You can also use social media to attract new clients or customers. Establish business tie-ups with tour operators. There are various ways that you can promote your amusement park. How to Begin. Leasing of a standard facility that can accommodate your customers and staff members and of course equipping the facility are part of what will consume a large chunk of your startup capital. These are some of the key factors that you should consider before choosing a location for your amusement and theme park facility business; On the average, there are no special technologies or equipment needed to run an amusement and theme park facility except for the various mechanical rides, water rides, games, themed exhibits, refreshment stands and other attractions. There are many resources out there specifically for women entrepreneurs. 1935 Lilly built Eagle Crest Estate, which included a library (now the Ornithology Center), lodge, watchman’s cabin, and swimming pool. There will always be someone with an event, party, birthday or occasion wanting to make the most of their day and looking for the best in entertainment equipment, whether it’s a mechanical bull, or an inflatable assault course! This helps you separate personal and business expenses by putting your business' expenses all in one place. Although there are some amusement parks that are into franchising, but if you are looking towards starting an amusement and theme park facility business, it will pay you to start from the very scratch because you can hardly get a franchise of an amusement park facility business at affordable price to buy. Visit our DBA guide to learn more. Start planning. You must be a highly motivated individual ready to sink a large initial investment into the concept, design, and implementation of your amusement park. There are several ways, you can promote an amusement park. Statistics have it that in the United States of America alone, there are about 624 licensed and registered Amusement Parks that are into franchising responsible for employing about 139,041 employees and the industry rakes in a whooping sum of $18 billion annually with an annual growth rate projected at 5.4 percent between 2011 and 2016. Your business plan can look as polished and professional as this sample plan. List of Niche ideas Within the Amusement Park Business That You Can Specialize in. A recent report published by IBISWORLD shows that the Amusement and Theme Parks industry has high barriers to entry particularly for theme parks with major roller coasters and other attractions. We are affiliated with Realtors, Builders, Management Companies, Vendors and Dealers, Manufacturers, Distributors throughout North America. Your business plan can look as polished and professional as this sample plan. Even though the industry is highly competitive, major amusement park operators in the united states have used their intellectual property rights to major film franchises and entertainment to their advantage, pivoting beloved films and characters into exciting new features and rides to propel revenue and increase their profit margins. Most small entertainment venues anticipate their customers visiting for two to three hours. 9 Best Insurance Policies for Amusement Parks and Their Cost, How to Start a Haunted House Business in 20 Steps, How to Start an Indoor Trampoline Park Business in 20 Steps, How Much It Cost to Get Insurance for a Haunted House, Writing a Trampoline Park Business Plan [Sample Template], How Much Money Can Theme Parks & Amusement Parks Make Yearly, How Much It Cost to Build an Amusement Park or Theme Park, How to Write a Haunted House Business Plan [Sample Template], 11 Best Trampoline Park Franchise Opportunities for Sale, 17 Best Amusement Park Franchise Opportunities for Sale. The general income is created through the standard entry ticket price. Is Professional Certification Needed to Run an Amusement Park Business? The feasibility study is the first step the developer takes to start an amusement park because it provides important physical planning guidance. When registering a business name, we recommend researching your business name by checking: It's very important to secure your domain name before someone else does. What is the Project Feasibility of an Amusement Park ? An extra push should be scheduled around popular holiday periods like the 4th of July, Christmas, and school vacations when families are searching for entertainment options. If you don’t already have a name in mind, visit our How to Name a Business guide or get help brainstorming a name with our Amusement Park Name Generator. A business website allows customers to learn more about your company and the products or services you offer. It is critical that designs are in line with market needs and justified investment. Setting up an LLC protects you from personal liability. Your business plan can look as polished and professional as this sample plan. You can start this type of business as limited liability company (LLC) and in future convert it to a ‘C’ corporation or an ‘S’ corporation especially when you have the plans of going public. The successful amusement park model focuses on the customer's entire experience, offering a wide range of services and entertainment options including parking, trams, restaurant options, water parks, roller coasters, live animal attractions, stage shows, arcade games, attractive interactive landscaping, and family friendly fun. You can publish advertisement kid’s magazines and kid’s channels. This can pose a significant barrier to entry for new players, since the sheer cost of constructing worthwhile rides and attractions represent an enormous initial investment. List of Legal Documents You Need to Run an Amusement and Theme Park Facility. The only way to avoid this challenge is to create your own market. Your brand is what your company stands for, as well