Family Entertainment Center Business Plan [Sample Template]

Are you about starting a family entertainment center? If YES, here’s a complete sample family entertainment center business plan template & feasibility report you can use for FREE to raise money.

The real deal in starting a family entertainment center business is securing a big facility that is large enough to contain a full sized soccer pitch including spectator’s stand, changing room, swimming pool, cinemas, bouncing castles, video game house, bowling alley, BBQ joint, ice cream shop and enough parking space.

Also, in a location that may attract the kind of clients that would pay to make use of your family entertainment facility. It might take you months to get an ideal facility and you just might have to even pay from your nose.

So, it is better that you inform your real estate agent well in advance to help you with the search. Building a standard family entertainment center can be expensive but you can be rest assured that you will make your money within few years of launching the business.

If your family entertainment facility is of high standard and it is located close to a residential estate with loads of growing families, you will attract loads of people especially on weekends and special holidays. You should be able to convince parents and school managements, to make use of your family entertainment center. Here is a sample for your use:

A Sample Family Entertainment Center Business Plan Template

1. Industry Overview

A family entertainment center, which is often abbreviated as FEC in the entertainment industry, is a small amusement park marketed towards families with small children to teenagers, and often entirely indoors or associated with a larger operation such as a theme park.

Players in this industry usually cater to “sub-regional markets of larger metropolitan areas with the right demographic composition.

Building a standard family entertainment center can be expensive but you can be rest assured that you will make your money within few years of launching your facility. The fact that you are going to secure a facility large enough to contain a:

Full sized soccer pitch including spectator’s stand
Changing room
Swimming pool
Cinemas
Bouncing castles
Video game house
Bowling alley
BBQ joint
Ice cream shop and enough parking space

This means that you must truly be prepared for this business. If your family entertainment facility is of high standard and it is located close to a residential estate with loads of growing families, you will attract loads of people especially on weekends and special holidays.

Basically, the family entertainment centers Industry operators provide recreational and amusement services through a variety of establishments, such as golf driving ranges, miniature golf centers, go-kart racetracks, batting cages, family fun centers, recreational sports leagues and a wide assortment of outdoor recreational activities targeted towards the complete family; adult and children alike.

The Family Entertainment Centers industry is indeed a very large industry and pretty much thriving in all parts of the world especially in developed countries such as United States of America, Canada, United Kingdom, Germany, Australia and Italy et al.

Statistics has it that in the united states of America alone, there are about 50,369 licensed and registered family entertainment facilities including those who are into franchising responsible for employing about 121,067 employees and the industry rakes in a whopping sum of $10 billion annually with an annual growth rate projected at 3.1 percent.

It is important to state that no establishment has a lion share of the available market in this industry. In recent time, the industry has experienced revenue growth, despite many families being time-strapped. While the industry contended with mounting competition from alternative leisure activities, such as gym and fitness centers and cinemas, many operators generated industry revenue growth on the basis of convenience.

In the coming years, the industry revenue is forecast to grow as family entertainment centers continue to enhance their product portfolios to attract families, despite their reduced leisure time

Over and above, starting a family entertainment center business in the United States of America can be some worth stressful, it requires enough cash to acquire land large enough to accommodate the kind of facility that can comfortably attract families and also cash required to equip the facility to meet the standard expected by potential users.

2. Executive Summary

Jasmine & Jared Recreations®, LLC is a standard and well equipped family entertainment center that will be located in a growing community in Jacksonville Beach – Florida.

Our basic aim of setting up the business is to contribute our quota in ensuring that families who live in Jacksonville Beach and neighboring cities have a facility to participate in any family oriented recreational activities of their choice; a facility highly suitable for family bonding.

We have been able to secure a standard facility in a central and easy to locate location in Jacksonville Beach. Our family entertainment facility has a full sized soccer pitch including spectator’s stand, changing room, swimming pool, cinemas, bouncing castles, video game house, bowling alley, BBQ joint, ice cream shop and enough parking space.

