If you want to start an axe throwing business, you should plan to spend over $450,000. As a matter of fact, the amount could be much if you choose to start the axe throwing business in a city where real estate is on the high side.
The number of people you want to attract to your axe throwing business, the type of facility, and the list of additional fun activities that your business will offer will go a long way to determine the overall cost of starting this business.
Factors That Influence the Cost of Opening an Axe throwing business
The Size of the Axe throwing business
For example, if you plan to build an axe throwing business that is as big as 300 sq. ft, then you should budget approximately $300,000 for the construction of the facility. The idea is that the bigger the axe-throwing business you have in mind, the more money you are expected to spend.
The Choice of Location
Your choice of location will to a large extent affect the overall cost of opening an axe throwing business. For example, the real estate market is more expensive in cities like Los Angeles, New York City, Miami, and Dallas when compared to smaller cities.
The Required Licenses and Permits
It is illegal to operate your axe-throwing business without first obtaining the necessary licenses and permits. Of course, you would require a certificate of accreditation, a construction permit, a zoning permit, and a sign permit, among other things that might be particular to certain towns and states. As expected, the cost of these licenses and permits will affect how much it will ultimately cost to start the business.
The Type of Facility
The total cost of opening an axe throwing business in the United States of America will be significantly influenced by the type of facility you wish to operate your business from. Regarding the space, you can choose between renting a facility, leasing a space, or building your own business space from the ground up.
The Number of People to Admit
The number of people you plan to accommodate or admit at a given moment also plays a significant role in determining the cost of building an axe-throwing business. There are businesses that can accommodate more than 30 fun-seekers at once, and there are ones that can only host 10 fun-seekers at once.
Note that the more patrons the axe-throwing business can accommodate, the more money you are expected to spend to set up and operate the business.
The Cost of Hiring and Paying a Business Consultant and Attorney
It will be a great choice to retain the services of a qualified business consultant and possibly an attorney if you want to get your company off to the ideal start.
For an axe-throwing business, a business consultant may assist with creating a practical business plan document, a marketing plan and strategy, a thorough SWOT analysis, etc.
An attorney can also assist you in creating contract paperwork, registering your business, and providing you with all the legal knowledge you need to establish your axe-throwing business on solid legal ground. Of course, you know that paying for these services will add to your expenses.
Branding and Marketing the Axe Throwing Business
You must be prepared to spend money on proper marketing, branding, and advertising of your new axe-throwing business if you want to see significant results in the business.
In reality, it is not cheap to hire a branding, promotion, and marketing specialist who will aid you in competing with brands that are already dictating the market direction of the axe-throwing business in your location. As a result, hiring a branding and marketing specialist will undoubtedly raise the price of starting this business.
Equipping and Furnishing the Axe Throwing Business Facility
To enhance pleasure, safety, and accessibility, modern axe-throwing businesses usually have other fun activities such as video games and even board games et al. This equipment will cost you money and the size and type of equipment you choose will influence the amount you will spend on each of this equipment.
You should also prepare to install big screen television, sound system, furniture, CCTV, and other play and relaxation equipment.
The Cost of Purchasing Insurance Policy Covers
No matter how many entertaining elements it has, your axe-throwing business could be in danger if you don’t have the necessary insurance to protect against potential risks.
In order to choose the best and most appropriate insurance plans for your axe-throwing business, you should budget money for insurance policy coverage. To do this, you may want to consult with an insurance broker.
The Cost of Registering the Business
The fact that you want to operate your axe-throwing business as a business means that by law, you are required to register the business. The process of registering a business in the United States is simple and straightforward but it will cost you money.
In essence, if you are planning to start an axe-throwing business, then you must budget for registering the business. Depending on the state, forming a business in the United States of America might cost anywhere from $600 and $1400.
Cost of Recruiting and Training Your Staff
Come to think of it, if you want to get it right with a new business, then you must make training a key priority hence there should be a budget for it. As a matter of fact, if you want your team to always deliver, then you must have a robust budget for recruiting and training your staff members.
The Cost for the Purchase and Customizing of Uniforms
If you have ever visited an axe-throwing business, you will notice that staff members of the organization wearing uniforms, and this is done for two distinct reasons.
One for proper identifications and two for branding of the business. Indeed, if you want people to place a premium on your brand, then you must be willing to spend money on branding, and branding starts from how people perceive your team (workforce).
In essence, the money you will spend on the purchase and customizing of the uniforms will to a large extent influence the overall cost of starting the business.