Our Capital helps registered businesses in places where our people live and work. This separates your personal assets from your company's assets, which is necessary for personal asset protection. How to Start an Amusement Park Business? Businesses operating out of a physical location typically require a. A clear plan is essential for success as an entrepreneur. The Amusement Park property will hav an annual appreciation rate of 6%. It is generally the landlord’s responsibility to obtain a CO. Before leasing, confirm that your landlord has or can obtain a valid CO that is applicable to an amusement park business. So also, unfavorable government policies, seasonal fluctuations, demographic/social factors, downturn in the economy which is likely going to affect consumers spending for leisure services such as amusement and theme parks and of course emergence of new competitors within the same location where yours is located. It also builds your company's credit history, which can be useful to raise money and investment later on. Learn more about licensing requirements in your state by visiting SBA’s reference to state licenses and permits. Review all building codes and zoning requirements for your business’ location to ensure your amusement park will be in compliance and able to obtain a CO. Preparing/cleaning property, restrooms, and buildings to welcome guests. 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. currently we don't have any kind of fun centers or amusement parks in our country. Start your own business plan. Business Insurance protects your company’s financial wellbeing in the event of a covered loss. Select your state below for an in-depth guide on completing each of these steps in your home state. What is the Plant Layout for setting up a Water Park, Amusement Park Business? 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. If you are considering starting your own amusement and theme park facility business, here are some catchy names that you can choose from; In the United States and in most countries of the world, you can’t operate a business without having some of the basic insurance policy covers that are required by the industry you want to operate from. 5. You must be a highly motivated individual ready to sink a large initial investment into the concept, design, and implementation of your 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. 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. When it comes to financing a business, one of the major factors that you should consider is to write a good business plan. I worked for a family amusement park, and was GM of a large 16 screen movie house for 5 years before I was downsized. Employ the best building team. If anything goes wrong in the business, it is only the money that you invested into the limited liability company that will be at risk. Print out fliers and business cards and strategically drop them in offices, libraries, public facilities and train stations et al. Customers will keep coming back when they have an extraordinary experience from the moment they buy their ticket until they leave the parking lot. Over and above, starting an amusement park business in the United States of America can be somewhat stressful, it requires enough cash to acquire land large enough to accommodate the kind of facility that can comfortably attract families and also cash required to equip the facility to meet the standard expected by potential users. i wanna start an amusement park business in the capital windhoek and most visited holiday destinations of namibia swakopmund . We have put together this simple guide to starting your amusement park. You can also use social media to attract new clients or customers. 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. ), Funland Amusement Park, North Little Rock, Scandia Amusements, Rohnert Park and Sacramento, Pier Park Amusement Rides, Panama City Beach, Carolina Beach Boardwalk Amusement Park, Carolina Beach. i wanna start an amusement park business in the capital windhoek and most visited holiday destinations of namibia swakopmund . Some of the ways you can adopt to promote your amusement park business is to advertise on children’s channels, distribute handbills in schools and you can as well … Start planning. 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. 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. Best Amusement Park Equipment Supplier Business Plans As a startup amusement park equipment supplier owner, writing a quality business plan is one of the first tasks you need to address. The only way to avoid this challenge is to create your own market. Is Professional Certification Needed to Run an Amusement Park Business? If your place of business will be renovated before opening. Amusement, or theme, parks feature rides, games, and entertainment options in an outdoor or indoor venue. In business law, this is referred to as piercing your corporate veil. People travel from all over the world and pay expensive fees to visit Disney Land. to include language in your lease agreement stating that lease payments will not commence until a valid CO is issued. 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. In every industry, there are always brands who perform better or are better regarded by customers and the general public than others. 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. An industry expert usually prepares this detailed study, which is required by potential lenders and investors. The possibility of you coming across similar businesses that just closed shop in the location you want to open yours can’t be ruled out. As you start planning your business, connect with a free business resource near you to get the help you need. The two most important letters in the theme park business are "IP" It's not enough anymore to offer a thrilling new ride. 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. 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. These services may include no-waiting for rides, collectible drink cups, photo-ops, loyalty programs, and season passes. 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. Establishing a legal business entity such as an LLC or corporation protects you from being held personally liable if your amusement park is sued. 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. If you want to register your trademark, you are expected to begin the process by filing an application with the USPTO. 3. 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. For information about local licenses and permits: Most businesses are required to collect sales tax on the goods or services they provide. If YES, here is a complete guide to starting a amusement park business with NO money and no experience. From the start, it is important to keep the potential guest experience in mind. What is the Project Feasibility of an Amusement Park ? You have found the perfect business idea, and now you are ready to take the next step. LLC formation packages usually include a free year of registered agent services. You have the option of either choosing a general partnership, limited liability company which is commonly called an LLC, or even a sole proprietorship for a business such as amusement and theme park facility. Amusement Park Business Some of the risks CGL insurance covers are: 1. There are many resources out there specifically for women entrepreneurs. i would like foreign investors to invest. 