a final prototype.
Doing all of the sourcing and actual production is secondary—there was absolutely no way we could have gone public without people being able to see real photos (and touch in person) a functioning prototype.
This meant that we had to do all of the development before we ever saw a cent.
Finding backers in the real world
We launched the product at our annual Booth Summit, which is a convention for photobooth owners to get together and learn from experts in the field. Launching a product in a receptive environment is generally considered to be a good idea. The same was definitely true for us!
We had a crowd of people who had just told us they were dedicated to growing their business… and we had the chance to offer them a way to do just that. I really can’t emphasize enough how important it is to make products that matter for people who will care about them.
This opportunity to see the product in real life was an essential component for our launch, but it might not be the same for you. I think it just shows how essential having a great prototype is. People love to touch and feel what they’re buying, if you’re talking about something physical… you should be able to show a prototype before you ask for money.
Building excitement with even the smallest backers.
We knew that we wanted to have a ton of incentives for early backers so that they’d be rewarded for taking a leap of faith on a new photobooth.
We’re obviously not making a whole lot of money on that first $1999 tier. But it enabled people to be part of something fun.
Every $1999 backer is always going to be able to say, not just that they got a great deal, but that they were one of the first to get on board. It means a lot more than a discount code expiring—just look at how frustrated people are on Twitter when a limited stock of rewards is secretly gobbled up.
Kickstarter doesn’t reveal the names of backers, but it humanizes them. And it just adds to the fun of getting your own spot! Even for someone backing now, they’re able to say that they were an early adopter.
Delivering on our promise
One of the most common critiques of Kickstarter items is that they either never show up or that they take years. I wanted to make sure that our timeline was easy to deliver and also reasonable.
Nobody deserves to wait two years for your product after they pay for it. I felt like we needed to offer a much quicker turnaround than that. We launched on Black Friday 2018 with an estimated delivery of April 2019.
That’s under 6 months and much lower than the average Kickstarter! The most important thing is that we will be able to meet that timeline. You can’t go around promising delivery dates and missing them, this isn’t a consumer product.
Anytime you’re working with the events industry you have to be very transparent and up front about timelines. A bride who books a photobooth needs it to show up on her wedding day. It’s non-negotiable!
VC funding is a traditional and long process, but an effective way to raise money for your business.
The term “VC funding” refers to venture capital firms investing in businesses in exchange for equity.
The VC’s (venture capitalists) are an individual or small group investing in your business and typically require substantial ownership of the business, with the hope of seeing a return on their investment.
VC’s are typically the best approach for businesses with high startup costs – where it would be very difficult to raise the money on your own or through a loan.
When deciding whether to take this approach, it’s important that you have a few things in place first, and know what you’re getting yourself into:
Determine if your business is ready
Having an idea is not enough to get VC funding.
Typically, VC’s will check to make sure you have these things in place prior to closing any deal:
- An MVP (Minimal Viable Product)
- A founding team with all proper documents in place (articles of organization, business formation)
- A validated idea with actual customers buying your product/service
Get everything in place and build a pitch deck
A VC individual or firm will be expecting a fine-tuned presentation that gives an overview of your business.
Here’s what you should consider including in your pitch deck:
- Management team, their previous experience + current roles in the business
- Market challenge and solution
- Company financials – including a P&L statement, cash flow statement, and projections
- Company progress
- Investment amount – how much do you need and why?
Research the right VC to fund your business
Research the types of VC investors out there and what niche they focus on.
Then, put together a list of target VC’s you want to approach and your strategy around setting up meetings.
Be sure you have everything in place (as discussed above) before setting up any meeting!
Make sure the terms and expectations are right for your business
Committing to VC funding is a big deal and a decision that should not be made lightly.
Although the money and experience from VC’s can help your business quickly grow, you are also giving away a stake in the company, and the money comes with strings attached.
Be sure you do your due diligence in finding the right investor – one that truly believes in the growth and success of your business.
What Skills Do I Need To Succeed In Starting A Bungee Jumping Service?
As a bungee jumping service, there are several essential skills and characteristics that are important to identify prior to starting your business.
