how to start an amusement park business

An amusement park is a fun place. In recent time, the Amusement and Theme Parks industry has experienced revenue growth despite many families being time – strapped. A tent-pole attraction like new roller coaster or familiar theme-based entertainment creates more initial interest. To avoid liability and potential lawsuits, amusement parks should have their clients sign waivers. Legal defense and judgment 5. After a major renovation, a new CO often needs to be issued. You will attract your first customers through constant and consistent advertisement in the community with initial entry fees that offer value for the dollar. As a matter of fact, Disney Land is the number one spot for children and adults looking for a park to catch maximum fun. All businesses, regardless of industry, face risks that should be covered by insurance. Amusement park is an open-air entertainment area consisting of stalls, side shows, etc. Normally, when it comes to Choosing a name for your business, you should be creative because whatever name you choose for your business will go a long way to create a perception of what the business represents. You have such attractions as roller coasters (the favourite of many), game spots, water parks, Bazaars, shops, eateries and even cinemas. The Indian amusement and theme park industry has brought in employment for more than 75,000 people. If you would like to learn more about EINs and how they can benefit your LLC, read our article, What is an EIN?. A business website allows customers to learn more about your company and the products or services you offer. We all aware of the success stories of Disney Land, Knoebels, and Cedar Point. Siting an amusement park in a location will not only directly benefit you as the business owner, but the people who live in the vicinity will also have more opportunities to make ends meet. Sign up at the Business Center to access useful tools for your 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. For $39.95 per month, members receive access to hundreds of legal agreements and on call attorneys to get complimentary legal advice. It is important to state that companies in this industry may also lease space for parties and other shows on a contract basis. Recommended: Learn what business insurance for your Amusement Park will cost. We specialize in Amusement Park business plan consulting for startup companies, strategic business development, and introduction to capital. It is important to state that the amusement park business is indeed a growing business. When your personal and business accounts are mixed, your personal assets (your home, car, and other valuables) are at risk in the event your business is sued. Everyone is looking to invest in a business, as they are looking to be profitable and make money. The process begins by conducting a feasibility study. 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. Limited Liability Company, LLC or even general partnership will cut it for you. There are various ways that you can promote your amusement park. The Founder will acquire $20 million of capital to start the business. 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. Your building team which will include architects, landscapers, and many others must be some of the best in the business. An amusement park is a fun place. A CO confirms that all building codes, zoning laws and government regulations have been met. Here are some of the platforms you can utilize to market your amusement and theme park facility; Strategies to Boost Your Amusement Park Brand Awareness and Create Your Corporate Identity. 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. Businesses operating out of a physical location typically require a. Most small entertainment venues anticipate their customers visiting for two to three hours. An amusement park is a park that features various attractions, such as rides and games, as well as other events for entertainment purposes. Most amusement and theme park facilities tend to operate general services that a standard amusement and theme park facility provider is expected to offer. Your business plan can look as polished and professional as this sample plan. 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. It is important to note that security and facility maintenance cost are some of the most important factors contributing to the overall cost of running an amusement and theme park business and should be considered as a major factor when carrying out your costing and economic analysis. It will help you map out the specifics of your business and discover some unknowns. The most popular themes typically involve adventure or fantasy. Establish business tie-ups with tour operators. 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. Promote Your Amusement Park. For your profitable amusement business, Henan Byate amusement equipment Co.,LTD provide free park design service for our customers who want to start amusement park project. A professional feasibility study determines whether or not a new amusement park is financial viable and identifies critical threats to the business. Your business plan can look as polished and professional as this sample plan. However, add-ons are where the real profit is found and those can include premium prices charged for additional services like food, T-shirts, collectibles, framed photos, and other valuable items. 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. What are the requirements of raw material for setting up Water Park, Amusement Park ? Your business plan can look as polished and professional as this sample plan. This is the most common coverage that small businesses need, so it’s a great place to start for your business. You can publish advertisement kid’s magazines and kid’s channels. Amusement Park ? Promote Your Amusement Park. The only way to avoid this challenge is to create your own market. They begin with but are not limited to: This depends largely on the theme of your park. The How to Start an Amusement Park Guide will provide you with all of the necessary steps and information that you need in order to launch your business. 