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. List of Legal Documents You Need to Run an Amusement and Theme Park Facility. An amusement park is a park that features various attractions, such as rides and games, as well as other events for entertainment purposes. If your business will have employees, it’s a good chance that your state will require you to carry Workers' Compensation Coverage. To avoid liability and potential lawsuits, amusement parks should have their clients sign waivers. If your business is sued, you could en… Start your own business plan. 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. Most theme parks require space. 2. Amusement Park. If you choose to start the business on a small scale, you will still need to source for fund to finance the business. There is a wide range of clientele who patronize amusement and theme parks for different purposes. The truth is that any entrepreneur can model a business after Disney Land in any part of the world and still make huge success from the business. A large amusement park can charge between $40 and $100 per person, depending on variety of amusements and size of the park. 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. Learn more about licensing requirements in your state by visiting SBA’s reference to state licenses and permits. You can offer an online ticket buying process also. Promote your … Making profits is the ultimate goal of just about every business and organization. Have a Professional Service Form your LLC for You. 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. The general income is created through the standard entry ticket price. Your business plan can look as polished and professional as this sample plan. Your building team which will include architects, landscapers, and many others must be some of the best in the business. 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. Amusement park is an open-air entertainment area consisting of stalls, side shows, etc. In the coming years, industry revenue is forecast to grow as family entertainment centers such as amusement parks will continue to enhance their product portfolios to attract families, despite their reduced leisure time. Basically, an amusement and theme park facility that is ready to welcome visitors, primarily children, places gate fees and perhaps ticket fees. 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. 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. 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. It is important to state that companies in this industry may also lease space for parties and other shows on a contract basis. Averagely, when it comes to starting a standard amusement and theme park facility business on a large scale, you would need the services of the following professionals; Chief Operating Officer (you can occupy this position), Marketing and Sales Executive (Business Developer), Accountant, Park Safety Instructor/Assistant, Human Resources and Admin Manager, Facility Manager, Customer Services Executive, Ticketers/Front Desk Officer, Security Guards and Cleaners. 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. If you’re unsure of the types of risks that your business may face, begin with General Liability Insurance. It is a place of trills, entertainment and obviously amusement. 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. Indeed, the theme park business is a hard one, and it is not uncommon to have a barely break-even operation years after opening. Park designers can help you hone the theme and targeted audience. Addressing concerns and issues presented by customers that can include service problems, health issues, lost children, found articles, quality of product, etc. They begin with but are not limited to: This depends largely on the theme of your park. Certain state permits and licenses may be needed to operate an amusement park business. Get the Bplans newsletter: Expert business tips and advice delivered weekly. Your brand is what your company stands for, as well as how your business is perceived by the public. An amusement park which welcomes thousands of people on a regular basis will need a host of personnel on ground to cater to the needs of everyone around. It is not so for sole proprietorships and general partnerships. Rather than advertising, you must make it known to your audiences. 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. 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. For a large scale project, you will need a theme that focuses on an emerging pop-culture connection that is now found in other accessible entertainment venues but lacks a supersized experience ready to be consumed anywhere nearby. Note: We accept customized service, from the size to color and theme, all can be customzied. During times of economic recession, the business may have issues with top line income. Customers typically pay a single entry fee for access to the entire park. It's fast and easy, with LivePlan. Deliver consistent customer experience to all your visitors; make your first impression exciting to those making use of your amusement and theme park facility for the first time, Make use of attractive hand bills to create awareness and also to give direction to your amusement and theme park facility, Engage in roadshows in targeted communities from time to time to market your amusement and theme park facility, Advertise your services in community based newspapers, local TV and radio stations, List your business and products on yellow pages ads  (local directories), Leverage on the internet to promote your amusement and theme park facility, Encourage the use of Word of mouth marketing (referrals), Join local chambers of commerce and industries around you with the aim of networking and marketing your amusement and theme park facility; you are likely going to get referrals from such networks, Engage the services of marketing executives and business developers to carry out direct marketing for you, Place adverts on both print (newspapers and family entertainment and recreational magazines) and electronic media platforms, Sponsor relevant community based events/programs, Leverage on the internet and social media platforms like Instagram, Facebook, Twitter, YouTube, Google + et al to promote your amusement and theme park facility, Install your billboards in strategic locations all around your city or state, Engage in roadshows from time to time in targeted neighborhoods to create awareness of your amusement and theme park facility, Distribute your fliers and handbills in target areas, Contact religious organizations, sport clubs, children’s clubs, schools, corporate organizations, households and key stakeholders in and around the location where your amusement and theme park facility is located informing them about your facility and the services you offer, List your amusement and theme park facility in local directories, Advertise your amusement and theme park facility in your official website and employ strategies that will help you pull traffic to the site, Position our Flexi Banners at strategic positions in the location where your amusement and theme park facility is located. You need a location where the zoning or land-use requirements will allow a theme park. The larger the property you own, the more entertainment choices you are able to offer your customers. Get the Bplans newsletter: Expert business tips and advice delivered weekly. Upload exciting videos there. It is a place of trills, entertainment and obviously amusement. When you create a destination-park, to which customers travel from far away for their vacation, you need to be able to offer an experience that is difficult to consume in a single day, generating return business. Eagle Creek Park Business Plan | FINAL DRAFT Report 3 1.3 PARK HISTORY 1.3.1 PRE-EAGLE CREEK PARK 1934 J.K. Lilly Jr., brother of Eli Lilly, bought a 12-acre tract of land at the site of Eagle Creek Park. 