Are you about to start a kart racing business? If yes, here is a full kart business plan template feasibility report sample that you can use for FREE .
Okay, so we have considered all the requirements to start a kart racing business. We also took it further by analyzing and writing a sample go-kart racing marketing plan template supported by actionable guerilla marketing ideas for go-kart racing businesses. So, let’s move on to the business planning section.
Why Start a Go Kart company?
Starting a business generally requires cash (startup capital) and if you have enough cash to invest in a thriving business in the United States of America then you should consider starting a Go Kart business. The truth is that creating a business aimed at children and adults is also a sure way to make money, especially if the business is filled with everything you need to have the most fun.
Importantly, the real deal when it comes to starting a business like the Go Kart business is ensuring a large facility that is large enough to contain not just the race tracks for Go Karts and other outdoor games. full of fun for kids, but also a restaurant, a place where parents / guardians can hang out while the pupils have fun, and of course enough parking space.
Also in a location that can attract the type of customers who would pay to use their Go Kart and recreational park facilities. It can take you months to get an ideal installation and you may even have to pay out of the nose. Therefore, it is best that you inform your real estate agent in advance to help you with the search.
Also, starting a standard Go Karting and family recreation facility business is similar to starting a family entertainment center and can be expensive, but you can be sure that you will earn your money within a few years of starting the business.
The fact that you are going to ensure a facility large enough to accommodate the activities and services you claim to offer and sufficient parking means you really have to be prepared for this business. If your Go Kart and family recreational facilities are of a high standard and are Located near a residential development with many growing families, it will attract many children, especially on weekends and special holidays.
The truth is, you are expected to have an interest in the children and families in your area if you really want to do quite well in this line of business. You should be able to convince parents and school officials to use your Go Kart and its recreational facilities on a regular basis.
So if you have decided to start a Go Kart and Recreation Park business, then you should make sure to carry out feasibility studies and also a market survey. This will allow you to properly locate the business and then start executing. Below is a sample Go Kart business plan template that can help you successfully write yours with little to no difficulty.
A sample Go Kart company plan template
- Industry Overview
The companies operating in the Golf Driving Ranges Family Fun Center industry basically provide recreational and entertainment services through a variety of establishments, including golf driving ranges, miniature golf centers, go-kart racing tracks, batting cages, family fun centers, recreational sports leagues, and a host of outdoor recreational activities.
It is important to state that companies / facilities such arcades, theme parks, gaming facilities, golf courses, country clubs, ski facilities, marinas, sports and recreation centers and bowling alleys are not part of the industry of the golf driving ranges.
If you follow the golf driving range and family fun center industry, you may have noticed that the industry has exhibited revenue growth of late, despite the fact that many consumers are behind. While the industry struggled with increasing competition from alternative leisure activities, such as fitness, many operators generated growth in revenue from the convenience industry.
For example, golf courses attracted people with time constraints, because golf courses are more efficient compared to consumers who play nine to 18 holes on the golf course. Going forward, industry generated revenue is projected to grow as operators at golf driving ranges and family fun centers continue to enhance their product and service portfolios to appeal to families regardless of their time. reduced allocated for leisure and fun.
The Golf Driving Ranges Family Fun Center industry is indeed a very large and quite prosperous industry in some parts of the world, especially in developed countries like the United States of America, Canada, the United Kingdom, Germany, Australia and Italy, etc. . .
Statistics indicate that in the United States of America alone, there are about 53,308 licensed and registered golf courses, family fun centers (including Go Karts) scattered throughout the United States. The industry is responsible for directly employing some 156,658 employees and the industry raises a sum of $ 11 billion annually with a projected annual growth rate of 4.5 percent between 2011 and 2016. It is important to state that no establishment has a large share of the market available in this industry.
Recent research published by IBISWORLD shows that over the past five years, the Golf Driving Ranges and Family Fun Centers industry exhibited growth as many operators in the industry upgraded their facilities to appeal to consumers. This investment differentiated the operators’ product portfolios from other consumer entertainment activities, such as digital home entertainment.
The report further stated that to appeal to budget-conscious consumers, some industry operators implemented coupons and discounts, raising awareness of family fun centers and golf courses as a local entertainment option. Additionally, industry operators focused on specializing their product portfolio to appeal to particular demographics, such as adding bowling alleys to develop a strong customer base among families with older children.
