On revenue growth, the Harvard Business Review mentions that a lot of companies treat cost cutting as a skill - something that senior managers are competent on doing. However, if executives are asked to boost growth, they are left stunned. Total revenue tells a story about the business growth, but not the how. In this fast-paced and technology-driven age, family entertainment centers and other companies should unlearn cost cutting as the answer to revenue growth.
What do we mean when we say "FEC of the Future?" A family entertainment center of the future has the following tech-driven qualities: A revolutionized consumer journey A redefined revenue landscape A wider demographic Embracing emerging technology is necessary to achieve these. But before you can reshape the way your guests engage with your business and create tech-based revenue streams, you need to transform your operations and bring them to the next level.
The future is digital – even for brick-and-mortar businesses in the entertainment and amusement industry. It’s smart, automated, and high-tech. Today, we are getting first-hand experience on the benefits of rising technology. Light bulbs, refrigerators, security cameras – you name it – almost everything can now be controlled easily from a mobile phone. Since this is the case, consumers demand the same level of quality, convenience, and interactions from family entertainment centers.
Technology has shown a significant increase in consumer usage and demand as accelerated by the pandemic. Contactless and low-touch ways of payment and transactions saw a rise. Mastercard even reported a 40% jump on contactless payments as users do due diligence to mitigate risks.
To start a family entertainment center or family fun center, you should have a clear idea of the kind of business you want to have. Arriving at this decision means that you have already taken into consideration the market population, competition, real estate, drive times, demographics, and other factors at the location you are eyeing. You can check these in detail in our complete guide.
As someone who wants to start a family entertainment center, focusing on the guest experience is your main objective. To achieve this, you must ensure that everything is seamless for your customers – from the moment they step into your venue up until it’s time for them to leave. An integral part of this is an immersive experience outside your arcade game room and attractions – the interiors.
Your family entertainment business idea’s feasibility and success are riding on several factors. High on that list is the location. Where you put up the FEC will determine whether your venue could turn into revenue. You have two options in terms of location – you are going to either lease space or buy real estate.
Starting a family entertainment center can be a daunting task. There are several facts and figures you have to lock in, and a couple of studies you have to secure to make the business venture a possibility – or prove otherwise.
Capital and funding are crucial necessities to begin business operations. If you are planning to open a single location, family-owned FEC, your own financial resources should be enough to operate, depending on the size and type of FEC you are trying to start.
A family entertainment center or family fun center comes in different shapes and forms. Your dream of starting your own business comes with a lot of work, studies, analyses, and of course – costs. Let’s zero in on an arcade game business idea.