If you are starting or renovating a marina, it is likely that you will require a business plan. The experts at Pro Business Plans have extensive experience creating professional business plans for investment and strategy. This article is designed to provide information about what is typically included in a marina business plan and how it is structured.
When creating a business plan for a Marina, there are several things to consider. This includes the total build costs, capacity of the Marina, any upland amenities such as restaurants or lodging, and capital structure. The location of the Marina is also important for determining the potential capacity and overall demand relative to others in similar areas. Investors will want to have the full picture of how your Marina will compare to similar competitors and if no regional competitors exist, if there is adequate demand to fulfill the financial forecasts.
The business model of a marina is not always as simple as docking Yachts. For instance, some may offer Yacht sales and servicing, whereas others may have other upland services such as a resort and hotel. The unique aspects of the business model will assist to determine the construction cost and form the basis for revenue projections Other components of the business model will be how the Marina will operate on a daily basis in terms of the payroll staff requirements, maintenance, and guest services. Some hybrid resort models offer luxury treatment, whereas other Marinas may just offer a basic docking service with minimal maintenance requirements.
The construction costs associated with your Marina may be determined through the acquisition of construction proposals. A sample request for proposal sent to various development agencies will provide you with a spread of the potential costs associated with development. Having a complete development schedule, site layout with zoning, and a building plans will provide investors with more confidence regarding the completion of your investment. In many cases, investors will want to phase in capital through various tranches aligned with the construction schedule in order to avoid confusion.
If the Marina business plan is being used to acquire investment, it is likely that investors will request three to five years of forward looking forecasts. This may be packaged in the form of an income statement, cash flow forecast, and balance sheet. The construction schedule should be aligned with investment tranches and phasing in of revenue with the estimated completion of the Marina. The most effective way to forecast the construction cost is to receive proposals from construction agencies. Comparable Marinas may be used in order to forecast the revenue, if you Marina lacks operating history. Analyzing existing market studies may provide insights relate to the revenue potential and structure of your Marina.
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