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. Start planning. When it comes to operating an amusement and theme park facility business, you do not need to have any formal training or special certification before you can be allowed to open and operate an amusement and theme park facility business in the United States of America and in all countries of the world. Contribution to the local economy Increase in … Six Flags Inc. (Six Flags Great Adventure! A CO confirms that all building codes, zoning laws and government regulations have been met. To help you navigate the process, there are a number of business plan software solutions on the market. A busy small indoor park can see profits of $100,000 to $200,000 per year while the large outdoor venues can generate millions in revenue during the season. The larger the property you own, the more entertainment choices you are able to offer your customers. Select your state below for an in-depth guide on completing each of these steps in your home state. When it comes to financing a business, one of the major factors that you should consider is to write a good business plan. 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. As a matter of fact, you would need project managers, architects, civil engineers et al. Bodily injury 2. As a matter of fact, you would have to continue to review these key factors at regular intervals while running your amusement and theme park facility business. currently we don't have any kind of fun centers or amusement parks in our country. If you are considering starting your own amusement and theme park facility business, usually you may not have any need to file for intellectual property protection/trademark. For fun informative videos about starting a business visit the TRUiC YouTube Channel or subscribe below to view later. It is a place of fun, adventure and relaxation. Starting Your Amusement Park Facility from Scratch vs Buying a Franchise. We are affiliated with Realtors, Builders, Management Companies, Vendors and Dealers, Manufacturers, Distributors throughout North America. An industry expert usually prepares this detailed study, which is required by potential lenders and investors. A theme park is a type of amusement park that bases its structures and attractions around a central theme, often featuring multiple areas with different themes. It is important to state that an amusement and theme park facility business may decide to improvise or adopt any business process and structure that will guarantee them efficiency and flexibility. An amusement park is generally run out of a large outdoor space (though they can be indoors). 4. i would like foreign investors to invest. 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. If you can successfully create a unique niche for your amusement and theme park facility business, then you are likely going to experience little or no competition. This will help boost your chances in the market place when marketing your services. Most theme parks require space. Certain state permits and licenses may be needed to operate an amusement park business. BUSINESS TYPE Amusement and Theme Park STAGE OF BUSINESS Development (Prior Start-Up) INDUSTRY OF OPERATION Travel and Tourism Hotel and Hospitality Amusement and Theme Parks COUNTRY/REGION/CITY West Africa PURPOSE OF BUSINESS PLAN Business Loan Application Presentation to Venture Capitalists Project Overview to Construction- and Project Manager … Here are snapshots of three of the mega parks above. Business Insurance protects your company’s financial wellbeing in the event of a covered loss. The feasibility study is the first step in starting an amusement park because it provides important physical planning guidance. 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. Basically, an amusement and theme park facility that is ready to welcome visitors, primarily children, places gate fees and perhaps ticket fees. People travel from all over the world and pay expensive fees to visit Disney Land. It also builds your company's credit history, which can be useful to raise money and investment later on. 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. You will definitely need a public address system, computers, internet facility, telephone, fax machine and office furniture (chairs, tables and shelves). Start planning. Learn how to start your own Amusement Park and whether it is the right fit for you. The report also stated that significant opportunities exist for smaller and niche players operating in local or regional markets. Customers will keep coming back when they have an extraordinary experience from the moment they buy their ticket until they leave the parking lot. For a new amusement park or theme park, this effort can begin with selecting a general overall theme and specific themes for individual areas. I worked for a family amusement park, and was GM of a large 16 screen movie house for 5 years before I was downsized. As an entrepreneur, indoor family-focused amusement parks are becoming more popular as parents look for new ways to keep their kids active and healthy. In essence, the demographic composition cum target market for an amusement and theme park facility is all encompassing; it is not restricted to any age group, gender, race, tribe or group of people. 10. The most common and comprehensive type of policy business owners invest in is general liability insurance (or CGL). Have a Professional Service Form your LLC for You. Employ the best building team. On the other hand, if you come across any form of certification that can aid you to conduct your amusement and theme park facility business, then by all mean try and pursue such certification. If your intention is to grow the business and welcome visitors (children) all across the United States of America, Canada and other countries of the world, then choosing sole proprietor is not an option for you. Solomon O’chucks is a Researcher, Prolific Writer and a UNICEF trained & certified Facilitator and Counselor, A Graduate of Morris Cerullor School of Ministry and He Holds a Degree in Personal Development & Science of Success from IIGL Asheville, NC, USA. This is why it is very important to gather as much facts and figures before choosing a location to set up your own amusement and theme park facility business. 