We are well equipped to services the whole of the community as well as visitors and travelers. Jasmine & Jared Recreations®, LLC is going to become the number one family – focused recreation facility in the whole of Jacksonville Beach – Florida and we will work hard to build our facility to match the needs of the average family in the community.

We will provide recreational and amusement services such as golf driving ranges, miniature golf centers, go-kart race tracks, batting cages, family fun centers, recreational sports leagues and a wide assortment of outdoor recreational activities targeted towards the complete family; adult and children alike.

We conducted a thorough research and feasibility studies and we were able to come to the conclusion that Jacksonville Beach community is the right place to start our family entertainment center. As a matter of fact, our major aim of starting Jasmine & Jared Recreations®, LLC is to encourage families in the community to cultivate the habit of regularly going out together to bond and have fun.

Our family entertainment facility is specifically designed and built to take care of adults and children, we have active childcare services for toddlers and we have membership packages that is highly discounted for families that enrolled in our entertainment center or corporate organizations and groups who would want to make use of our family entertainment center for team bonding and other activities.

Jasmine & Jared Recreations®, LLC will be open 24 hours in a day during weekends (Fridays to Sundays) and from 6:00 am to 12 midnight from Mondays to Thursdays in order for us to be able to accommodate people with different time preference.

Which is why we have made provisions effective floodlight system and also to recruit enough staff and to run shift amongst our workforce. We will go out of our way to acquire standard cinema facilities. Jasmine & Jared Recreations®, LLC is a family owned business with support from the State of Florida.

The business will be managed by Jared Ford and his wife Jasmine Ford. Jared Ford has well over 15 years of experience as a leading player in the family entertainment industry in the United States of America working with top brand in the entertainment industry in the United States of America.

3. Our Products and Services

Jasmine & Jared Recreations®, LCC is in the family entertainment line of business to provide family entertainment and recreation facility for residence of Jacksonville Beach – Florida which is why we have been able to put up a facility that can help us achieve the goal.

We are optimistic that everyone who makes use of our family entertainment center will definitely derive huge value for their money. These are the services and amenities that will be made available to our clients in our family entertainment centers;

Amusement and recreation services
Fitness and recreational sport center services
Registration for sports tournaments and matches
Golf course and country club services and memberships
Meals and beverages
Coin-operated games and rides
Amateur sports teams and club services
Go-karting
Batting cages
Driving ranges
Shooting ranges
Kayaking
Miniature golf courses
Mountain climbing
Snowmobiling
Sports clubs, teams and leagues, recreational or youth
Other related facility operation

4. Our Mission and Vision Statement

Our Vision of starting Jasmine & Jared Recreations®, LLC is to build a world – class family entertainment and recreations facility and also to contribute our quota in encourage families and residence in Jacksonville Beach – Florida to actively engage in family bonding activities and also to stay healthy and fit by engaging in regularly exercising of their body and soul.
Our mission for establishing Jasmine & Jared Recreations®, LCC is to create a movement in the community that supports total engagement in family bonding activities, health and fitness and to fight against unhealthy family social lifestyle.
We want to contribute our quota towards ensuring that Jacksonville Beach community produces some of the happiest families in the whole of the United States of America.

Our Business Structure

Jasmine & Jared Recreations®, LLC is in business to become the leading private family entertainment and recreation facility in the whole of Jacksonville Beach – Florida and we are fully aware that it will take the right facility, management and organization – structure to achieve our goal.

We will ensure that we recruit only the best hands that can help us achieve all that we are set to achieve. Our business will not be built only for the purpose of giving our members / customers value for their money, but also we will ensure that we make our work environment highly conducive for all our employees.

