Need to develop a building and strategic plan that will help you realize the financial and community goals for you project? We recommend a market study that combines multiple analyses to determine the proper size and plan for your development. An analysis of market characteristics and industry trends, interviews and surveys of  potential users and stakeholders, and a study of peer venues and best practices will produce a market-based plan for your development. Fees for market studies vary by the specific services required, but in general range from $5,000 to $15,000, made up of the following potential services.

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Market Area Analysis

Industry & Participation Trends Analysis

User Interviews

Web-based User Survey

Peer Venue Analysis

Building Program & Strategic Recommendations

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How will your venue perform in the market? A Market Study is often accompanied by projections of demand and financial operations. Understanding that your venue will likely serve a variety of users and event types, SVS will segment demand and attendance projections to capture the unique characteristics of each type of use. If you have an existing operation, we will thoroughly analyze historical operations, understanding trends and how proposed venue improvements would affect performance. For new developments, SVS will apply operating data from comparable venues and local market data to create an operating pro forma. Following a Market Study, a Business Planning effort typically incurs an additional $5,000 to $10,000 in fees, depending on which of the following services are required.

 

Historical Operations Analysis

Event Demand and Attendance Projections

Visitation and Room Night Projections

Venue Revenue and Expense Projections

Full Business Plan for Financing Documents

 

Often the driver of venue development, economic impacts highlight the monetary benefits that a development can have on a community. Over the useful life of an asset,  the return on investment is derived from its ability to generate visitor spending and retain resident income. Using historical operating data, we can calculate the impact that your existing facility has on a local or regional economy. Using visitor estimates and financial projections from a Business Planning effort, we can derive the future impact of a proposed development or venue expansion. As a stand-alone study, fees for Economic Impact analysis range from $8,000 to $12,000. Following Business Planning, an Economic Impact study typically incurs an additional $3,000 to $6,000, depending on the number of geographic areas to be analyzed. Specific services include:

 

Direct Visitor Spending Projections

Impact Modeling for Indirect and Induced Spending

Local Tax Collection Projections

Qualitative Impact Assessment

 

Where to build is one of the most important decisions you will make. Selecting a preferred site for a new venue can have significant implications on its operation, marketability, and ultimate profitability, not to mention the impact on neighboring development. From determining a set of minimum site characteristics to ranking the compatibility of a set of potential sites, our site analysis tools will help you determine what factors are important and how to evaluate sites. Site Selection Analysis typically accompanies a Market Study and Business Planning. Fees can range from $2,000 to $8,000, depending on the services required and the number of sites to evaluate. Specific services include:

 

Minimum Site Criteria Evaluation

Potential Site Identification

Site Evaluation and Ranking

 

Gain insight into best practices, recent trends, and industry standards to assess the operation of  your current or future venue. A Bench Marking Study can provide valuable information on a variety of topics ranging from venue operations to sales and marketing practices and budgets. We maintain databases of basic venue information that can be compiled into a custom report for minimal fees. Fees for a Bench Marking study requiring custom research depend on the scope, but typically range from $1,000 to $5,000.  Common research and bench marking topics include:

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Venue Program and Amenities

Venue Operations and Staffing

Operating Expenses

Venue Management Structure 

Sales and Marketing Budgets

Development Costs

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Multiple venue ownership and operational structures lead to a variety of potential funding schemes for development. Public ownership is most common for event venues, but private for profit and nonprofit business organizations have successfully developed venues through a combination of public and private sources. SVS can guide you through the options, evaluate project feasibility, assess the viability of funding options, and calculate the funding gap. Following a Business Planning effort, fees for Financing Assistance can range from $2,500 for an evaluation of funding options and case studies to $15,000 for assistance in developing of a funding plan.

 

Public Funding Mechanisms

Public Private Partnerships

Peer Venue Case Studies

Tax Collection Projections

Feasibility Analysis