The entertainment industry is always a wonderful place for doing business. The pool hall and billiards business is also among potential options for people who want to make money with entertainment. Whether you’re a businessperson looking to break into this lucrative market or a casual pool player looking to establish your profitable venture, this is the right article for you. Here you will find all the guiding steps on how to open a pool hall in 2022.
Conduct market research
The very first step that needs to be done is conducting market research. You have to study the industry trends, target market, market price, and estimated budget.
According to ibisworld.com, the market size of Pool & Billiard Halls in the US is around $669.4 mil in 2022 and is expected to grow at 4.9%. These data prove that the pool hall business is still a potential industry to get into.
People who like to go to the pool hall are often young men under 35 years old. They enjoy playing pool in a social setting.
Skill need to run a pool hall
Just the same as normal business, it is better if you have experience in the industry that you want to enter. Besides, you will always need basic marketing, human resource, and finance knowledge to manage your personnel and your operation. In addition, communication skill is essential so that you can keep a relationship with customers and get them to come back.
Opening a pool hall will cost you a big amount to set up and run. Conducting some research about the average cost to open and run a pool hall can help you determine an appropriate budget before starting.
Setting up costs can range from $1,000 to $10,000 depending on the types of equipment and marketing budget you choose. They include website setup, pool tables, snooker tables, bar, lighting system, space initial rental, initial inventory(food, alcohol,…), flyers, postcards… You can have a look at David Pearson’s website for quality and reasonable price pool hall’s equipment suggestions with all needed information. This man is a really famous billiards player and also a successful businessman in this business.
The pool hall’s running costs will be monthly rental fee, electricity and water bills and salary as well. Because these firms require a large amount of space, commercial rent will almost certainly be higher than other options. Electric expenses can add up quickly when you have a lot of lights and devices on. Bottled beverages, meal components, and paper products will all need to be ordered. Other expenses include equipment maintenance, marketing, taxes, and employee salaries.
Market selling price
It is wrong if you think that your selling price is decided by the cost. Research market price can help you create a suitable pricing policy that is not out of the market. Besides, it can give you a brief overview of how much you should spend on cost.
Write a business plan
The following stage in starting your business should be to produce a pool hall business plan after you’ve come up with an idea. The business plan will force you to concentrate on key parts of the company, such as who your consumers are, how you plan to reach them, forecasting sales and expenses, developing a value proposition for marketing, and so on. You’ll also need to conduct some research to figure out what your beginning costs will be, as well as your recurring costs.
Form business entity
After making your business plan, it is time to think about your pool hall name and register a legal entity. It can be difficult to come up with the appropriate pool hall name. The name must not only reflect what you do and appeal to customers, but it must also be available for usage. You can determine if the name is available on your state’s website and register it. Your name should make you stand out, reflect your brand, and clearly state what you do to potential clients.
An ideal location for a pool hall is near restaurants and other pubs in an entertainment-oriented region. Renting a space in that type of location will be more expensive, but it will be worthwhile.
Apply for all needed permits.
It is essential to apply all needed permits for your pool hall. Failure to get required permissions and licenses can result in significant fines or possibly the closure of your firm.
You can not run a pool hall just by yourself. You will need many staff to operate in each functional area. In addition, you will have to pay attention to not just salary, but also other employee-related expenses that your business needs to cover.
Apply marketing plan
Special events are a great method to get people’s attention on social media and in the local media. Consider putting on trivia games, movies, tournaments, Halloween parties, or live music shows.
You can acquire mailing addresses from consumers’ state identification cards using an ID scanner. This allows you to send tailored mailings with coupons and information about new features or events. If you’re buying internet ads, be cautious when bidding on search terms. Similarly, exterior signs should include images or words that describe the type of “pool” you provide. Many halls provide a “happy hour” to attract players during the busiest times of the day. They charge less for both drinks and tables. Some coin-operated tables can be programmed to lower pricing at specific times of the day.
Some useful tips to open a pool hall
Coin-operated tables have several advantages and disadvantages. They tend to be more expensive and require more upkeep. The mechanism could break down, rendering a table useless until it is repaired. High-tech models require electrical power from a wall outlet or a battery. They do, however, drastically diminish the requirement for customer support. You can concentrate on selling profitable beverages and items. Customers also appreciate the convenience of not having to pay for an entire hour if they only want to play one or two games.
Pool halls still have a bad reputation as smoky, seedy hangouts notorious for drinking, smoking, gambling, and criminal activity. To refute this myth, always clean and maintain your home thoroughly. Use social media and your website to share enticing interior photographs. If someone insists on swearing or smoking indoors, ask them to leave. It’s worth it to lose a few consumers to improve the ambiance and create a welcoming setting for ladies and casual players.
In general, opening a pool hall isn’t tough, but it’s also not simple. You must conduct thorough market research to investigate all elements that may have an impact on your firm. When you have all of your thoughts and data in your head, there’s no excuse not to get involved in this possible business where you may earn money while doing what you enjoy.