We will provide them with facilities that will help them stay motivated and deliver on their various tasks and goals et al. In view of that, we have made provisions for the following positions to be occupied by highly qualified and experienced staff;

Chief Executive Office – CEO
Facility Manager
Accountant / Cashier
Marketing and Sales Officer
Bowling Instructor / Assistant (5)
Customer Care Executive / Front Desk Officer
Cleaners

5. Job Roles and Responsibilities

Chief Executive Officer – CEO:

Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results; developing incentives; developing a climate for offering information and opinions; providing educational opportunities.
Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
Responsible for fixing prices and signing business deals
Responsible for providing direction for the business
Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
Responsible for signing checks and documents on behalf of the company
Evaluates the success of the organization
Carries out staff induction for new team members

Facility Manager

Responsible for operating and managing the family entertainment center
Ensures that the facility is in tip top position at all times
Responsible for managing food and beverage services
Manages membership and registration
Handles food and beverages
Handles equipment rentals and sales services
Handles other relevant facility operation

Family Entertainment Center Instructors / Assistant (5)

Handle amusement and recreation services
Handle fitness and recreational sport center services
Handle registration for sports tournaments and matches
Handle golf course and country club services and memberships
Responsible for handling and giving instruction for services such as Meals and beverages, coin-operated games and rides, amateur sports teams and club services, go-karting, batting cages, driving ranges, shooting ranges, kayaking, miniature golf courses, mountain climbing, snowmobiling, sports clubs, teams and leagues, recreational or youth

Marketing and Sales Officer (2)

Identify, prioritize, and reach out to new clients, and business opportunities et al
Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects; assures the completion of projects.
Writing winning proposal documents, negotiate fees and rates in line with organizations’ policy
Responsible for handling business research, market surveys and feasibility studies for clients
Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
Develop, execute and evaluate new plans for expanding increase sales
Document all customer contact and information
Represent Jasmine & Jared Recreations®, LLC in strategic meetings
Help increase sales and growth for Jasmine & Jared Recreations®, LLC.

Accountant / Cashier:

Responsible for preparing financial reports, budgets, and financial statements for the organization
Provides managements with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
Responsible for financial forecasting and risks analysis.
Performs cash management, general ledger accounting, and financial reporting for the organization
Responsible for developing and managing financial systems and policies
Responsible for administering payrolls
Ensuring compliance with taxation legislation
Handles all financial transactions for Jasmine & Jared Recreations®, LLC
Serves as internal auditor for Jasmine & Jared Recreations®, LLC.

Client Service Executive

Welcomes members and potential members / clients by greeting them in person or on the telephone; answering or directing inquiries.
Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
Through interaction with clients on the phone, uses every opportunity to build client’s interest in the organization’s products and services
Manages administrative duties assigned by the management in an effective and timely manner
Consistently stays abreast of any new information on the organizations’ products, promotional campaigns etc. to ensure accurate and helpful information is supplied to clients when they make enquiries

Cleaners (3):

Responsible for cleaning in and around the facility
Clean up after customers and clean work area.
Clear ashtrays as and when required.
Wash glassware and utensils after each use.
Maintain a clean working area by sweeping, vacuuming, dusting, cleaning of glass doors and windows, etc. if required.
Ensure that toiletries and supplies don’t run out of stock
Handle any other duty as assigned by the facility center manager.

6. SWOT Analysis

Jasmine & Jared Recreations®, LLC is in business to provide family entertainment and recreation facility for families in Jacksonville Beach – Florida and also help its clients achieve their health and fitness goals and at the same time to make profits.

We are aware that there is competition in the family entertainment and recreations facility industry which is why we took out time to conduct an effective SWOT Analysis before investing our hard earned money into the business.

We know that if we get things right before starting our family entertainment and recreation facility, we will not have to struggle before attract loyal clients and building our membership base to a level where we can easily breakeven in record time.

