Are you designing a public park as a local authority or a commercial playground as an entrepreneur? If so, money isn’t the only thing on your mind. Nevertheless, learning how to maximize your revenue potential is crucial.
Generating more money makes it easier to invest capital back into the commercial playground. This creates a better user experience and stable future. Here are some of the most effective ways to do it in style.
#1. Invest in the essential equipment
First and foremost, every playground should be a fun setting for families. High-quality and durable equipment will bring more people to the playground. Swing sets are the perfect starting point as this is the item most kids flock to. You can choose different styles and sizes for kids of varying ages. Likewise, it can be a great addition for SEND kids while parents enjoy the chance to play an active role by pushing their children.
Slides, roundabouts, jungle gyms, and see-saws are all great additions too. While you won’t charge for the use of these items, getting people into the park will open the door to earning potential. This makes it the perfect starting point.
#2. Introduce paid extras
Free public items will give your commercial playground or park a great starting point. However, many families will happily pay to use additional items, especially if capacity limits are in place. Splash parks and zones are a particularly popular choice for the summer months. Even after paying a few dollars for this experience, the day out is still very affordable. Meanwhile, the running costs are minimal compared to the overheads.
Sports courts may also be made available for hire. If the park or playground is blessed with a lake, you could also operate boat rides. Trampolines are another possible solution. But you must always confirm suitability depending on your location.
#3. Invest in your marketing strategy
It will be impossible to generate revenue from the outdoor venue if nobody ever visits. Therefore, building awareness of the playground and any upgrades you’ve made is essential. Video marketing is particularly useful as it is a chance to show families what they are missing out on. This can extend to user-generated content, which is why creating a Snapchat filter for users to add when visiting your venue can work well too.
Social media and search engines will also help prospective visitors discover your setting. Make these the focus of your cost-effective marketing strategy, and you should land more visitors. Once you do, it’s your job to earn money from them while still providing value.
#4. Look at additional revenue streams
The playground features, including free and paid items, should be the priority at all times. Nonetheless, revenue can come from a variety of other activities. The parking lot can become one of your greatest money-makers. While charging users to park their vehicles is a good move, it is advisable to avoid charging for toilet usage. Otherwise, a lot of families with young children will be left very frustrated.
Food venues can be another fantastic opportunity for earning money. An on-site tea bar or cafe is the only convenient place for visitors to buy snacks, drinks, and essentials like sun lotion. Whether you manage this in-house or charge a vendor to use the space is up to you.
#5. Create B2B revenue streams too
Finding ways to generate revenue from visitors is the key to financial success for your playground. However, there may be other opportunities to earn from businesses. Renting spaces or buildings to cafe owners and vendors is a good starting point. However, you may also find that event organizers want to use the park or playground. You can charge a site rental fee and potentially take commissions off their revenue.
Other options include renting the facilities to film companies or running online courses. Local authorities and entrepreneurs can learn from your experience. Better still, they are not considered competitors unless located close to your venue.
#6. Protect long-term interests
Finally, when thinking about revenue, you must not ignore the importance of expenses. The transformation will require an initial outlay. While you need to choose the right facilities and contractors, the key is to seek the best results as this will reduce future costs. However, you must also protect the playground. Preventing unauthorized access at night with security gates is advised. Likewise, anti-climb paint and other items can prevent problems.
It is also worth using surveillance cameras and alarms. By stopping vandalism, your ongoing costs will be reduced. As long as you stay on top of issues like mowing the grass and fixing minor repairs, you’ll be free to focus on enjoying the revenue.
