Yes, axe throwing may be a successful business if done properly. The axe-throwing sector has had remarkable growth in recent years, and IBISWorld projects that its revenue will reach $99 million in 2023. The industry has a low level of concentration, according to the report, which means there is potential for new enterprises to enter the market.
However, there are elements that can affect profitability, just like in any firm. Liability insurance is one of the major costs for an axe-throwing business. Some businesses provide reasonable choices for small enterprises, while prices vary depending on location and other reasons. For instance, general liability insurance from the insurance provider Hiscox starts at $29 per month.
The price of the space and the equipment must also be taken into account. A safe and secure area to set up targets, as well as axes and other tools, are necessities for an axe-throwing business. Even while purchasing or leasing a facility and equipment can be expensive, doing so is necessary to protect the safety of both consumers and employees.
Axe throwers that work professionally earn a range of salaries. Some axe-throwing enterprises pay their expert coaches an hourly cost in exchange for the instruction they give to consumers. Others might present contests with monetary awards for the victors. Axe throwers that compete professionally in competitions can support themselves with sponsorships and prize money, but getting there requires a lot of work and commitment.
How widespread is axe throwing then? Axe tossing saw a rise in popularity in the United States from 1.1 million participants in 2018 to 1.8 million in 2019, according to a Statista research. The majority of participants, according to the survey, are between the ages of 18 and 44, making it a well-liked pastime among Millennials and members of Generation Z.
Finally, it’s critical to take axe throwing safety into account. The activity has risks even though it can be exciting and pleasant. The right safety precautions must be in place, including safety briefings, trained personnel, and safety barriers. Additionally, it’s crucial to make sure that clients who engage in axe throwing are not under the influence of alcohol or other substances.
Axe throwing can, in the proper hands, be a lucrative enterprise. It’s crucial to take into account elements like liability insurance, space and equipment expenditures, and safety precautions. There is a lot of potential for new enterprises to enter the market and profit from the trend given the activity’s rising popularity.
The cost of an axe house is not specified in the article because it can vary based on amenities, location, and size. The report does, however, note that the start-up costs for an axe-throwing business can range from $25,000 to $80,000 or more and include costs for things like rent, insurance, equipment, and marketing.