Wax Museum Makes $50K in Just One Day

At the wax museum, Las Vegas

Dateline: Las Vegas, Nevada

I took my family to Madame Tussaud’s wax museum on Las Vegas Boulevard next door to the Venetian Hotel. I had never been there before. My daughter said it was really cool. So we went.

While waiting at the entrance, a staff member offered us a group photo in front of the “Welcome to Las Vegas sign.” We didn’t need that. I had my trusty Canon 60D dSLR on my shoulder ready to take tons of pictures.

The young man simply said “Ok, no problem.”

I then asked him a question, which was more of a statement.

“You must take lots of pictures in one day…”

He looked at his handheld scanning device and read the display before answering.

“Well, today we’ve had 2000 people come in, and I’ve been taking pictures all day,” was his reply.

My quick calculation of 2000 people at $25 per person gives them $50,000 for one day. I’m sure not everyone paid the adult charge of $25. Some may have paid $15 for a child’s ticket. Some may have had the $5 internet discount.

So go back with me for a second.

Here’s a place where people come to look at and touch famous replicas of people…made of wax. They pay for that privilege. This is not a necessity. This is not an impulse buy. This is a desire. They willingly pay this.

Two thousand people willingly paid this…just in one day. Sure the museum has fixed costs like rent, advertising, utilities and the cost to produce these wax figures. However, I would fathom a guess that their revenue far outweighs their expenses.

Visitors leave with a memory and photos of them standing next to a famous person. That’s it.

How can you apply this concept to what you do as a small business owner and entrepreneur?

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I think that video is the future and you’re looking 5 years down the road, I think that the importance of television and radio are going to diminish and the importance of internet is going to rise. I think that anybody seeking to get a competitive advantage in their market needs to take the initiative and work on that now. And this is an opportunity to get in ahead of the curve and gain a competitive advantage.

Steve Kramer
Kramer Law Firm