"Let's go have some fun! Somewhere that is different." "Where do you want to have your birthday party this year? Not bowling because we have done that way too many times." These are the common problems folks are having in the Raleigh suburbs right now. There are few places for families to have fun in less than a 30-45 min drive. In addition, the Millennials are looking for different venues to kick back, have some drinks and have an enjoyable evening. Wouldn't hurt to be able to market to some of the businesses in the Triangle as well.
Developing an indoor mini golf course with 2x18 hole courses in an affluent area with minimal family entertainment other than a movie theater. Looking to provide a safe place for kids and families to go and have fun away from the couch. I am also looking to entice the older age group to have a location to gather, have dates, and enjoy their later evenings by providing a small bar and seating space for gathering before or after a fun round of golf.
Minigolf is a multi-billion dollar industry across the United States. Most courses are outdoor and in a destination location, but that does not slow down the desire for kids and adults to want to have fun at any time. I am looking to take advantage of this low maintenance, high return industry by developing an indoor location to take advantage of the ability to run year round, especially on inclement weather days when people are thriving to do something different. My area of interest to open in is a continuously developing area with consistent population growth expecting to continue for several more years. It is one of the more affluent suburbs of Raleigh with a median income of $107,000, average age of 36yrs old, and 3 people per household.
The closest competition is a indoor course over 30 min drive away and will not be as intricate a course as I intend to develop. There are 5 high schools within a 10 mile radius and see many of these students taking the time to drive to this other course because there is nothing near by. There are also no outdoor courses in the area which would be next phase of growth over time. Per studies, running 2 courses 9hrs a day at a 20% average capacity 90% of the year will gross approximately $500,000 a year. The largest costs are the up-front development costs which as a traditional $1m loan would be able to be paid within 5yrs while still grossing $100,000 after monthly expenses and labor.
There is also a long term vision of growth in being able to move into an outdoor course for the better weather days and even to build a course that can be considered "professional" to bring in the World Minigolf Sport Federation and added revenues behind holding tournament competitions which will also bring in value for surrounding hotel and restaurant venues. Also, as more courses are added, being able to run special events where all or part of the course(s) can be rented becomes a possibility for many different types of groups and corporations. Who doesn't love mini golf? It brings smiles and laughter to families and friends an, outlet for corporate gatherings to relax and get to know each other better, and a great place to hold that child's birthday party they won't soon forget.
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