As the owner of a wakepark business, it is imperative to develop a certain set of skills in order to boost the success of your company. One of these skills is to see an opportunity when it presents itself. In this article series, we’re going over the many possibilities that you as a wakepark owner have, to increase revenue without big financial investments. And this time, we’re taking a closer look at Wakeparks as an event location.
Sometimes entrepreneurs are so focused on traditional revenue sources that they sometimes overlook lucrative business opportunities. Time and time again we’ve talked with our clients from all across the globe and you wouldn’t believe how often revenue sources are overlooked – simply because they aren’t directly associated with wakeboarding or cable parks.
Sports competitions and tournaments
The most obvious theme to temporarily turn your wakepark into an event venue is of course sports. And it doesn’t necessarily have to be about wakeboarding. Any water or beach sport makes sense in this regard, although it’s recommended to see what’s actually popular in your country and area.
A great example is Beach Volleyball. The setup, even with spectator stands, is fairly low-cost and integrates well into your existing business. While you’re not hosting events, the playing field can be used by your regulars either for free as an additional incentive or for an appropriate usage fee for the equipment. Hosting a sports event requires a bit more than just offering seats. Make it a memorable experience for guests and participants alike! Offer tasty food and proper drinks, side activities, live music or a show, but don’t go too hard on the expenses or otherwise you’ll have to set a rather high ticket price to make some profits.
Hosting national or international wakeboard championships likely won’t make big bucks in itself, but can massively boost your rating and prestige within the wakeboarding community. While it’s probably not the best idea to shoot for such a high-profile event early in your business career, it’s definitely something you should work towards.
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Concerts and music festivals with a view
The simple fact that your cable system is located on a body of water with an adjacent service and guest area, opens up the possibility to organize concerts and music festivals. You have the space and a unique location that makes for a great background to a music stage. While it sounds great on paper, there is a lot to consider before you work with actual crowds instead of individuals and small groups. Lifeguards need to protect your guests from themselves, security staff has to be on site, tickets need to be validated – nevermind the clean-up afterwards. In essence: be very aware of potential risks and costs before committing to events with a high amount of visitors.
Local traditional events and the usual suspects
It’s difficult to specify what type of event and themes might work for your business. It very much depends on where your wakepark is located and what activities are popular in your country and area. On top of that, it’s always beneficial to keep tabs on current trends. That might not be easy, since you most likely have a tight schedule already, but it pays off to follow some accounts on social media that focus on up and coming trend activities. It allows you to get in on it early and not lose touch with your customer audience and their interests.
Additionally, there’s always the usual suspects to consider. Wedding parties, company and team events or special days for kids or disabled people are all relatively low-effort and high-yield in terms of cost calculation and usually come with a low financial risk.
As demonstrated, there are plenty of opportunities for you to extend the revenue sources of your business, simply by looking into adjacent activities and themes that work well with your location. Want to bounce some ideas off? Give us a call or send us an email!
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