The Earned Income Business Model
The business model for the Mint Project is demanddriven, offering a mix of experiences aimed at two primary audiences: families with children aged 9 to 14 and middle-aged adults and couples. To properly serve these two segments, the Mint will be positioned as both a destination, serving out-of-town visitors, as well as a community resource, delivering a variety of participatory activities, visitor-generated exhibits, and social interactions focused on local topics and events. The mix of experiences (e.g., museum, visitor center, cultural retail) accomplishes several important financial objectives:- Provides a broad mix of products and services to first attract more visitors and second, entice them to spend more time and money on site
- Minimizes the project's dependence on any single revenue stream
- Enables the design team to leverage content across different experiences, further distinguishing the uniqueness of the project in the marketplace
- Earns revenues to cover over 85% of the annual operating expenses, significantly above the 20% - 50% range of traditional museums
Attendance, Revenues and Expenses
