Foundations Course Details
The Location-Based Entertainment Industry.
How the market is changing. The experience economy. Key industry characteristics. Types of centers. The four different target markets. Entertainment versus edutainment. Types of locations. Indoor attractions. Outdoor Attractions. Common mistakes that led to roadkill.
Defining the geographic market area. Why defining the market area by distance doesn't work. Assessing competition. Analyzing demographics and socio-economics. Defining a target market. Developed a focused assortment mix.
Essential characteristics. Establishing the size. Zoning and other entitlement issues. Environmental assessment.
Feasibility & Economic Analysis.
Attendance projections. Per capita expenditure projections. Expenses. Cash flow versus profits. Sensitivity Analysis. Determining the return: cash-on-cash versus return on capital.
The flaw of using square foot averages and industry benchmarks. Getting into the detail early. Commonly missed costs.
Financial statements: understanding their use and interpretation. Types and sources of financing. Should you borrow or have partners? How to put together a winning business plan and presentation. Understanding the lender's perspective on your ability to service debt. Using personal guarantees to your advantage. Venture, angel and investor capital.
Design - Outdoor Facilities.
Determining peak period demand and entertainment capacity requirements in order to right size the facility. Creating the proper mix of attractions and sizing them to fit the market. Developing a site layout and attraction placement to maximize thru-put and impulse sales. Maximizing entertainment value. The design process from concept to final plans, plus governmental approvals and selection of contractors. The value of go-karts, miniature golf, bumper boats, arcades, batting cages, paint ball, skate parks, food service, group areas and related elements in an attraction mix.
Design - Indoor Facilities.
Determining peak period demand and entertainment capacity requirements in order to right size the facility. To use or not use existing buildings. Design constraints. Creating the proper mix. Establishing a flow to maximize sales. Improving impulse sales. The design process from concept to final plans, plus governmental approvals and selection of contractors. Theming. The value of bowling, miniature golf, rides, indoor go-karts, soft-contained-play, laser tag, games, and other indoor attractions in the attraction mix. Game room mix, layout and dynamic clusters.
Cash & Inventory Management.
The symptoms of silent partners. Causes of shrinkage and theft. Effective key control systems. Holding employees accountable. Electronic control systems. POS and debit card systems.
Food & Beverage.
An essential component for success. Establishing the menu. Kitchen design and equipment selection. Setting your prices Setting up systems. Managing for success.
Types of games. Industry trends. Optimizing the mix, layout and number of games. Redemption: game ticket payout, hit frequency, win percentage, entertainment value, perceived value versus cost. Owning or revenue share? Analyzing collection reports.
Training. Equipment. Preventive maintenance. Operating manuals. Crisis management.
Developing an effective marketing plan. What should you spend? Types and advantages/disadvantages of different media. Promotions that work.
Hiring and training a winning staff. Essentials of customer service. Creating repeat appeal. Establishing your standards. Using policies and procedures to create consistent guest experiences.