Escape Room represent a booming business prospect in the gaming and entertainment industry right now. So, investing in a brand like this would be a good idea, especially if you are into unique activities. You either establish or acquire ownership of even a franchise escape room, and you will be making a profit in no time
For those unfamiliar to the concept of escape adventures, here is a brief overview: escape room games (also identified as puzzle rooms, breakout rooms, or mystery rooms) are live-action-adventure experiences where a group of players gets locked inside a themed game room. They can only escape after figuring out certain clues and solving the allotted puzzles. They may also have to finish some missions related to the room’s scenario. All these are within a set time limit. Some games use audio-visual cues, AI technology, and even 3D gaming technologies. Recently virtual escape rooms have also become popular as a more convenient escape game experience.
Escape rooms started off in Asia with the Japanese company SCRAP hosting a live escape game and opened up the doors for this genre of games. Currently, there are around 50,000 escape rooms across the world. If you look up escape rooms near me, more than a hundred escape rooms will pop up on your screen- that’s how popular they are!
Instructions for Starting an Escape Room Business
Starting a business is no easy task. There is too much to do after figuring out which business you want to enter. Since there are too many considerations to make, here is detailed instruction on how to progress with your business idea.
Develop a business plan
You have to start with understanding wild goose escapes room games and how they work. Then develop a business plan. Start with your budget first. Then move on to business specifics like target market (family, business, age groups, etc.), mode of business, and prices. Decide whether you want exclusive rooms or public ones, or a mix of both. Map out the ideal location and its cost. Choose themes for your game rooms and decide on their mechanisms, furniture, costumes, etc. The most important aspect of your escape room has to be the room themes and the gameplay. You have to create a budget for employee allowances and basic utilities. Set aside money for insurance, permits, marketing costs, and miscellaneous costs as well. Chalk out your target profit margins to ensure better organization, and don’t forget to decide on a brand name!
Establish a legal business entity
Establish a legal business entity like LLC (limited liability company), corporation, sole proprietorship, and any such business structure. This will help assign roles to your business and create investment roles. It will also help avoid legal troubles.
Register your business
Register your business to function properly. You will need to categorize your business (as in, the scale of the business) to pay an appropriate level of tax. Business auditing is very important, so make sure to follow all the necessary steps to solve any legal concerns.
Get all the licenses and business permits
Make sure to get all the licenses and business permits necessary for opening up your escape room business. Talk to local officials and your legal representatives to get a clear idea of it all. Certificate of occupancy, copyrights to any commercial product, safety permits, food permits, and such things will be dealt with based on your local and state laws. Make sure to create customer waiver forms to avoid legal liability with regard to personal safety concerns.
Open a business account
Open up a business account and get a business credit card. The business accounting will be clearer that way. Record all your business expenses, and understand your financial situation well. This will not only help with tax filing and auditing, but it will also help keep your personal assets separate.
Get a Business Insurance
Do not forget to insure your business. Take the help of your legal representative and insurance agent to get business insurance. This will help cover for the losses in the event of some accident. Carefully choose the type of insurance that best deals with your business and your particular concern.
Define your brand and promote it
After making your escape room, you have to start defining your brand image. This is where marketing comes in. Design your brand’s motto and your customer guidelines. Create a website to promote your content. The market is your escape room, and it provides unique attractions to bring in customers. Focus on crowd engagement and establishing your own brand image.
Set up a communication system
Keeping in touch with customers is a very important aspect of setting up a business. Decide on the mode of booking slots and how to contact the business. Set up a phone line, social media accounts that will be regularly updated, and a business email to deal with customer concerns. Provide a customer service option to deal with complaints and any specific concerns so that your business can maintain its brand reputation.
Setting up a new business is not easy, but hopefully, with our list of instructions, you can get a head start. Hope you have a successful business venture!