Let’s look at these skills in more detail so you can identify what you need to succeed in your day-to-day business operations:
Business Savvy Skills
When starting a bungee jumping service, there are a few fundamental business skills you will want to learn in order to be successful:
- Leadership and training skills: A great team starts with YOU. Make sure you have all company policies and training procedures in place prior to hiring your team
- Decisive and self-confident: Over the course of your career, you will need decisions that could impact your business significantly. It’s important you are able to think clearly and rationally about these decisions.
- Ability to understand the financials: You don’t need to be an accountant, but it is important that you are able to clearly understand and define metrics such as expenses, revenue, profit, margins, COGS, etc.
- Strategic Thinking: Setting clear goals and benchmarks, identifying opportunities, risks. Ability to effectively communicate these insights to your team.
These are a few of many business savvy skills you should have (or work on) when starting a bungee jumping service.
For a full list, check out this article here.
Customer Service Skills
Friendly communication with customers and the ability to address service issues is a critical part of the job.
Here are some customer service skills you may want to consider prior to starting a bungee jumping service:
- Professionalism: The way you act, present yourself, and respond to situations all leave an impression on your customer. It’s important to stay professional at all times when handling customer requests or issues.
- Problem-solving: When issues arise, it’s important that you are able to think quick on your feet and address the situation with a calm and clear solution
- Friendly-manner: This is an obvious one, but customers truly appreciate someone that can respond in a quick, efficient, and friendly manner.
- Proficient in writing: These skills include the ability to write well-crafted emails, service tickets, and any other programs used by the business (ie. chat functions, SMS texting)
Self Motivation Skills
Self motivation and discipline skills are critical in order to become successful in this field.
It’s likely that you will find yourself starting and running your bungee jumping service from home, which could mean there are more distractions for you.
Here are the basic skills needed for self motivation & discipline:
- Becoming a self starter: It’s important that you are capable of independently completing a task without the help or direction of anyone else
- Listening and following directions: When you are given direction by others, it’s critical that you are able to follow directions and ask the right questions in order to get your job done
- Taking the initiative in problem solving: Instead of taking the easy route, you’ll need to learn to troubleshoot issues on your own as much as possible.
The ability to negotiate on behalf of your client will be an essential part of your every day job.
This is one of the most important qualities you can have when starting a bungee jumping service, so it’s important you practice and perfect these skills.
Here’s what this looks like:
- Ability to analyze all parts of the deal: your biggest power is to understand and analyze all parts of the deal for your client, choose when to walk away, and know to what lengths you can negotiate a deal.
- Building rapport: This is key in the bungee jumping service. You are much likely to reach an agreement and favorable terms if you spend just a few moments getting to know each other before talking about the deal at stake.
- Be diplomatic: Being in control of any situation presented and showing intention with your words are key qualities for someone in this line of work. This includes asking good questions and listening actively.
Becoming a good negotiator does not happen overnight, but as long as you are persistent with practicing these skills and putting them into action, you will see growth day by day!
Advice For Starting A Bungee Jumping Service
We’ve interviewed thousands of successful founders at Starter Story and asked what advice they would give to entrepreneurs who are just getting started.
Here’s the best advice we discovered for starting a bungee jumping service:
Write a Business Plan
Writing a business plan from the start is critical for the success of your bungee jumping service.
Because this allows you to roadmap exactly what you do, what your overall structure will look like, and where you want to be in the future.
For many entrepreneurs, writing out the business plan helps validate their idea and decide whether or not they should move forward with starting the business.
You may want to consider expanding upon these sections in your business plan:
- Executive Summary: Brief outline of your product, the market, and growth opportunities
- Overviews and Objectives: Overview of your business, target customers, and what you need to run your business
- Products and Services: Specifics on the products and services your business will provide
- Market Opportunities: Analysis of customer demographics, buyer habits and if your product is in demand
- Marketing: Outline of your marketing plan and how you plan to differentiate yourself from other customers
- Competitive analysis: Analysis of your competition and the strengths and weaknesses therein
- Operations: Hierarchal structure of the company and what it will take to run the business on the day-to-day
- Leadership Team: Detailing roles and responsibilities of each manager based on their specific skill-set
- Financial Analysis Understanding of all expenses, operating budgets, and projections for the future.