Also, starting a Go Kart business in the United States can be quite stressful, it requires enough cash to acquire land large enough to accommodate the type of facility that can comfortably attract families and also cash required to equip the facility. to meet the standard expected by potential users.
Go Kart Business Plan Executive Summary
Jim Rowlands® Go Kart Fun Parks, LLC is a well-equipped standard golf driving range and family fun center to be located in a growing community in Baton Rouge – Louisiana. Our basic goal of establishing the business is to contribute to our fee to ensure that children and families residing in Baton Rouge and neighboring cities have a facility for their children to have the most fun and also open up; a very suitable facility for family recreation and other activities related to the golf driving range.
We have been able to secure a standard installation in a central and easily accessible location in Baton Rouge – Louisiana. The activities that will be carried out in our facilities are go-karting, batting cages, driving ranges, shooting ranges, kayaking, miniature golf courses, climbing, snowmobiles and sports clubs, teams and leagues, recreational or youth. We are well equipped to serve the entire family and community, as well as visitors.
Jim Rowlands® Go Kart Fun Parks, LLC will become the premier family-focused recreation facility in all of Baton Rouge Louisiana and we will work hard to build our facilities to meet the needs of the average family in the community.
Before starting the business, we conducted extensive market research and feasibility studies and were able to conclude that Baton Rouge Louisiana is the right place to open our Go Kart and Family Fun Park. In fact, our primary goal in starting Jim Rowlands® Go Kart Fun Parks, LLC is to encourage families in the community to cultivate the habit of regularly going out for recreational activities.
Our golf driving range and family fun facilities are specifically designed and built to care for children and parents, we have active childcare services for young children, and we have deeply discounted membership packages for families who signed up. in or churches and schools that wish to make regular use of our facilities.
Jim Rowlands® Go Kart Fun Parks, LLC will at all times demonstrate its commitment to sustainability, both individually and as a business, by actively participating in our communities and integrating sustainable business practices wherever possible.
We will ensure that we are held accountable to the highest standards by meeting our clients’ needs accurately and completely. We will cultivate a work environment that provides a humane and sustainable approach to earning a living and living in our world, for our partners, employees and our customers.
Jim Rowlands® Go Kart Fun Parks, LLC is a registered private business owned and operated by Jim Rowlands and his immediate family members. Jim Rowlands has a degree in Business Administration along with over 7 years of hands-on experience in the golf driving range and family fun center industry working for some of the leading brands in the United States of America. other team members will bring their expertise to help build Jim Rowlands® Go Kart Fun Parks, LLC to compete favorably in the United States and in the global marketplace.
- Our services and amenities
Jim Rowlands® Go Kart Fun Parks, LLC is in the golf driving range and family fun center industry to provide go kart facilities and family fun for the Baton Rouge – Louisiana residence and neighboring cities, so we have been able to install a facility that can help us achieve the goal. We are optimistic that everyone who makes use of our golf driving range and family fun facilities will definitely get great fun and, of course, value for money.
We are in this line of business to make a profit and we will do everything permitted by law in the United States to achieve our corporate objective and ambition. These are the services and amenities that will be available to our clients at our facilities;
- Amusement and recreation services
- Fitness and recreational sports center services
- Registration for sports tournaments and matches
- Golf course and country club services and memberships
- Food and drink
- Coin operated games and attractions
- Amateur sports teams and club services
Statement of our vision
Our vision in starting Jim Rowlands® Go Kart Fun Parks, LLC is to build a world-class golf driving range and family recreational facilities and also contribute our fee to encourage families residing in Baton Rouge – Louisiana and neighboring cities. to actively participate in recreational activities full of family fun.
- Our Mission Statement
Our mission in establishing Jim Rowlands® Go Kart Fun Parks, LLC is to create a movement in the community that supports full family participation in fun-filled recreational activities. We want to contribute our quota to ensure that Baton Rouge – Louisiana produces some of the happiest children and families in the entire United States of America.
- Our commercial structure
Jim Rowlands® Go Kart Fun Parks, LLC is in business to become the leading private golf driving range and family recreational facilities in all of Baton Rouge Louisiana and we are fully aware that the facilities, management and organizational structure will be needed. adequate to achieve our goal.
