Axe Throwing Business Plan
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Executive Summary
Business Overview
Milwaukee Axe Throwing is a new axe throwing facility located in downtown Milwaukee, Wisconsin. The company provides a safe space for the residents of Milwaukee to practice axe throwing and make friends. For an hourly fee, locals can practice their axe throwing skills and receive guidance and mentoring from one of our coaches. We also provide lessons for beginners and host competitions for local leagues who want to throw axes competitively. We also have a bar where we serve drinks and snacks to enjoy while axe throwing.
Milwaukee Axe Throwing is founded and run by Rob McLoughlin. Rob started axe throwing in college and has been a part of several professional leagues. He has participated in many high profile tournaments and received many trophies from his wins. Over the past few years, he has informally trained dozens of other budding axe throwers and is now eager to establish an axe throwing business in Milwaukee. His skill in axe throwing and experience training others will be the company’s most valuable assets.
Product Offering
Milwaukee Axe Throwing offers a fun space for locals to practice or learn axe throwing. We offer lessons for beginners, open sessions for those improving their skills, and competitions for pros who want to throw axes competitively. Our facility can be reserved for large groups who are looking for a fun activity for a special event or for team building. These reservations must be made weeks in advance.
We also offer a full bar and menu so our customers can enjoy snacks and drinks while axe throwing.
Customer Focus
Milwaukee Axe Throwing will target anyone who is interested in axe throwing. We will primarily target men and women in the 18-45 age range as well as athletes and anyone who has prior experience throwing axes.
Management Team
Milwaukee Axe Throwing is owned and operated by Rob McLoughlin, who is a professional axe thrower. He has competed at several major competitions and tournaments and holds many trophies from his wins. Throughout his career, he has mentored several other axe throwers who have also gone on to win high profile tournaments. Rob has found mentoring to be highly rewarding and decided to work full time as an axe throwing trainer. This passion inspired him to create his own axe throwing center where he can teach the art of axe throwing to learners of all ages and skill levels.
Success Factors
Milwaukee Axe Throwing will be able to achieve success by offering the following competitive advantages:
- Friendly, knowledgeable, and highly-qualified staff.
- Safe and comfortable setting that ensures a positive experience for everyone.
- Multiple menu choices and drinks at our bar.
- Affordable pricing that ensures anyone can afford to learn and practice axe throwing.
Download the Axe Throwing business plan template (including a customizable financial model) to your computer here <–
Financial Highlights
Milwaukee Axe Throwing is seeking $375,000 in debt financing to open its axe throwing center. The funding will be dedicated for the build-out and design of the facility, supplies, working capital, three months worth of overhead expenses, and marketing expenses. The breakout of the funding is below:
- Facility build out and design: $200,000
- Supplies and equipment: $50,000
- Three months of overhead expenses (payroll, rent, utilities): $50,000
- Working capital: $25,000
- Marketing: $50,000
The following graph outlines the pro forma financial projections for Milwaukee Axe Throwing:
Company Overview
Who is Milwaukee Axe Throwing?
Milwaukee Axe Throwing is a new axe throwing establishment located in downtown Milwaukee, Wisconsin. The company provides a safe space for the residents of Milwaukee to practice axe throwing and make friends. Whether someone is a pro or has never picked up an axe before, they are welcome at Milwaukee Axe Throwing
We offer lessons for beginners for a flat fee per lesson. Customers can take as many lessons as they want until they feel comfortable throwing axes on their own. We also have open sessions that are charged at an hourly rate. Though axe throwers can throw on their own, we will still have staff available to ensure safety and to provide guidance on how to improve one’s performance. We also host competitions for those who want to join a league and throw axes competitively.
Milwaukee Axe Throwing is founded and run by Rob McLoughlin. Rob started axe throwing in college and has been a part of several professional leagues. He has participated in many high profile tournaments and received many trophies from his wins. Over the past few years, he has informally trained dozens of other budding axe throwers and is now eager to establish an axe throwing business in Milwaukee. His skill in axe throwing and experiencing training others will be the company’s most valuable assets.
