An article titled “The unbelievably lucrative business of escape rooms” with a subtitle “Where locking up your customers can lead to 800% revenue growth in one year” caught entrepreneurial-minded people’s eyes in 2015.
Since then, and even in those days, the number of escape room businesses were/are increasing. Therefore, one question comes naturally whenever a thought of starting an escape room business comes: Is it still a lucrative opportunity? Or is the market oversaturated?
And the answer is both yes and no. Many famous cities across the world have enough such setups. On the other hand, many markets are still untapped, and for those places, there’s a lot of upsides.
In short, if you are willing to start an escape room business in such a market, chances are you will benefit. And here are the reasons for that:
1. You are your boss
One of the primary reasons to start a business, in general, is you don’t work for anyone— the customer is your boss. So, if you are stuck in a job or are working on something you regret, an escape room business can be your fresh start.
2. People love it
An escape room is essentially a fun place. People love to feel smart by solving puzzles— they prepare to escape the room. It’s something that takes one’s mind off from the hectic lifestyle. Parents visit such sites with their kids. Teenagers enjoy their time after school in escape rooms.
Overall, people love it. And when there’s so much demand for some mind-twisting, enjoyable experience, success in such business is inevitable.
3. Corporate love it
Let alone people; companies love it too. In fact, corporates rent out escape rooms for their employees because:
- Escape rooms require cooperation and communication
- It builds team-based creative problem solving
- High-pressure decision making shows leadership skills
- Of course, they are fun.
All in all, it’s a team-building exercise from a company’s point of view. Some virtual companies use such facilities instead of meeting spaces.
4. Doesn’t cost much
One of the reasons why you should think about building an escape room, if you are already thinking about venturing in something, is the cost of such setup is not much. You can start this business for anywhere between $7000-$30,000.
Indeed it’s a significant cost, but compared to most ideas out there, this cost doesn’t look much.
5. There’s ROI
This shouldn’t surprise you, but here goes: If you are investing your heart, time, and money in some business, you want profits. And this business can generate multifold revenue in no time.
Just remember not to step in the overcrowded market(unless your ideas are significantly likable and better than others). Meaning, Research & plan first.
Sure, in today’s market, the escape room business won’t generate “800% revenue for locking your customers”, but it doesn’t dilute the fact that it’s still an extremely profitable business.
People & Corporates love such facilities. Meaning, there’s demand. So, if you can fulfill their demand when no one else is, a positive return on investment is inevitable. That’s it.