Creative Revenue in Axe Throwing
Entrepreneurs all across the globe have begun to hop on the Axe Throwing bandwagon. Many of these business men and women are simply riding the wave of popularity that axe throwing is experiencing for the quick profits and “easy money”. Eventually the axe throwing market will become oversaturated with venues open in nearly every town and city across the country . When this happens only the businesses that are financially responsible and are creative with their revenue streams will remain.
The activity of throwing an axe in a safe and competitive setting will always be the main attraction and revenue generator for an axe throwing business. A close second are beer and food sales. Then there is the selling of t-shirts, hats and other merchandise that most brick-and-mortar type businesses utilize to generate revenue and provide easy marketing. But as responsible business owners we must continue to search for more sustainable revenue streams.
Axe throwing venue owners can take a few ques from the bowling industry. Almost all bowling alleys have a pro shop that sells equipment and preforms regular maintenance on the equipment of its regular customers. Some, but not all axe businesses sell axes to their customers and very few if any perform maintenance on their members axes. Selling axes with a slight markup can create a decent revenue stream to the regulars but also to those planning on building a target in their back yard and will not have access to the venues axes. Giving customers the option to see, hold and buy an axe at your brick-and-mortar venue is an easy way to make a sale. If the axe throwing business re-handles their broken axes and occasionally re-sharpens their house axe heads, they have the tools on hand to do the same work for customers at a cost. Preforming maintenance on axes certainly will not pay the bills, but will help pay for the tools that you need for operating your venue.
Visit The Axe Shoppe and send them an email to get special venue discounts for axes and equipment for resale at your venue.
Another add on revenue generator is selling advertising space within the venue. This needs to be done tastefully, as it can certainly take away from the customer experience if the venue has sold every surface to a local business or anyone willing to pay them money. The areas around the axe targets are a great spot to post some subtle advertising that are seen by throwers for an entire hour. If you have a lane that sees more throwers than one in the back, you may think about charging different prices based on the number of throwers a lane sees. You may even consider offering the naming rights of a lane to one of your regular customers.
A potential advertising spot that most venues may not have thought about is a television screen. Many venues have multiple televisions located through out the space that are typically airing a sport of some kind. If these are smart televisions you should be able to simply start a photo slide show of local business advertising between games.
An engaging idea that may generate some revenue while adding to the customer experience is to have a split the pot type challenge. There are many challenges that a venue can use but perhaps a customer pays $5 in an attempt to hit 5 kill shot/clutches in a row. If a customer accomplishes the feat, they get half the pot and the venue gets the other half. If they fail the pot continues to grow attracting more challengers.
Someone once said “If you cannot do great things, do small things in a great way." These ideas may not bring in a large cash flow at once, but over time they could add up to a decent amount that is the difference in paying the bills or pushing your business to the next level. If you have any other ideas or suggestions for small and simple ways to increase revenue within an axe throwing business, we would love to hear it! Let us know in the comments below.