Learn more about how to write a business plan here
Determine Which Business Bank Account You Need
There are hundreds of banks out there, and it can be overwhelming to find one that’s right for your business.
Here are some factors you may want to consider:
- Location – Is your bank close enough that you can easily make deposits or get cash?
- Low Fees – Make sure to understand any and all fees associated with setting up and maintaining your bank account. Ask for a list – banks usually try to keep this hidden and in the fine print.
- Online Banking Services – Make sure you can easily navigate through your online portal and you have easy access to everything you need.
- Line of Credit – What do your options look like (even if you don’t need this now, you may need this down the road).
- Every bank has something that differentiates them from the rest, so make sure whatever that is applied to your needs and values.
Check out this list of the 13 Best Banks for Small Business in 2020 and what makes them so unique.
Setting Up Your Bungee Jumping Service (Formation and Legal)
When it comes to setting up your business, you may find yourself in a place where you have to make some financial and legal decisions.
The first thing you’ll want to decide on is whether you want to be an LLC, S-Corp, or C-Corp.
These three options are found to be the most common when starting a small business, and all serve to protect your personal assets and also provide you with certain tax benefits.
- LLC: All income and expenses from the business are reported on the LLC personal income tax return.
- S corp: Owners pay themselves salaries + receive dividends from profits.
- C Corp: C Corps are separately taxable entities that file a corporate tax return (Form 1120). No income tax is paid at the corporate level and any tax due is paid at the owners individual expense.
Depending on where you’re conducting business, you’ll also want to consider securing the proper permits, licenses and liability insurance.
Need to start an LLC? Create an LLC in minutes with ZenBusiness.
How Do I Pay Myself As A Small Business Owner?
Most entrepreneurs start a business to do something they love- but at the end of the day, you still have bills to pay (maybe now more than ever).
But it’s important to strike the right balance – if you pay yourself too much, you could be putting your business at risk.
There are two common ways to pay yourself as a business owner:
1. Owner’s Draw
Many entrepreneurs pay themselves through an owner’s draw. This means that you are technically sean as “self-employed” through the eyes of the IRS and are not paid through regular wages.
At the point that you collect money from the draw, taxes typically are not taken out – so make sure you are prepared to pay these taxes once you file your individual return.
As an owner who takes a draw, you can legally take out as much as you want from your equity.
This type of compensation is suited for Sole props, LLCs, and partnerships. If you’re an S corp, you can pay yourself through both a salary and draw if you choose.
If you decide to pay yourself a salary, you will receive a set and recurring amount. This will be taxed by the federal government and the state you reside in.
The reality is that it can be really complicated to set your own salary, so we have some tips for you to consider:
- Take out a reasonable amount that allows you to live comfortably but also sets your business up for success
- Consider the number of hours you are working weekly + the type of duties you are performing.
- Set your salary based on your industry-standard, location, and profits (or projected profits)
- Look at your P&L statement: Deduct your own pay from that amount. This is important so you can first tackle important business expenses, and then pay yourself from the amount leftover.
- Pick a payroll schedule (and stick to it)! In the US, it’s most common to pay yourself and employees twice a month.
To learn more about how to pay yourself and what is a reasonable amount, check out this article.
How To Price Your Bungee Jumping
One of the most challenging aspects to starting a bungee jumping service is determining how much to charge for your bungee jumping.
When businesses under-price their product, this can be extremely detrimental to their bottom line and reputation.
Often times, businesses under-price their products to drive demand and volume, but that last thing you want is for customers to view your product/service as “cheap.” Additionally, this can have a big impact on the type of customer you attract, which can be difficult to recover from.
On the other hand, when businesses over-price, this tends to be just as damaging to the business.
When customers buy, it’s likely that they will explore the internet and look at other competitors to ensure they’re getting the best value + deal. This is why it’s so important that you research your competition and understand where you land in the marketplace.
Here are some factors to consider when pricing your product:
Understand your customer
It’s important that out of the gates, you identify the type of customer you want to attract and how much they’re willing to pay for your service. One great way to do this is by surveying your customers. Here are some important items you’ll want to takeaway:
- Customer demographic: Age, gender, location, etc.
