Happy Independence Day to all of our American Readers! We hope you all enjoy our country’s great heritage with some fireworks and fun!
We’ve talked over and over again on The Steel Road about how collecting reviews and building a reputation is essential to growing your business. It is possible to send review links yourself and remind customers to give a review, but you probably have a million other things on your mind.
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What if we told you there’s a business out there that you can start that is super fun, a great networking opportunity, and takes advantage of a huge financial trend?
You would probably say we are crazy. But guess what? We’re not.
With the rapid rise in remote work, commercial office space has been getting cheaper and cheaper due to lack of demand.
The last time office rent was this cheap was 2011.
At the same time, data from Google Trends shows the interest for golf simulators has been growing for the last 5 years. Notice a huge spike every year? That’s because golfing outside in the winter is pretty tough.
The thing is, golf simulators are super expensive. We’re talking $8,000 or more for a sophisticated set up. They take up tons of space, and you need at least 10 feet tall ceilings to swing a driver.
So here’s the idea:
Find some local office space for rent. Preferably next to some doctors’ and lawyers’ offices. You don’t need it to be that big, but it should be pretty upscale. Nice carpets, good lighting, etc. ($2,000 per month).
Buy 2 simulators that can fit in your office space. But wait, those cost $8,000 each, I don’t have that much money! You are forgetting about a great thing called credit. Golf simulator companies would be happy to give you great terms that line up to around $500 a month. ($1,000 a month)
Add in a check in counter that a part time employee can sit at with a mini fridge that has high quality drinks and snacks. (Part time employee = $1,500 a month)
Purchase other important things that are needed for your business. Insurance, wall art, lounge chairs, etc. ($500)
For around $5k a month you are all set up with a cash cow business that’s ready to print money.
The cool thing about this business is you can charge huge amounts of money to access this private golfer’s paradise. You can easily charge $300 a month for a guest to have access to your private golf club. That’s why you set up near high net worth occupations like doctors and lawyers. During the winter months these guys are dying to get their golf fix and have money burning holes in their pockets.
Let’s do some math.
$300 a membership * 20 memberships = $6,000
This isn’t a situation where you have to get hundreds of sales to break even. You just have to get a few good connections and spread by word of mouth.
20 memberships may seem like a lot, but if you can create an excellent experience then you are in for some great profits.
Think about how much business is conducted on the golf course. If you can tap into corporate accounts that use your simulators to wine and dine clients you are all set. It would be possible to sell corporate memberships to salespeople and enterprise clients.
$1,000 corporate memberships that 4 salesman can use * 5 memberships = $5,000
Just 5 significant clients and you’ll be all set to profit the rest of the month. Your corporate clients will use the simulators during the day, and your pleasure clients will use the simulators at night.
A premium subscription to AirTable could help you manage reservations and notify your customers of their bookings.
All in, this can be a fairly capital intensive business. It’s going to be a risk to spend so much on simulators. But that’s what business is. Any time you invest your time and money into something it’s going to be a risk.
Are you willing to tolerate some risk in your life?
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