Business Plan: Begin with the Feasibility Study
study is the first
step in starting a new museum, and should be prepared before
the business plan. Leisure Business Advisors
specializes in conducting this study, which is generally required by
financing institutions. The
study provides market and financial analysis and projections that will
be used in the developer's business plan.
provides critical physical planning recommendations for the museum
plan. It is
critical that design plans are in line with market needs and expected
cash flow. These planning guidelines need to be in place
before the construction and building can start. Designers,
and managers can all benefit from the guidance provided in
part of the feasibility study, LBA can work closely with you
preparing the initial image package that
would assist designers in the planning stage of
that follows the feasibility stage. We could provide a
walk-through description and color artist conceptual images of
your new museum seen through the eyes of a typical visitor. These
would preliminarily suggest its planned "look and feel" in
business financing and marketing presentations.
Gerner, LBA's managing director, has conducted feasibility studies for
many museums and cultural attractions over the past 20+ years. These include:
Buddhist Cultural Park: This is a major themed
China's Hainan Province. As a subcontractor to Economics Research
Associates, he evaluated the feasibility of developing this cultural
center for Canadian Geographic: Gerner Consulting (before
Leisure Business Advisors LLC) evaluated the market potential for a
museum showcasing Canada that would be located in Ottawa near
museum for Celebrating Patsy Cline, Inc: Gerner
prepared attendance and financial projections for a museum showcasing
the life of Country Music singer Patsy Cline to be located in her
hometown of Winchester, Virginia.
village celebrating Walt Disney's childhood for the Industrial
Development Authority of Marceline: As a subcontractor to
Theme Park Services (ITPS), he evaluated the potential of a museum
village that would include Walt Disney's childhood home in Marceline,
Cream Capital of the World Visitor Center for Well's Dairy:
subcontractor to ITPS, he conducted the feasibility study for this
combination museum and visitor center. It was the Travel Federation of
Iowa and Iowa Tourism Division's 2000, 2001, 2003 and 2005 Attraction
of the year Award Recipient.
Marine Science Museum expansion: as a subcontractor to
Research Associates (ERA), he prepared market and financial projections
for this $35 million expansion that tripled the museum's size in 1996.
The museum has been named the Travel Attraction of the Year by the
Southeast Tourism Association.
Aquarium in Baltimore expansion: With ERA, he evaluated
alternatives that included both exhibit and theater options.
Biosphere for the New York Zoological Society: With ERA,
the market potential for a new animal-oriented attraction in downtown
Manhattan that would combine innovative themed exhibits and
Museum for the City of Birmingham, Alabama. With ERA, he
attendance and financial projections for a new science museum in
museum operations studies with ERA include evaluating:
trends at Smithsonian museums for Marriott Corporation.
visitor exhibit and theater needs at the Kennedy Space Center.
systems at the Boston Museum of Science.
origin tracking system for the Country Music Hall of Fame and Museum.
more about feasibility studies, and what is needed before
the museum business plan is prepared.