Milwaukee Axe Throwing’s History
Rob incorporated Milwaukee Axe Throwing as an S-Corporation on June 1st, 2023. Currently, the business is being run out of Rob’s home office, but once the lease on Milwaukee Axe Throwing’s location is finalized, all operations will be run from there.
Since incorporation, the company has achieved the following milestones:
- Found a commercial space and signed Letter of Intent to lease it
- Developed the company’s name, logo, social media accounts, and website
- Determined equipment and fixture requirements
- Began recruiting key employees
Milwaukee Axe Throwing’s Services
Milwaukee Axe Throwing is the ultimate center for anyone interested in axe throwing. We offer lessons for beginners, practice sessions for those improving their skills, and professional leagues and competitions for those who want to go pro. Lessons are offered for a one-time fee while sessions will be charged at an hourly rate.
Milwaukee Axe Throwing also offers a menu of food and drinks to enjoy while axe throwing. Our menu will include common alcoholic drinks and typical bar food.
Industry Analysis
According to IBIS World, the axe throwing industry has grown in recent years and was valued at $203.3 million in 2021. Though the pandemic hurt the industry, the axe throwing market is growing again. During the pandemic, indoor activities were restricted to ensure safety. Now that the pandemic has ended, many people are eager to enjoy indoor activities again and are excited to try unique experiences like axe throwing.
Another factor helping the axe throwing industry is the increase in disposable income. This means that more people have the income to spend on sports and similar recreational activities. We expect many people in our local market will use their income increase to try out axe throwing or similar activities.
Though axe throwing has been a niche activity in the past, the industry has been gaining popularity and awareness in recent years. This growing interest in axe throwing is sure to help our business. When considering all these factors, the axe throwing industry is doing well and is expected to grow substantially over the next few years. Therefore, this is an optimal time to establish a new axe throwing facility.
Download the Axe Throwing business plan template (including a customizable financial model) to your computer here <–
Customer Analysis
Demographic Profile of Target Market
Milwaukee Axe Throwing will target anyone who is interested in axe throwing in the Milwaukee area. We will primarily target men and women in the 18-45 age range as well as athletes and anyone who has prior experience throwing axes.
The demographics of Milwaukee, Wisconsin are as follows:
| Total | Percent | |
|---|---|---|
| Total population | 1,680,988 | 100% |
| Male | 838,675 | 49.9% |
| Female | 842,313 | 50.1% |
| 20 to 24 years | 114,872 | 6.8% |
| 25 to 34 years | 273,588 | 16.3% |
| 35 to 44 years | 235,946 | 14.0% |
| 45 to 54 years | 210,256 | 12.5% |
| 55 to 59 years | 105,057 | 6.2% |
| 60 to 64 years | 87,484 | 5.2% |
| 65 to 74 years | 116,878 | 7.0% |
| 75 to 84 years | 52,524 | 3.1% |
Customer Segmentation
Milwaukee Axe Throwing will primarily target the following customer profiles:
- Young adults
- Athletes
- Professional and experienced axe throwers
Competitive Analysis
Direct and Indirect Competitors
Milwaukee Axe Throwing will face competition from other companies with similar business profiles. A description of each competitor company is below.
Milwaukee Axe Bar
Milwaukee Axe Bar is an axe throwing bar located in the heart of downtown Milwaukee. The bar is run by a former winner of the World Axe Throwing Championship and is a popular location for many pros in the axe throwing industry. They have a full axe throwing facility that can accommodate many axe throwers at a time as well as a full bar and restaurant. Since they have a similar business model to Milwaukee Axe Throwing and are located near our facility, they will be our biggest competitor.
Badger Axe Throwers
Badger Axe Throwers is a statewide axe throwing company that has centers in Milwaukee, Green Bay, and Madison. They host many local championships which have made their centers very popular. However, as their popularity has risen in recent years, so have their prices. These prices keep out many people who want to try axe throwing but don’t have a significant budget to spend on sessions and lessons. Milwaukee Axe Throwing will have more affordable prices giving us a competitive advantage over Badger Axe Throwers.
