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What would you do?

by PlayedaBlinder
17 replies
My wealthy Uncle bought a National Monument related to our historic military past. He has spent vast amounts of money creating a visitor centre and has tried everything to attract customers but is still making huge losses after launching 15 years ago.

The complication is the centre cannot legally make a profit and any profits that are made must be spent or redeposited back into the attraction.

It is my belief that there is no returning customers therefore there is no 'customer base.'

BTW. For personal reasons he'll never sell as it would break his heart.

Any ideas?

Mike
  • Profile picture of the author Paul Hooper-Kelly
    Hi Mike,

    Sounds like your uncle is doing a very noble thing, but being noble doesn't pay the bills.

    So I suggest you set up some sort of membership. For example: 'Friends of the XXX Monument'.

    For an annual subscription, that would be non-profit and go towards the upkeep of the monument, members would receive a (say quarterly) newsletter, which would contain news about the monument and interesting stories that would come about as you talk to your visitors.

    And, of course, you have the ideal target market to sign up for your newsletter - your visitors.

    It also has the added advantage of keeping in touch with your visitors and, perhaps getting some of them, at least, to return in the future. Also, you can encourage them to spread the word and increase your visitor numbers.

    Hope that helps!

    Warmest regards,

    Paul
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  • Profile picture of the author PlayedaBlinder
    Thanks Paul.
    I was already leaning that way and I'd be happy to write the quarterly news letter for hm. I was also toying with online booking, capturing email addys and affiliate sales within the niche to the list. I'm going to create a portfolio of ideas cos he's a very astute and successful business man, so some he may have tried.
    Thanks again.
    Mike
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  • Profile picture of the author SEOJerry
    The attraction itself is not going to make it, but you can complement the attraction and add additional services that are low cost, but will add revenue.
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    • Profile picture of the author PlayedaBlinder
      Originally Posted by SEOJerry View Post

      The attraction itself is not going to make it, but you can complement the attraction and add additional services that are low cost, but will add revenue.
      Such as? Any ideas?

      Mike
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  • Profile picture of the author Anne Laidlaw
    You could have a contest to signup for the Friends of XXXXX you could win a free addmitance to the centre for a year or something.
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  • Profile picture of the author Brent Stangel
    bought a National Monument related to our historic military past.
    How does one "buy" a National Monument? Bought the concessions maybe?
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    • Profile picture of the author PlayedaBlinder
      Originally Posted by Brent Stangel View Post

      How does one "buy" a National Monument? Bought the concessions maybe?
      Not sure Brent but he paid a bl**dy fortune for it. BTW this is England, might be different in US?

      Mike
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  • Profile picture of the author talfighel
    This is not paying the bills and your uncle is losing money.

    I would sell it to someone else and take the loss. Unless he can turn it around and make money, what's the use?
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    • Profile picture of the author PlayedaBlinder
      Originally Posted by talfighel View Post

      This is not paying the bills and your uncle is losing money.

      I would sell it to someone else and take the loss. Unless he can turn it around and make money, what's the use?
      Well, he's retired now and it was bought as a 'hobby' not an investment. He has a personal affection for the thing (his Father was stationed there in WW2)! He'll never sell.......

      Mike
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  • Profile picture of the author marianneswa
    Hello Mike,
    Have you tried setting up a gift shop or merch shop? People like to collect memorabilia from the places they've been to. Did you try somehow including the centre in online & offline trip guides? Maybe leaving leaflets in nearby hotels (maybe with a free coffee / discount coupon) would help?
    Those would be my solutions.
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  • Profile picture of the author ryanbiddulph
    Mike, those personal reasons are ego-driven, and sometimes, the ego can cause you to go broke lol....think about selling, getting over the pain, and moving on to an investment that can make him profitable. Letting go precedes growing, and sometimes that involves investments you've outgrown. All the best to him!
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  • Profile picture of the author Entrecon
    Does it have a website? Is it up to date? Is there an option for people to donate?

    The key is to find other people that have the same passion that he does. If he thinks it is worthy, I am sure there are others too.

    In terms of "profit", if it is anything like the US , it is usually determined by the balance sheet. Meaning, the amount of money that comes in has to equal the amount of money that goes out. The way an individual makes money on these endeavors is through a salary. If you can get the attraction turned around and bringing money in, your uncle would be able to get money back out if he becomes an employee and draws a salary from it.
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    • Profile picture of the author Steve B
      The center may be prohibited from making a profit but does that have to penalize the concessionaire from making a profit? Of course not, they're two separate entities.

      Since your uncle is losing money every year anyway . . .

      Have him pay the legal fee to get an attorney to set this up so that he can pay the concessionaire to manage the monument.

      Then the question becomes, how does the concessionaire make the monument profitable . . . but that's a whole new discussion for another time. The initial step to be taken is to open up the window of profitability so that your uncle can use the ownership as a tax write-off against his wealth and you (or someone else) can become an independent contractor of free enterprise.

      Steve
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  • Profile picture of the author Peter Lessard
    Is this really a problem (for him)?

    You stated he is wealthy and is passionate about it and that its really more of a hobby for him.
    I know many people that lose money or give money away for something they are passionate about. He could be buying/collecting all kinds of stuff that he would never recoup his money on or he could be gambling as a hobby :-)

    Now don't get me wrong, if you can figure out a way to make it profitable without taking the fun out of it for him then why not but I will bet dollars to donuts if you figure out a way for it to bring in money he will buy another monument or expand it to the point that once again its in the red :-)

    If you can't find a way to maximize its revenues see if there is a way to maximize his pleasure from it. That in the end may be worth much more to him.
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  • Profile picture of the author Katie Rich
    What is it and where is it?
    Most National monuments are making a fortune. Much of that is made through related (and non related) merchandise, hence, exit through the gift shop.
    Is it a building? A statue? A ... what?
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    • Profile picture of the author Jason Freeman
      I think many of the Warriors here have given great ideas. What are you doing in the way of marketing to tourists?

      I think having a "Friend of...club" is a great idea. You could send out a newsletter, Christmas card, or calendar out. Offer a discount to these people who subscribe.

      When traveling in the US and you go into convenience stores or restaurants along the highways you always find fliers and pamphlets for area attractions.

      Do you have a website with great pictures and an about page? Concessions? Gift shop? Hotel or motel?

      Are you listed on all directories, registries, etc. for these type of places?
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      • Profile picture of the author CliffUK
        It looks like theres a few great ideas already mentioned, which I would endorse.

        The tea shop/cafe idea is usually a great source of revenue.

        The other thought that came to me was this:
        It's a war memorial?.. not so much a tourist attraction. Nevertheless, find a way to make it a great place for kids to visit e.g. as part of a war history study programme (for the older ones) and perhaps with a family friendly play area for the younger ones.

        I think this would not only boost visitors (targeting a new demographic) boosting admission sales and tea shop/merch sales etc, it would also make it easier for interested adults to visit, as they could easily bring their family too.

        The tea shop/merch kiosk etc could also be operated under licence by a third party, if that makes it easier.

        Hopefully at least some of these ideas from everyone will help to preserve things for the future.
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