SWOT Analysis for Indoor Playgrounds
Publish Time: 2017-06-07 Origin: Site
SWOT Analysis for Indoor Playgrounds
Indoor playgrounds provide a fun place for parents looking for enjoyful activities for their kids to play. Before investing the money required to purchase equipment and lease or buy a area to house your playground, perform a SWOT analysis to gauge strengths, weaknesses, opportunities and threats to make sure if it is commercially viable in your area.
Strengths
If you plan on focusing on a specific target market, so your equipment keeps appealing to kids in that age group, that may be a strength worth pursuing. Making sure your employees are trained to administer first aid and engage in child safety gives you another advantage over competitors who do not offer this. If your indoor playground is located in a region with a cold or rainy climate, requiring parents to rely on indoor activities, this is a strength. Location may be another business strength. If you offer easy access and plentiful parking, that will appeals to parents hustling their kids to your facility. Any nearby coffee shops or adult hang-outs that allow parents to relax while their children play could also tip the scales in your favor.
Weaknesses
The investment required to open an indoor playground that can accommodate lots of children can be a weakness if you need to find investors or seek a loan. If your playground is located in an area with long summers with lots of public pools or outdoor playground equipment at parks, your facility will be at a seasonal disadvantage. Another weakness may occur if limited cash flow creates an inability to update playground equipment to keep it fresh and exciting for kids.
Opportunities
Opportunities that your playground business may want to take into consideration include new housing developments or subdivisions that appeal to families with young children, as this could result in new customers for your facility. Get involved in your community and use the opportunity to explain how an indoor playground provides a higher quality of life for the area. Promote your business as a destination for birthday parties or special events, and offer open bounce opportunities on school holidays. If you are connected with the community and know in advance when the local schools are closed or having half-days, offering extended events can both impact your bottom line and alleviate customer's child care concerns.
Threats
The threats you may face include competition in the form of private indoor playgrounds or those opened by your city or county. You may end up in a pricing war with competitors who adjust their prices or offer promotions that make their facilities more enticing. Competing with facilities that provide activities for parents to enjoy while they wait for their kids, such as offering computers with wireless internet or comfortable sitting areas with big-screen televisions, could be considered a threat if your offerings get stale or you don’t update equipment.Don't forget to consider other forms of entertainment in this portion of the analysis. Your indoor playground is competing not just with other bounce area, but also with bowling alleys, arcades and other activities that children may choose.