Indoor Playground Franchises are Great Business Opportunities That Benefit Entrepreneurs, Parents and Kids Alike
More and more parents realize the danger of too much screen time that has become a crucial part of their children’s daily activities. On the lookout for a much healthier yet not less exciting alternative, moms and dads are turning to playgrounds able to provide a lot of fun for their kids and peace of mind for themselves.
As a result, indoor playgrounds are getting incredibly popular, which makes them a great opportunity for starting a business. This is a great way for you to cash in on the booming children’s franchise industry. According to a SunTrust Bank survey, about 40% of American families spend $1,000 on their children’s extracurricular activities. Addiotnally, over 20% of families spend more than $2,500 on these activities.
If you are one of those who has noticed the trend and recognized your own chance to grow into a successful entrepreneur, here is everything you want to know about how to start an indoor playground business.
You have probably already done this part but if not, do not waste time – research is the first and foremost step you should take. You will need to gather a heck of a lot of information, from necessary documents for setting up a trading entity of your choice to the actual demand for that kind of business in your area. The latter, in fact, should be on top of your “research” list, because the success of your future enterprise is in direct correlation with the number of families in your neighborhood that have children of a certain age.
By the way, this data can also serve you as a guideline for your targeted audience, so you can opt for setting up a playground for kids under 6, for older children, or even divide your space into two sections to welcome both age groups. Well, it’s a lot of legwork but rest assured, it will pay off – to make the most of your starting capital, you have to know your real customers. You can spend a fortune on advertising in all sorts of printed and digital media but people from other parts of your town or city will never become your permanent clients, so count only on those families who live nearby.
Develop A Business Plan
When you know that your future playground will have a sufficient number of potential visitors, it’s time to develop a sustainable business plan. To start with, you will have to consider the availability and costs of quality commercial playground equipment that is the most essential part of your business. Needless to say, safety is a top priority when it comes to kids and their play, so make sure the equipment of your choice is in full compliance with local safety regulations, policies, and standards.
As soon as you have an idea about the funds you will need for purchasing and installing playground equipment, add to it all the expenses related to setting up your trading entity (company, partnership, trust), as well as to registration of ABN, GST, and your business name. You may also need a center-based child care license (check it out with your local authorities) and if you are plotting to run a café (that’s what the majority of playground owners do), you will also have to get a license to prepare and sell food.
You will also have to consider monthly expenses for maintenance and bills, and here, of course, a lot depends on whether you have an appropriate space or should rent one. In the second case, chances are you will have to think of a loan or another way of financing your start-up. Do not forget you will need dedicated and well-educated staff, which have to undergo police checks for working with children.
Just like many other businesses, especially those that involve kids, running a playground comes with certain risks, but the great thing is all of them can be successfully managed, of course, if you think of everything in advance. If anything, that is what procedures and liability insurance were created for. By the way, it is a really good idea to take advantage of parental supervision of the children which shares some of the liability.
Additionally, you can do your best to minimize all eventual risks by hiring qualified childcare workers, having enough personnel at the playground at any time, and giving special attention to cleaning. Do not underestimate the importance of thorough everyday cleaning because it’s the only viable way to prevent the transmission of bacteria and viruses.
If you ask people who today own a profitable playground business where you should start to set up yours, the majority of them will recommend you to pay a visit to several playgrounds in your area and see what you like about them and what you don’t. Your goal is to adopt their best practices and eliminate negative points.
Perks of Owning a Gym Franchise
Opening a gym franchise is more beneficial than starting one form scratch because you will be provided with a successful working system. You can also expect support and training to assist you with running the business properly. Furthermore, child-related fitness franchises like The Little Gym franchise allows its franchise owners to have a great work-life balance while also helping children grow and have fun in a welcoming environment. Additionally, with a franchise like Urban Air Adventure Parks, you can be an integral part of the community. Gym franchises, especially boutique gym franchises, tend to have lower overhead, recurring revenue and high customer retention rates. These are just some of the reasons to go with a gym franchise than starting one on your own.
Working With a Franchise Consultant
A way to know if franchising is for you is to work with a franchise consultant. This professional will work with you to determine the right path for you depending on your financial situation, background, and goals. Motivated consultants will work to find the the ideal franchise for you and recommend you to franchisors who will benefit from your skills and background. Their services are free to you, so there is no downside to working with a consultant to find the franchise of your dreams.