Wisconsin Axe Throwing League
The Wisconsin Axe Throwing League is the largest axe throwing league in the state. They have several axe throwing centers throughout Wisconsin, including one in Milwaukee. These facilities are run by professional axe throwers and there are always coaches available to run lessons and oversee sessions. However, the Wisconsin Axe Throwing League axe throwing facilities are only open to league members. Therefore, customers must join the league before they can book sessions at their center. All sessions are charged an hourly rate, but members also have to pay a monthly membership fee. These costs and restrictions keep out many novice axe throwers who want to try out axe throwing or improve their skills.
Download the Axe Throwing business plan template (including a customizable financial model) to your computer here <–
Competitive Advantage
Milwaukee Axe Throwing will be able to offer the following advantages over their competition:
- Affordable pricing: Milwaukee Axe Throwing will offer its services for a more affordable rate than the competition.
- Friendly staff: Milwaukee Axe Throwing will only hire trainers and coaches that are friendly and compassionate. All of our trainers will positively encourage our customers to improve their form and sharpen their axe throwing skills.
- Management: Milwaukee Axe Throwing is run by a professional axe thrower who is famous in the axe throwing industry. Rob’s presence and popularity will entice many novice and professional axe throwers to visit Milwaukee Axe Throwing.
Marketing Plan
Brand & Value Proposition
Milwaukee Axe Throwing will offer the unique value proposition to its clientele:
- Highly-qualified team of skilled employees who can help train mentor and novice axe throwers.
- Comprehensive menu of food and drinks.
- Safe and comfortable setting that ensures a positive experience for everyone.
- Unbeatable pricing.
Promotions Strategy
The promotions strategy for Milwaukee Axe Throwing are as follows:
Social Media Marketing
Milwaukee Axe Throwing will use social media to cater to the millennials and young adults. The Marketing Manager will create Instagram, Twitter, and Facebook business accounts to post “Coming Soon” announcements as well as daily and weekly specials he will feature once the facility is open.
SEO Website Marketing
Milwaukee Axe Throwing plans to invest funds into maintaining a strong SEO presence on search engines like Google and Bing. When a person types in “local axe throwing center” or “Milwaukee axe throwing,” Milwaukee Axe Throwing will appear in the top three choices. The website will include the full bar menu, location, hours, session fees, and lots of pictures of the facility.
Word of Mouth
Rob McLoughlin already has a positive reputation from his time competing as a professional axe thrower. Word will spread of his new facility, which will intrigue anyone who is interested in meeting Rob or trying out axe throwing for themselves. As time goes on, word will continue to spread about the fun setting that Milwaukee Axe Throwing provides, which will bring in even more customers and aspiring axe throwers.
Print Advertising
All residents will receive a direct mail piece two weeks prior to the launch of Milwaukee Axe Throwing. The invitation will offer a discount on axe throwing sessions during the first month of business and selected discounts on items from our bar menu.
Pricing
The pricing of Milwaukee Axe Throwing will be moderate and on par with competitors so customers feel they receive value when purchasing axe throwing sessions or items from our menu.
Operations Plan
The operations plan for Milwaukee Axe Throwing is as follows:
Operation Functions:
- Rob McLoughlin will be the Owner and President of the company. He will oversee all the general operations of the company. Rob will spend the next several months hiring the following:
- An Accountant who will manage all client invoicing, billing, and payables.
- A Marketing Manager who will oversee all marketing and promotional campaigns.
- A Bar Manager to oversee the bar and kitchen.
- Several bartenders who will serve food and drinks to customers.
- Several axe throwing coaches to help mentor new and aspiring axe throwers.
Download the Axe Throwing business plan template (including a customizable financial model) to your computer here <–
Milestones:
Milwaukee Axe Throwing aims to open in the next 6 months. The following are the milestones needed in order to obtain this goal.
- 7/1/2023 – Execute lease for prime location.
- 8/1/2023 – Begin design and build out of the facility.
- 9/1/2023 – Finalize bar menu.
- 10/1/2023 – Hire and train essential staff.
- 11/1/2023 – Start marketing campaign.
- 12/1/2023 – Grand Opening of Milwaukee Axe Throwing.
Management Team
Milwaukee Axe Throwing is owned and operated by Rob McLoughlin, who is a professional axe thrower. He has competed at several major competitions and tournaments (including the World Axe Throwing Championship) and holds many trophies from his wins.
