The entertainment industry is huge and there are a lot of lucrative business opportunities for budding entrepreneurs. Starting your own entertainment venue is a great option if you want a hands-on business that gives you the chance to meet a lot of interesting people. No two days are the same and you’ll get the chance to host some amazing events.
However, the live entertainment industry has taken a big hit in the last year or so due to the pandemic. So many venues were forced to close their doors and the industry is only now getting back on its feet, which means that there are challenges ahead. That doesn’t mean you should avoid opening your own venue. In fact, people are eager to get back out there so, as things get back to normal, venues can expect to see a surge in ticket sales. That said, there are still some difficulties you face when opening a venue, particularly because the running costs can be quite high. If you think that an entertainment venue is the right business for you, here are some important tips you should keep in mind.
Get The Perfect Location
The number one thing you need to consider is location. Location, location, location! It’s true that the entertainment industry is huge and there are plenty of enthusiastic customers out there. However, you won’t see much traffic if your business isn’t in an easily accessible location. For example, a music venue in the city center with lots of great public transport links will do well. But if people have to drive or get a cab, you’re limiting yourself a lot, especially as people will be drinking when they are out. So, finding a suitable building is important but not as important as the location. You can always make changes to the building later on, but you can’t pick it up and move it.
Find A Niche Market
It’s also important to think about the type of entertainment venue you are going to operate. If you want to take advantage of the unlimited potential of the industry, your business needs to have a niche market, particularly if you are just getting started. You can always expand later on but it’s easier to get started if you focus on building a dedicated customer base in one area. You could host music events in a specific genre, for example. That way, fans of that kind of music will come to know your venue as the go-to space. Alternatively, you could focus on hosting comedy events or art showcases. Whatever you decide, make sure that your venue has a clear identity.
Make Sure You Have Insurance
Another important thing to consider is insurance. If you are going to be hosting public events, then your business needs general entertainment liability insurance (or GLI). You can either get an umbrella policy or choose a specialist company like La Playa Insurance that works specifically in the entertainment industry. Either way, you need cover for damage to equipment and property plus legal protection should anybody be injured at an event. If something goes wrong at an event and you don’t have the right insurance in place, it could mean the end of your business altogether.
Build Networks With Artists and Performers
One of the best things you can do is to build up a network with artists and performers. If there’s one thing the entertainment industry has, it’s an incredible work ethic. So, making connections within the business shouldn’t be difficult. Whether you choose to hire local talent or bring in international superstars, it’s important that you get on the right side of people. Once you have a good network of people to draw from, it’s easy to consistently book the most popular acts.
Invest Heavily In Promotion
Promotion is vital to the success of your business. It doesn’t matter how good your venue or performing artist is if nobody knows you exist. As such, you need a well-thought-out plan for promotion from the very beginning. If you’re not sure what’s going to work best, try different methods and see what your audience responds to. For example, traditional advertising in a newspaper or magazine is a good place to start, but you should also consider other options like online marketing and promotion via social media. Hiring a digital marketing agency is a good investment if you are struggling with promotion.
Making a name for yourself and building an audience is the hardest part of opening an entertainment venue. But once you have a dedicated fanbase behind you and a strong network of talent, your business will flourish.