We will make sure to hire qualified, honest, customer-focused, and ready-to-work people to help us build a thriving business that benefits all stakeholders (owners, workforce, and customers). In fact, the profit sharing agreement will be made available to all of our senior management and will be based on their performance over a period of ten years or more.
Our business will not be built solely for the purpose of giving our members / clients value for their money, but also, we will ensure that our work environment is highly conducive to all of our employees. We will provide them with facilities to help them stay motivated and fulfill their various tasks and goals, among others.
In light of that, we have made arrangements for the following positions to be filled by highly qualified and experienced personnel;
- Main Executive Office – CEO
- Facilities Manager and Administrator
- Accountant / Cashier
- Sales and Marketing Officer
- Go Kart Safety Instructor / Assistant (5)
- Executive Customer Service / Reception
Roles and responsibilities
- Increase the effectiveness of management by recruiting, selecting, orienting, training, training, advising and disciplining managers; communicate values, strategies and objectives; assign responsibilities; plan, monitor and evaluate the results of the work; development of incentives; develop a climate to offer information and opinions; providing educational opportunities.
- Creates, communicates and implements the vision, mission and general direction of the organization, that is, leads the development and implementation of the general strategy of the organization.
- Responsible for setting prices and signing commercial agreements
- Responsible for providing direction for the business
- Creates, communicates and implements the vision, mission and general direction of the organization, that is, leads the development and implementation of the general strategy of the organization. .
- Responsible for signing checks and documents on behalf of the company
- Evaluate the success of the organization
- Conduct staff induction for new team members
Facility Administrator and Administrator
- Responsible for operating and managing the golf driving range and family recreational facilities
- Maintains office supplies by checking stocks; place and expedite orders; evaluation of new products.
- Ensures equipment operation by completing preventive maintenance requirements; asking for repairs.
- Upgrade job knowledge by participating in educational opportunities; read professional publications; maintenance of personal networks; participating in professional organizations.
- Define jobs for recruiting and managing the interview process
- Conducting staff induction for new team members
- Responsible for the training, evaluation and assessment of employees
- Responsible for organizing trips, meetings and appointments
- Ensures installation is in the best position at all times
- Responsible for managing food and beverage services
- Manage membership and registration services
- Handles equipment rental and sales services
- Manages other relevant facility operations
Go Kart Safety Instructors / Assistant (5)
- Ensures that both children and adults follow established safety measures when using our recreational vehicles
- Manages entertainment and recreation services
- Record handles for sports tournaments and matches
- Responsible for driving and giving instructions for services such as go-karting, Batting ca ges, driving ranges, shooting ranges, kayaking, miniature golf courses, climbing, snowmobiles and sports clubs, teams and leagues, recreational or youth, etc.
Marketing and Sales Officer (2)
- Identify, prioritize and approach new customers, and business opportunities, etc.
- Identify development opportunities; follows up on contacts and development contacts; participates in the structuring and financing of projects; ensures the completion of projects.
- Write winning proposal documents, negotiate rates and fees in accordance with organizations policy
- Responsible for handling business research, market surveys and feasibility studies for clients
- Responsible for overseeing implementation, advocating for client needs, and communicating with clients
- Develop, execute and evaluate new plans to expand sales growth
- Document all customer contacts and information
- Represents Jim Rowlands® Go Kart Fun Parks, LLC in strategic meetings
- Help increase the sales and growth of Jim Rowlands® Go Kart Fun Parks, LLC.
Accountant / Cashier:
- Responsible for preparing financial reports, budgets and financial statements for the organization
- Provides administrations with financial analysis, development budgets and accounting reports; analyzes financial viability for the most complex proposed projects; conducts market research to forecast trends and business conditions.
- Responsible for financial forecasts and risk analysis.
- Performs cash management, general ledger accounting, and financial reporting for the organization
- Responsible for developing and managing financial systems and policies
- Responsible for managing payroll
- Ensures compliance with tax legislation
- Handles all financial transactions for Jim Rowlands® Go Kart Fun Parks, LLC
- Serves as internal auditor for Jim Rowlands® Go Kart Fun Parks, LLC.
Customer Service Executive
- Welcomes members and potential members / clients by greeting them in person or over the phone; answer or direct inquiries.