We hired the services of Dr. Garry Larson, an HR and Business consultant with bias in business structuring to help us conduct SWOT analysis for our company and he did a pretty good job for us. Here is a of the result we got from the SWOT analysis that was conducted on behalf of Jasmine & Jared Recreations®, LLC;

Strength:

One of the obvious strength that will definitely stand as a plus for Jasmine & Jared Recreations®, LCC is the fact that our facility is centrally located in a densely populated – residential area in Jacksonville Beach – Florida; our location is in fact one of our major strength couple with the support from the State of Florida.

We equally have a team of highly qualified professionals who will work with all our clients to achieve their aims or enrolling in our family entertainment and recreation facility and lastly our membership package is one of the best that anybody living in Jacksonville Beach – Florida can get; it is cheap and affordable.

Weakness:

We critically looked into our Business model and we were able to identify two major weakness. One is the fact that we are a new business and the second is the fact that we may not have the financial resources required to match up with existing family entertainment and recreation facilities and even government own sports and recreation facilities in Florida when it comes to acquiring latest equipment and generating the needed hypes that can drive traffic towards our facility.

Opportunities:

We are centrally located in one of the busiest area and densely populated area in Jacksonville Beach – Florida and we are open to all the available opportunities that the city has to offer. We will be open 24 hours in a day during weekends (Fridays to Sundays) and from 6:00 am to 12 midnight from Mondays to Thursdays giving us the advantage to leverage on any available opportunity.

Threat:

Some of the threats that are likely going to confront Jasmine & Jared Recreations®, LLC are unfavorable government policies, inclement weather, demographic / social factors, downturn in the economy which is likely going to affect consumers spending and lastly, the emergence of new competitors within the same location where our family and recreation facility is located.

7. MARKET ANALYSIS

Market Trends

The Family Entertainment and Recreation Facility industry has indeed benefited from recent marketing campaigns which is targeted towards encourage people to participate in recreation activities and sports, as well as consumer trends toward healthy living.

Going forward, many people who are part of the baby boomers generation are expected to sign up for health and fitness club memberships or make use of family entertainment and recreation facilities in their communities, as they become more family cum health- conscious as they grow older.

However, patrons of family and recreation centers are anticipated to increasingly pick up membership from less expensive family and recreation centers as against expensive all-inclusive clubs.

The trend in the family entertainment and recreation facility industry is such that if a facility is well – equipped and positioned in a residential area or a place where people can easily access without much stress, there is the likelihood that the family entertainment and recreation facility will enjoy high patronage.

Just like in other business ventures, the owner of family entertainment and recreation facilities are always looking for ways to increase their market share; they go as far as signing deals with high schools and also community based soccer clubs and religious organizations et al to make use of their facility. Some even go as far as organizing sports competitions on a regular basis.

It is a common trend that as family entertainment and recreation facility grows, it becomes necessary for them to develop new service offerings or install new facilities that will help them attract more people. Little wonder some family entertainment and recreation facility now have gym and fitness facility within their facility to encourage people towards exercising and staying fit.

In order words, it is very important for family entertainment and recreation facilities to continue to improvise if they want to grow their business and generate their target revenues.

8. Our Target Market

The target market for family entertainment and recreation facilities cuts across people and family from different walks of life. The fact that people visit or register in family entertainment and recreation facilities for various reasons makes marketing the business interesting.

The target market for family and recreation facilities can be categorized into three various groups. The first group are the families who are looking towards creating time for family hangouts and bonding. The other group of people are corporate organizations who are would want to encourage work – life balance and team bonding activities for their employees and in some cases their families.

The last group of people are religious organizations who would want to encourage healthy family lifestyle amongst their congregation.

