The decision also depends on the number of people you hire: The longer your hours, the more employees you’ll require.
You may wish to install lights to remain open later in the day.
The marketing strategy for a driving range should be tailored to acquiring and retaining new customers at the lowest possible cost.
In the early stages, this is likely to include extensive public relations to alert the area that the driving range has opened.
However, there are several other elements that should be included in your business model to demonstrate the unique positioning of your driving range.
One of our clients started a fully digital indoor driving range that simulated an outdoor environment.
Whether or not the driving range will be indoors, its location, any additional products/services provided will also be positioning factors.
For instance, a driving range located in an affluent urban area will be completely different than one in a rural location with relatively low demand and overhead costs.
The range of these factors will cause financial variance, but the best approach to forecasting is using the performance of comparable driving ranges or the prior operating history if yours has it.
These assumptions are packaged into three to five-year projections to form an income statement, cash flow projections, and a balance sheet .