Establishing any kind of business is no joke, and those who have tried (and failed) can attest to the many difficulties surrounding such an endeavour. But being a business owner does have its own fulfilment and rewards, and if you can start a business and make it a resounding success, then kudos to you. Today, more and more budding entrepreneurs are venturing into the indoor playground niche, and it has proven to be very profitable for them indeed. But whilst it’s a good business choice, you still have to make sure that you get into it with eyes wide open and ears to the ground. In other words, it pays to know what you are getting into and what you can expect, and it definitely pays to know what you should do and consider. Here, then, is your crucial guide to starting and opening your indoor playground business.
Do the research
First of all, you have to do the research. Facts and figures are crucial if you want to make sure that your business has a good chance of being profitable. Your goal when you perform market research is to discover invaluable information, which includes the number of young families with children in your area, whether or not there is a demand for an indoor playground, and more. You also need to find out if potential customers are willing to spend money on time in an indoor playground, and whether or not they do have the money to spend. For this, you can speak to potential customers through interviews, surveys, and polls (you can do this personally as well as online).
You should find out if there is space or a proper location for an indoor playground, and if there is any existing competition. If there is competition in the community, figure out how you can differentiate yourself from them. Find out more about your competition by visiting their websites or their actual sites, read reviews, and learn how much they charge as well.
Figure out the location
As mentioned, location is also important if you want your business to have a good chance of success. The best location would be beside a mall or in a mall or near an area with a lot of traffic. You can also choose your location based on a nearby tourist spot or attraction. When it comes to the building itself, choose one based on the type of equipment and structure you would like to have. For instance, if you want a playground structure with three storeys of indoor play equipment, it would be best to choose a building which has an indoor height of at least four metres.
Determine your budget
You also have to determine your budget, and this is particularly essential. It is an investment to equip your space or centre with the right equipment, especially if you would like to offer some great equipment such as trampolines, ball pits, slides, and games, and so on. When it comes to your budget, figure out how big you want the space to be and how many customers you can expect based on the busiest day, and determine the number of activities you would like to offer as well. Remember that your budget isn’t just about the rent of the premises and the equipment – it should also include insurance, salaries, utilities, and marketing expenses.