Over the past few years, Rob has slowly transitioned from competitor to mentor and has successfully trained other axe throwers, who have also gone on to win several tournaments. Rob has found the mentoring experience to be highly rewarding and desired to do it full time. His passion for teaching axe throwing inspired him to start his own axe throwing center where he can mentor learners of all ages and skill levels the art of axe throwing.
Though Rob has never run a business of his own, his prior experience collaborating with other axe throwing centers and leagues has given him enough experience to run the general operations of Milwaukee Axe Throwing. He will hire several professionals to help him run other aspects of the business he is unfamiliar with.
Financial Plan
Key Revenue & Costs
The revenue drivers for Milwaukee Axe Throwing are the fees we will charge to customers for our axe throwing lessons and sessions. We will also make revenue from selling food and drinks at our bar.
The cost drivers for the company will include the lease, the facility build out and design, payroll, overhead expenses, and marketing expenses.
Funding Requirements and Use of Funds
Milwaukee Axe Throwing is seeking $375,000 in debt financing to open its axe throwing center. The funding will be dedicated for the build-out and design of the facility, supplies, working capital, three months worth of overhead expenses, and marketing expenses. The breakout of the funding is below:
- Facility build out and design: $200,000
- Supplies and equipment: $50,000
- Three months of overhead expenses (payroll, rent, utilities): $50,000
- Working capital: $25,000
- Marketing: $50,000
Download the Axe Throwing business plan template (including a customizable financial model) to your computer here <–
Key Assumptions
The following outlines the key assumptions required in order to achieve the revenue and cost numbers in the financials and pay off the startup business loan.
- Number of customers per month: 200
- Average revenue per month: $20,000
- Lease per year: $25,000
Financial Projections
Income Statement
| FY 1 | FY 2 | FY 3 | FY 4 | FY 5 | ||
|---|---|---|---|---|---|---|
| Revenues | ||||||
| Total Revenues | $360,000 | $793,728 | $875,006 | $964,606 | $1,063,382 | |
| Expenses & Costs | ||||||
| Cost of goods sold | $64,800 | $142,871 | $157,501 | $173,629 | $191,409 | |
| Lease | $50,000 | $51,250 | $52,531 | $53,845 | $55,191 | |
| Marketing | $10,000 | $8,000 | $8,000 | $8,000 | $8,000 | |
| Salaries | $157,015 | $214,030 | $235,968 | $247,766 | $260,155 | |
| Initial expenditure | $10,000 | $0 | $0 | $0 | $0 | |
| Total Expenses & Costs | $291,815 | $416,151 | $454,000 | $483,240 | $514,754 | |
| EBITDA | $68,185 | $377,577 | $421,005 | $481,366 | $548,628 | |
| Depreciation | $27,160 | $27,160 | $27,160 | $27,160 | $27,160 | |
| EBIT | $41,025 | $350,417 | $393,845 | $454,206 | $521,468 | |
| Interest | $23,462 | $20,529 | $17,596 | $14,664 | $11,731 | |
| PRETAX INCOME | $17,563 | $329,888 | $376,249 | $439,543 | $509,737 | |
| Net Operating Loss | $0 | $0 | $0 | $0 | $0 | |
| Use of Net Operating Loss | $0 | $0 | $0 | $0 | $0 | |
| Taxable Income | $17,563 | $329,888 | $376,249 | $439,543 | $509,737 | |
| Income Tax Expense | $6,147 | $115,461 | $131,687 | $153,840 | $178,408 | |
| NET INCOME | $11,416 | $214,427 | $244,562 | $285,703 | $331,329 |
Balance Sheet
| FY 1 | FY 2 | FY 3 | FY 4 | FY 5 | ||
|---|---|---|---|---|---|---|
| ASSETS | ||||||
| Cash | $154,257 | $348,760 | $573,195 | $838,550 | $1,149,286 | |
| Accounts receivable | $0 | $0 | $0 | $0 | $0 | |
| Inventory | $30,000 | $33,072 | $36,459 | $40,192 | $44,308 | |
| Total Current Assets | $184,257 | $381,832 | $609,654 | $878,742 | $1,193,594 | |
| Fixed assets | $180,950 | $180,950 | $180,950 | $180,950 | $180,950 | |
| Depreciation | $27,160 | $54,320 | $81,480 | $108,640 | $135,800 | |