as how your business is perceived by the public. You will learn how to how to raise capital, manage startup, how to establish a location, how to market your Amusement Park, and how to maintain your day to day operations. A common challenge is that many amusement parks are subject to extreme revenue volatility throughout the year. Once construction begins, you will need to start hiring your management team with skills in restaurants, entertainment, property management, and specialized skills for rides and games. Amusement park business is perfect for the fun-loving, passionate individuals who want to establish a profitable self-rewarding business. The roads and utilities must be able to handle a … The service delivery as it relates to amusement and theme parks to a large extent depends on the organization and what they stand to achieve. But on the other hand, some amusement and theme park facilities may decide to major in some key areas such as; The Level of Competition in the Amusement and Theme Parks Industry. Note: We accept customized service, from the size to color and theme, all can be customzied. You can offer an online ticket buying process also. A large amusement park can charge between $40 and $100 per person, depending on variety of amusements and size of the park. The truth is that no matter the industry you belong to, the market is dynamic and it requires consistent brand awareness and brand boosting cum promotion to continue to appeal to your target market. You need a location where the zoning or land-use requirements will allow a theme park. They begin with but are not limited to: This depends largely on the theme of your park. The only way you can escape the rigors involved in starting your own amusement park from the scratch is by acquiring an existing amusement park that is put up for sale, or buying a franchise of an existing and successful amusement park. The 100 members will be owners in the business. It also builds your company's credit history, which can be useful to raise money and investment later on. Some of the risks CGL insurance covers are: 1. Aside from your qualifications and experience, it is important to clearly state in practical terms what you have been able to achieve in time past as it relates to your line of business. These skills might include: If you create a unique experience for your customers that cannot be found in any other entertainment facility, there is the possibility of franchising your amusement park format and expanding the business model over time. Recommended: Rocket Lawyer makes it easy to create a professional release of liability form for your amusement park when you sign up for their premium membership. An industry expert usually prepares this detailed study, which is required by potential lenders and investors. If you want to buy the rides, Please feel free to email us!. You can start your amusement park business from a small town in the United States and if you are consistent and creative, it won’t be long before your brand becomes nationally recognized and you start welcoming children and parents alike from all across the United States of America and other countries of the world. The process begins by conducting a feasibility study. We specialize in Amusement Park business plan consulting for startup companies, strategic business development, and introduction to capital. to include language in your lease agreement stating that lease payments will not commence until a valid CO is issued. The beauty of an amusement park is what draws people to it and how well the park is designed will determine how often people will visit. There is a wide range of clientele who patronize amusement and theme parks for different purposes. The most common business structure types are the sole proprietorship, partnership, limited liability company (LLC), and corporation. Port Harbor Amusement and Theme Park Facility, Inc. Little Angles® Amusement and Theme Park Facility, Inc. I worked for a family amusement park, and was GM of a large 16 screen movie house for 5 years before I was downsized. How has the Amusement Park Business performed so far and how will it perform in the coming years ? In essence, you must come up with unique and fun filled mechanical rides, water rides, games, and themed exhibits if you must carve out a market for yourself within the available market in your community, city, state or country. Starting an amusement park is a huge venture and it entails more than just a list of things you need to have in the park. According to thefreedictionary.com-A Theme Park is “An amusement Park designed around a central Theme, such as the world of future or divided into areas with different themes.” Now that I knew what a theme park is, I started thinking of a “Central Theme” on which my theme park would be designed. Another notable insurance policy that many businesses need is Workers’ Compensation Insurance. I do have a BS degree in Recreation Park Management from Penn State and am CEO of The Bounce House a rental inflatable company in Allentown Pa which is on hold until 2010. We provide Amusement and Theme Park Funding, Project Capital, and Asset Leases. Starting a small business as a Amusement Park. Start your own business plan. On the other hand, it is important to point out that major amusement park operators in the united states have used their intellectual property rights to major film franchises and entertainment to their advantage, pivoting beloved films and characters into exciting new features and rides to propel revenue and increase their profit margins. We all aware of the success stories of Disney Land, Knoebels, and Cedar Point. Park designers can help you hone the theme and targeted audience. The larger the property you own, the more entertainment choices you are able to offer your customers. In order to register for taxes you will need to apply for