Kids love water parks. And parents enjoy taking them too because it provides a whole day of entertainment at a low cost.
Hence, if you start a water park business, you have tremendous pre-existing demand that you can exploit.
Setting up a water park business, however, requires careful consideration. While it can be a lucrative enterprise, there are also a number of pitfalls.
In this post, we present some tips on starting your own water park business. Read through them thoroughly before taking the plunge.
Tip 1: Research The Area
Before you begin, you’ll need to do ample research – something that’s essential for any type of business. If you want your venture to be successful, you must understand the market.
Try to find out what sort of people your water park is most likely to attract. Will it be tourists, young families, students or some other group?
Also, look for signs that there is demand for experiences, like water parks, in the area. For instance, is there a nearby circus or theme park? Are there companies offering wind sailing or jet ski tours? These are all important indicators of demand.
Tip 2: Start Planning
The next step is to begin the planning process. Once you know what you are getting yourself into, you can flesh out some of the details.
You’ll want to do the following:
- Decide on an attractive and appealing name for your business
- Figure out how much you’re going to charge for entry tickets
- Calculate what your running costs are likely to be
- Think about your capital requirements (the amount of money you’ll need in the bank to get off the ground)
- Find who your lenders will be
- Decide on the structure of your business
Planning can provide you with critical insights into whether your business venture is likely to be profitable or not. If you are going to be reaching out to a water provider for any of your water needs, then it might be a good idea to compare business water suppliers before settling on one. It goes without saying that a water park needs abundant and steady supply of water, so choosing a trustworthy and affordable supplier can reduce your overall costs. Further, you can use rough estimates to work out how many customers you will need to turn a profit and when they need to spend.
Tip 3: Sort Out Your Legals
The legalities of running a water park are considerable but not as onerous as you might think. Your first priority is to get insurance. You’ll need a comprehensive policy that covers multiple issues likely to arise on your property, including drowning.
You’ll also need to consult with a lawyer about what happens should somebody hurt themselves. You may require them to write specific terms and conditions that you then post publicly on your website and premises.
Tip 4: Create A Themed Brand
The competition for water park customers is intense. There are well over 150 water parks in the US alone.
For that reason, you’ll want to use your brand to appeal to a niche audience. Customers need to understand how your water park is different from all the others in your area. If you can, pick something unusual. Pirates are great, but the theme is now used by so many water parks that it probably won’t set your park apart from the others.