Jasmine & Jared Recreations®, LLC will work towards providing services, facilities and environment that will help us reach out to our target market. These are the category of people that we intend marketing our family entertainment center to;

Households in an around Jacksonville Beach – Florida
Working Class Adults / Corporate Executives
Sport Clubs (soccer team, athletics team, Cheerleaders and choreographers et al)
Schools
Community and Cooperate organization
Business People / Entrepreneurs
Government Officials
Celebrities
Religious centers
Sports Men and Women
College Students

Our Competitive Advantage

No doubt, the Family Entertainment and Recreation industry is indeed a prolific and highly competitive industry. Clients will only make use of your family entertainment and recreation facility if they know that you can successfully help them achieve their goals or provide the enabling environment and facility for them to achieve their family bonding goals.

Jasmine & Jared Recreations®, LLC is centrally located in a densely populated – residential area in Jacksonville Beach – Florida; this is obviously going to give us an edge amongst our competitive.

We equally have a team of highly qualified professionals who will work with all our clients to achieve their aims of making use of our family entertainment and recreation facility and lastly our membership package is one of the best that anybody living in Jacksonville Beach – Florida can get; it is cheap and affordable.

Lastly, our employees will be well taken care of, and their welfare package will be among the best within our category (startups family entertainment and recreation facility businesses in the United States) in the industry. It will enable them to be more than willing to build the business with us and help deliver our set goals and achieve all our business aims and objectives.

9. SALES AND MARKETING STRATEGY

Sources of Income

Jasmine & Jared Recreations®, LLC is established with the aim of maximizing profits in the Family Entertainment and Recreation Facility industry and we are going to go all the way to ensure that we do all it takes to attract both individual clients (families) and corporate clients on a regular basis.

Jasmine & Jared Recreations®, LLC will generate income by offering the following services;

Amusement and recreation services
Fitness and recreational sport center services
Registration for sports tournaments and matches
Golf course and country club services and memberships
Meals and beverages
Coin-operated games and rides
Amateur sports teams and club services
Go-karting
Batting cages
Driving ranges
Shooting ranges
Kayaking
Miniature golf courses
Mountain climbing
Snowmobiling
Sports clubs, teams and leagues, recreational or youth
Other related facility operation

10. Sales Forecast

It is important to state that our sales forecast is based on the data gathered during our feasibility studies and also some of the assumptions readily available on the field. It would be hard to create a sales forecast with a newly opened business like family entertainment and recreation facility.

This is simply because the statistics that will be provided will be on a short term basis. Experts said that usually a business should be in operation for at least one year before they can generate the statistics that will be need to help in accurate forecasting; statistics should be at least one year old in order to show the trends and pattern in consumer spending.

We expect to register a minimum of 500 active families within our first year of operations and then in subsequent year we will grow our membership by 25 percent on more. Below are the sales projection for Jasmine & Jared Recreations®, LLC, it is based on the location of our facility and the services and products that we will be offering to our clients (members);

First Fiscal Year-: $200,000
Second Fiscal Year-: $450,000
Third Fiscal Year-: $750,000

N.B: This projection is done based on what is obtainable in the industry and with the assumption that there won’t be any major competitor offering same additional services as we do within 4.5 miles radius from our family entertainment and recreation facility.

Marketing Strategy and Sales Strategy

Our marketing strategies will be directed towards achieving specific objectives that support the strategic goals of the organization. The truth is that all that we do will be geared towards creating new market channels, increasing sales and increase our market share.

We will leverage on improving on our services and facility to ensure that we win new clients and retain old members. At Jasmine & Jared Recreations®, LLC, our marketing strategies will be consistent throughout the marketing mix and we will take into consideration product improvement, promotion, and price.

As part of our sales and marketing strategies, we will pay attention to the promotion of our family entertainment and recreation facility so as to attract families and corporate organizations to enroll and become members of our family entertainment center.

