You’re about to contact an angel investor and you suddenly realize a need to develop a concise business plan for your billiard and pool hall venture. It’s bothersome to develop a business plan without prior knowledge.
Business plans are developed for two major reasons: the first is to identify the amount of money required to establish your pool hall business and the second reason is to convince your investors about the viability of the business.
That’s why the best approach to developing a standard business plan will be to identify and understand the elements it entails. So, if you will be preparing the plan by yourself, here are vital things to include in the business plan.
1. Products and Services
You’re expected to describe the numbers of pool tables that will be available for the business and relevant pricing. It’s will also be important to fully describe your business location and the interior setting in the business plan. Don’t forget to state the nature of food and beverages that will be served. Other items to be included includes seating arrangement, lighting, types of music to be played and food licenses the business must acquire.
2. Market Analysis
Your unique selling point must clearly be stated in the business plan. Market analysis begins with the identification of competitors around you and clear explanation of how your business will be different from others. Here, appropriate answers must be provided to questions like “how to appeal to billiard enthusiasts”, “how to attract people who like music” etc. Be willing to identify what competitors are not doing and how you can incorporate the solutions into your business.
3. Define your team
To operate a successful billiard and pool hall business, a team of experienced people is needed. Carefully examine your preferred qualification when recruiting staffs into your company. If there will be need to manage the enterprise by yourself, describe in detail how your education and experience will help to manage the business successfully.
4. Develop Marketing Strategies
Driving more clients to your establishment requires an effective marketing strategy. Such techniques are expected to describe how your signage will easily be sighted around the street where your business is located. Advertising your billiard parlor on local publications, encouraging more fans to like your Facebook page after using your services are few marketing strategies to deploy and state in your business plan.
5. Defining your financial Statement
A financial statement is a vital component of your business plan.It fully explains how you plan to earn more revenue and incur cost on some projects. You’re expected to develop multiple years of projected profit and loss statement that will fully describe the structure of your company cash flow.The financial statement is likewise expected to display the cost of acquiring a space for your business, equipment etc.
Starting a pool hall business is overwhelming and can be very expensive if you don't plan properly. Triangle Billiards will help you realize your dream of opening and running a profitable pool and billiard hall. With our 40 years experience in setting up pool rooms, bars, and billiard, you can rest assured of quality services that help you to develop an effective business plan and further set up standard billiard and pool hall for your business.