There is no doubt that of all the exciting business ventures one can undertake, building a pool hall is one of the most intriguing. Everyone is familiar with a game of pool, whether they’ve played snooker variants or the original, and so it’s a prevalent idea.
However, poor planning leads to potentially problematic issues down the road, which is why you need to build a solid business plan for a pool hall, and we thought we’d put together a guide on how you accomplish this.
Outline services and products
One of the first things that you’re going to want to do for the successful creation of any enterprise is to list all of the different services and products which you will be offering. An inventory of all the facilities that you have to offer will help to enlighten potential investors and other members of the team as to the general direction you intend to take with the venture.
So if you’re going to buy pool tables, or rent them, make sure that you mention that. If you’re going to have new games besides the pool, then that needs to be communicated as well. The more detail you go into, the better chance you have of convincing people that this is a good idea.
Describe the purpose of the venture
One of the first problems which entrepreneurs and business people face when attempting to turn their dream into a reality is convincing people of its value. You may see a potential pool hall as being this incredible place, but accurately articulating that to an investor or a business partner can be challenging.
For this reason, it is essential that you take the time to communicate the purpose of the hall effectively. Describe it in considerable detail, drawing attention to all of its unique attributes which make it different from other facilities of the same ilk.
Assign a management team
A crucial part of the planning process is outlining who will manage the hall while it’s in use every day. Your management team will be the first point of contact between the owners of the hall and the customers. There will be staff who can assist anyone who needs help, but the management team will play a vital role in the day-to-day running of things. You need to select people who will help to promote the image you have envisioned, and above all else have a passion and enthusiasm for their job.
Allow access to market analysis
Your analysis of the market will be very important for helping to establish a solid business plan. Therefore, sharing it with your colleagues and potential investors is a good idea. It helps to keep everyone aware of how you will stand out from the crowd, and how exactly you will target your intended customer base.
Include financial details
Another useful thing to include in a business plan is financial information. So, you may wish to add the prices for admission, whether there is a deposit for renting equipment, charges for damaged property, etc. This helps to paint a clear picture of how you will make a profit on your enterprise.
Outline your marketing strategy
Finally, a professional business plan will include details of a planned marketing strategy. In this section, you will articulate how you intend to advertise the new premises to potential customers, what strategies and tactics you intend to use to ensure that there is sufficient interest in the upcoming facility, and above all else how you intend to target the intended demographic for your venture. It’s vital to market, so you need to consider how you’ll do it.