an EIN. How to Start an Amusement Park Business? Amusement, or theme, parks feature rides, games, and entertainment options in an outdoor or indoor venue. For instance, if you are the only amusement and theme park facility business in your location that is operating 24 hours, 7 days a-week services and also operating a water parks, you can successfully monopolize the market for a long time before you start having competitions. If you see a service that a customer may want, they are probably willing to pay for it. With amusement and theme park facility business, you should just try as much as possible to secure a good location then leverage on every marketing tool within your disposal especially the internet to market your amusement and theme park facility. Property damage 3. Get the Bplans newsletter: Expert business tips and advice delivered weekly. It is important to state that companies in this industry may also lease space for parties and other shows on a contract basis. How to Start an Amusement Park. Copy of license for the service support facility and/or a recent inspection report, Online Terms of Use (if you have a website), Online Privacy Policy Document (basically for online payment portal), Franchise or Trademark License (optional), Raising money from personal savings and sale of personal stocks and properties, Raising money from investors and business partners, Pitching your business idea and applying for business grants and seed funding from government, donor organizations and angel investors, The demography of the location especially as it relates to children and families, The demand for the services of amusement, theme parks and other recreational related facilities in the location, The purchasing power of the residents of the location, The number of amusement and theme park facilities and other recreational related services businesses in the location, The local laws and regulations in the community/state, Open your amusement and theme park facility services with a party so as to capture the attention of residents who are your first targets. 2. Start your own amusement park business plan. Keeping accurate and detailed accounts also greatly simplifies your annual tax filing. Businesses operating out of a physical location typically require a Certificate of Occupancy (CO). Here are some of the basic insurance policy covers that you should consider purchasing if you want to start your own amusement and theme park facility business in the United States of America; Intellectual Property Protection/Trademark. These steps will ensure that your new business is well planned out, registered properly and legally compliant. Within the United States, there are approximately 2,000 amusement park complexes that operate on a for profit basis or a not for profit basis. 11. Who are the Suppliers and Manufacturers of Raw materials for setting up Water Park, Amusement Park ? You will need to start utilizing experts from the very first moment. This separates your personal assets from your company's assets, which is necessary for personal asset protection. In recent time, the Amusement and Theme Parks industry has experienced revenue growth despite many families being time – strapped. Learn how to start your own Amusement Park and whether it is the right fit for you. All businesses, regardless of industry, face risks that should be covered by insurance. It's fast and easy, with LivePlan. These are some of the basic legal documents that you are expected to have in place if you want to legally run your own amusement and theme park facility company in the United States of America; Financing Your Amusement and Theme Park Facility Business. There is hardly anything you can do as regards these threats and challenges other than to be optimistic that things will continue to work for your good. In business law, this is referred to as piercing your corporate veil. If you make the mistake of renting or leasing a facility for your amusement and theme park facility business in a not too visible or hidden location simply because it is cheap, then you must be prepared to spend more in promoting the business. AMUSEMENT PARK BUSINESS PLAN TEMPLATE. Companies in the amusement and theme park industry basically operate mechanical rides, water rides, games, shows, themed exhibits, refreshment stands and other attractions. No doubt starting an amusement park requires huge startup capital and serious planning, but it is indeed a profitable venture especially if your amusement park is equipped with facilities that can guarantee every child that visits maximum fun. A tent-pole attraction like new roller coaster or familiar theme-based entertainment creates more initial interest. If you operate a sole proprietorship, you might want to operate under a business name other than your own name. A clear plan is essential for success as an entrepreneur. If you are building a theme park featuring roller coasters and other large rides, your expansion may be restricted by the size of the property that you have. The feasibility study is the first step in starting an amusement park because it provides important physical planning guidance. You will attract your first customers through constant and consistent advertisement in the community with initial entry fees that offer value for the dollar. Here are the platforms you can leverage on to boost your brand awareness and create corporate identity for your amusement and theme park facility business; Copyright © 2021 Profitable Venture Magazine LLC | All Rights Reserved | See About Us | Contact Us | Privacy Policy | Disclaimer. Learn more about licensing requirements in your state by visiting SBA’s reference to state licenses and permits. The most common and comprehensive type of policy business owners invest in is general liability insurance (or CGL). 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