- Buying habits of your customer: What they buy + when they buy
- Level of price sensitivity with your customer
All of these segments will help you identify the type of customer you’re attracting and how to price your product accordingly.
Understand your costs
When pricing your bungee jumping, it’s critical that you first identify all of your costs and consequently mark up your bungee jumping so you can factor in a profit.
The actual cost of your bungee jumping may include things like:
- The actual cost to make the product (ie. raw materials, supplies, manufacturer).
- Shipping + overhead fees
- Operating costs to run your business
You may want to consider creating a spreadsheet with every single expense involved in operating/owning your business. This will give you an idea as to what you need to generate in order to at the very least, break-even and will help you price your products to factor in a profit.
Create revenue goals
When determining the price of your bungee jumping, you’ll want to create goals for revenue + how much profit you want your bungee jumping service to make.
This process is simpler than you may think:
- Think about your breakeven cost (by completing the above step).
- Create a revenue goal based on your break-even cost
- Evaluate the # of items you plan to sell in a given period (make sure this is a realistic number)
- Divide your revenue goal by the number of items you plan to sell
This figure will help determine your estimated price per product in order to meet your revenue goals.
Evaluate your competition
The last piece in determining how to price your bungee jumping is by simply looking at your competition.
The best way to do this is by finding like-minded businesses that offer product(s) with similar perceived value. Then, you can compare prices of the different businesses and determine where your bungee jumping fits best in the marketplace.
All of these factors play an equal part in pricing your bungee jumping, so it’s important you evaluate each one individually to come up with an accurate price that will help optimize your business from the start.
Gross Margin Calculator: How to Calculate The Gross Margin For Your Bungee Jumping
Our calculator is designed to be simple and easy to use.
The goal is to help you set realistic expectations and understand what is considered a healthy gross margin for your bungee jumping service.
Design A Prototype
Turning your idea into a reality can feel like a daunting task – but it’s critical that you have an idea of what your product will look like (even if it’s just a sketch) prior to finding a manufacturer.
Here are some common ways you can design your prototype:
- Draw Your Initial Design on Paper
- Form pieces of fabric together
- Consider Taking A Generic Product And Putting Your Own Brand On It
- Try Making the Product Yourself
- Consider Building A Prototype With A 3D Printer
To learn more about how to design and prototype a product, check out our latest guide here.
How To Launch Your Bungee Jumping Service
Build A Website
Building a website is imperative when launching your business, and with the right tools in place, this can be a simple task to check off the list (without having to hire someone).
- Pick a domain name that’s easy to remember and easy to type
- Choose a Web Hosting Plan (ie. Shopify, Squarespace)
- Make sure you choose the right theme and design
- Implement the proper page structure (ie. about page, contact page, pricing etc)
To learn more about how to build a stellar website with little stress, we give you all the details on this step-by-step guide.
Once you have chosen the domain, web hosting, and platform, it’s time to get started with the design phase.
Themes are a great way to produce the fundamental style and identity of your website – this includes everything from your font design to your blog post styles.
One of the best ways to get started is to simply explore the various themes (free or paid depending on what you’re looking for) and test them on your site.
If web-design really isn’t in the cards for you, you may want to consider outsourcing a web designer to help bring your vision and brand to life.
Traditional Launch Strategies For Your Bungee Jumping Service:
There are various different ways you can launch your bungee jumping service successfully.
Here are a few different strategies to get customers excited about your bungee jumping service:
- Set up a Facebook page for your business. This is a great way to establish an online presence
- Host an event in a fun location with drinks & food. This is a great way to get exposure in the local community.
- Get Press! Pitch your story to the media and you may just land in an amazing publication
- Live sales to get customers excited
- Send a hand-written letter in the mail with a discount on your services to the local community/neighborhoods.
How To Grow Your Bungee Jumping Service
♀️ How To Run Your Bungee Jumping Service
How To Retain Customers For Your Bungee Jumping Service
Retaining customers is one of the most effective ways to grow your bungee jumping service.
Oftentimes, it’s easy to find yourself focusing on generating new customers, vs retaining your current ones.
