If you are looking to get into the business of mini golf, you may already have started making business plans and hiring team members before the construction of your course is complete. Yes, this is an exciting time for everyone involved, but there are some common mini golf business mistakes you will want to avoid. Read on to find out what they are!
No Flexibility in the Business Plan
Having a business plan is important for so many reasons. You will need to identify your target market, work out how you can reach them, calculate the amount of capital you need, and do so much more. One mistake some mini golf business owners run into, however, is fixating too much on the details of the business plan. This could prevent them from getting the actual project off the ground. Be willing to be flexible with your business plan and treat it as a guide. Stay open to changes that pop up along the way while doing your best to stick to your overall goals.
Rushing into Opening
Once your business plan for your mini golf course business is ready, you can move on to the design and construction stage. These processes will take time, especially if you want them completed to your exact specifications. Unexpected changes may also occur during the process, so it’s important to plan for the unexpected.
Instead of rushing into the opening and being the “first” in your market, take your time. Sometimes it is more advantageous to wait a little longer than to rush into opening. You want a course you are satisfied with; don’t compromise on what you want just because you’re in a rush to get things done. This will inevitably turn into additional costs and downtime later on.
Neglecting Paperwork for Your Mini Golf Business
Finalizing all the paperwork is a key component of running any business, mini golf courses included. Whether you’ve jumped into this venture with a friend or have a strictly working relationship with your business partners, it is crucial to finalize all paperwork and get the legal aspects signed, sealed, and delivered. Neglecting to do this is a business mistake that could result in serious issues down the line.
The Mistake of Not Paying Yourself
As a mini golf business owner, you may decide to forego a salary in order to put all your available liquidity into your business. This may seem noble at first but choosing to do so could hurt you if you want to apply for financing later on. Lenders and investors will ask to see your financial report. If you have opted out of paying yourself all along, this will indicate to them that you cannot afford to do so, which may not reflect well on your business.
Trying to Run a Mini Golf Course Without Professional Expertise
Lastly, one of the biggest mistakes you can make as a mini golf course business owner is not choosing the right partners to work with. Harris Miniature Golf works with business owners all over the world. We are experts in designing and constructing highly profitable miniature golf courses. All you need to do to get started is request an investor’s kit from us today, and we will be in touch!