The Hive Skate Shop

Skate shop expands, adds merchandise and launches a new website

Overview:

Milestones:

  • Opened in 2013
  • Approved for $10k line of credit
  • Secured $32k from DECD Small Business Express Loan program
Charlie King opened the Hive Skate Shop in 2013 to offer skateboard enthusiasts the best in skateboards, skate gear and skate clothing. To help his business grow, he connected with the Connecticut Small Business Development Center (CTSBDC) in March 2014 and got right to work with Business Advisor Matt Nemeth.

HivePictureTogether, Charlie and Matt dove into the fundamentals including operations and cash flow management, business planning, financial analysis to support Charlie’s expansion plans, new marketing strategies and ways to expand his product line.

With Matt’s assistance, Charlie got approval for a $10,000 business line of credit and $20,000 personal equity line with First Niagara Bank, and applied for a $32,000 DECD Small Business Express Loan along with a $20,000 job creation matching grant. He’s since moved the Hive Skate Shop into new space, tripling his former 300 square foot area and filling it with new merchandise. Charlie’s now enjoying increased sales and plans to add another employee, growing his staff from one to two, in accordance with his anticipated DECD loan approval.

Together, Charlie and Matt dove into the fundamentals including operations and cash flow management, business planning, financial analysis to support Charlie’s expansion plans, new marketing strategies and ways to expand his product line.

“Charlie is a young entrepreneur with realistic expectations of himself, and he’s reached out to create a network of support,” Matt said. “He has also begun creating a new culture in downtown New London, and a safe place for young people to get together and skateboard. And he has plans to develop a skateboard park in partnership with the city. Charlie is the embodiment of the entrepreneurial spirit and has taken it upon himself to show his ‘crew’ how to be a responsible business owner.”

“Matt’s been fantastic since the day I met him. He took his time, explained everything I needed to know, and worked with me every step of the way to find my financial partners and submit my applications,” Charlie explained. “I love what I do and am excited about growing the skateboarding passion in New London. I’m glad Matt and CTSBDC are here to help me!”

 

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