Our unique selling proposition is that we are well positioned and people can easily access our facility, our prices are affordable and we have a complete package for families, schools and sport clubs. Part of the marketing and sales strategies that we will adopt are;

Open our family entertainment and recreation facility with a big party
Advertise our family entertainment and recreation facility on national dailies, local TV stations and local radio station
Promote our family entertainment and recreation facility online via our official website and all available social media platforms
Introduce our family entertainment and recreation facility by sending introductory letters alongside our brochure to sports clubs, schools, corporate organizations, households and key stake holders in Jacksonville Beach – Florida
Print out fliers and business cards and strategically drop them in offices, libraries, public facilities and train stations et al.
Delivering consistent customer experiences to all our members; making our first impression count positively to those making use of our family entertainment and recreation facility for the first time
Make use of attractive hand bills to create awareness and also to give direction to our family entertainment and recreation facility
Adopt direct mailing coupon marketing approach
Position our signage / flexi banners at strategic places in and around Jacksonville Beach – Florida
Create a loyalty plan that will enable us reward our consistent members especially those that registered as a family or group
Engage on road shows within our neighborhood to create awareness for our family entertainment and recreation facility.

11. Publicity and Advertising Strategy

We have been able to work with our branding and publicity consultants to help us map out publicity and advertising strategies that will help us walk our way into the heart of our target market.

We are set to become the number one choice for both corporate clients and individual clients in the whole of Jacksonville Beach – Florida which is why we have made provisions for effective publicity and advertisement of our family entertainment and recreation facility.

Below are the platforms we intend to leverage on to promote and advertise Jasmine & Jared Recreations®, LCC;

Place adverts on both print (community based newspapers and magazines) and electronic media platforms
Sponsor relevant community based sport events and competitions
Leverage on the internet and social media platforms like; Instagram, Facebook , twitter, YouTube, Google + et al to promote our brand
Install our Bill Boards on strategic locations all around Jacksonville Beach – Florida
Engage in road show from time to time in targeted neighborhoods
Distribute our fliers and handbills in target areas
Contact Families, corporate organizations and schools by calling them up and informing them of Jasmine & Jared Recreations®, LLC and the services we offer
List Jasmine & Jared Recreations®, LLC on local directories / yellow pages
Advertise our family entertainment and recreation center in our official website and employ strategies that will help us pull traffic to the site.
Ensure that all our staff members wear our branded shirts and all our vehicles are well branded with our corporate logo et al.

12. Our Pricing Strategy

Our pricing system is going to be based on what is obtainable in the industry, we don’t intend to charge more (except for premium and customized services) and we don’t intend to charge less than what our competitors are charging their members in Jacksonville Beach – Florida.

Be that as it may, we have put plans in place to offer discount services once in a while and also to reward our loyal customers especially when they refer clients to us or when they register as a family or a sports club and schools. The prices of our services will be same as what is obtainable in the United States’ open market.

Payment Options

At Jasmine & Jared Recreations®, LLC, our payment policy will be all inclusive because we are quite aware that different clients would prefer different payment options as it suits them. Here are the payment options that we will make available to our clients;

Payment by via bank transfer
Payment via online bank transfer
Payment via check
Payment via bank draft
Payment via mobile money
Payment with cash

In view of the above, we have chosen banking platforms that will help us achieve our plans with little or no itches.

13. Startup Expenditure (Budget)

In setting up any business, the amount or cost will depend on the approach and scale you want to undertake. If you intend to go big by renting a place, then you would need a good amount of capital as you would need to ensure that your employees are well taken care of, and that your facility is conducive enough for workers to be creative and productive.

This means that the start-up can either be low or high depending on your goals, vision and aspirations for your business. The tools and equipment that will be used are nearly the same cost everywhere, and any difference in prices would be minimal and can be overlooked.

