Is Golf Course Entrepreneurship a Hole-in-One?
The pros, cons, and points to ponder as you look ahead at buying recreational land for public use.
If you have dreams of setting up your own golf course, you’ve come to the right place. GolfCoursesForSale.com is where you can connect with the property of your choice. But, it takes work and lots of preparation. Today, we present a few things to think about before you take a swing at buying your own golf course.
As with any endeavor, buying a golf course means doing your research. While this might sound like all you need to do is tough it out for 18 holes every day for the next six months, the truth is that there is much more to it than deciding whether the course is fun and marketable. You must be diligent and take steps, such as doing market research and analyzing the financials. You also want to sit down with everybody from your employees and customers to your legal and financial team to make sure that you are making sound decisions.
Something else to consider here is marketing. Even if you’re a former PGA pro, You still have to understand the basics, particularly if you’re running on a small budget. Look for ways to cut marketing corners without sacrificing quality. You might, for example, use an online service for logo design. These make it easy to customize with text and visual elements so that you can have a solid foundation for a branding package that will get you noticed.
You also need to make sure that you go through the business formation, licensing, and ensuring steps. You have the option to file your LLC online, but you will need to meet with somebody local to ensure that you're set up with the proper licenses, particularly if you plan to serve alcohol on your property. You also want a comprehensive commercial insurance plan that includes liability, business interruption, workers' compensation, and more.
Ground Up or Already on the Ground?
For most of us looking to break into the world of golf course ownership, buying an existing course is the way to go. Investing in a company that already has a proven track record makes it a bit easier to finance. Further, if you’ve done your diligence and scoured the books, you know that it can be profitable when managed well. Further, you and your family can jump in and learn from the workers who know your new business best.
All the positives aside, there are hurdles to buying an existing business of any kind. If you choose an outdated property, you may have to invest in upgrades. This could require taking out an additional loan – Business Partner Magazine notes that you’ll need to be careful when choosing your lender.
You may also find it difficult to rebrand an existing business as it already contains elements of the former owner’s personality. When they were deeply ingrained in the community, changes might be difficult for your customers to adapt to. This is where getting to know your clients will come in handy, and you can do that anyways, from simply talking to them as they come in to utilizing online tools that aggregate data about your current and potential clients.
Sometimes, it makes sense to start from scratch. If you have a very specific idea about how something should be built from the ground up, you may struggle to adapt to the existing infrastructure. Keep this in mind as you are searching for a property, and choose a piece of land that can easily adapt to your wants, needs, and vision.
Don’t spend your next 10 years wondering what might have been. If you think you’re ready, now is the time to make your move. Buying a golf course is a big deal, and it might just be the opportunity you need to connect with yourself, your community, and your loved ones. But, before you get started, make sure that you understand the pros and cons, do your diligence, and get ready to roll up your sleeves and brace for what might be the best decision of your life.
Image via Pexels
Article by Suzie Wilson