Deciding to launch an inflatable playground business can certainly be a profitable idea. But is it the right choice for you? Certain factors must be weighed carefully before taking the plunge as an entrepreneur.
One of the first things you must do is decide whether you want to run your own business, which comes with its own set of challenges, rather than work for someone else. Another is to find a partner that can help you develop amusement business ideas that draw a crowd. But that’s a step to be taken after you answer the questions below.
Questions To Ask Yourself
When considering a new business of any kind, it’s important to go over some of the bedrock issues that lead to success. You’ll want to give yourself the time to draw up a detailed business plan. That starts by answering the following four questions.
Who Is Your Target Market?
Do you want to target teens and young adults with your inflatable playground? Or, do you want to draw families? There’s no problem with attracting both, but you must focus first on your primary target market. That will inform all your decisions about the type of entertainment you offer in your inflatable playground.
You also want to see what the competition, if any, in your area offers and decide whether to compete with them or offer something completely different. Once established with your primary demographic, you can then move onto other target markets if it makes sense for your business.
Where Will You Build?
In most cases, you will rent a large building to house your inflatable playground. You can also buy a property if that is what works best for you. Location is extremely important. You need an area zoned for your business. You need an area that already gets heavy traffic from your target audience or is easily accessible by them. You also want to scout out the competition and offer something that is different than what they offer.
What’s Your Budget/Financing Options?
If you have the cash to purchase or rent a property and buy all the cool types of entertainment that are available for inflatable playgrounds, then your only issue is to stay within a budget. For most business owners, setting up a business will likely require a loan. Check with local banks about business loans and with the federal Small Business Administration. You might also want to look into any financial resources among friends and family – you’d be surprised how many people are looking to become passive investors in profitable business.
What Kind of Experience/Knowledge Should You Have?
In theory, if you have the right partners, then you need minimum experience with inflatable playgrounds. “Right partners” means the financial people who will give you fair terms and also inflatable park experts who know the ins and outs of the business, including the recent trend with soft play for kids. That said, you will at least want to be familiar with the offerings of inflatable parks and experienced them yourself.
The Bottom Line With Inflatable Playgrounds
Budget-conscious parents and young adults are part of what is driving the growth in inflatable playgrounds. There’s also the fact that the technology involved in creating the entertainment for those playgrounds has advanced far past where it was even 10 years ago.
Those two factors make inflatable parks a business that is well worth considering for an entrepreneur anywhere in the world.
These are some of the basic, high-level questions and considerations that are necessary before you decide to move forward with your inflatable playground business. It’s a growing business that is ripe with opportunity. You just want to ensure that it is the right business for your area, and for you.