- Ensures that all customer contacts (email, call center, SMS or phone) provide the customer with a personalized customer service experience of the highest level
- Through interaction with customers over the phone, take every opportunity to increase customer interest in the organization’s products and services.
- Manage the administrative tasks assigned by the administration in an effective and timely manner
- You constantly keep abreast of any new information about the organization’s products, promotional campaigns, etc. to ensure that accurate and useful information is provided to customers when they inquire.
- Receive packages / documents for the organization
- Distribute emails in the organization
- Handles any other tasks assigned to the line manager
- Responsible for cleaning in and around the facility
- Clean up after clients and clean up the work area.
- Wash glassware and utensils after each use.
- Maintains a clean work area by sweeping, vacuuming, dusting, and cleaning glass doors and windows, etc. if required.
- Ensures toiletries and supplies don’t run out
- Handles any other tasks assigned by the facilities center manager.
SWOT analysis of the Go Kart business plan
Jim Rowlands® Go Kart Fun Parks, LLC is in business to provide karting and family recreation facilities for families in Baton Rouge Louisiana and also helps its clients achieve fun-filled activities for their children and at the same time to get benefits.
We are aware that there are competitions on the driving range and in the family fun center industry, so we take the time to conduct an effective SWOT Analysis before investing our hard-earned money in the business.
We know that if we get things right before starting our family recreation and karting center, we won’t have to fight before attracting loyal customers and building our membership base to a level where we can easily break even in record time.
We hired the services of a Business and Human Resources consultant with business structuring bias to help us perform SWOT analysis for our company and he did a very good job for us. Here’s a preview of the result we got from the SWOT analysis that was conducted on behalf of Jim Rowlands® Go Kart Fun Parks, LLC;
One of the obvious strengths that will definitely be an asset to Jim Rowlands® Go Kart Fun Parks, LLC is the fact that our facility is located in a densely populated residential area in Baton Rouge. Louisiana; our location is, in fact, one of our main strengths.
We also have a team of highly qualified professionals who will work with all of our clients to achieve their goals by making use of our karting and family recreation facilities and lastly, our entry fee / membership package is one of the best you can. get anyone who lives in Baton Rouge – Louisiana and neighboring cities; it is cheap and affordable.
- Soft spot :
We critically analyzed our business model and were able to identify two major weaknesses. One is the fact that we are a new business and the second is the fact that we may not have the financial resources to match existing golf driving ranges. as well as family entertainment and recreation facilities and even Louisiana’s own government entertainment and recreation facilities when it comes to acquiring the latest Go Karts and generating the necessary hype that can drive traffic into our facilities.
We are located in one of the busiest and most densely populated areas in Baton Rouge Louisiana and we are open to all the available opportunities the city has to offer.
Some of the threats Jim Rowlands® Go Kart Fun Parks, LLC are likely to face are unfavorable government policies, bad weather, demographic / social factors, downturn in the economy likely to affect consumer spending, and lastly, the emergency
Go Kart Business Plan MARKET ANALYSIS
- Market trends
The golf driving range and family fun center industry have benefited from recent marketing campaigns aimed at encouraging people to participate in recreational activities, as well as consumer trends toward healthy living.
In the future, many people who are part of the baby boom generation are expected to sign up for recreational club memberships or make use of recreational facilities in their communities, as they become more familiar and health-conscious through as they grow older.
However, customers of golf driving ranges and family recreation centers are expected to pick up more and more members from the less expensive golf driving range and family recreation centers compared to expensive all-inclusive clubs.
The common trend in the golf driving range and family fun center industry is such that if a facility is well equipped and located near a residential area or a place that people can easily access without much stress, there is the possibility of the facility enjoying high patronage.
As with other business ventures, golf course and family fun center owners are always looking for ways to increase their market share; They go so far as to sign agreements with secondary schools and also religious organizations and others to make use of their facilities on a regular basis.
Finally, it is a common trend that as golf driving ranges and family fun centers grow, they need to develop new service offerings or install new facilities that help them attract more people. It is no wonder that some golf driving ranges and family fun centers now have other facilities aimed at attracting adults / parents In other words, it is very important that karting and family recreation facilities continue to improvise if they want to grow their business and generate your target income.
- Our target market
The target market for go karting and family recreational facilities cuts across people of different backgrounds. The fact that people visit or sign up for golf driving ranges and family recreational facilities for various reasons makes marketing the business interesting.