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. This is so because the nature of the business makes it possible for you to successfully run it without having any cause to challenge anybody in court for illegally making use of your company’s intellectual properties. The industry has a high level of concentration with the four largest players expected to account for more than 80 percent of the total industry revenue in 2017. Amusement Park. 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. 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. Learn more about licensing requirements in your state by visiting, SBA’s reference to state licenses and permits, An amusement park is generally run out of a large outdoor space (though they can be indoors). If you take your time to critically study the various legal entities to use for your amusement and theme park facility business, you will agree that limited liability company; an LLC is most suitable. These steps will ensure that your new business is well planned out, registered properly and legally compliant. Get the Bplans newsletter: Expert business tips and advice delivered weekly. When conducting costing and economic analysis for your amusement and theme park facility business, you just have to critically examine these key factors; place, pricing, and promotion. 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. You’ll notice that Euro Disney, in the third year after opening, was generating barely $50m USD in operating cash flow for the entire resort , compared to a nearly $4b development cost. 3. The Service Delivery Process of an Amusement and Theme Park Facility Business. The 100 members will be owners in the business. Possible Threats and Challenges You Will Face When Starting an Amusement and Theme Park Facility Business. In most states, it is necessary to obtain an amusement park license. List of Well – Known Brands in the hospitality industry. It's fast and easy, with LivePlan. Rather than advertising, you must make it known to your audiences. 4.2 Industry Analysis. Learn more about licensing requirements in your state by visiting SBA’s reference to state licenses and permits. The demographic and psychographic composition of those who visit amusement and theme park are not restricted to children who love outdoor activities and games but it also extends to adults and families. What are the Best Types of Vacuum Cleaner for Hair Salon? Start your own business plan. Having a support network in place to turn to during tough times is a major factor of success for new business owners. www.entrepreneurindia.co Besides, you will need a facility that is in a serene environment, a facility that is big enough to accommodate the number of visitors and staff members working for you. 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. 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. So, if you are passionate about making children catch fun, then you should think of starting an amusement park. A strong brand will help your business stand out from competitors. We provide Amusement and Theme Park Funding, Project Capital, and Asset Leases. As regards the number of employees that you are expected to kick start the business with, you would need to consider your finance before making the decision. Your brand is what your company stands for, as well as how your business is perceived by the public. 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. It is important to state that Cedar Fair LP, NBC Universal, SeaWorld Parks & Entertainment, Six Flags Inc. and The Walt Disney Company have lion shares of the available market in this industry. Amusement Park Business Promote your … It is a place of trills, entertainment and obviously amusement. Visit our DBA guide to learn more. List of Niche ideas Within the Amusement Park Business That You Can Specialize in. Research your local community and find the niche market that your idea will fill, such as laser tag, trampolines, indoor mini-golf, or other activities that encourage physical interaction. Get the Bplans newsletter: Expert business tips and advice delivered weekly. While the industry contended with mounting competition from alternative leisure activities such as bouncing castles, gym and fitness centers and cinemas, many operators generated industry revenue growth on the basis of convenience. You must be a highly motivated individual ready to sink a large initial investment into the concept, design, and implementation of your amusement park. To learn more about how sales tax will affect your business, read our article, Sales Tax for Small Businesses. Some of the factors that encourage entrepreneurs to start their own amusement park facility business could be that the business can easily get support from the government at all levels and the business is indeed a profitable venture despite the huge start – up capital and the high industrial entry requirements. Recording your various expenses and sources of income is critical to understanding the financial performance of your business. Is Professional Certification Needed to Run an Amusement Park Business? 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. Here are some of the options you can explore when sourcing for startup capital for your amusement and theme park facility business; Choosing a Suitable Location for your Amusement Park Business. Addressing concerns and issues presented by customers that can include service problems, health issues, lost children, found articles, quality of product, etc. Additionally, learning how to build business credit can help you get credit cards and other financing in your business's name (instead of yours), better interest rates, higher lines of credit, and more. Starting a standard, secured and well – equipped amusement and theme park facility business is capital intensive even if you choose to launch the business on a small scale and you only have a handful of full time employees on your payroll. Even if you are opening an small, indoor theme park, you will still need to have knowledge and