Do you love escape rooms so much that you have thought about having your very own? You are in luck because it is a lucrative industry. On average, an escape room business makes over $300,000 a year.
While that is a nice profit, it takes some passion and hard work to create and maintain an escape room.
You have to be creative enough to develop interesting storylines, interactive clues, and engaging room designs. Plus, you need the resources to lease a property, build the space, and attract an audience.
Read this guide to know how to get started with your escape room venture.
Research Competition
Your first step in how to start an escape room business is to play in as many as possible. You can get an idea of various themes, popular locations, and event marketing techniques.
Talk to the owners while you are at it to see how they started their business. See if they own a franchise or a private business. Also, ask about networking opportunities like conferences, seminars, and online community groups.
Have a Business Plan
Before you go knocking down walls, it is essential to get an overview of your project with an escape room business plan.
First, write an executive summary of your business, including your prospective location, name of your company, your target consumer base, and financial overview.
After the summary, include any data on market trends. How much do other escape rooms make? How do you plan to compete and provide a unique experience?
Next, discuss your construction schedule and operational plans. Do you have a contractor in mind and a location? Do you know how to build an escape room on your budget? How many people are needed to run the business?
Finally, have a financial breakdown of your escape room startup costs, including salaries, maintenance, insurance, rent, and profit margin.
This plan is not set in stone, but it gives you an overall vision of your goals and tasks.
Law and Licensing
While learning how to make your escape room, you must think about its liability.
Register your business as an LLC for small companies to protect your company from lawsuits and trademarks. You also want to set up your business tax identification registration beforehand.
An escape room operating license or permit is required in most states to ensure you have the proper safety features like fire exits.
It is also a good idea to purchase insurance in case something is damaged, or a natural disaster occurs.
Market Your Company
To have a successful escape room business, you need customers. Set aside a good portion of your budget to market your company.
This includes a website with digital sign-ups to streamline your game schedule, blogs and FAQs, and instructions about the escape room experience.
You should also create social media profiles to engage with your fans and potential customers.
Is an Escape Room Business Right for You?
Now that you know how to start an escape room business, you should decide if you have what it takes to run one. You may have the means, but do you have the desire?
To succeed in this business, you have to enjoy making people happy by providing them with an exciting adventure.
Get motivated to start your own business by visiting our event page for our upcoming conference.