Look at it this way – you are 60-70% more likely to sell a new product to an existing customer than you are a new customer.
That’s not to say that finding new customers and revenue streams is not important, however, the easiest (and most inexpensive) source of new revenue is right there in front of you.
Here are some ways you can retain customers for your bungee jumping service:
- Responding to comments on social media
- Send discounts (or freebies) to loyal customers
- Provide valuable content, for free
- Write a hand written thank you note
- Provide awesome customer service and build relationships with customers
To find out more tips and tricks on retaining customers, check out this article ➜ here
Diversify Your Product Line
Adding new products to your business is a great way to expand into new markets and grow your business.
It’s important to note that adding new products and diversifying may not be in the cards for you right this moment, and that’s okay. You can always consider it down the road.
Here are some reasons you may want to considering adding/diversifying your product
- Meeting the needs of your customers
- Establish yourself as a top provider in your industry and stay ahead of the game with competition
- Resistance to downturns/trends fading
- Create new revenue streams
We put together the best resources on the internet to help you start your bungee jumping service.
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Bungee Jump: Simulate Multibody Systems
This is a simple model of a bungee jumper consisting of a mass attached to a platform by a spring and damper.
Automatic 3D Animation
Multibody systems have visualizers to show what a real-world system would look like.
To simulate the model and view a 3D animation of it, follow the steps below:
- Click the button in the top-right corner.
- When the build is finished, click the Simulate button .
- Click the Animate button .
- Use your mouse or trackpad to drag the animation to a good angle and zoom in with your scroll wheel or by using the trackpad. Then click the Play button to play the animation.
Explore the how the force on the cord varies with time by simulating and plotting the variable ElasticCord.f .
The variable will automatically be plotted when the model is simulated.
Changing parameters for the simulation can be done rapidly in Simulation Center. Switch to the Parameters tab and enter a new value for the parameter you would like to vary.
Simulate again to see the effects of your changes.
Terms and Conditions of Use
This domain example is an informational resource made freely available by Wolfram Research.
A blog about Outdoor and Adventure Activities
The Complete Guide to Bungee Jumping
What is bungee jumping?
Bungee jumping put simply is an exhilarating adventure sport which involves jumping from a high platform – normally from a dam, bridge, crane or tower, connected to a specially-made thick elastic cord which recoils after a few seconds of freefall. Though the bungee platforms are usually from static structures, it is also possible, and highly thrilling, to bungee jump from hot air balloons, mountain gondolas and helicopters.
Practiced around the world, this activity is great to do in groups with friends or family, cheering each other on as you wait for your own turn to jump!
Some bungee sites have a minimum weight limit rather than a minimum age, so it’s a sport that can be tried by a range of ages, with no maximum age limit. Some bungee sites however have a minimum age, the average being around 14 years old, but this is dependent on each individual bungee.
A sport that requires minimal preparation on the participant’s part, requiring only a minimal level of fitness, good health, to wear appropriate footwear, and to listen to a safety briefing, this is a great sport that almost anyone can try!
You can ease into bungee jumping by picking the height that suits you best, depending on your threshold for tolerating heights. To compare various bungee sites from one another, take a look at our list of the World’s 10 highest bungee jumps! If you have your eyes set on booking a specific bungee jump or would like to know if there’s a site around you, make sure you check out all our bungee jumps around the world!
History of Bungee Jumping
According to a legend surrounding the South Pacific island of Pentecost Island, bungee jumping originated there. The legend says that a woman, fleeing her husband who was mistreating her, climbed a tree to hide, which her husband followed her up. Just as her husband tried to grab her, she tied vines around her ankles and jumped. Her husband jumped at the same time but hit the ground and died, so the woman was saved by the vines.
A man from the South of Pentecost Island bungee jumping using vines
Since this legend originated, the men of the island have practiced jumping from trees with vines tied around their ankles. This ‘land diving’ or Naghol, as it is known on the island, has become a tradition on Pentecost Island. It is practiced every year on Saturdays between April and June.
