Amusement park business is perfect for the fun-loving, passionate individuals who want to establish a profitable self rewarding business. We all aware about the success stories of Disney Land, Knoebels and Cedar point. Establishing an amusement park business requires substantial capital investment and proper strategy planning. Also it requires plenty of vacant land and water resources depending upon the size of the park.
The Amusement Parks industry has grown strongly over the past five years, driven by a rise in international and domestic visitor numbers and rising consumer spending. In the coming years, growth is expected to continue as a number of drivers continue to have a positive influence on the industry. For example, travel spending is anticipated to increase as the economy improves over the next five years.
In starting an amusement park preparing a business feasibility report is must. It provides important physical planning guidance and physical parameters, such as total land size needed, building space required etc. It also recommends the attraction mix and major components. Engaging right experts for these tasks is must. You will need to consult with the experts like project consultant, architect, civil engineers to prepare the plan and to execute it properly.
Amusement Park Business Plan
Preparing a business plan is must on the basis of feasibility report. You should mention your business objective, vision and mission statement. Marketing plan should be done carefully. Financial planning should include the total capital investment, means of finance, expected revenue return and break even. You will need to decide the size of the park, equipment, staffing, and also working capital investment.
Amusement Park Business Legalities
First you must register the business. Amusement park business attracts several permissions and safety rules that vary from state to state. You also need to obtain permission from Government to operate the amusement park. It is advisable to consult with an attorney to check the amusement park business legalities.
Financing Options For Amusement Park
The major fixed capital investment requires for land and equipment. You can apply for a term loan or hire purchase leasing from any bank. Angel investment or venture capitalist are also the very good options for finance.
Acquire Land For Amusement Park
Land is the primary resource that you must have. Land size will depend on your business plan. You will need to find out the large size of land on road-side that meet up the requirement of entire equipment accommodation. You can either purchase the land or can have long term lease. You can also think about a small indoor amusement park idea. In that case you will need to find small property on good location in the city.
Amusement Park Resources
- In establishing amusement park, you must engage expert professionals to implement the idea rightfully.
- Select the equipment carefully. Select the kids specific rides and also keep equipment for teenage and young crowd.
- Hire experienced skilled operational employees. Proper training about the operation, safety and customer dealing is important.
- Fix pricing carefully. You can offer discounted pricing for groups or schools visitors. Apart from ride specific tariff, you can also offer tickets for full day or for all ride
- Purchase equipment from reliable suppliers. Check the warranty period, installation charges and their after sale service commitments.
- You must make arrangements for food and beverages inside the park. It is also an alternate option to generate extra income. You can establish your own food court or you can lease out some spaces to the reputed food chain retails.
- Always remember; you are not offering a product, you are offering a memorable fun experience to your clients at your amusement park.
Promote Your Amusement Park
There are several ways, you can promote amusement park. Rather than advertising, you must make it known to your audiences. You can publish advertisement kid’s magazines and kid’s channels. Create your own website. Upload exciting videos there. You can offer online ticket buying process also. Establish business tie-ups with tour operators. Promote your amusement park on social media also.