Should I Implement a Big Addition to My Sports Complex? Part Two
Welcome to Part Two of our two-part blog series on adding a new addition to your sports complex. In Part One, we went over the benefits such as profit, marketing opportunities, and competitive advantage. Today we’ll be talking about the potential downsides and how you can avoid them.
Downsides of a New Addition to Your Sports Complex
Here are some of the biggest downsides of a new addition to your sports complex.
- Big Costs – The first big downside is the effect that a new addition will have on your budget. The bigger the addition is, the bigger the hit. Now is the time to be asking yourself how long it will take to see a profit on the addition. Will it take one year? Two years? Can you afford for it to not turn a profit for that long? These are all questions that need to be asked.
- It Doesn’t Attract a Market – This would pretty much be a nightmare scenario for a sports complex owner. You build a big new addition to your sports complex, and it doesn’t bring in any new business. In fact, no one seems to have much interest in it at all. That’s why you need to be absolutely sure that the new addition will bring in new business, otherwise, it isn’t worth the effort.
- Time and Construction – Finally, putting a new addition on takes a good bit of time, and during that time you’ll have construction going on in or near your facility. This isn’t optimum for your current customers, having to deal with the inconveniences that come with this. That being said, it probably will still drum up some excitement if they see all of the construction going on, so it’s not the worst downside of the ones we’ve discussed today.
As you can see, these potential downsides all have to do with doing your research. If research reveals that there’s a legitimate want or need for the addition, then these downsides more or less disappear. Proper facility planning and extensive feasibility studies make sure that a decision to add to your sports complex doesn’t end up being a regrettable one.
Choose Sports Facilities Advisory
The big decision of adding a new feature or area to your existing sports complex can be a complicated one. But it doesn’t have to be. Sports Facilities Advisory offers all the services you need in order to make a decision of this caliber. Our highly knowledgeable staff can advise you on decisions, run feasibility studies, and help you with planning the new addition. These invaluable services will make sure you make the right decision, and that the addition to your sports complex is one that makes complete financial sense. For more information on our services and to talk with a member of our team, contact Sports Facilities Advisory today.