People with big dreams usually get them from a point in time when two events collide-often a bad experience followed quickly by a realization of a solution. Many family entertainment centers, as an example, started with a bad experience at the local fun center, followed by the thought “I bet I could run a better center than this.” With that thought, another entrepreneur is born!
Here are some tips to point you in the right direction, along with links to the resources that will get you much closer to your family entertainment center’s grand opening.
1) Get some numbers
Planning your business starts with finding numbers. How many families are in the community you want to open your family entertainment business in? How many competitors are already there? How much business do they get during weekends? What is the age group of children you want to focus on? Also, what is the approximate age group of those children’s parents? Your local Chamber of Commerce as well as your Small Business Association office should be able to help you with some of the demographic research. Also, the U.S. Census Bureau has many tools to help you uncover these important numbers.
2) Get a plan
A business plan is vital for two reasons; it’s imperative you have a blueprint to follow for (1) setting up your business (could take six months to a year) and (2) running your business (definitely plan your first year, and consider going as far as forecasting to year three.) There are many business plans out there, but luckily there are some products that are custom-tailored to the family entertainment industry. You can find them by searching specifically for family fun center business plans. If you buy one of these targeted fun center business plans, make sure it includes family entertainment industry trends, sample revenue, and income statements, as well as spreadsheets with pre-written formulas-this, means all you have to do is enter your numbers and the spreadsheets do all the intricate calculations.
|3) Get a location
We don’t mean buy some land, but you should source some ideal locations and get a feel for what you’ll be facing as a month-to-month leasing cost. You can search yourself on commercial real estate websites in your area, or (think of your target audience, traffic flow, popular parts of town OR low-rate lease space not too far out-of-town. consider spaces of 5,000 to 8,000 sq. ft. for a small to medium family entertainment center business. If your business plan included a spreadsheet into which you can plug in monthly leasing costs, go there and do so.
4) Get funding
Once your business plan is complete, it’s time to practice your pitch and then set up some meetings with financiers or investors. Which one you choose depends on whether you want funding in loan form, or a business partner that invests money and owns part of the business. Your pitch should include a five-minute overview wherein you describe your business and why it will be successful. To describe success you should touch on how it’s different from the existing competition, why this will attract your target audience, and projected revenue for year one and profitability for years 2-3. Next, you’ll take your financier or investor through the business plan. You won’t read the plan, you’ll summarize the sections as you page through. You want to emphasize how you’ll manage the business, how you’ll attract guests when you’ll break even, how you’ll repay the loan (or when you’ll start to show a return on investment) and what your 5-year goal is. Of course, you’ll want to practice this at least five times with friends and family members. Knowing your business idea inside and out will give you confidence, and this matters to anyone who’s considering funding your business. Again, there are services available online that will help you draft a specialized family entertainment center business plan, as well as mentor you to help you complete it-right up to reviewing the final plan and coaching you on how to present it.
|5) Get going
Now that you have your funding, you can focus on putting your business plan into action. This will include proceeding with securing your lease, leasehold improvements, fun center name registration, business registration, branding, employee manuals…it may seem overwhelming, but there are great guidebooks online that focus on helping you write, present and execute your family entertainment center business plan.
Summary : Introduce the manufacturer of the Chinese claw machines in detail and provide suggestions for the purchase of these machines. Quick Navigation : • Why choose china claw machine? • Top 7 wholesale claw machine manufacturer in the china Why choose china claw machine? 1. An affordable price An affordable price is one of the most important reasons for buyers to choose Chinese claw machines. In China, there are raw materials and labor which are relatively cheap, and in turn, the production cost of a claw machine is less than one-fifth of the cost of producing one in Europe and America. 2. A relatively high quality Why are there so many manufacturers of arcade games in Southeast Asia, yet those of China are mainly chosen? Another important reason is that the quality of such equipment is comparable to that of Europe and the United States. It also exceeds those produced in India, Mala...
On September 10-12, 2019, the 11th GTI Asia China Expo will be held in Halls 1.1~8.1 of Area of Pazhou Complex. There are about 600 exhibitors join in this exhibition, with an exhibition area of 80,000 m^2, which is expected to attract 150,000 visitors. According to the exhibition organizer statistics, the number of new arcade games this year is several times last year. Arcade machines manufacturer participating in this exhibition have a strong sense of independent research and development machine, and many new arcade games are launched every year. It provides more choices for customers who come to the exhibition. In order to meet the needs of sports game enthusiasts, Neofuns launched a variety of sports arcade machines. Such as boxing arcade machine, basketball arcade machine, etc. And designed a few more exquisite claw machine and prize vending machine. Neofuns specializes in technological innovations such as arcade machines and prize vending machines. It is ...
Summary : The arcade is one of everyone’s past times, especially for Filipinos. Since the time of the classic arcade games like Pacman, Donkey Kong, and space invaders, the arcade has been the place to go to spend time with friends and family. Despite the recent popularity of game consoles and PC’s, the arcade is still one of the places to go, especially during weekends. Amusement Arcade centers like Timezone, World of Fun, Funtasia, Tom’s World, Gamezoo, powerstation, and Quantum remain a popular destination for families to visit after grocery trips or shopping in the mall. Most shopping malls in the Philippines, especially in Manila, have multiple amusements arcades, so it is essential to know which is the best place to spend your time and money on for more fun and prizes. Quick Navigation : • What are the factors that rank the game center? • 8 Best Amusement Arcades in the Philippines What are the factors that rank the g...
Summary : The basketball arcade game has risen to become one of the most popular arcade game of the century. It originates from the arcade game concept of ball toss, which was one the main underlying concepts of arcade games in the 1920s, when arcades first started. The basketball game machine has proven to have fans from all walks of life as literally anyone can play it! Pick up a ball and toss in through the hoop. It is that simple! Quick Navigation : • What are Basketball Arcade Games? • History of Basketball Arcade Machine • The change course of basketball arcade machine • Where can I find a basketball arcade machine? • How to hack basketball arcade machine? • How much does a basketball arcade machine cost? • What are the basketball arcade machine rental companies? • 5 best basketball arcade machine What are Basketball Arcade Games? Basketball arcade games incorporate the fundamental concepts o...