Bungee jumping is a very popular entertainment for adventure lovers. Also, the bungee jumping business is profitable for entrepreneurs. If you want to start this business, find here a comprehensive bungee jumping business plan checklist for your ready reference.
Nowadays, this type of entertainment is becoming hugely popular. And demand is also increasing. However, the business is cash-intensive. The business demands an upfront startup capital investment for equipment buying, licensing, etc.
What is Bungee Jumping?
It is an adrenaline sport. Here you are tied with a flexible, elastic bungee cord to your knee (in most cases). But in some cases, the waist or hand is also tied) and you are made to free fall from a considerably scary height of an average of 40- 150 meters. Maximum bungee jumping companies offer a free fall from either a tall building or a waterfall, or anywhere you have a nice view of the surrounding.
Generally, two different types of jumping are popular. One is free fall jumping and another is jumping using the trampoline. The first one is more dangerous than the second one. On the other hand, the second type of jumping is popular with those who fear heights.
5 Important Things to Consider in Starting a Bungee Jumping Business
- First of all, the business demands legal permission from the Govt. authority. And it hugely depends on the location where you are starting the business.
- You must identify a specific place for the event. Generally, you must select a place that has pleasant surroundings.
- You must have a business plan with investment calculations and marketing planning.
- Additionally, you will need to procure the equipment and instruments – simply a bungee jumping kit.
- Finally, you must promote your business. And you must have a sales promotion strategy.
Cost & Investment for Bungee Jumping Business
Generally, investment depends on the type of jumping you want to offer. Because free fall jumping demands more investment than trampoline jumping. Additionally, trampoline jumping allows you to change your place frequently. Therefore, if you are starting a business with small capital, then it is better to start a trampoline jumping business.
Basically, startup investment includes the rent of the space, licensing, purchasing equipment, and staffing. Additionally, you will need to consider the expenses related to transportation and advertising.
The cost of starting a bungee jumping business will be a minimum of $10000 – $25,000 on a small scale.
Here are the 8 Steps to Start a Bungee Jumping Business
1. Understand the lock market
First of all, do some market research. Identify what are adventure sports already available in the locality. And how they are attracting customers.
2. Choose a Niche
Select what type of jumping you will offer. Because the rest of the aspects depend on this decision. However, you will need to select the business according to your investment capacity and the local market demand.
3. Write a Business Plan
Craft a bungee jumping business plan. Mention the business objective, executive summary, and ownership pattern in your business plan document. Determine your target demographics. Additionally, have a marketing plan with advertising and a sales promotion strategy. Some of the key aspects to be mentioned in your bungee jumping business plan document are the following:
- What are the initial costs?
- Who are your target customers?
- How do you plan to operate?
- Pricing plan
- How do you plan to promote your bungee jumping business?
4. Register your business
For running a hassle-free legally compliant bungee jumping company, it is essential to register your business. Talk to the local competent authority or a local attorney and select the appropriate business structure based on your scale of operation and resources.
For example, most successful small business owners prefer forming an LLC as it not only protects personal assets but also helps in the easy annual filing of taxes.
5. Procure Licenses and Permits
Check the necessary licenses and permissions and apply them. It is advisable to have insurance coverage. It protects the customers and your business in case of any mishaps.
6. Select a venue
Finalize a place for the event. You can also offer the service in multiple locations. Generally, the holiday seasons are the best time to initiate this business. Additionally, you can choose a location beside amusement parks or shopping malls.
7. Buy equipment
The most essential equipment for the bungee jumping business is the bungee cord. It is mostly made of high-quality rubber and latex.
Procure the equipment from a reliable company. Always procure good quality equipment. Additionally, check the warranty period. Ask the supplier company for installation and training.
8. Recruit personnel
Hire experienced and skilled manpower only. This adventure sport attracts a huge risk. Therefore, you must recruit fully trained and skilled professionals for your bungee jumping business. Ensure your crews have official certifications for this activity.
Also Read: Most Profitable Sports Business Ideas
Promote Your Bungee Jumping Business
You can never get success unless you promote your business in a proper way. Definitely, you must promote the business locally. Choose a catchy and memorable name for your business and a logo. Make your business available on the local classified sites. Additionally, create your own website. You can also promote your services on social media carefully. Create a brand image.
In this business, the biggest success mantra is giving an awesome experience to your clients during the session. Think of something different. You can offer tea, coffee, snacks, or cold drinks for your clients.
About the Author: 99businessideas.com led by Rupak Chakrabarty is committed to helping beginners, entrepreneurs, and small business owners in starting, managing, and growing their businesses.