VOTE FOR ELKMONT

Wells Fargo is having a small business contest, "Wells Fargo Works Project" that has an Elkmont entry.  We can help Gary Compton and the Red Caboose win $25,000 to help them achieve their goals to expand by voting. Last day to vote is June 30. 

 VOTING LINK

 
 Gary Compton/Red Caboose Entry:
Retiring from my job of thirty years, I have never been one to sit down and do little. Music has always been a Passion of mine so my plans of retirement was to have a music venue in our little town of Elkmont, Alabama.  With the decline of cotton farming, Elkmont had almost withered away.  My hope was to create an attraction that would bring more people to our town which would support the newly opened businesses in the downtown area.  

I purchased an old historic store building and began the lengthy task of restoration.  This required a complete face lift of the inside and outside.  I used a big portion of my retirement to accomplish the task.  The facility has an engineered sound system and a small kitchen area.  

I have been in operation for almost

eight years.  The shows consist mainly of Nashville hit songwriters.  There has been approximately sixteen Grammy Award winners who have performed at the Red Caboose; indicating the caliber of entertainment we present. The facility is also rented for private functions.  

The biggest challenge has been building the business to create a reliable revenue. Advertisement is expensive and has been mostly ineffective.  Having tried different routes, I have found that various internet platforms work best when considering effectiveness to cost ratio.  

After year of experimenting, I have learned a hard truth.  The facility can only accommodate 85 guests comfortably.  This number just barely supports the total overhead costs considering the normal ups and downs of attendance. An increase of ticket price will result in lower attendance (no help). Revenue from rental is sporadic, making it unreliable for supplementing income.  

I have learned that a large percentage of people who love great entertainment also love Football.  

To avoid losses, I had to make the venue seasonal.  My vision is building a theater with at least two hundred seats. Potentially, this would allow much more revenue without raising prices.  This would also allow me to book larger acts with more variety.  

The facility I now have could be leased out for other purposes.  The $25,000 and expert mentoring would be a huge step forward, making the expansion possible. One thing a new business does not need is huge payment upon start up.  Financial obligations and revenue need to grow together in order to assure success. With the customer base I already have, I believe this venture is feasible.