Peterborough Float Centre Progress Update #1
As we go about taking steps to get this business open, I will be providing updates along the way to keep everyone in the loop about our progress.
Today in the first progress update I will touch on the following:
business planning and seeking funding
settling on a location
contractors
float tank manufacturers
Business Planning
Float centres are expensive endeavours.
We have been diligently working on perfecting our business plan in order to secure the funding needed to open this centre. With the business plan rigorously developed now, we anticipate having a clear answer on the funding in the coming weeks and by the next progress update, I will be able to give you an answer as well. One thing that I’ve learned is crucial about going into a funding proposal is being sure that you’ve got accurate estimates of your capital expenditures. Under asking and not having enough working capital to see us through the early growth phase of the first few months must be avoided. Getting these numbers dialled in is like trying to reach the top of the moving staircases at Hogwarts - there are many moving pieces that can change the outcome in the blink of an eye.
Location
We’ve got a location picked out now and the lease has been signed contingent on receiving funding. This is important for any business venture that is dependent on funding being secured because most lenders will require that you have a lease signed before presenting your business plan to them.
Picking a location was challenging because we needed enough space to properly build out a float centre and also had to consider other factors like the traffic to the area, noise levels in the neighbourhood, and the other businesses to work with (or have to compete against) in the area.
Contractors
One of the moving staircases in preparing the business plan are the contractors doing the build out. This can often be dependent on the location if the landlord has specific companies or individuals that he or she works with.
It will also be a matter of comparing bids on the work since the build-out costs for float centres can be out of this world expensive. This is a critical step though and cannot be skimped on when providing the best possible experience to customers. We have been working with the companies that the landlord uses as well as close connections that my business partner has in the city to get the bids for the construction costs prepared for the business plan.
I’m confident that people will be blown away when they see our finished space and come in to float or use any of our other recovery modalities.
Float Tank Manufacturers
Shopping around for float tanks can be one of the more enjoyable tasks in the early planning phase. If you don’t already have a specific manufacturer or model in mind, this often means getting to go on excursions to test out float tanks if they are close enough to where you live. We’ve picked out the tanks that will be best for our customers and their experience with floating and so now all that’s left is to order them and start the long waiting process until we receive them. It’s important to take care of this early in your buildout phase because most float tank manufacturers build to order the tanks and so wait times before shipping to you can be 9-12 weeks if you’re lucky and there aren’t any manufacturing delays.
That’s it for this update! There are lots of new things to learn with starting any business but especially one that’s in a booming young industry like floating, so I’ll be updating again soon with anything else that I learn.