A corn maze is a vast labyrinth constructed completely out of corn stalks. Customers pay an entry fee to participate in the challenge of making their way through. Corn mazes are held in the autumn, after harvest but before the plants lay dormant for the winter. Corn mazes are sometimes portrayed as frightening, although many maze operators will construct their corn labyrinth to appeal to individuals of all ages.
Table of Contents
Follow these ten steps to start a corn maze business:
Make a plan for your corn maze business.
Create a legal entity for your corn maze business.
Taxes must be registered for your corn maze business.
Create a Business Bank Account and a Credit Card
Create an accounting system for your corn maze business.
Get the Permits and Licenses You Need for Your Corn Maze Business
Purchase Corn Maze Business Insurance.
Define your Corn Maze Company Brand
Make a website for your corn maze business.
Configure your Business Phone System
Starting a company entails more than just registering it with the state. This basic guide to beginning your corn maze company has been put together by us. These stages will guarantee that your new company is well-planned, correctly registered, and legally compliant.
STEP 1: Make a business plan.
A well-thought-out strategy is vital for entrepreneur success. It will assist you in mapping out the intricacies of your organisation and uncovering some unknowns. Consider the following crucial topics:
What are the initial and continuing expenses?
Who is your intended audience?
How much money may you charge your customers?
Fortunately, we have done a lot of the legwork for you.
What are the expenses of starting a corn maze business?
Owners should budget for the following costs:
Crop planting and upkeep
Employee wages
Fees for registration/permits
Office equipment
Marketing
Insurance for businesses
The specific expenditures for an owner will vary depending on where they reside and how far their marketing effort will go. Starting a corn maze from scratch is estimated to cost between $3,000 and $4,000.
What are the continuing costs of running a corn maze business?
Owners must budget for insurance, employee pay, and labyrinth upkeep. This covers equipment maintenance or replacement, annual registration payments, and seed sowing.
Who is the intended audience?
Anyone seeking for something new and exciting to try might be the target market. Families may like to bring their children, while adolescents may wish to bring a group of friends.
How does a corn maze enterprise earn money?
A corn maze company will charge individuals to enter the labyrinth depending on the cost of operating, or they may charge a set price for private events. To enhance their revenue, owners may offer food and beverages to clients.
How much money may you charge your customers?
Tickets are normally priced between $7 and $10 for adults (13 and above) and $5 to $7 for children. Children under the age of two are free.
How much money can a corn maze company make?
The profitability of a corn company is determined by how you organise your price. A private party that costs $15 per person, on the other hand, may easily produce profit margins of 50% or more. Because the labyrinth has already been built, the party may just need a few personnel and concessions to run.
How can you increase the profitability of your company?
In addition to prepared concessions, consider offering complementary crops to your consumers. For example, you may put up a pumpkin patch or a display of several autumn squashes on your land. These enhancements increase the maze’s versatility. People may bring their children and then pick up a few local dishes to prepare supper the following day.
STEP 2: Establish a legal entity
Sole proprietorship, partnership, limited liability company (LLC), and corporation are the most frequent business structure forms.
If your corn maze company is sued, forming a formal business organisation, such as an LLC or corporation, safeguards you from being held personally accountable.
STEP 3: File your taxes
Before you can begin for business, you must register for a number of state and federal taxes.
To register for taxes, you will need to get an EIN. It’s really simple and completely free!
Taxes on Small Businesses
Depending on the business form you choose, you may have multiple choices for how your company is taxed. Some LLCs, for example, may benefit from being taxed as a S company (S corp).
These guides will teach you more about small company taxes:
Taxes on LLCs
LLC vs. sole proprietorship
Corporation vs. LLC
S Corp vs. LLC
How to Form a S Corporation
S Corporation vs. C Corporation
There may be state taxes that apply to your company. In our state sales tax guides, you may learn more about state sales taxes and franchise taxes.
STEP 4: Establish a company bank account and credit card
Personal asset protection requires the use of distinct business banking and credit accounts.
When you combine your personal and business accounts, your personal assets (your house, vehicle, and other possessions) are at danger if your company is sued. This is known as penetrating your company veil in business law.
Furthermore, understanding how to develop corporate credit may help you get credit cards and other financing in your company’s name (rather than your own), lower interest rates, larger lines of credit, and other benefits.
Establish a business bank account.
Opening a business bank account is not only required when asking for business financing, but it also:
Separates your personal assets from the assets of your firm, which is required for personal asset protection.
It simplifies bookkeeping and tax reporting.
Create a net 30 account.
Net 30 accounts are used to develop and grow company credit while also increasing cash flow. Businesses use a net 30 account to purchase items and refund the whole debt within a 30-day period.
Many net 30 credit suppliers submit information to the main business credit agencies (Dun & Bradstreet, Experian Business, and Equifax Business Credit). This is how firms establish business credit in order to get approved for credit cards and other lines of credit.
Apply for a business credit card.
Obtaining a business credit card benefits you in the following ways:
Put all of your company’s costs in one location to separate personal and business spending.
Build your company’s credit history, which will be important for raising funds in the future.
STEP 5: Establish business accounting
Recording your numerous costs and sources of revenue is crucial to assessing your company’s financial status. Keeping precise and thorough accounting also makes yearly tax filing much easier.
STEP 6: Obtain all required permissions and licences
Failure to get appropriate permissions and licences may result in significant penalties or possibly the closure of your firm.
STEP 7: Obtain commercial insurance.
Insurance, like licences and permits, is required for your company to operate safely and legally. In the case of a covered loss, business insurance protects your company’s financial well-being.
There are several sorts of insurance plans designed for various types of companies with varying risks. If you are unaware about the hazards that your company may encounter, start with General Liability Insurance. This is the most popular coverage required by small companies, so it’s a good place to start for yours.
Workers’ Compensation Insurance is another important insurance product that many companies need. If your company will have workers, your state may require you to purchase Workers’ Compensation insurance.
STEP 8: Establish your brand
Your company’s brand is what it stands for, as well as how the public perceives it. A strong brand will help your company stand out from the crowd.
How to advertise & market a corn maze company
Because corn mazes are community activities, attempt to distribute fliers to neighbourhood hangouts (e.g., coffee shops, fitness centers, etc.). Create a website where people may locate your information while looking for entertaining autumn activities. The website does not need to be extensive, but it should provide the most important information about the labyrinth. You may also consider running radio advertisements, although depending on the cost of the advertisements, word-of-mouth may suffice.
How to Keep Customers Returning
Describe how your corn maze differs from others in the region. Make sure your fliers or internet advertising depicts the labyrinth accurately so that customers know what to anticipate. Most individuals will probably just go through it once, but by producing beautiful designs that vary every year, you can keep long-term clients.
STEP 9: Create your company’s website.
After you’ve defined your brand and designed your logo, the next step is to build a website for your company.
While developing a website is an important step, some may be concerned that it is out of their grasp due to a lack of website-building skills. While this was a fair concern in 2015, online technology has made significant advances in recent years, making the lives of small company owners considerably easier.
The following are the primary reasons why you should not put off developing your website:
Every genuine company has a website, period. When it comes to bringing your company online, it doesn’t matter what size or sector it is.
Social media accounts, such as Facebook pages or LinkedIn company profiles, are not a substitute for your own business website.
STEP 10: Install your company phone system.
Getting a phone for your company is one of the finest methods to keep your personal and professional lives distinct and private. That isn’t the only advantage; it also helps you automate your company, provides it legitimacy, and makes it simpler for prospective clients to identify and contact you.