Every smart businessperson knows that one of the keys to success is having benchmarks to guide you along the way. Revenue is one piece of the puzzle, but seldom does it tell the whole story. Mini golf business owners are often in unique positions; sometimes the mini golf course is their entire business, while other times it is just one component. For example, the company itself could be a mini golf course, or it could be an ice cream shop with a mini golf course off to the side. Regardless of the business model, it is essential to know how to properly use benchmarks as indicators of success. Find out more about benchmarking your mini golf course business below.
Look at the Big Picture
It can be easy to get caught up in the minutia of any situation. Having a consistent revenue stream is essential, but so too are other aspects that will help your mini golf course run at its best. In addition to revenue, focus on expenditures for things like course maintenance and manpower; this will help provide a more robust picture of the business as a whole.
Approach Revenue by Departments
This may seem to contradict the previous point of looking at the big picture, but the two actually work in tandem. By breaking down business components by department, business owners can gain better insight into individual performance. This can be instrumental for pinpointing issues and heading them off at the bat. For example, consider how much of your revenue is being pulled in by food and beverage sales, and how much is earned from the mini golf course alone? Separating revenue by departments enables mini golf business owners to see in more detail which aspects of your business are doing well, and which ones need work.
Remember that Every Aspect Matters
There may be more pieces of your mini golf course’s operations that are contributing to your bottom line than you previously realized. Group events, for example, should be considered. As a business owner, will you count the revenue from mini golf group events separate from the revenue generated from the golf course general admissions, or will it be included? Other elements to factor in are clubhouse costs, course maintenance fees, and inventory fees. Mini golf business owners who take the time to carefully analyze and evaluate each department, component, and aspect have the best insight when it comes to understanding how their mini golf courses are truly performing.
Work with Harris Miniature Golf Courses, Inc for Mini Golf Course Design and Construction
Whether you are interested in starting a mini golf course business, adding a mini golf course to your existing business model, or upgrading your current facilities, Harris Mini Golf is here to help. As a one-stop-shop for all things mini golf course design, construction, and business development, our team can custom design courses that meet your every expectation. Not only will we build course that fit the current contours of your grounds, but we will also make them ADA compliant.
For any questions about our services or to discuss how to build a successful mini golf business model, feel free to contact us today.