The target market for karting and family recreational facilities can be classified into three different groups. The first group is families looking to create time for children to hang out with them. The other group of people are schools who want an ideal place to take students / children during field trips or playtime etc. The last group of people are religious organizations and clubs.
Jim Rowlands® Go Kart Fun Parks, LLC will work to provide services, facilities and environment that will help us reach our target market. This is the category of people to whom we intend to market our karting and family recreation center;
- Homes and Families in Baton Rouge Louisiana
- Churches and religious centers
- Corporate organizations
- Travelers / Tourists
Our competitive advantage
Beyond reasonable doubt, the golf driving range and family fun center industry is a prolific and highly competitive industry. Clients will only use your facilities if they know that you can successfully help them achieve their goals or provide them with the conducive environment and facilities for maximum fun.
Jim Rowlands® Go Kart Fun Parks, LLC is located downtown near a densely populated residential area in Baton Rouge Louisiana; this will obviously give us an advantage over our competitors. We also have a team of highly qualified professionals who will work with all of our clients to achieve their goals of making use of our golf driving range and family recreational facilities and lastly, our entry fee membership package will be one of the better than anyone living around Baton Rouge Louisiana can get; It is cheap and affordable.
Lastly, our employees will be well cared for, and your wellness package will be among the best in our category (karting start-up companies and family recreational facilities businesses in the United States) in the industry. It will allow them to be more than willing to build the business with us and help us meet our stated goals and achieve all of our objectives and businesses.
Go Kart Business Plan SALES AND MARKETING STRATEGY
- Marketing strategy and sales strategy
Our marketing strategies will be oriented towards the achievement of specific objectives that support the strategic objectives of the organization. The truth is that everything we do will be geared towards creating new market channels, increasing sales and increasing our market share. We will take advantage of our improved services and facilities to ensure we win new customers and retain old members.
At Jim Rowlands® Go Kart Fun Parks, LLC, our marketing strategies will be consistent throughout the marketing mix and we will consider product improvement, promotion, and pricing. As part of our sales and marketing strategies, we will pay attention to promoting our karting and family recreation facilities to attract families and corporate organizations to enroll and become our members.
Our unique selling proposition is that we are well positioned and our facilities are easily accessible to people, our prices are affordable, and we have a complete package for families, clubs, schools, and faith-based organizations. Part of the marketing and sales strategies that we will adopt are:
- Open our golf driving range and family recreational facilities with a big party for one and all
- Advertise our golf driving
- Promote our golf driving range and family recreational facilities online through our official website and all available social media platforms
- Introduce our golf driving range and family recreational facilities by sending introductory letters along with our brochure to faith-based organizations, schools, corporate organizations, households, and key stakeholders in Baton Rouge Louisiana.
- Print flyers and business cards and strategically throw them in offices, libraries, public facilities and train stations et al.
- Providing consistent customer experiences to all of our members; make our first impression count positively for those who use our karting and family recreation facilities for the first time
- Make use of attractive hand bills to raise awareness and also to give direction to our karting and family recreation facility
- Take a drop shipping coupon marketing approach
- Post our signage / flexi signs in strategic locations in and around Baton Rouge Louisiana
- Create a loyalty plan that allows us to reward our consistent members, especially those who signed up as a family or groups
- Participate in road shows in our neighborhood to raise awareness about our karting and family recreation facilities.
Sources of income
Jim Rowlands® Go Kart Fun Parks, LLC was established with the goal of maximizing profits in the golf driving range and family fun center industry and we will go all the way to make sure we do whatever it takes to attract to both individual clients (families) and corporate clients on a regular basis.
Jim Rowlands® Go Kart Fun Parks, LLC will generate income by offering the following services:
- Amusement and recreation services
- Fitness center and recreational sports center services
- Registration for tournaments and sports matches
- Golf course and country club services and memberships
- Food and drink
- Coin Operated Games and Attractions
- Amateur sports teams and club services
It is important to state that our sales forecast is based on the data collected during our feasibility studies and also on some of the assumptions readily available in the field. It would be difficult to create a sales forecast with a newly opened business like go karting and family recreational facilities.
This is simply because the statistics to be provided will be short-term. Experts said that generally, a company must be in operation for at least a year before they can generate the statistics that will be necessary to aid in accurate forecasting; Statistics must be at least one year old to show trends and patterns in consumer spending.