In April 1979, on ‘April Fool’s Day’ the Oxford Dangerous Sport Club tried jumping from Bristol’s Clifton Bridge in England. Illegally and moderately unpreparedly, a few members of this club attached elastic bungee cords to themselves and jumped – something they later did again at the Golden Gate Bridge in San Francisco, USA. the following year.
This, along with other jumps, propelled the sport into the mainstream. In 1989, the now world-famous New Zealander A.J. Hackett opened the world’s first commercial bungee jumping location in Queenstown, New Zealand.
Bungee jumping at Europabrucke, Innsbruck, Austria
What equipment is used in bungee jumping?
The amount of equipment required for this sport is minimal, with the participant only needed to bring appropriate footwear.
The bungee site will supply the specially designed braided shock cord you will be connected to, the leg and body harness you will be wearing, connected to the bungee cord and a helmet may be required at some destinations.
Don’t be skeptical of the location if you don’t spot a harness, as some bungee sites simply connect jumpers to the bungee cord via the ankles, whilst others use a harness. You can rest assured, knowing both pieces of equipment keep you secure:
Bungee Cord: A specially designed and made cord made from tightly woven strands of rubber. With different strengths and thicknesses available, different bungee sites opt for slightly varying cords. This cord will have recoil when you reach a certain point before you reach the ground.
Harnesses: The harnesses are worn around the thighs, waist, chest, and shoulders, with the bungee cord connected at the front to both of these pieces of the harness.
Bungee jumping Stockhorn, Interlaken, Switzerland
What will I do?
Arrive at the bungee site at least an hour before your slot, this will give you time to take in the surroundings, watch the people before you jump and get acquainted with the instructors and have a safety briefing.
Before the jump, you will be weighed so that the operators set up the particular rope you will use. After attaching your harnesses and rope and checking everything is secure and safe, you’ll then be ready to jump!
During the activity:
Relax, stretch your arms out, bend your knees and jump into the void. Enjoy the sensation of the freefall, it will only last a couple of seconds, and then the rope will be fully stretched and the elastic will recoil and bring you back up slightly and you will swing momentarily at the end of the rope until you are either lowered down to a specially-made landing area airbag, platform or even a boat sometimes (dependent on the location) or lifted back up to the spot you jumped from.
After having your harnesses detached from the rope and the harness subsequently taken off, you’ll be able to relax and think back on the incredible bungee jumping experience you’ve just had!
Bungee jumping Sentosa, Singapore
Who can do bungee jumping?
Bungee jumping is an inclusive, accessible sport, able to be tried by people with reduced mobility, amputees or visitors with partial paralysis. If you have any doubts about whether yourself or one of your group can participate in bungee jumping, it is highly recommended to speak to the staff at the bungee site that you intend to visit beforehand.
Min. and max. weights:
Rules vary for different bungees, but the general minimum weight for bungee jumping is 35/40kg. The maximum weight again differs between sites but is generally around 145/150kg.
Bungee jumping unfortunately is not recommended for women who are pregnant.
Generally the participant must be in good health, if you suffer with epilepsy, joint problems or heart disease you may not be allowed to participate. It is worth checking with the bungee site you’re planning on visiting ahead of booking to see their individual policy on health requirements if you are unsure.
It is also worth noting that it is not advised for bungee participants to be under the influence of drugs or alcohol, as they may not be permitted to participate. This sport requires a high level of engagement and attention to the safety instructions provided by instructors.
Bridge Swinging near Barcelona, Spain
Variations of bungee
This exhilarating sport has a number of equally exciting variations such as bridge and canyon swings and sky jumping.
Bridge Swing: This is offered at a number of bridges around the world, bridge swinging is a variation of bungee jumping in that you still jump from a bridge but the type of rope is different and you swing rather than freefall.
Canyon swing: Similar to bridge swinging, though instead of jumping from a bridge, you jump from the side of a canyon. Canyon swinging is like cliff jumping, but you’re attached to a rope.
Sky jump: A sky jump is a controlled fall from a large height. The participant has a wire attached to them as they ‘fall’ at a controlled speed. Unlike bungee jumping, there’s no recoil of the wire and most sky jumps will end on a landing platform at the bottom of the tower that you jump from.
For more information about this exhilarating sport, check out our bungee jumping articles.