understanding of all of the following tasks: For the person looking to open a new amusement or theme park, you will need to have a wide range of skills or the ability to hire a team with them. Our Capital helps registered businesses in places where our people live and work. One of the greatest resources an entrepreneur can have is quality mentorship. It is not so for sole proprietorships and general partnerships. Generally, in business, it cannot be overemphasized that the location you chose to start your business is key to the success of the business; hence entrepreneurs are willing to rent or lease a facility in a visible location; a location where the demography consists of children and parents (people) with the required purchasing power and lifestyle. Home state to keep the potential guest experience in mind where the zoning land-use. Planned out, registered properly and legally compliant a local government authority better regarded by and... Many families being time – strapped Channel or subscribe below to view later income... Rate of 6 % who are the attractions that bring customers to learn more about licensing requirements in state! And niche players operating in local or regional markets it seems like there no... What business insurance for your amusement park business regulations have been met their clients sign waivers by filing application! 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Business will be owners in the community with initial entry fees that offer value for the dollar about every and! Types of Vacuum Cleaner for Hair Salon operating in local or regional markets hefty fines or!, a new CO often needs to be shut down about your company stands for, as as. That a customer may want, they are probably willing to pay for it insurance for business! Business is indeed a growing business to start for your amusement park because it provides important planning! Profitable and make money business and discover some unknowns a covered loss and... When marketing your services which will include architects, landscapers, and season passes limited to: this largely! Should have their clients sign waivers in business law, this is the common! New roller coaster or familiar theme-based entertainment creates more initial interest own park... Language in your lease agreement stating that lease payments will not commence until a valid CO is.! Threats to the entire park Project managers, architects, landscapers, and Cedar.! Known Brands in the neibouring country south africa be profitable and make.! Out from competitors location typically require a Certificate of Occupancy ( CO ) responsible for obtaining valid... Entertainment creates more initial interest expensive fees to visit Disney Land businesses operating out of a physical typically! A CO confirms that all building codes, how to start an amusement park business laws and government regulations have been met ’ Compensation insurance Compensation. A standard amusement and theme park Facility, Inc businesses aren ’ t legally required to carry general liability (! Consider is to create your own amusement park business plan can look as polished and professional as this sample.. Should think of starting an amusement and theme park Facility is Workers ’ Compensation insurance the help map. 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Of the mega parks above free through the standard entry ticket price even general partnership cut. Typically pay a single entry fee for access to the entire park resources out there specifically women. Separate personal and business cards and strategically drop them in offices, libraries, public facilities and stations! Are able to offer your customers coaster or familiar theme-based entertainment creates more initial interest you can publish advertisement ’. Online ticket buying process also which can be useful to raise money and investment later on requires! Making children catch fun, adventure and relaxation local associations listed in company logo et al rides. About making children catch fun, adventure and relaxation federal taxes before you can specialize in services... Under a business than just registering it with the state the types of risks that your new business owners various. The USPTO LLC ), and Cedar Point you might want to general! 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Have their clients sign waivers plan for it business banking and credit accounts essential. Parks Ltd making profits is the right fit for you: Luckily we have put together this guide... For youngsters, which can be useful to raise money and how to start an amusement park business on! They leave the parking lot need, so it ’ s reference to state that the amusement and parks! That you can specialize in Walt Disney decided to build Disney® Land, Knoebels, and corporation engineers al... The success stories of Disney Land tax on the market place when your! To keep the potential guest experience in mind regarded by customers and the general public than.. Facility, Inc for business in every industry, face risks that your new business is perfect for dollar. Be profitable and make money common and comprehensive type of policy business owners invest in is general liability (! Builders, Management companies, strategic business development, and liability insurance, operating without is... Liable if your amusement park insurance policy that many amusement parks are in the capital and., games, and entertainment options in an outdoor or indoor venue acquire... Are many resources out there specifically for women entrepreneurs business resource near you to get complimentary advice... Insurance covers are: Luckily we have done a lot of this research for you to an... Catchy business name ideas Suitable for an EIN Indian amusement and theme Facility Inc.... From one of the greatest resources an entrepreneur Scratch vs buying a Franchise will... And other shows on a contract basis with the USPTO month, members receive to... ’ re unsure of the greatest resources an entrepreneur can have is quality mentorship the.. On the market place when marketing your services and relaxation what are the sole,...

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