We expect to receive a minimum of 12,000 clients, that is, 0 thousand clients per month within our first year of operations and then in the following year we will grow by 25 percent more.
Below are sales projections for Jim Rowlands® Go Kart Fun Parks, LLC, based on the location of our karting and family recreation facilities and the services and products we will offer to our customers (members);
- First fiscal year-: $ 240,000
- Second fiscal year-: $ 450,000
- Third fiscal year: $ 750,000
NB: This projection is made based on what can be obtained in the industry and with the assumption that there will be no major economic collapse and natural disasters within the period mentioned above. There will be no major competitor offering the same additional services as us at the same location. Keep in mind that the previous projection could be smaller and at the same time it could be bigger.
- Our pricing strategy
Our pricing system will be based on what is obtainable in the industry, we do not intend to charge more (except for premium and personalized services) and we do not intend to charge less than what our competitors are charging as entry fees or membership in Baton Rouge – Louisiana and neighboring cities.
Be that as it may, we have plans in place to offer discount services from time to time and also to reward our loyal customers. especially when they refer clients to us or when they register as a family, groups or a religious organization and schools. The prices of our services will be the same that can be obtained in the open market of the United States.
- Payment options
The payment policy adopted by Jim Rowlands® Go Kart Fun Parks, LLC is all inclusive because we are well aware that different customers prefer different payment options as it suits them, but at the same time, we will ensure that we comply with financial rules and regulations. of the United States of America.
These are the payment options that Jim Rowlands® Go Kart Fun Parks, LLC will make available to its customers;
- Payment by bank transfer
- Cash payment
- Credit card payment / Point of sale machines (POS)
- Payment by online bank transfer
- Pay by check
- Payment by mobile money transfer
- Payment by bank draft
In view of the above, we have chosen banking platforms that will allow our client to make the payment of all our device services without any stress on their part. Our bank account numbers will be available on our website and promotional materials for clients who wish to deposit cash or make online transfers through our services.
Go Kart business plan advertising and publicity strategy
We have been able to work with our brand and advertising consultants to help us map out advertising and advertising strategies that help us reach the heart of our target market. We are poised to become the number one choice for both corporate clients and individual clients throughout. Baton Rouge Louisiana, which is why we have made provisions for effective publicity and publicity of our karting and family recreation facilities.
Below are the platforms we intend to leverage to promote and advertise Jim Rowlands® Go Kart Fun Parks, LLC;
- Place ads on print platforms (newspapers and community magazines) and in electronic media
- Sponsor relevant community-based sporting events and competitions
- Take advantage of internet and social media platforms such as; Instagram, Facebook, Twitter, YouTube, Google + and others to promote our brand
- Install our billboards in strategic locations throughout Baton Rouge Louisiana
- Take part in touring shows from time to time in select neighborhoods
- Distribute our flyers and brochures in specific areas
- Get in touch with families, corporate organizations, religious centers and schools by calling them and informing them about Jim Rowlands® Go Kart Fun Parks, LLC and the services we offer
- List Jim Rowlands® Go Kart Fun Parks, LLC in local directories / yellow pages
- Advertise our karting and family recreation center on our official website and Employ strategies that help us drive traffic to the site.
- Make sure all our staff members wear our branded shirts and all of our karts and vehicles are well marked with our corporate logo and others.
Home – Up to expenses (budget)
When setting up any business, the amount or cost will depend on the focus and scale you want to undertake. If you intend to go big by renting a place, you would need a fair amount of capital as you would need to ensure that your employees are well cared for and that your facility is conducive enough for workers to be creative and productive.
This means that start-up can be low or high depending on your goals, vision, and aspirations for your business.
The tools and equipment to be used cost the same everywhere, and any difference in prices would be minimal and can be overlooked. As for the detailed cost analysis to start a go kart and family recreation facility; it may differ in other countries due to the value of your money.
However, this is what it would cost us to establish Jim Rowlands® Go Kart Fun Parks, LLC in the United States of America;
- The total fee for registering the business in the United States of America $ 750.
- Legal expenses to obtain licenses and permits $ 1,500.
- Marketing promotion expenses (8,000 flyers at $ 0.04 per copy) for the total amount of $ 10,000.
- Cost for hiring a business consultant – $ 5,000.
