How Much Will Axe Throwing Insurance Cost for My Business?
If you’re opening an axe-throwing business, you’re probably aware of the rising popularity of this traditional woodsmen’s sport. Over the past few years, this once-arcane sport of woodsmen and loggers catapulted into the 21st-century consciousness. Families, including children, are getting into the axe act and loving it.
Why wouldn’t you want to start a business that’s fun for the whole family, steeped in the history and traditions of simpler times? In many ways, it’s a no-brainer.
But like any business, there are some crucial steps to ensure there is a clear vision and that you take on-premise physical and insurance-related safety precautions.
The Fundamentals of Starting Your Axe-Throwing Business
Upon considering starting an axe-throwing business, you might think such a thing is a rarity, despite its rising popularity. However, according to Starter Story, you’re in good company in October 2022 with at least 40 successful up-and-coming axe-throwing companies.
So, how do they do it, and how can you do it too?
As you might imagine, axe throwing has some safety concerns, albeit minor and manageable, with a great team and solid training and rules for guests. Still, you must build safety considerations into your business plan from start to finish.
Here are some tips to help you start your business that leaves no axe to grind with anyone.
1. Develop a Business Plan and Model
An axe-throwing business is unique in subject and execution, but it’s like any other business in most respects. The first thing you need to do is develop your specific, realistic business model, performing the following steps:
- Register for federal, state, and any applicable local taxes.
- Set up business banking accounts.
- Acquire the proper licenses and permits to own and operate any business, and inquire if there are any special considerations for your axe-throwing-specific business.
- Buy axe-throwing insurance for your sports related business.
2. Create a Marketing Plan
Your marketing plan is as important as the business plan. You need to let people know about your business and why they should visit and participate in your events, including fly-fishing and driving range practice.
While you won’t face much competition for axe-throwing activities, you still need to distinguish your business and let possible enthusiasts know your business exists and all the fun they can have during a visit.
The best marketing strategies might include:
- Creating and maintaining an attractive, informative, and user-friendly website.
- Developing a content marketing strategy that includes blog posts, social media posts, landing pages, and more.
- Hosting promotional events where you offer events and services for free or at a low cost.
- Encouraging engagement on social media through your public page and by creating private groups for your members.
3. Offer Extra Amenities for Convenience and a Welcoming Environment
Offering amenities beyond the event can keep your guests happy, comfortable, and willing to stay longer to invest more in your business. If parents can get a good meal for their children or enjoy an adult beverage and a snack, they’ll appreciate the opportunity to enjoy more good times with the community you are establishing.
High-quality food and beverages can complete the day for your guests, so offer a café or restaurant like you might find at a bowling alley, offering refreshments for adults and people of all ages.
Work with your local and state agencies to determine what you need to do to acquire the appropriate alcohol license. Further, you’ll need to check in with your local health department to ensure that your premises are up to code to serve food.
4. Buy Insurance to Protect Your Axe-Throwing Business
Fortunately, some businesses specialize in finding insurance for businesses that host sports-related recreation. These expert companies leverage their experience in axe throwing and strong connections with top insurance companies to offer you the best possible rates for the most comprehensive plans.
The average cost for an axe-throwing insurance policy comes to about $4,000—$7,500 per year. That figure probably isn’t too surprising, considering the uncertain variables working with sharp objects. While you want to enjoy and profit from your business, you can’t afford the risk of an accident without proper coverage.
But when you find the right partner, like our team at Entertainment Sports Promotion (ESP), we will help you find affordable insurance that protects you and your business from any potential lawsuits.
Our ESP Specialty team will work with you to find insurance for your property or simple general liability insurance. We know all the possible markets to keep your business safe.
Contact our team to request a quote or learn more about insurance for your axe throwing business.
Go Ahead We Have You Covered