I recently met Eric Eppic, the Founder and CEO of Swizzy Golf. Eric's company is bringing golf lessons to everyone via their app. Since simulators are a great learning tool and because his app focuses on video, I see the to be very natural companions. Given this opportunity to get more out of your simulator, I asked Eric to share more about Swizzy - his thoughts are below.
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How a Golf Simulator Can Lower Your Scores
If you are looking to lower your scores, I’ve recently used a golf simulator to shave a few strokes off my typical score. I was able to take my handicap from a 7 to a 4 by creating a very precise Printable Golf Club Distance Chart. Below is a bit of a story on how and why I did it. I also give you a free Printable Golf Club Distance Chart to download.
I’ve been reading a lot lately and it’s been inspiring me to refocus my efforts on improving my business. I’ve learned new ways of thinking, creative approaches to managing my time, and I’ve gained confidence from the books I’ve read. It is so interesting to learn about the inner journey of others and see many parallels to things I am working to solve
Bruin Capital Acquires Full Swing Simulators And Envisions Peloton-Like Platform For Golf It could be really interesting to see a Peloton-like model for indoor golf. I could see it changing both commercial and home business models for indoor golf. Whether it will be a positive change or not remains to be seen
With your business plan in hand, it’s time to tap all your available resources to
find the best available financing at the lowest cost to you. As you enter this phase of your indoor golf startup, keep in mind that there are lenders, accountants and attorneys who specialize in small business financing. In some cases, they represent your best chance of a smooth, successful financing experience.
Designing an affordable simulator package will also help you secure the financing you need.
We recommend starting your financing investigations by weighing your ability and willingness to leverage your own assets and working your way from there to conventional and other potential lending sources. Home Equity: If you are a homeowner, you may be able to leverage your home equity through a home equity line of credit (HELOC), or a home equity loan (HEL). The biggest advantage to this is that leveraging your own existing equity should be possible at a relatively low interest rate. The disadvantage is the inherent risk involved in putting your home up as collateral for your business. Always take care not to assume more risk than you could handle. Retirement Funds: You can leverage retirement funds for your business investment and avoid penalties by working with a company that specializes in helping investors take advantage of the Entrepreneur Rollover Stock Ownership Plan (ERSOP) or Rollovers as Business Startups plan (ROBS) to fund new businesses. In these scenarios, your retirement funds become an investor in your business instead of being invested in publicly traded equities or fixed- income investments. Using this kind of account is quite complicated, so make sure you work with a reputable investment professional to ensure your ERSOP or ROBS is set up and executed correctly. As with the use of home equity funds, use caution as you look at utilizing retirement dollars. Know the risks of putting this money ear-marked for long-term security on the line for a business venture. Family and Friends: Gifts, loans, and investments from family members can be a great source of capital for your business. If you do accept funds from people you have personal relationships with, make sure you have an agreement in writing, with the terms and conditions of the gift, investment or loan clearly outlined-- including investment terms, payback terms, interest, and what happens if you default. Having the details hammered out in an agreement may prevent a misunderstanding down the line. Traditional Loans: Another option is to leverage traditional business loans, or commercial loans. There are many types of commercial lending, including secured and unsecured loans, short- and long-term loans, equipment loans, and business lines of credit. Expect to put up at least 20% of your investment to be considered for these kinds of loans, and know that many traditional lenders may not understand startup business models and that there are lenders who specialize in this area. As with any financing source, it’s always in your best interest to shop around, so make sure you check out business loans at multiple financial institutions. U.S. Small Business Administration Loans: The SBA offers loans through participating banks and lenders, and since the SBA will guarantee up to 85% of the loan, there is less risk for the lender—which can translate to a lower interest rate for you. SBA financing is not really a government loan, but rather a private loan backed by government funds. There are multiple types of SBA loans you can investigate. Make sure you carefully evaluate the pros and cons associated with taking out an SBA versus a traditional loan, i.e. the cost to establish the loan, the length of the loan, and the interest rates of the loan. Also worth noting is the fact that individuals with high net worth may not qualify for this type of loan. Online Financing Centers are online companies that serve as clearinghouses for financing. These companies have multiple financial institutions in their systems to review your financial information and evaluate your request for financing. They host the equivalent of speed dating for the loan industry-- you provide all of your information, then lenders review it and decide if they’d like to initiate a relationship with you. Check out our indoor golf revenue forecast tool to estimate your potential income. We'd love to hear from you. Is there another source of financing we missed? Do you have advice on how to think about any of these? Leave us a comment and share. Your lease will be one of your biggest expenses in opening your golf center. We want to make sure you avoid the pitfalls that can sink you.
How much time have you spent thinking about how potential customers might find you on the internet? Have you thought about the services you offer and what words folks looking for those services might use to search.
Face it - America is overbuilt with shopping malls. The internet and how the way we shop has changed has really impacted malls in a bad way.
Did you know that it costs 5 times as much to get a new customer as it does to retain a new one? Selling to an existing customer is also has a much higher margin than selling to a new customer because they convert at a higher rate and because it costs less to sell to them.
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