- Insurance coverage (general liability, workers’ compensation, and property accidents) with a total premium of $ 30,800.
- Cost of accounting software, CRM software, and payroll software $ 3,000
- Leasing facility cost for golf driving range and family fun center $ 250,000.
- Costs to remodel the facility, build a go-kart track, and equip the facility $ 200,000.
- Other initial expenses, including stationery $ 1000
- Telephone and utility deposits $ 3,500
- Operating cost for the first 3 months (employee salaries, bill payments and others) $ 100,000
- Starting inventory cost $ 15,000
- The cost of purchasing furniture and gadgets (computers, printers, telephones, televisions, sound systems, video games, pool boards, tables and chairs, etc. $ 10,000.
- The cost of launching a website $ 600
- Cost for our housewarming party $ 15,000
- Miscellaneous $ 15,000
We would need an estimated $ 750,000 to successfully launch a small but standard, well-equipped golf driving range and family fun center in Baton Rouge, Louisiana.
It is important to state that testing and evaluation expenses would be high due to the large amount of equipment required to start up a karting and family recreation facility and also the large amount required to ensure a facility large enough to accommodate the driving range. golf course and family fun center.
Generation of funds / seed capital for Jim Rowlands® Go Kart Fun Parks, LLC
Jim Rowlands® Go Kart Fun Parks, LLC is a registered private family business that will be owned and managed by Jim Rowlands and his immediate family members. They are the sole financier of the business, so they decided to restrict the supply of initial capital for the business to just three main sources.
These are the areas in which we intend to generate our initial capital;
- Generate part of the initial capital from personal savings and the sale of your shares
- Generate some of the initial capital from friends and other members of the extended family
- Generate a larger portion of the bank’s initial capital (credit line).
NB: We have been able to generate around $ 250,000 ( Personal Savings $ 200,000 and Soft Loans from Family Members $ 50,000 ) and we are in the final stages of obtaining a $ 500,000 loan from our bank. All documents and documents have been duly signed and presented, the loan has been approved and at any time our account will be credited.
Go Kart Business Plan Sustainability and expansion strategy
The future of a business lies in the number of loyal customers they have, the capacity and competence of the employees, their investment strategy and the structure of the business. If all these factors are missing in a company (company), it won’t be long before the company closes the store.
One of our main goals in starting Jim Rowlands® Go Kart Fun Parks, LLC is to build a business that survives on its own cash flow without the need to inject funding from outside sources once the business is officially up and running.
We know that one of the ways to get approved and win clients is to get membership in our karting and family recreation facilities is to equip our facilities with state of the art entertainment equipment and make our services affordable.
Jim Rowlands® Go Kart Fun Parks, LLC will ensure that the foundation, structures, and processes are in place to ensure the well-being of our staff is well cared for. The corporate culture of our company is designed to push our business to greater heights and training and retraining of our workforce is the best option.
In fact, the profit sharing agreement will be available to all of our administrative staff and will be based on their performance for a period of ten years or more. We know that if that is implemented, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to helping us build the business of our dreams.
Checklist / milestone
- Business name availability check: Completed
- Business registration: Completed
- Opening of corporate bank accounts: Completed
- Securing Point of Sale (POS) Machines: Completed
- Open mobile money accounts: Completed
- Open online payment platforms: Completed
- Request and Obtain Taxpayer Identification: In progress
- Business Permit and License Application: Completed
- Business Insurance Purchase: Completed
- Large facility acquisition and facility remodel: In progress
- Conduct of feasibility studies: Completed
- Generating capital from family members: Completed
- Bank loan applications: In progress
- Drafting the business plan: Completed
- Drafting the employee handbook: Completed
- Drafting of contractual documents and other relevant legal documents: In progress
- Company Logo Design: Completed
- Graphic designs and printing of packaging marketing / promotional materials: In progress
- Hiring Employees: In Progress
- Purchase of necessary family entertainment equipment, gym and fitness equipment, electronic gadgets, office gadgets and suppliers: In progress
- Creation of the official website of the company: Completed
- Raise awareness for business both online and in the neighborhood: In progress
- Health and Safety and Fire Protection Agreement (License): Segured
- Opening / launch party planning: Ongoing
- Establishing business relationships with suppliers and key stakeholders in the industry: In progress