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! Before visitors are allowed to come in, they are expected to pay the gate fee and in most cases, they also pay to ride some mechanical rides, water rides, and play some games. Recommended: You will need to elect a registered agent for your LLC. 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. There are several types of insurance policies created for different types of businesses with different risks. The roads and utilities must be able to handle a … Promote Your Amusement Park. In order to register for taxes you will need to apply for an EIN. Personal and advertising injury While businesses aren’t legally required to carry general liability insurance, operating without it is extremely risky. AMUSEMENT PARK BUSINESS PLAN TEMPLATE. 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. Start your own business plan. 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. Sign up at the Business Center to access useful tools for your business. The fact that the entry barrier for starting a small – scale amusement and theme park facility services business is not too high means that there is bound to be more players in the industry no matter the location you choose to start yours. Besides starting an amusement and theme park facility business from the scratch might be stressful initially but it is profitable and can run on auto – pilot. An amusement park is generally run out of a large outdoor space (though they can be indoors). 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. An industry expert usually prepares this detailed study, which is required by potential lenders and investors. Six Flags Inc. (Six Flags Great Adventure! 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. 10. Start planning. Keeping accurate and detailed accounts also greatly simplifies your annual tax filing. 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. All businesses, regardless of industry, face risks that should be covered by insurance. It also makes accounting and tax filing easier. One of the greatest resources an entrepreneur can have is quality mentorship. 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). For $39.95 per month, members receive access to hundreds of legal agreements and on call attorneys to get complimentary legal advice. After a major renovation, a new CO often needs to be issued. Medical payments 4. If you’re ready to start your small business as a Amusement Park, the first thing you need to do is get started with a Business Plan for Amusement Park. You can publish advertisement kid’s magazines and kid’s channels. 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. We all aware of the success stories of Disney Land, Knoebels, and Cedar Point. Using dedicated business banking and credit accounts is essential for personal asset protection. Create your own website. You will definitely need a public address system, computers, internet facility, telephone, fax machine and office furniture (chairs, tables and shelves). 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. 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. The process begins by conducting a feasibility study. The Indian amusement and theme park industry has brought in employment for more than 75,000 people. When it comes to choosing between renting and leasing a facility for your amusement and theme park facility, the size of the facility you want to own, and your entire budget for the business should influence your choice. Upgrading to a ‘C’ corporation or ‘S’ corporation will give you the opportunity to grow your amusement and theme park facility business so as to compete with major players in the industry; you will be able to generate capital from venture capital firms, you will enjoy separate tax structure, and you can easily transfer ownership of the company; you will enjoy flexibility in ownership and in your management structures. Limited liability companies are simpler and more flexible to operate and you don’t need a board of directors, shareholder meetings and other managerial formalities. 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. Promote Your Amusement Park. As an amusement and theme park facility business owner, you just have to have a proper grasp of your competitive landscape if indeed you want to maximize profits and be in the frontline of the industry. 2. Starting a business in the amusement and entertainment industry is a savvy business move, as this is a thriving market with lots of room for potential. The Amusement and Theme Parks industry is indeed a very large industry and pretty much thriving in all parts of the world especially in developed countries such as United States of America, Canada, United Kingdom, Germany, China, France, Australia and Italy et al. Licensing, taxes, and liability insurance, In most states, it is necessary to obtain an amusement park license. It will help you map out the specifics of your business and discover some unknowns. Some parks focus solely on family friendly entertainment, others work best for teens and young adults, and real-life adventure parks like zip-lines, go-carts, and mixed athletic challenges can target adults. Please note that most of the big and successful amusement and theme park facilities around started from the scratch and they were able to build a solid business brand. 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. It's fast and easy, with LivePlan. A professional feasibility study determines whether or not a new amusement park is financial viable and identifies critical threats to the business. These are some of the factors you should consider before choosing a legal entity for your amusement and theme park facility business; limitation of personal liability, ease of transferability, admission of new owners, investors’ expectation and of course taxes. It is a place of fun, adventure and relaxation. Besides, if you decide to open your own amusement and theme park facility today, one of the major challenges you are likely going to face is the presence of well – established amusement and theme park facilities and of course other players in the family entertainment and recreational industry in your target market location. If you would like to learn more about EINs and how they can benefit your LLC, read our article, What is an EIN?. 11. 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