As for the detailed cost analysis for starting a family entertainment and recreation facility; it might differ in other countries due to the value of their money. However, this is what it would cost us to set up Jasmine & Jared Recreations®, LLC in the United of America; This is the key areas where we will spend our start – up capital on;

The Total Fee for Registering the Business in Florida – $750.
Legal expenses for obtaining licenses and permits – $1,500.
Marketing promotion expenses (8,000 flyers at $0.04 per copy) for the total amount of $10,000.
Cost for hiring Business Consultant – $5,000.
Insurance (general liability, workers’ compensation and property casualty) coverage at a total premium – $30,800.
Cost of accounting software, CRM software and Payroll Software – $3,000
Cost for leasing facility for the family and recreation facility – $500,000.
Cost for facility remodeling and equipping the facility – $250,000.
Other start-up expenses including stationery – $1000
Phone and utility deposits – $3,500
Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $100,000
The cost for Start-up inventory – $15,000
Cost for acquiring entertainment, gym and fitness equipment- $250,000
The cost for the purchase of furniture and gadgets (Computers, Printers, Telephone, TVs, Sound System, snooker board, tables and chairs et al) – $4,000.
The cost of Launching a Website – $600
The cost for our grand opening party – $15,000
Miscellaneous – $15,000

We would need an estimate of $1.5 million to successfully launch a standard and well – equipped family and recreations facilities in Jacksonville Beach – Florida.

It is important to state that the testing and evaluating expenses would be high because of the large amount of equipment needed to start up a family entertainment and recreations facility and also the sophistication of the technology used in gyms and fitness centers.

Generating Funding/Startup Capital for Jasmine & Jared Recreations®, LLC

Jasmine & Jared Recreations®, LLC is a business that will be owned and managed by Jared and Jasmine Ford and their family. They are the sole financial of the business which is why they decided to restrict the sourcing of the start – up capital for the business to just three major sources.

These are the areas we intend generating our start – up capital;

Generate part of the start – up capital from personal savings and sale of his stocks
Generate part of the start – up capital from friends and other extended family members
Generate a larger chunk of the startup capital from the bank (loan facility).

N.B: We have been able to generate about $500,000 (Personal savings $350,000 and soft loan from family members $150,000) and we are at the final stages of obtaining a loan facility of $1 million from our bank. All the papers and document has been duly signed and submitted, the loan has been approved and any moment from now our account will be credited.

14. Sustainability and Expansion Strategy

The future of a business lies in the numbers of loyal customers that they have the capacity and competence of the employees, their investment strategy and the business structure. If all of these factors are missing from a business (company), then it won’t be too long before the business close shop.

One of our major goals of starting Jasmine & Jared Recreations®, LLC is to build a business that will survive off its own cash flow without the need for injecting finance from external sources once the business is officially running.

We know that one of the ways of gaining approval and winning customers over is to pick up membership in our family entertainment and recreation facility is to equip our facility with state of the art entertainment, gym and fitness equipment et al and make our services affordable.

Jasmine & Jared Recreations®, LLC will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and retraining of our workforce is at the top burner.

As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of ten years or more. We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.

Check List/Milestone

Business Name Availability Check:>Completed
Business Registration: Completed
Opening of Corporate Bank Accounts: Completed
Securing Point of Sales (POS) Machines: Completed
Opening Mobile Money Accounts: Completed
Opening Online Payment Platforms: Completed
Application and Obtaining Tax Payer’s ID: In Progress
Application for business license and permit: Completed
Purchase of Insurance for the Business: Completed
Acquiring facility and remodeling the facility: In Progress
Conducting Feasibility Studies: Completed
Generating capital from family members: Completed
Applications for Loan from the bank: In Progress
Writing of Business Plan: Completed
Drafting of Employee’s Handbook: Completed
Drafting of Contract Documents and other relevant Legal Documents: In Progress
Design of The Company’s Logo: Completed
Graphic Designs and Printing of Packaging Marketing / Promotional Materials: In Progress
Recruitment of employees: In Progress
Purchase of the Needed family entertainment, gym and fitness equipment, electronic appliances, office appliances and suppliers: In Progress
Creating Official Website for the Company: Completed
Creating Awareness for the business both online and in the neighborhood: In Progress
Health and Safety and Fire Safety Arrangement (License): Secured
Opening party / launching party planning: In Progress