| Net fixed assets | $153,790 | $126,630 | $99,470 | $72,310 | $45,150 | |
| TOTAL ASSETS | $338,047 | $508,462 | $709,124 | $951,052 | $1,238,744 | |
| LIABILITIES & EQUITY | ||||||
| Debt | $315,831 | $270,713 | $225,594 | $180,475 | $135,356 | |
| Accounts payable | $10,800 | $11,906 | $13,125 | $14,469 | $15,951 | |
| Total Liability | $326,631 | $282,618 | $238,719 | $194,944 | $151,307 | |
| Share Capital | $0 | $0 | $0 | $0 | $0 | |
| Retained earnings | $11,416 | $225,843 | $470,405 | $756,108 | $1,087,437 | |
| Total Equity | $11,416 | $225,843 | $470,405 | $756,108 | $1,087,437 | |
| TOTAL LIABILITIES & EQUITY | $338,047 | $508,462 | $709,124 | $951,052 | $1,238,744 |
Cash Flow Statement
| FY 1 | FY 2 | FY 3 | FY 4 | FY 5 | ||
|---|---|---|---|---|---|---|
| CASH FLOW FROM OPERATIONS | ||||||
| Net Income (Loss) | $11,416 | $214,427 | $244,562 | $285,703 | $331,329 | |
| Change in working capital | ($19,200) | ($1,966) | ($2,167) | ($2,389) | ($2,634) | |
| Depreciation | $27,160 | $27,160 | $27,160 | $27,160 | $27,160 | |
| Net Cash Flow from Operations | $19,376 | $239,621 | $269,554 | $310,473 | $355,855 | |
| CASH FLOW FROM INVESTMENTS | ||||||
| Investment | ($180,950) | $0 | $0 | $0 | $0 | |
| Net Cash Flow from Investments | ($180,950) | $0 | $0 | $0 | $0 | |
| CASH FLOW FROM FINANCING | ||||||
| Cash from equity | $0 | $0 | $0 | $0 | $0 | |
| Cash from debt | $315,831 | ($45,119) | ($45,119) | ($45,119) | ($45,119) | |
| Net Cash Flow from Financing | $315,831 | ($45,119) | ($45,119) | ($45,119) | ($45,119) | |
| Net Cash Flow | $154,257 | $194,502 | $224,436 | $265,355 | $310,736 | |
| Cash at Beginning of Period | $0 | $154,257 | $348,760 | $573,195 | $838,550 | |
| Cash at End of Period | $154,257 | $348,760 | $573,195 | $838,550 | $1,149,286 |
Axe Throwing Business Plan FAQs
What Is an Axe Throwing Business Plan?
An axe throwing business plan is a plan to start and/or grow your axe throwing business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.
You can easily complete your Axe Throwing business plan using our Axe Throwing Business Plan Template here.
What are the Main Types of Axe Throwing Businesses?
There are a number of different kinds of axe throwing businesses, some examples include: General axe throwing, Mobile axe throwing, and Training and lessons.
How Do You Get Funding for Your Axe Throwing Business Plan?
Axe Throwing businesses are often funded through small business loans. Personal savings, credit card financing and angel investors are also popular forms of funding.
What are the Steps To Start an Axe Throwing Business?
Starting an axe throwing business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.
1. Develop An Axe Throwing Business Plan - The first step in starting a business is to create a detailed axe throwing business plan that outlines all aspects of the venture. This should include potential market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast.
2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your axe throwing business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your axe throwing business is in compliance with local laws.
3. Register Your Axe Throwing Business - Once you have chosen a legal structure, the next step is to register your axe throwing business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws.
4. Identify Financing Options - It’s likely that you’ll need some capital to start your axe throwing business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms.
5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations.
6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events.
7. Acquire Necessary Axe Throwing Equipment & Supplies - In order to start your axe throwing business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation.
8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your axe throwing business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising.