holiday resort business plan

Resort Business Plan Template

Written by Dave Lavinsky

Resort Business Plan

Over the past 20+ years, we have helped over 500 entrepreneurs and business owners create business plans to start and grow their resorts.

If you’re unfamiliar with creating a resort business plan, you may think creating one will be a time-consuming and frustrating process. For most entrepreneurs it is, but for you, it won’t be since we’re here to help. We have the experience, resources, and knowledge to help you create a great business plan.

In this article, you will learn some background information on why business planning is important. Then, you will learn how to write a resort business plan step-by-step so you can create your plan today.

Download our Ultimate Resort Business Plan Template here >

What is a Resort Business Plan?

A business plan provides a snapshot of your resort as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategies for reaching them. It also includes market research to support your plans.

Why You Need a Business Plan for a Resort

If you’re looking to start a resort or grow your existing resort company, you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your resort to improve your chances of success. Your resort business plan is a living document that should be updated annually as your company grows and changes.

Sources of Funding for Resort Businesses

With regards to funding, the main sources of funding for a resort are personal savings, credit cards, bank loans, and angel investors. When it comes to bank loans, banks will want to review your business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to ensure that your financials are reasonable, but they will also want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business. Personal savings and bank loans are the most common funding paths for resort companies.

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How to write a business plan for a resort business.

If you want to start a resort or expand your current one, you need a business plan. The guide below details the necessary information for how to write each essential component of your resort business plan.

Executive Summary

Your executive summary provides an introduction to your business plan, but it is normally the last section you write because it provides a summary of each key section of your plan.

The goal of your executive summary is to quickly engage the reader. Explain to them the kind of resort you are running and the status. For example, are you a startup, do you have a resort that you would like to grow, or are you operating a chain of resorts?

Next, provide an overview of each of the subsequent sections of your plan.

• Give a brief overview of the resort industry.
• Discuss the type of resort you are operating.
• Detail your direct competitors. Give an overview of your target customers.
• Provide a snapshot of your marketing strategy. Identify the key members of your team.
• Offer an overview of your financial plan.

Company Overview

In your company overview, you will detail the type of resort you are operating.

For example, you might specialize in one of the following types of resorts:

• Health Spa Resort : this type of resort provides individual spa services and helps visitors develop health habits.
• Ski Resort: this type of resort includes downhill, cross-country, or similar skiing areas with ski lifts and tows. These resorts often provide food and beverages, equipment rentals, and ski instruction, as well as accommodation.
• Eco-tourism Resort: this type of resort focuses on environmental sustainability, offering programs to minimize their eco footprint. Some eco-tourism resorts offer an immersive experience such as living among animals in a jungle.
• Destination Resort: this type of resort contains everything needed, such as accommodation, food service, attractions, shopping, etc.
• All-Inclusive Resort : this type of resort charges one fixed price that includes lodging, unlimited food, drink and sports activities, and entertainment.

In addition to explaining the type of resort you will operate, the company overview needs to provide background on the business.

Include answers to questions such as:

• When and why did you start the business?
• What milestones have you achieved to date? Milestones could include the number of overnight guests, the number of conventions hosted, reaching and/or maintaining X percent occupancy rate, etc.
• Your legal business Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your legal structure here.

Industry Analysis

In your industry or market analysis, you need to provide an overview of the resort industry.

While this may seem unnecessary, it serves multiple purposes.

First, researching the resort industry educates you. It helps you understand the market in which you are operating.

Secondly, market research can improve your marketing strategy, particularly if your analysis identifies market trends.

The third reason is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your plan, you achieve just that.

The following questions should be answered in the industry analysis section of your resort business plan:

• How big is the resort industry (in dollars)?
• Is the market declining or increasing?
• Who are the key competitors in the market?
• Who are the key suppliers in the market?
• What trends are affecting the industry?
• What is the industry’s growth forecast over the next 5 – 10 years?
• What is the relevant market size? That is, how big is the potential target market for your resort? You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.

Customer Analysis

The customer analysis section of your resort business plan must detail the customers you serve and/or expect to serve.

The following are examples of customer segments: domestic leisure travelers, international leisure travelers, business travelers, etc.

As you can imagine, the customer segment(s) you choose will have a great impact on the type of resort you operate. Clearly, business travelers would respond to different marketing promotions than international leisure travelers, for example.

Try to break out your target customers in terms of their demographic and psychographic profiles. With regards to demographics, including a discussion of the ages, genders, locations, and income levels of the potential customers you seek to serve.

Psychographic profiles explain the wants and needs of your target customers. The more you can recognize and define these needs, the better you will do in attracting and retaining your customers.

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Competitive Analysis

Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.

Direct competitors are other resorts.

Indirect competitors are other options that customers have to purchase from that aren’t directly competing with your product or service. This includes hotels, short-term rentals, or even relatives who live in the area. You need to mention such competition as well.

For each such competitor, provide an overview of their business and document their strengths and weaknesses. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as

• What types of customers do they serve?
• What type of resort do they operate?
• What is their pricing (premium, low, etc.)?
• What are they good at?
• What are their weaknesses?

With regards to the last two questions, think about your answers from the customers’ perspective. And don’t be afraid to ask your competitors’ customers what they like most and least about them.

The final part of your competitive analysis section is to document your areas of competitive advantage. For example:

• Will you provide extended stay options?
• Will you offer amenities or services that your competition doesn’t?
• Will you provide better customer service?
• Will you offer better pricing?

Think about ways you will outperform your competition and document them in this section of your plan.  

Marketing Plan

Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For a resort business plan, your marketing strategy should include the following:

Product : In the product section, you should reiterate the type of resort company that you documented in your company overview. Then, detail the specific products or services you will be offering. For example, will you provide accommodation-only options, all-inclusive packages, accommodation/service packages, day visitor packages, etc.?

Price : Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections of your plan, you are presenting the products and/or services you offer and their prices.

Place : Place refers to the site of your resort. Document where your resort is situated and mention how the site will impact your success. For example, is your resort located in a busy tourist town, near a tourist attraction, or is it a remote destination? Discuss how your site might be the ideal location for your customers.

Promotions : The final part of your resort marketing plan is where you will document how you will drive potential customers to your location(s). The following are some promotional methods you might consider:

• Advertise in local papers, radio stations and/or magazines
• Advertise in trade publications or on national TV
• Reach out to websites
• Distribute flyers
• Engage in email marketing
• Advertise on social media platforms
• Improve the SEO (search engine optimization) on your website for targeted keywords

Operations Plan

While the earlier sections of your business plan explained your goals, your operations plan describes how you will meet them. Your operations plan should have two distinct sections as follows.

Everyday short-term processes include all of the tasks involved in running your resort, including answering calls, booking rooms and services, cleaning between guests, providing concierge services, customer service, etc.

Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to book your Xth guest, or when you hope to reach $X in revenue. It could also be when you expect to expand your resort to a new city.  

Management Team

To demonstrate your resort’s potential to succeed, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company.

Ideally, you and/or your team members have direct experience in managing resorts. If so, highlight this experience and expertise. But also highlight any experience that you think will help your business succeed.

If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act as mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in managing a resort or successfully running a boutique hotel.  

Financial Plan

Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance sheet, and cash flow statements.

Income Statement

An income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenue and then subtracts your costs to show whether you turned a profit or not.

In developing your income statement, you need to devise assumptions. For example, will you have 25 or 100 guest rooms? And will sales grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.

Balance Sheets

Balance sheets show your assets and liabilities. While balance sheets can include much information, try to simplify them to the key items you need to know about. For instance, if you spend $50,000 on building out your resort, this will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a lender writes you a check for $50,000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.

Cash Flow Statement

Your cash flow statement will help determine how much money you need to start or grow your business, and ensure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit but run out of money and go bankrupt.

When creating your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a resort:

• Cost of furnishing each guest room
• Cost of building out common areas and/or service facilities (spa treatment rooms, etc.)
• Payroll or salaries paid to staff
• Business insurance
• Other start-up expenses (if you’re a new business) like legal expenses, permits, computer software, and equipment

Attach your full financial projections in the appendix of your plan along with any supporting documents that make your plan more compelling. For example, you might include your resort blueprint or a list of amenities and services you offer.  

Writing a business plan for your resort is a worthwhile endeavor. If you follow the template above, by the time you are done, you will truly be an expert. You will understand the resort industry, your competition, and your customers. You will develop a marketing strategy and will understand what it takes to launch and grow a successful resort.  

Resort Business Plan Template FAQs

What is the easiest way to complete my resort business plan.

Growthink's Ultimate Resort Business Plan Template allows you to quickly and easily write your resort business plan.

How Do You Start a Resort Business?

Starting a resort business is easy with these 14 steps:

• Choose the Name for Your Resort Business
• Create Your Resort Business Plan
• Choose the Legal Structure for Your Resort Business
• Secure Startup Funding for Your Resort Business (If Needed)
• Secure a Location for Your Business
• Register Your Resort Business with the IRS
• Open a Business Bank Account
• Get a Business Credit Card
• Get the Required Business Licenses and Permits
• Get Business Insurance for Your Resort Business
• Buy or Lease the Right Resort Business Equipment
• Develop Your Resort Business Marketing Materials
• Purchase and Setup the Software Needed to Run Your Resort Business
• Open for Business

Don’t you wish there was a faster, easier way to finish your Resort business plan?

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Since 1999, Growthink has developed business plans for thousands of companies who have gone on to achieve tremendous success.   Click here to see how Growthink’s business planning advisors can create your business plan for you.

Other Helpful Business Plan Articles & Templates

• Sample Business Plans

Resort Business Plan

High demand for luxury & recreational activities, and a recurring revenue model make starting a resort business a lucrative and rewarding profession.

Anyone can start a new business, but you need a detailed business plan when it comes to raising funding, applying for loans, and scaling it like a pro!

Need help writing a business plan for your resort business? You’re at the right place. Our resort business plan template will help you get started.

Free Business Plan Template

Download our free business plan template now and pave the way to success. Let’s turn your vision into an actionable strategy!

• Fill in the blanks – Outline
• Financial Tables

How to Write A Resort Business Plan?

Writing a resort business plan is a crucial step toward the success of your business. Here are the key steps to consider when writing a business plan:

1. Executive Summary

An executive summary is the first section planned to offer an overview of the entire business plan. However, it is written after the entire business plan is ready and summarizes each section of your plan.

Here are a few key components to include in your executive summary:

Introduce your Business:

Start your executive summary by briefly introducing your business to your readers.

Market Opportunity:

Facilities:.

Highlight the resort facilities you offer your clients. The USPs and differentiators you offer are always a plus.

Marketing & Sales Strategies:

Financial highlights:, call to action:.

Ensure your executive summary is clear, concise, easy to understand, and jargon-free.

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2. Business Overview

The business overview section of your business plan offers detailed information about your business. The details you add will depend on how important they are to your business. Yet, business name, location, business history, and future goals are some of the foundational elements you must consider adding to this section:

Business Description:

Describe your business in this section by providing all the basic information:

Describe what kind of resort you run and the name of it. You may specialize in one of the following resort businesses:

• Beach resorts
• Spa resorts
• Golf resorts
• Mountain resorts
• Eco resorts
• Ski resorts
• Luxury resorts
• Describe the legal structure of your resort, whether it is a sole proprietorship, LLC, partnership, or others.
• Explain where your business is located and why you selected the place.

Mission Statement:

Business history:.

If you’re an established resort, briefly describe your business history, like—when it was founded, how it evolved over time, etc.

Additionally, If you have received any awards or recognition for excellent work, describe them.

Future Goals

This section should provide a thorough understanding of your business, its history, and its future plans. Keep this section engaging, precise, and to the point.

3. Market Analysis

The market analysis section of your business plan should offer a thorough understanding of the industry with the target market, competitors, and growth opportunities. You should include the following components in this section.

Target market:

Start this section by describing your target market. Define your ideal customer and explain what types of services they prefer. Creating a buyer persona will help you easily define your target market to your readers.

Market size and growth potential:

Describe your market size and growth potential and whether you will target a niche or a much broader market.

Competitive Analysis:

Market trends:.

Analyze emerging trends in the industry, such as technology disruptions, changes in customer behavior or preferences, etc. Explain how your business will cope with all the trends.

Regulatory Environment:

Here are a few tips for writing the market analysis section of your resort business plan:

• Conduct market research, industry reports, and surveys to gather data.
• Provide specific and detailed information whenever possible.
• Illustrate your points with charts and graphs.
• Write your business plan keeping your target audience in mind.

4. Resort Services & Facilities

The product and services section should describe the specific services and products that will be offered to customers. To write this section should include the following:

Describe all amenities & facilities:

Mention the resort facilities your business will offer. This list may include:

• Accommodation
• Recreational activities
• Spa and wellness
• Entertainment zone
• Event and conference facilities
• Swimming pool
• Tennis court

Describe each facility:

Provide a detailed description of each facility you provide, the types of that facility, and everything about it.

Quality Measures

: This section should explain how you maintain quality standards and consistently provide the highest quality service.

This may include quality assurance audits, standard operating procedures, regular maintenance & upkeep, hygiene & cleanliness standards, etc.

Additional Services

In short, this section of your resort plan must be informative, precise, and client-focused. By providing a clear and compelling description of your offerings, you can help potential investors and readers understand the value of your business.

5. Sales And Marketing Strategies

Writing the sales and marketing strategies section means a list of strategies you will use to attract and retain your clients. Here are some key elements to include in your sales & marketing plan:

Unique Selling Proposition (USP):

Define your business’s USPs depending on the market you serve, the equipment you use, and the unique services you provide. Identifying USPs will help you plan your marketing strategies.

Pricing Strategy:

Marketing strategies:, sales strategies:, customer retention:.

Overall, this section of your resort business plan should focus on customer acquisition and retention.

Have a specific, realistic, and data-driven approach while planning sales and marketing strategies for your resort business, and be prepared to adapt or make strategic changes in your strategies based on feedback and results.

6. Operations Plan

The operations plan section of your business plan should outline the processes and procedures involved in your business operations, such as staffing requirements and operational processes. Here are a few components to add to your operations plan:

Staffing & Training:

Operational process:, equipment & machinery:.

Include the list of equipment and machinery required for the resort, such as recreational activities equipment, spa & wellness equipment, vehicles, etc.

Adding these components to your operations plan will help you lay out your business operations, which will eventually help you manage your business effectively.

7. Management Team

The management team section overviews your resort business’s management team. This section should provide a detailed description of each manager’s experience and qualifications, as well as their responsibilities and roles.

Founders/CEO:

Key managers:.

Introduce your management and key members of your team, and explain their roles and responsibilities.

Organizational structure:

Compensation plan:, advisors/consultants:.

Mentioning advisors or consultants in your business plans adds credibility to your business idea.

This section should describe the key personnel for your resort services, highlighting how you have the perfect team to succeed.

8. Financial Plan

Your financial plan section should provide a summary of your business’s financial projections for the first few years. Here are some key elements to include in your financial plan:

Profit & loss statement:

Cash flow statement:, balance sheet:, break-even point:.

Determine and mention your business’s break-even point—the point at which your business costs and revenue will be equal.

Financing Needs:

Be realistic with your financial projections, and make sure you offer relevant information and evidence to support your estimates.

9. Appendix

The appendix section of your plan should include any additional information supporting your business plan’s main content, such as market research, legal documentation, financial statements, and other relevant information.

• Add a table of contents for the appendix section to help readers easily find specific information or sections.
• In addition to your financial statements, provide additional financial documents like tax returns, a list of assets within the business, credit history, and more. These statements must be the latest and offer financial projections for at least the first three or five years of business operations.
• Provide data derived from market research, including stats about the resort, user demographics, and industry trends.
• Include any legal documents such as permits, licenses, and contracts.
• Include any additional documentation related to your business plan, such as product brochures, marketing materials, operational procedures, etc.

Use clear headings and labels for each section of the appendix so that readers can easily find the necessary information.

Remember, the appendix section of your hotel resort business plan should only include relevant and essential information supporting your plan’s main content.

The Quickest Way to turn a Business Idea into a Business Plan

Fill-in-the-blanks and automatic financials make it easy.

This sample resort business plan will provide an idea for writing a successful resort plan, including all the essential components of your business.

After this, if you still need clarification about writing an investment-ready business plan to impress your audience, download our resort business plan pdf .

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Essentials of Writing a Business Plan

Frequently asked questions, why do you need a resort business plan.

A business plan is an essential tool for anyone looking to start or run a successful resort business. It helps to get clarity in your business, secures funding, and identifies potential challenges while starting and growing your business.

Overall, a well-written plan can help you make informed decisions, which can contribute to the long-term success of your resort.

How to get funding for your resort business?

There are several ways to get funding for your resort business, but self-funding is one of the most efficient and speedy funding options. Other options for funding are:

• Bank loan – You may apply for a loan in government or private banks.
• Small Business Administration (SBA) loan – SBA loans and schemes are available at affordable interest rates, so check the eligibility criteria before applying for it.
• Crowdfunding – The process of supporting a project or business by getting a lot of people to invest in your business, usually online.
• Angel investors – Getting funds from angel investors is one of the most sought startup options.

Apart from all these options, there are small business grants available, check for the same in your location and you can apply for it.

Where to find business plan writers for your resort business?

There are many business plan writers available, but no one knows your business and ideas better than you, so we recommend you write your resort business plan and outline your vision as you have in your mind.

What is the easiest way to write your resort business plan?

A lot of research is necessary for writing a business plan, but you can write your plan most efficiently with the help of any resort business plan example and edit it as per your need. You can also quickly finish your plan in just a few hours or less with the help of our business plan software .

How do I write a good market analysis in a resort business plan?

Market analysis is one of the key components of your business plan that requires deep research and a thorough understanding of your industry.

We can categorize the process of writing a good market analysis section into the following steps:

• Stating the objective of your market analysis—e.g., investor funding.
• Industry study—market size, growth potential, market trends, etc.
• Identifying target market—based on user behavior and demographics.
• Analyzing direct and indirect competitors.
• Calculating market share—understanding TAM, SAM, and SOM.
• Knowing regulations and restrictions
• Organizing data and writing the first draft.

Writing a marketing analysis section can be overwhelming, but using ChatGPT for market research can make things easier.

How detailed should the financial projections be in my resort business plan?

The level of detail of the financial projections of your resort business may vary considering various business aspects like direct and indirect competition, pricing, and operational efficiency. However, your financial projections must be comprehensive enough to demonstrate a comprehensive view of your financial performance.

Generally, the statements included in a business plan offer financial projections for at least the first three or five years of business operations.

What key components should a resort business plan include?

The following are the key components your resort business plan must include:

• Executive summary
• Business Overview
• Market Analysis
• Products and services
• Sales and marketing strategies
• Operations plan
• Management team
• Financial plan

Can a good resort business plan help me secure funding?

Indeed. A well-crafted resort business will help your investors better understand your business domain, market trends, strategies, business financials, and growth potential—helping them make better financial decisions.

So, if you have a profitable and investable business, a comprehensive business plan can help you secure your business funding.

What's the importance of a marketing strategy in a resort business plan?

Marketing strategy is a key component of your resort business plan. Whether it is about achieving certain business goals or helping your investors understand your plan to maximize their return on investment—an impactful marketing strategy is the way to do it!

Here are a few pointers to help you understand the importance of having an impactful marketing strategy:

• It provides your business an edge over your competitors.
• It helps investors better understand your business and growth potential.
• It helps you develop products with the best profit potential.
• It helps you set accurate pricing for your products or services.

About the Author

Upmetrics Team

Upmetrics is the #1 business planning software that helps entrepreneurs and business owners create investment-ready business plans using AI. We regularly share business planning insights on our blog. Check out the Upmetrics blog for such interesting reads. Read more

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Resort Business Plan Template

Written by Dave Lavinsky

Resort Business Plan

You’ve come to the right place to create your Resort business plan.

We have helped over 1,000 entrepreneurs and business owners create business plans and many have used them to start or grow their Resort companies.

Below is a template to help you create each section of your Resort business plan.

Executive Summary

Business overview.

Ocean View Hotel & Resort is a brand-new luxury resort located in beautiful Palm Beach, Florida. Our priority is to provide tourists and guests with a first-class luxurious vacation experience that they can’t find anywhere else in Palm Beach. We offer all the best amenities a resort could have including a full spa, a heated pool, a gym, a golf course, and tennis courts. We are also conveniently located right on the beach, so our guests can easily soak up the sun and enjoy the ocean at their leisure. We are also conveniently located near numerous shopping districts, nightclubs, and popular tourist destinations. Ocean View Hotel & Resort is the perfect resort for anyone looking for the ultimate Palm Beach vacation experience.

Ocean View Hotel & Resort is led by Jacob Ellis who has been in the resort industry for over 20 years. While Jacob has never developed a resort from the ground up, he has worked most recently as a general manager of a large resort, and has held various management-level positions in the industry over the years. Jacob Ellis has a Master’s degree in Hospitality Management and will use his expertise and experience to start his own resort.

Product Offering

Ocean View Hotel & Resort will provide a full suite of luxury resort amenities, all featuring streamlined customer service and convenience.

Some of the amenities we offer include:

• Restaurants
• Golf course
• Tennis Courts
• Heated Swimming Pool

Ocean View Hotel & Resort is located on the beach so guests can enjoy the sun and the ocean at their leisure. The resort is also located near shopping districts, nightclubs, and other popular destinations that our guests can easily access and enjoy.

Customer Focus

Ocean View Hotel & Resort will primarily serve tourists traveling to Palm Beach, Florida. We expect many of our guests to be affluent and have the disposable income needed to pay for the luxurious amenities we offer.

Management Team

Success factors.

Ocean View Hotel & Resort will be able to achieve success by offering the following competitive advantages:

• Location: Ocean View Hotel & Resort’s location provides the best access to the beach, shopping districts, nightclubs, and other amenities. The Company also offers adequate parking (along with valet parking), making it easy for customers to relax upon arrival.
• Luxurious Amenities: The resort will be full of luxurious amenities, including a full spa, gym, heated swimming pool, and golf course.
• Management: The management team has years of resort industry experience that allows the Company to market and serve customers in the same manner as its most sophisticated competitors.
• Relationships: Having visited the community for a number of years, Jacob Ellis knows all of the local leaders, newspapers, and other influences. As such, it will be relatively easy to build brand awareness of the resort.

Financial Highlights

Ocean View Hotel & Resort is currently seeking $7,000,000 to launch. Specifically, these funds will be used as follows:

• Resort design/build: $6,500,000
• Three months of overhead expenses (payroll, rent, utilities): $250,000
• Marketing costs: $100,000
• Working capital: $150,000

Company Overview

Who is ocean view hotel & resort, ocean view hotel & resort history.

After completing a market analysis, Jacob Ellis incorporated Ocean View Hotel & Resort as an S-Corporation on January 2023.

The resort development operations are currently being run out of Jacob Ellis’s home office. Once the land rights have been purchased, operations will be run from an on-site location.

Since incorporation, the Company has achieved the following milestones:

• Found site location and signed the land deed purchasing rights to the land
• Developed the company’s name, logo, and website
• Hired an architecture firm to create a blueprint of the resort
• Started taking bids from construction crews and electrical engineering firms
• Determined equipment leasing and financing requirements
• Began recruiting key employees

Ocean View Hotel & Resort’s Services

Industry analysis.

The global hotel and resort industry is valued at approximately $4.5T with more than 700,000 hotels and resorts operating worldwide. Even with the challenges of the recent pandemic, people are eager to travel and stay in luxury accommodations. According to PR Newswire, the industry is expected to grow substantially throughout the rest of the decade, growing at a CAGR of 17.4% until 2030. This shows that even though the pandemic halted travel temporarily, the industry is bouncing back and resorts are going to see a profitable decade.

Demand determinants for the hotel and resort industry include economic conditions, disposable income levels, and consumer preferences regarding hospitality and leisure spending. Over the past few years, consumer preferences have been shifting significantly. Customers are now looking for more personalized service, business-leisure opportunities, health and wellness accommodations, and digital guest experiences.

The hotel and resort industry is highly fragmented with intense competition from major players to single-location operators. Small resort businesses can compete in a variety of ways, however. Industry operators that offer a unique niche, affordable prices, in-demand locations, and amenities that appeal to the modern consumer can run a competitive resort business.

Customer Analysis

Demographic profile of target market.

Ocean View Hotel & Resort will serve the tourists visiting Palm Beach and its surrounding areas. The community of Palm Beach is a very popular tourist destination. Many of the tourists that visit are affluent or have the disposable income to spend on a luxurious vacation.

Some of our guests may be residents in local communities looking for a great place for a staycation. The demographics of Palm Beach are as follows:

Customer Segmentation

Ocean View Hotel & Resort will primarily target the following customer profiles:

• Local residents
• International tourists
• Domestic tourists

Competitive Analysis

Direct and indirect competitors.

Ocean View Hotel & Resort will face competition from other companies with similar business profiles. A description of each competitor company is below.

Shady Palms Resort

Shady Palms Resort is a hotel in Palm Beach. Shady Palms Resort is a leading hotel and has been in business for over 40 years. The hotel offers a wide array of services and amenities that you typically find at a hotel. Shady Palms Resort offers luxury accommodations and a five-star restaurant and lounge. Shady Palms Resort is the current most popular choice for tourists in the area because of its proximity to the airport and local attractions such as the Fine Art Museum and movie theater.

This hotel does not have full-service resort amenities, however. Nor does it have the latest digital technology for any of its services or room accommodations.

Super Adventure Resort

Super Adventure Resort is a family-oriented resort located 20 miles from Palm Beach. This resort specializes in providing wildlife adventure tours. The property also has a variety of amenities including a hotel, spa, pool, restaurant, bar, and gift shop.

Super Adventure Resort is far from any other local attractions, the airport, or any other modern conveniences such as grocery stores or gas stations, making it an out-of-the-way getaway, but not conveniently located.

Sunny Shores Hotel

Sunny Shores Hotel is a local hotel that has a few resort-style amenities such as a spa, salon, and fitness center in addition to its traditional hotel accommodations, restaurants, bar, lounge, pool, tennis courts, and free transportation to and from the airport. Sunny Shores Hotel is located close to a variety of local attractions and scenic areas. Guests can go hiking or bicycling on trails nearby or easily access public beaches.

While Sunny Shores Hotel has many appealing accommodations, it lacks the modern technology, full-service amenities, and additional attractions Ocean View Hotel & Resort will provide.

Competitive Advantage

Ocean View Hotel & Resort will be able to offer the following advantages over the competition:

Marketing Plan

Brand & value proposition.

Ocean View Hotel & Resort will offer a unique value proposition to its clientele:

• Convenient location close to local attractions and the beach
• Luxurious amenities
• Exceptional personalized customer service

Promotions Strategy

The promotions strategy for Ocean View Hotel & Resort is as follows:

Social Media

Ocean View Hotel & Resort will invest heavily in a social media advertising campaign. The brand manager will create the Company’s social media accounts and invest in ads on all social media platforms. It will use targeted marketing to appeal to the target demographics.

Website/SEO

Ocean View Hotel & Resort will invest heavily in developing a professional website that displays all of the features and benefits of the resort. It will also invest heavily in SEO so that the brand’s website will appear at the top of search engine results.

Advertising

Ocean View Hotel & Resort will initially advertise on travel websites, which are frequently used to book travel due to their ease of use and reviews.

Ongoing Customer Communications

Ocean View Hotel & Resort will publish a monthly email newsletter to tell new and past customers about promotions and events.

Ocean View Hotel & Resort’s pricing will fluctuate based on the season and occupancy percentages. However, we will typically charge similar rates as other luxury resorts in the area.

Operations Plan

The following will be the operations plan for Ocean View Hotel & Resort.

Operation Functions:

• Jacob Ellis will be the owner of the resort and hire the appropriate staff to manage it. He will also act as CEO and manage the overall operation and executive functions of the company.
• Rebecca Ellis will be the Administrative Assistant and assist Jacob with all the administrative tasks for the company.
• David Blyg will act as the Maintenance Engineer and attend to all mechanical and plumbing issues that may arise.
• Jacob will hire a General Manager and Assistant Manager to run the resort.
• Jacob will also hire a full staff of housekeepers, desk attendants, and other employees to run and manage all aspects of the resort (such as the bar, cafe, and spa).

Milestones:

Ocean View Hotel & Resort will have the following milestones completed in the next six months.

• 3/202X Finalize land purchase
• 4/202X Finalize blueprints for the resort
• 5/202X Hire and train initial staff
• 6/202X Kickoff of promotional campaign
• 7/202X Finish building the resort
• 8/202X Launch Ocean View Hotel & Resort

Financial Plan

Key revenue & costs.

Ocean View Hotel & Resort’s revenues will come primarily from booking fees for the resort’s many amenities. The company will charge varying rates per night based on demand and seasonality. Ocean View Hotel & Resort will also sell multiple packages to appeal to a range of guests, such as a health and wellness package and a staycation package.

The land purchase, equipment, supplies, and labor expenses will be the key cost drivers of Ocean View Hotel & Resort. Other cost drivers include marketing expenses, maintenance, and taxes.

Funding Requirements and Use of Funds

Key assumptions.

The following outlines the key assumptions required in order to achieve the revenue and cost numbers in the financials and in order to pay off the startup business loan.

• Average nightly rate: $500
• Year 3: 100
• Year 4: 125
• Year 5: 150

Financial Projections

Income statement.

Balance Sheet

Cash Flow Statement

Resort Business Plan FAQs

What is a resort business plan.

A resort business plan is a plan to start and/or grow your resort business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.

You can easily complete your Resort business plan using our Resort Business Plan Template here .

What are the Main Types of Resort Businesses?

There are a number of different kinds of resort businesses , some examples include: Health Spa Resort, Ski Resort, Eco-tourism Resort, Destination Resort, and All-Inclusive Resort.

How Do You Get Funding for Your Resort Business Plan?

Resort businesses are often funded through small business loans. Personal savings, credit card financing and angel investors are also popular forms of funding.

What are the Steps To Start a Resort Business?

Starting a resort business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.

1. Develop A Resort Business Plan - The first step in starting a business is to create a detailed resort business plan that outlines all aspects of the venture. This should include potential market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast.  

2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your resort business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your resort business is in compliance with local laws.

3. Register Your Resort Business - Once you have chosen a legal structure, the next step is to register your resort business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws. 

4. Identify Financing Options - It’s likely that you’ll need some capital to start your resort business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms. 

5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations. 

6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events. 

7. Acquire Necessary Resort Equipment & Supplies - In order to start your resort business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation. 

8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your resort business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising.

Resort Business Plan Template [Updated 2024]

Resort Business Plan Template

If you want to start a resort or expand your resort business, you need a business plan.

The following Resort business plan template gives you the key elements to include in a winning Resort business plan. It can be used to start an all inclusive resort, a ski resort, a health spa resort, an eco tourism resort, or any other type of resort business.

You can download our Resort Business Plan Template (including a full, customizable financial model) to your computer here.

Resort Business Plan Sample

I. executive summary, business overview.

[Company Name], located in [insert location here] is a new resort company that focuses on providing guests with personalized customer service and modern, high-tech amenities. The resort is located in an idyllic location where guests can experience a tranquil nature walk or a rigorous river rafting adventure. [Company Name] aims to be the ultimate choice for customers looking for exceptional service, high-tech amenities, and picturesque views.

Products Served

[Company Name] will provide a full suite of resort amenities, all featuring the latest digital technology for streamlined customer service and convenience.

Amenities include the following:

• Retail Shops
• Tennis Courts
• Swimming Pool
• Hiking & Nature Tours
• River Rafting

Customer Focus

[Company Name]’s potential customers include tourists traveling to [Location] from nearby countries. A secondary target will be local residents looking for a unique stay-cation experience. The demographics of these customers are as follows:

• An estimated 50,000 tourists travel to [Location] each year
• Average income of $46,000
• 35% are Gen Z, 40% are millennials, and 25% are baby boomers
• 42% are in management or professional occupations
• Median age: 35 years

Management Team

[Company Name] is led by [Founder’s Name] who has been in the resort industry for over 20 years. While [Founder] has never developed a resort from the ground up, he has worked most recently as a general manager of a large resort, and has held various management level positions in the industry over the years. [Founder] has a Master’s degree in Hospitality Management, and will use his expertise and experience to start his own resort.

Success Factors

[Company Name] is uniquely qualified to succeed due to the following reasons:

• There is currently no full-scale resort in the area, although it is an in-demand tourist destination. In addition, the founder has surveyed the local businesses and determined that they have frequent tourists visiting who would use the company’s resort when launched.
• The location is close to major highways, local attractions, and the airport.
• The management team has a track record of success in the resort industry.
• XYZ and ABC corporations announced plans to create new attractions in the city over the next two years and existing resorts will not be able to handle the increased capacity of visitors traveling to the city to visit these attractions.

Financial Highlights

[Company Name] is currently seeking $7,000,000 to launch.

Specifically, these funds will be used as follows:

• Resort design/build: $6,500,000
• Working capital: $500,000 to pay for marketing, salaries, and land costs until [Company Name] reaches break-even

Top line projections over the next five years are as follows:

II. Company Overview

Who is [company name].

[Company Name], located in [Location] is a new resort company that focuses on providing guests with personalized customer service and modern, high-tech amenities. The resort is located in an idyllic location that is close to major highways, local attractions, and an airport. Guests of the resort can experience a tranquil nature walk or a rigorous river rafting adventure. [Company Name] aims to be the ultimate choice for customers looking for exceptional service, high-tech amenities, and picturesque views.

[Company Name] was founded by [Founder’s Name], an experienced resort manager who has been working in various management-level positions in the industry for over 20 years. [Founder] has a Master’s degree in Hospitality Management, and will use his expertise and experience to start his own resort. [Founder] discovered the ideal location for his resort during a recent trip to [Location]. When he saw the opportunity for a full-scale resort in a growing tourist destination, he decided to start researching what it would take to build his company here.

As [Founder] began researching what it would take to create his own resort company, he did a thorough analysis on the costs, market, demographics, and competition. [Founder] has compiled enough information to develop his business plan in order to approach investors.

[Company Name]’s History

Once his market analysis was complete, [Founder’s Name] incorporated [Company Name] as an S-Corporation on [date of incorporation].

The resort development operations are currently being run out of [Founder’s Name] home office. Once the land rights have been purchased, operations will be run from an on-site location to ensure that every detail is being thought out and completed.

Since incorporation, the Company has achieved the following milestones:

• Found site location and signed the land deed purchasing rights to the land
• Developed the company’s name, logo, and website located at [website]
• Hired an architecture firm to create a blueprint of the resort
• Started taking bids from construction crews and electrical engineering firms
• Determined equipment leasing and financing requirements
• Began recruiting key employees with experience in the resort industry

[Company Name]’s Products/Services

Below are [Company Name]’s product offerings:

The state-of-the-art resort will offer guests the opportunity to take advantage of the following amenities:

III. Industry Analysis

The global hotel and resort industry is valued at approximately $1.06T with more than 700,000 hotels and resorts operating worldwide. This industry includes operators of hotel and resort accomodations, restaurants and meal service, and franchises. Primary industry activities include operating holiday resorts and hotels with private facilities.

Demand determinants for the hotel and resort industry include economic conditions, disposable income levels, and consumer preferences regarding hospitality and leisure spending. Over the past few years consumer preferences have been shifting significantly. Customers are now looking for more personalized service, business-leisure opportunities, health and wellness accommodations, and digital guest experiences.

The hotel and resort industry is highly fragmented with intense competition from major players to single-location operators. Small resort businesses can compete in a variety of ways, however. Industry operators that offer a unique niche, affordable prices, in-demand location, and amenities that appeal to the modern consumer can run a competitive resort business.

IV. Customer Analysis

Demographic profile of target market.

[Company Name] will serve the tourists visiting [company location] and its surrounding areas as well as locals who want a stay-cation experience.

The community of [company location] is quickly becoming a popular tourist destination with people coming in from nearby countries to experience the new attractions the region has to offer. Additionally, there are many local residents looking for a new recreating experience and a large percentage of the population has expressed interest in a stay-cation option.

Customer Segmentation

The Company will primarily target the following three customer segments:

• Leisure Travel Market: Travelers to [Insert Area or City] tourist attractions such as the Museum of Fine Art and the Annual Film Festival, as well as visitors to social events such as weddings.
• International Tourists: Last year, there were over 903 million international tourist arrivals worldwide, with a growth of 6.6%. International tourist receipts were $856 billion.
• Local Residents: There are a total of 10,000 local residents in [Area]. Approximately 43% are actively involved in many of the recreational activities the resort will offer such as hiking and river rafting.

V. Competitive Analysis

Direct & indirect competitors.

The company’s competition are other resort companies.

River Springs River Springs is a hotel in [location]. River Springs is a leading hotel and has been in business for over 40 years. The hotel offers a wide array of services and amenities that you typically find at a hotel. River Springs offers luxury accommodations, river rafting tours, and a five-star restaurant and lounge. River Springs is the current most popular choice for tourists in the area because of its proximity to the airport and local attractions such as the Fine Art Museum and movie theater.

This hotel does not have full-service resort amenities, however. Nor does it have the latest digital technology for any of its services or room accommodations.

Super Adventure Resort Super Adventure Resort is the closest resort, located approximately 50 miles outside of [Area or City]. This resort specializes in providing wildlife adventure tours. The property has a variety of amenities including a hotel, spa, pool, restaurant, bar, gift shop, and its primary source of entertainment; the adventure tours.

Super Adventure Resort is far from any other local attractions, the airport, or any other modern conveniences such as grocery stores or gas stations, making it an out-of-the-way getaway, but not conveniently located.

Sunny Falls Hotel Sunny Falls Hotel is also a local hotel that has a few resort-style amenities such as a spa, salon, and fitness center in addition to its traditional hotel accommodations, restaurants, bar, lounge, pool, tennis courts, and free transportation to and from the airport. Sunny Falls Hotel is located close to a variety of local attractions and scenic overlooks. Guests can go hiking or bicycling on trails nearby or book a river rafting tour with a hotel concierge.

While Sunny Falls Hotel has many appealing accommodations, it lacks the modern technology, full-service amenities, and additional attractions [Company Name] will provide.

Competitive Advantage

[Company Name] enjoys several advantages over other resort companies. Those advantages include:

• Location : [Company Name]’s location gives the best access to the airport, local attractions, shopping district, and restaurants. The Company also offers adequate parking making it easy for customers to relax upon arrival.
• High-Tech Amenities : The resort will be full of high-tech amenities for everything from contactless check-in and payment systems, to smart fixtures in the hotel rooms and a high-tech bar and nightclub.
• Management : The management team has years of resort industry experience that allows the Company to market and serve customers in the same manner as its most sophisticated competitors.
• Relationships : Having visited the community for a number of years, [Founder’s Name] knows all of the local leaders, newspapers and other influences. As such, it will be relatively easy to build the brand awareness of the resort.

VI. Marketing Plan

[Company Name] seeks to position itself as a source of exceptional service, high-tech amenities, and unique attractions in the resort industry. Consumers can expect to receive the best resort experience catered by experienced hospitality professionals.

The [Company Name] Brand

The [Company Name] brand will focus on the Company’s unique value proposition:

• Convenient location close to local attractions, major highways, and the airport
• Modern, high-tech amenities
• Exceptional personalized customer service

Promotions Strategy

[Company Name] expects its target market to be tourists visiting [Location]. The Company’s promotion strategy to reach these individuals includes:

Social Media [Company Name] will invest heavily in a social media advertising campaign. The brand manager will create the Company’s social media accounts and invest in ads on all social media platforms. It will use targeted marketing to appeal to the target demographics.

Website/SEO [Company Name] will invest heavily in developing a professional website that displays all of the features and benefits of the resort. It will also invest heavily in SEO so that the brand’s website will appear at the top of search engine results.

Phone Prospecting [Company Name] will assign salespeople to contact area corporations to arrange for bulk corporate rates for their visitors depending on the volume of visitors they will have.

Public Relations The Company will contact all local and regional area newspapers and television stations to tell them about the hotel opening and unique value proposition of [Company Name].

Advertising [Company Name] will initially advertise on travel websites, which are frequently being used to book travel due to their ease of use and reviews.

Ongoing Customer Communications [Company Name] will publish a monthly email newsletter to tell new and past customers about promotions and events.

Pre-Opening Events Before opening the resort, [Company Name] will organize pre-opening events designed for prospective international customers, local customers, and press contacts. These events will create buzz and awareness for [Company Name] in the area.

Pricing Strategy

[Company Name]’s pricing will fluctuate based on the season and occupancy percentages using a computerized yield management system, but pricing will always place the hotel in the mid-range, below luxury offerings, and above hotels and motels in the area that cannot be billed as a resort. Customers will feel they receive great value when they choose the resort for their vacation.

VII. Operations Plan

Functional roles.

In order to execute on [Company Name]’s business model, the Company needs to perform many functions including the following:

Administrative Functions

• General & Administrative functions including legal, marketing, bookkeeping, etc.
• Sourcing and storing supplies for the various resort amenities
• Hiring and training staff

Service Functions

• Check-in focused on customer service
• Janitor/maintenance personnel to keep the resort clean and in working order
• Staff to work in the hotel, restaurant, bar, nightclub, etc.
• Resort concierge service

VIII. Management Team

Management team members.

[Company Name] is led by [Founder’s Name] who has been in the resort industry for over 20 years. While [Founder] has never developed a resort from the ground up, he has worked most recently as a general manager of a large resort, and has held various management level positions in the industry. [Founder] has a Master’s degree in Hospitality Management, and will use his expertise and experience to start his own resort.

Hiring Plan

[Founder] will serve as the Owner and President of [Company Name]. In order to launch, he needs to hire the following personnel:

Housekeeping staff for the hotel (5 to start)

• Resort Managers (1 for each section of the resort – hotel, restaurant, bar, nightclub, etc.) who will be responsible for the day to day operations of their designated area
• Assistant Managers (will manage resort operations for their designated area on nights and weekends)
• Service Staff (4 full-time to work check-in and guest services – allowing for at least 1 staff person to be on duty at all times as well as additional staff for each of the resort’s features)
• Sales Staff (2 full-time) will target and book guests
• Legal, Bookkeeping, and other Administrative functions (3 staff)
• Brand manager: 1 full-time employee who will be responsible for developing and launching the brand; manage the website, and social media accounts.
• Janitorial and Maintenance staff: 5 employees who will be responsible for keeping the resort in tip-top condition.

IX. Financial Plan

Revenue and cost drivers.

[Company Name]’s revenues will come primarily from booking fees for the resort’s many amenities. The company will charge varying rates per night based on demand and seasonality. [Company Name] will also sell multiple packages to appeal to a range of guests, such as a health and wellness package, nature adventure package, and stay-cation package.

The land purchase, equipment, supplies, and labor expenses will be the key cost drivers of [Company Name]. The major cost drivers for the company’s operation will consist of:

• Resort maintenance
• Business Insurance
• Mortgage on land and utilities

Ongoing marketing expenditures are also notable cost drivers for [Company Name].

Capital Requirements and Use of Funds

[Company Name] is currently seeking $7,000,000 of debt capital to open its resort. The capital will be used for funding capital expenditures and resort build-out, hiring initial employees, marketing and branding expenses, and working capital.

Key Assumptions

  5 Year Annual Income Statement

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Vacation Rental Business Plan: 15 Steps for Success (Free Template)

Investing in a vacation rental business isn’t a decision to take lightly. However, as the short-term rental industry continues to grow, 2024 could be the perfect time to do so.

The success of any short-term rental business will depend on having actionable goals and clear objectives based on thorough market research, whether you’re a newbie or an experienced property investor.

It’s crucial to create a strategic business plan for short-term rentals before you hand over a deposit or receive the keys. A viable business and management plan will help you identify the risks and prepare you for the challenges ahead.

In this article, we look at what a business plan is, give you samples and templates to use, and analyze the 15 steps your vacation rental business plan needs to help you get started.

Don’t see the form to download our Vacation Rental Business Plan PDF? Click here .

What is a vacation rental business plan?

Simply put, your business plan is an overarching set of rules, goals, and frameworks to help you make decisions for your new business and its future.

Not only will a vacation rental business plan help you define your strategy, but you can repeatedly refer back to it to ensure you are going in the right direction.

Business plan vs. vacation rental business model

Many aspiring rental owners confuse these two documents or assume they’re the same, so let’s review the differences.

A short-term rental business plan is a detailed document that outlines your business goals and how you plan on achieving them. A short-term rental business model, on the other hand, is your core framework for providing value to guests and operating profitably. Business models are much shorter, often including only a customer value proposition and pricing strategy.

Why do you need a vacation rental business plan?

Vacation rental owners are eager to hit the ground running when they buy their first properties—who wouldn’t be? Any vacancy or downtime on the property means more money that’s coming out of your pocket. A vacation rental property business plan will guide you through the initial steps and beyond, helping you maximize your profit and success as a host.

Beyond just making money, having a good business plan for vacation rentals will allow you to measure success and identify areas for improvement accurately. For example, it will help you focus on key metrics, such as your budget, local market insights, and expansion opportunities.

How to write a short-term rental business plan: video summary

15 steps to create your vacation rental business plan

To make things easier for budding entrepreneurs, we’re including 15 steps to help you succeed in writing your short-term rental business plan. We also reached out to the following industry professionals for their insights!

• Antonio Bortolotti , founder of Vacation Rental Secrets and host of the Vacation Rental World Summit
• Cynthia Chan , co-founder of Airhosts Forum (the largest Airbnb host forum online)
• Karen Spencer , founder of The Business of Holiday Rental

Prefer a downloadable template? Scroll to the bottom of the page to download our customizable Short-Term Rental Business Plan PDF !

Step 1. Executive summary

For people outside Fortune 500 companies, writing an “executive summary” can be a bit scary. However, it’s a lot simpler than you may think!

An executive summary is just a few sentences that summarize your vacation rental business and includes all the essential information you want to get across. This is so that anyone can read the first page of your plan and know, at a glance, what your business entails.

Start by asking yourself the famous five Ws:

• Where is your vacation house located? By the beach, in the middle of the city, or in the countryside?
• What is it? A family vacation home, a glamping accommodation, or an ideal spot for business travelers?
• Who is it for? Families , couples , or large groups of friends?
• When is it best to stay at your rental? The summer, winter, or year-round?
• Why do you have this property? Is this a spare room you’re renting out for extra cash, a way to top up your pension if you’re retired, or your main form of income?

Answering these questions will help you outline what information you would like to include in your executive summary. You can then rewrite your responses to make sure your summary sounds professional.

Note: If you are still unsure about the details of your executive summary, feel free to do it at the end of your business plan—it’s a case of saving the best until last!

Step 2. Business goals

Your executive summary is going to give you a broad overview of where your business is going, but the goals section will help to further solidify this vision. Goals are what help you to set markers for what success in your business looks like.

Are you satisfied with a couple of bookings a month, or are you expecting a full reservation calendar by the end of the year? You’ll need to set goals to help pin this down.

What’s more, make sure your business goals are SMART: smart, measurable, attainable, relevant, and time-based.

Step 3. Value proposition

As with any business, you’ll need to state why customers are going to choose your business. It’s difficult to take yourself out of the equation when evaluating your business. After all, you’ve poured your blood, sweat, and tears into this project, so why wouldn’t guests choose you?

No amount of effort is enough if it’s not adding any value to your vacation rental. Consider how your vacation rental will provide a guest experience that the other properties in your area simply can’t provide.

Step 4. Company analysis

In this section, you should aim to explain the unique selling points (USPs) of your new vacation rental business, outlining what it will bring to the existing market.

Start by asking a few simple questions to figure out how you’re different (and better) than other rental properties out there. After all, once you are confident in your strengths, your guests will be, too!

Here are a few examples:

Is it better than others because of its location?

• Is it close to the beach?
• Main public transport lines?
• Is it off-the-grid?

Is the price of your accommodation better?

• Are you the cheapest accommodation around?
• Are you the best value?
• Do you offer discounts at certain times of the year?

Are the interiors of your property different or better than the rest?

• Do you offer a cozy, rustic getaway?
• Do you offer a fireplace where a family can sit at night?
• Is it a themed vacation rental ?

Step 5. Industry analysis

If you want to be successful in the rental business industry, you’ll need to be strategic and competitive in your company management plan. So, this section is where you state some key facts about current trends and expectations.

One of the ways to do this is by carrying out an industry analysis. This is basically looking at other vacation rental businesses and evaluating them.

Here are some sample questions that will help start your industry analysis:

What do vacation rentals near me charge per night?

• Would you class it as affordable or good value?
• Is it less than $50 per night? Or Is it more than $300?
• Think about the figures you come up with in relative terms, weighing the value of what the business is offering against the price they charge. This will help you start to price competitively.

Who is their target audience and clientele?

• Are they families ?
• Couples looking for a romantic break?
• Do they target students and school groups who need large but basic accommodations?

Are they luxury units or more basic rentals?

• Are they upmarket rentals in the most expensive parts of your area?
• Or are they modest vacation home rentals that students could afford?
• Do the rentals tend to fall in one end of the price range, leaving a gap in the market?

Are they self-catered or Bed & Breakfast?

• Do they offer a light breakfast?
• Or do they offer a breakfast buffet?

What websites/agencies do they use for bookings and advertisements?

• Are all your competitors advertising on Airbnb , Vrbo , etc.?
• Do they collaborate with local tourism agencies?
• Are they all missing out on a popular booking website that only you know about?

“I recommend owners to focus on profit per booking, not occupancy rates. We’re in it to make money, not fill as many nights as possible (that comes next). We could all be 100% full if we undervalued what we were offering. That doesn’t make good business sense. Be prepared to spend more when you first start out, to bring a quality product to the market. You’ll soon reap the rewards this investment in your future business will bring.” – Karen Spencer

Step 6. Customer analysis

Your customers—or rather, your guests—are how you are going to make your money. That’s why it’s important to understand and target them properly.

In your plan, create different buyer personas based on the types of guests you want to attract. This is like a profile of your ideal customer, from age to income. You should try to make it as detailed as possible because it will help your business grow later.

Creating buyer personas starts with a customer analysis. A customer analysis is just getting to know your customers and what they want and need from a rental property and a vacation.

Here are some key questions you should ask yourself about your ideal guest:

• What’s their name? It may seem silly to name a fictional person, but it will bring your customer analysis to life and help you imagine the buyer persona.
• What do they work as? For example, are they a high-flying banker, a medical professional, or an educator?
• How old are they? Think in terms of age ranges: 18-25, 25-40, and 40-60, and 60+.
• Do they have a family? If so, how many children do they have?

Keep going with questions like this until you’ve built an entire profile of the person. This will then help you understand their values, spending habits, common complaints, and amenities they’ll be looking for.

Getting anxious to dive in? Scroll to the bottom of the page to download our customizable Vacation Rental Business Plan PDF and get started!

Step 7. Competitive analysis

Another element of your vacation rental property business plan is conducting competitor research. Take a look at the market to find your direct competitors and analyze them to see how your business can thrive.

Competitive analysis is similar to industry analysis, but this time you’re going to focus on your immediate competitors rather than the industry as a whole. For example, if your short-term rental is a house by the beach, your direct competitors would be other accommodation providers on the beach.

With competitive analysis, you want to look at the people who may win a booking over you and use what you find to put yourself on top. Ask questions such as the following:

How much are my competitors charging per night?

• Competitor 1 – $100
• Competitor 2 – $150
• Competitor 3 – $200

Using this information, you may decide to drop your prices below $100 to become the cheapest option among your competitors and increase your booking rates.

What standard of accommodation do they offer?

• Are they all standard camping sites?
• Or are they high-end units?
• Are they somewhere in between, suitable for most travelers?

Do they offer airport transfers/pick-up service?

• Yes, but for a very high price.
• Yes, and for a reasonable price.

Do they offer a wide range of amenities in the house?

• No, most don’t even offer Wi-Fi.
• Yes, some offer basic things like a washing machine and television.
• Yes, all offer basic amenities, and some even include luxury amenities (like a swimming pool or gym).

Step 8. Operations plan

The operations plan is simply an insight into how you’re going to run your new business on a day-to-day basis. It will consider whether you will hire any staff, what standards you will set, and how you will keep track of inventory and other administrative duties.

This will be one of the most straightforward parts of your business plan. Chances are, you already have all of this planned.

Here are a few helpful prompts and examples in case you get stuck:

Am I going to hire any staff?

• No, I’m only renting out one room in my home, which I can do myself.
• Yes, I’m renting out several large apartments, and I have a separate, full-time job.
• No, my partner and I will do the work together.

Who is going to clean the rentals between guests?

• A cleaning agency?
• A neighbor?

Do I need to hire an accountant to help me handle the finances of my business?

• No, I’m comfortable dealing with all of those things.
• Yes! I don’t know the first place to start when dealing with taxes or business records.

Who will deal with bookings and customer complaints?

• Myself, with only one room it will be very manageable.
• I will hire an assistant to help with all of this administration stuff, I won’t have time!
• My daughter/son, it will be a good part-time job for them to give them an allowance.

To keep things simple, you can also use solutions such as Lodgify’s property management software and channel manager .

Step 9. Marketing plan

Explain which strategies you will use to advertise your business and generate bookings. Think about both online and offline marketing , as well as any campaigns or promotions you plan to run externally.

This is when your buyer persona (which you created earlier) will come in handy. If you know the people you’re trying to target, you’ll know what websites they use and what type of marketing will be suitable for them.

Your marketing strategy can be really diverse. Here are some questions to help you sketch it out:

What methods of online marketing should I use?

• I will just list my bookings on one travel website because that is enough for me.
• I will have my own, personal vacation rental website . My site, my rules!
• I have several properties to rent, so I will list them on several vacation rental websites to increase traffic and booking numbers.
• I will pay for Google Ads in my local area.

What methods of offline marketing should I use?

• None, online marketing will be enough for me.
• I will print flyers and leave them in local tourist offices.
• I will give each guest business cards and ask them to recommend me to friends and colleagues.

Do I have a website?

• No, I don’t want/need to create one.
• No, but I want one! I need to hire someone to create one for me or try a professional website builder .
• Yes, I have one, and I’m going to hire a search engine optimization specialist to help me increase the number of visits to it.

Do I have business cards ?

• No, I don’t need any.
• Yes, I have some but I won’t use them.
• Yes, I have some, and I’m going to use them as part of my marketing strategy.

“While I’m not sure there is a one-formula-fits-all, there are a few things that helped me: a great website, awesome warm-hearted, personal communication skills, finely tweaked standards, procedures and operations, an open mind and willingness to widen your horizon by questioning what you’ve achieved and learning what’s next. Because we are in an ever-changing and challenging world and only those willing to adapt to the changes will survive.” – Antonio Bortolotti

Step 10. Task delegation and employee management plan

It pays off to dream big, but make sure you have the capacity to do so. How will you manage guest turnover if you’re planning to rent your property every night? Better yet, who will manage guest turnover?

Depending on the scale, your goals will take some serious work to get there. Make sure you’ve factored in how you will manage it alone or how you plan to delegate tasks.

If you know that you’ll need to hire some staff, be it a property manager, cleaning service , or maintenance person, you’ll have to plan for how you’re going to distribute and delegate the work. Using task management tools and including them in your business plan outline will help you to make the most of your teams’ efforts.

“In such a demanding and dynamic industry as ours, finding the right combination of software that aligns with your individual business needs is key to accomplishing all this. And it’s not easy.” – Antonio Bortolotti

Step 11. Distribution plan

Websites like Airbnb and Vrbo are referred to as online travel agencies , or OTAs. For all new hosts, presence on OTAs and listing sites is essential to get bookings.

Your distribution plan should consider which channels you’ll be advertising on, how much they’ll cost you, and how you’ll manage them (hint: you might need a channel manager ).

Here are some helpful example questions to get you started writing a distribution plan:

Which OTAs do I want to list my property on?

• Every OTA that is available? I need lots of bookings!

How much will this cost me?

• Is it free?
• Do you have to pay monthly to list on these websites?
• Do they take a commission off bookings you receive from that website?

Are there any tools available to help me manage all of this?

• Yes! A channel manager .
• A channel manager is a tool you can use to ensure all of your bookings, dates, and arrangements remain in one place so you don’t get overwhelmed managing calendars from multiple OTAs.

When I do get a booking, how will I receive the payment?

• PayPal account.
• Bank transfer.
• Cash/card payments directly from guests upon arrival.

“If a host’s goal is to maximize their revenue and bookings, it definitely makes sense to list on several platforms. Based on research from one of our partners, Tokeet, they found that some of their hosts had reported a 20% increase in bookings once they used a channel manager to list across several home-sharing sites. I would recommend that if a host is listing across several platforms, they should utilize a channel management program to make it easier to manage their listings and their calendars so they don’t double book.” – Cynthia Chan

Step 12. Revenue management plan

So, this is the numbers part. But don’t worry— revenue management is not as scary as it sounds!

In this section, you’ll have to include information about the rates you plan to charge for your vacation rental, alongside any details about pricing or yield management tools you will use.

For people who feel overwhelmed by this, there are a lot of tools and software out there to help. To start with, we’ve written some quick questions to cover the basics of your revenue management plan to make sure your accounts and business stay well in the green.

How much will I charge per night?

• Fixed price: $100 per night.
• I’ll use dynamic pricing , increasing the amount during busy periods.
• I’m still undecided.

Pro tip: Lodgify Dynamic Pricing uses an algorithm that factors in 40+ listing attributes, market conditions, and local trends to automatically optimize your nightly rates.

What level of taxes will I have to pay to the government?

• I’m not sure. I need to research this before writing my revenue management plan.

How much will my utilities cost?

• Water is $50 a month.
• Trash collection is $30 a month.
• Electricity will vary depending on how many guests I’ll have.

What will my staff costs be?

• Zero, I’m doing all of the work myself.
• Low, I’m paying my teenage children an allowance to help me with some household chores.
• High, I’m going to hire a cleaning agency, a marketing specialist, a website developer, etc.

What’s my target monthly income?

• Anything above $0 at the beginning?

“Set stretching yet realistic prices. Quality holiday homes can charge more (because they are worth more) than an average place. When it comes to setting your prices, you need to know what it costs you to welcome each set of guests and work up from there, ensuring a healthy profit per booking every time. The more you charge per week, the more revenue per booking, yet your changeover costs, your marketing costs, your time spent, will be the same.” – Karen Spencer

Step 13. Financial plan

Think about how you are going to finance your new business. As with anything in life, proper budgeting will prevent future stress and help your business thrive.

So, what kind of information makes up a financial plan?

Will I need to take out a loan?

• No, I’m just renting out an existing property with everything ready to go.
• Yes, I will need a small loan to renovate this property.
• Yes, I will need a substantial loan to purchase the property/land where I’m going to build my rental.

What will the interest rates be?

Do I have savings I’m ready to invest into it?

• I don’t want to put my savings into it.
• Yes, I have a small amount that I’ll use for redecoration.
• Yes, I have lots of savings that I’ve been keeping for a project like this!

What level of monthly loan payments can I manage?

• None, my business has small incomings, so I don’t want to take a loan.
• $100 for a small loan?
• $750+ for substantial mortgage repayments?

“Not factoring in the cost of educating yourself is a luxury you can’t afford. The reason I’m part of online communities (I go to industry conferences like VRMA and I put together the Vacation Rental World Summit ) is because I’m the first one to not know everything.

I’m aware that if I want my business to thrive while this industry changes and crashes, I need to stay informed on what’s changing, adjust my strategies accordingly, and be prepared for what’s coming.” – Antonio Bortolotti

Step 14. Key milestones and business future

Write down your plans and goals for your business, plus what key milestones will help you achieve these targets.

When you start any project, whether it is going back to university, exercising, or starting a business, it is really important to track your progress. This section will be useful to refer back to and ensure you’re on the right track.

Here are some good milestones to use for your rental business:

How much do I want to make each month?

• $500? $750? $3.000?
• This answer will be linked to your financial plan, so this is a good time to go back and look at what you wrote down in Step 10.

How many guests do I want in the first quarter?

• As many as possible—I know I’m still in the beginning.

What rate of growth do I want in my bookings year-on-year?

• I’ll figure this out in the second year. I’m just getting started at the moment.

How many returning clients do I want each year?

• At least 10?
• More than 20—I’m confident in the service I provide.
• As many as possible!

“The biggest hurdle that Airbnb hosts have to get through in their first few years of business is to get enough reviews so that guests are comfortable staying at your listing. The more reviews you have, the higher your listing appears in the search results as well, so the biggest focus for hosts should be to get as many good reviews as possible.” – Cynthia Chan

Step 15. Vacation rental business plan: appendix

The appendix in your vacation rental business plan should include all of the relevant documents you have for your business, containing the vital information you need to keep things running.

For example, ask yourself:

• What’s the number for a plumber, just in case I have problems with the pipes?
• Where are my tax registration details?
• Have I kept receipts of all of the things purchased for my business recently?
• Have I backed up my online bookings and calendar somewhere?

Scroll to the bottom of the page to download our customizable Short-Term Rental Business Plan PDF and get started!

Vacation rental business plan: tips and tricks

So, you followed the 15 steps above. Now you’re done, right?

Well, not quite. With the industry growing increasingly competitive, it pays off to follow a few additional tips to get a competitive edge:

• It’s all about the timing. Writing a business plan before buying the rental home is advisable, so you can truly judge if it is a worthwhile investment and business venture.
• You get back what you put in. If you invest time, money and effort into your business, you will reap financial and personal rewards. And to be number one, you need to invest more effort and time than your competitors.
• Quality over quantity. Don’t forget that most people will choose value over price, so don’t compromise one for the other.
• Get yourself out there. The more places you advertise your business (your own website , third-party platforms , social media , etc.), the more bookings you’re going to get.
• Enjoy yourself! The old saying that you’ll never work a day in your life if you love what you do is completely true with vacation rentals. And the more you enjoy yourself, the better the experience will be for guests.

“Quality is essential in everything you do. From the product you bring to the market to the excellent customer service you offer your guests.” – Karen Spencer

Common mistakes found in short-term rental business plans

For many hosts, owning a vacation rental is their first business venture. So, it’s all too easy to make mistakes along the way. Here are some of the most common mistakes to look out for:

• Targeting everyone: We know you want to welcome as many guests as possible. Still, you should avoid trying to attract all guest types, as it might lead to attracting none. Instead, define your target customers based on your value proposition.
• Ignoring the competition: Evaluate your competitive edge in price, value, style, and availability to see where you need to improve. Recognize that rivals may outdo you, even if you believe your rental is the best.
• Making an unrealistic finance plan: Avoid overestimating revenue and underestimating the budget. You may have big goals, but maintain a realistic approach to financial planning.
• Assuming standard home insurance covers you: Include vacation rental insurance , and specifically a policy tailored for vacation rental owners, in your business plan to ensure proper coverage.

Download our free vacation rental business plan template

Don’t know where to start? Don’t worry!

All you have to do is download our free vacation rental business plan sample below and fill in your own information. Our handy guide includes all of the questions you need to ask yourself before starting your new venture.

Hi, Amazing article to learn from basics to advanced in vacation rental business. Thanks for sharing this wonderful article with us.

Fantastic article Jess as always. Even though we’re on our 2nd property and they both are doing well we are going to go back and go through the steps in the business plan. I bet it will help us refine our ideas for moving forward. Thanks again!

Well… consider yourself added to my blogroll. I have like six other blogs I read on a weekly basis, guess that number just increased to seven! Keep writing!

What kind of insurance is available?

Hi Dorothy,

I suggest you check out our article about the different types of vacation rental insurance available. You’ll find it here .

Riley & The Lodgify Team

Thanks for sharing this useful information! Hope that you will continue with the kind of stuff you are doing.

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Resort Business Plan Template

In today’s fast-paced world, the resort industry has emerged as a thriving sector, catering to the ever-growing demand for leisure and vacation experiences. Resorts offer a wide range of amenities and activities, providing guests with a luxurious and rejuvenating getaway from their daily routines. However, starting and running a successful resort requires careful planning and strategic decision-making.

This article aims to provide an insightful overview of a resort business plan, highlighting its significance in the competitive marketplace. Whether you’re an entrepreneur looking to launch a new resort or an existing resort owner seeking to enhance your operations, a well-developed business plan serves as a roadmap for success. By analyzing various aspects such as market trends, target demographics, marketing strategies, financial projections, and operational considerations, a comprehensive resort business plan sets the foundation for sustainable growth and profitability.

Executive Summary

The executive summary of a resort business plan serves as a concise snapshot of the entire plan, providing key stakeholders with a quick understanding of the business concept, objectives, and strategies. It outlines the core elements of the plan, including financial projections, marketing strategies, and operational goals. The executive summary serves as an important tool for investors, lenders, and potential partners who want to grasp the resort’s potential before delving into the detailed plan. It should showcase the resort’s unique selling proposition, market positioning, and the expected financial returns, capturing the attention and interest of potential stakeholders.

Business Description

The business description section of a resort business plan delves into the heart of the venture, providing a detailed overview of the resort’s vision, mission, and core values. It articulates the purpose of the resort, highlighting the experiences and benefits it aims to offer to its target market. This section also describes the resort’s target market and customer profile, presenting a clear understanding of the demographic, psychographic, and behavioral characteristics of the desired clientele.

Moreover, the business description outlines the resort’s unique selling proposition and competitive advantage. It identifies the factors that differentiate the resort from its competitors, such as its location, architectural design, amenities, service quality, or sustainability initiatives. This section also presents an overview of the resort’s facilities and amenities, showcasing the range of offerings that make it an attractive destination for travelers seeking relaxation, adventure, or entertainment.

Additionally, the business description highlights the legal structure and ownership details of the resort. It specifies whether the resort operates as a sole proprietorship, partnership, corporation, or any other legal entity, and provides relevant information regarding ownership distribution, board of directors, and key stakeholders.

By effectively conveying the resort’s vision, target market, unique value proposition, and legal structure, the business description sets the stage for the comprehensive analysis and strategies that follow in the rest of the business plan.

Market Analysis

The market analysis section of the resort business plan dives into a comprehensive evaluation of the resort industry and its dynamics. It provides a clear understanding of the current state of the market, including its size, growth trends, and key drivers. This analysis helps identify opportunities, challenges, and potential risks that the resort may face in the competitive landscape.

This section includes an in-depth analysis of the target market, considering demographics, psychographics, and behavioral patterns of the desired customer base. It outlines the specific characteristics of the target market, such as age, income level, geographic location, travel preferences, and interests. Additionally, it explores market segmentation and identifies niche markets that the resort can effectively cater to.

Furthermore, the market analysis evaluates the competitive landscape by identifying and analyzing key competitors. This includes assessing their strengths, weaknesses, market share, pricing strategies, and unique selling propositions. By understanding the competitive environment, the resort can identify areas of differentiation and develop strategies to gain a competitive edge.

Lastly, the market analysis section examines market trends, including emerging consumer preferences, technological advancements, and regulatory changes. By staying abreast of industry trends, the resort can adapt its offerings, marketing strategies, and operational practices to meet evolving customer demands.

Marketing and Sales Strategy

The marketing and sales strategy section outlines the resort’s approach to promoting its brand, attracting customers, and generating revenue. It defines the resort’s brand identity and positioning, highlighting the unique value proposition that sets it apart from competitors. This section also includes the resort’s marketing objectives and goals, ensuring alignment with the overall business objectives.

The marketing and sales strategy delineates the target market segments that the resort will focus on, along with the specific marketing channels and tactics to reach those segments. It includes a comprehensive marketing plan that outlines online and offline marketing activities, such as social media marketing, search engine optimization, content marketing, traditional advertising, public relations, and partnerships.

Additionally, the strategy addresses pricing strategies, taking into account market demand, competition, and the resort’s cost structure. It also encompasses revenue generation techniques, including upselling, cross-selling, package deals, and ancillary services.

Furthermore, the marketing and sales strategy defines customer relationship management practices and outlines strategies for customer retention, loyalty programs, and guest satisfaction measurement. It emphasizes the importance of providing exceptional customer service and experiences to foster positive word-of-mouth and repeat business.

Operations and Management

The operations and management section of the resort business plan outlines the organizational structure, key management personnel, and the operational processes necessary for smooth and efficient resort operations.

This section defines the roles and responsibilities of the management team, highlighting their relevant experience and expertise. It identifies the key decision-makers and their contributions to the overall success of the resort. It also outlines the staffing requirements and recruitment strategies for hiring skilled and competent employees across various departments.

Moreover, the operations and management section provides an overview of the resort’s operational processes, including front desk operations, housekeeping, maintenance, food and beverage services, and recreational activities. It emphasizes the importance of maintaining high-quality standards and efficient workflow to deliver exceptional guest experiences.

Additionally, this section addresses quality control measures, such as employee training programs, standard operating procedures, and regular performance evaluations. It also discusses the resort’s customer service policies, ensuring that the staff is well-equipped to handle guest inquiries, complaints, and feedback.

Furthermore, the operations and management section highlights the technology and systems necessary for efficient resort management. This includes property management systems, reservation systems, inventory management, and security systems.

By addressing the organizational structure, management team, operational processes, and technology infrastructure, this section ensures that the resort is well-prepared to deliver exceptional service and operational efficiency.

Financial Plan

The financial plan section of the resort business plan provides a comprehensive analysis of the financial aspects of the venture. It includes projections, budgets, and financial strategies that ensure the resort’s profitability and sustainability.

This section starts with an overview of the start-up costs and initial investment requirements. It outlines the expenses associated with land acquisition, construction or renovation, permits and licenses, equipment purchase, staffing, marketing, and other operational needs. Additionally, it includes details of any external financing sources, such as loans or investments, and their terms.

The financial plan also includes revenue forecasts and sales projections. It estimates the expected revenue based on anticipated occupancy rates, average daily rates, and other revenue streams, such as food and beverage, spa services, and recreational activities. It considers seasonal variations and market trends to develop a realistic revenue projection.

Moreover, the financial plan includes a break-even analysis, which determines the point at which the resort’s revenue covers all its costs and expenses. It helps in assessing the viability and sustainability of the business model.

Furthermore, the financial plan allocates budgets for various functional areas, such as marketing, operations, human resources, and maintenance. It ensures proper financial management by monitoring and controlling expenses and optimizing resource allocation.

Lastly, the financial plan addresses financing options and capital acquisition strategies. It explores possibilities for additional funding, refinancing, or strategic partnerships to support the resort’s growth and expansion plans.

Risk Analysis

The risk analysis section of the resort business plan identifies and evaluates potential risks and challenges that may impact the resort’s operations and profitability. By proactively assessing risks, the resort can develop effective strategies to mitigate or minimize their impact.

This section begins with a comprehensive risk assessment, considering both internal and external factors. Internal risks may include inadequate staff training, operational inefficiencies, or equipment breakdowns, while external risks can range from economic downturns and natural disasters to regulatory changes and reputational risks.

Each identified risk is analyzed for its potential impact on the resort’s operations and financial performance. A risk probability and impact matrix may be used to prioritize risks based on their likelihood and severity.

Once risks are identified and assessed, the risk analysis section outlines specific strategies and contingency plans to address each risk. It may include developing alternative suppliers, implementing disaster recovery plans, securing appropriate insurance coverage, or diversifying revenue streams.

Furthermore, the risk analysis section may discuss legal considerations and compliance requirements relevant to the resort’s operations. It ensures that the resort adheres to all applicable laws and regulations to mitigate legal risks and maintain a positive reputation.

Implementation Timeline

The implementation timeline section of the resort business plan outlines the key activities and milestones necessary to launch and scale the resort. It provides a roadmap for the phased approach to developing the resort and achieving specific objectives within defined timeframes.

This section begins with a high-level overview of the major stages of development, such as land acquisition, construction, interior design, staff recruitment, pre-opening marketing, and operational launch. It specifies the estimated duration for each stage.

Next, the implementation timeline breaks down each stage into specific tasks and activities. It assigns responsibilities, sets deadlines, and defines dependencies between activities. This ensures a well-structured and coordinated approach to the resort’s development.

Additionally, the implementation timeline may include milestones related to financial achievements, such as securing funding, reaching target occupancy rates, or achieving profitability. It provides a clear timeline for evaluating the progress and success of the resort’s operations.

The implementation timeline should also consider potential challenges or delays that may impact the project’s timeline. It allows for contingencies and adjustments to ensure a realistic and achievable plan.

By providing a detailed implementation timeline, the resort can effectively manage resources, monitor progress, and ensure timely completion of key activities, leading to a successful launch and operation of the resort.

Try PlanMatic.ai: Streamline Your Resort Business Plan with AI

Are you ready to dive into the world of resort entrepreneurship but find the task of creating a comprehensive business plan daunting? Look no further! PlanMatic.ai, an advanced AI Business Plan Software, is here to simplify the process for you. With its intuitive interface and powerful algorithms, PlanMatic.ai guides you through each step of developing a well-crafted resort business plan. From market analysis and financial projections to marketing strategies and operational considerations, this user-friendly platform provides tailored templates and expert suggestions to ensure your plan is comprehensive and effective. Don’t let the intricacies of business planning hold you back—leverage the power of PlanMatic.ai and bring your resort business dream to life. Sign up today and embark on a successful journey in the resort industry!

Winter is here! Check out the winter wonderlands at these 5 amazing winter destinations in Montana

• Travel Guide
• Hotels & Accommodation

How To Start A Resort Business

Published: December 7, 2023

Modified: December 28, 2023

by Teddie Bumgarner

• Hotel Reviews
• Plan Your Trip

Introduction

Welcome to the world of resorts, where relaxation, luxury, and impeccable service come together to provide an unforgettable experience for guests. Whether you’re dreaming of starting your own resort business or you’re already in the midst of the journey, this comprehensive guide will equip you with the knowledge and strategies to make your endeavor a success.

A resort business is much more than just a place to stay – it’s a destination in itself. It offers a wide range of amenities and activities to cater to the needs and desires of its guests. From stunning accommodations and fine dining options to recreational facilities and spa services, resorts aim to create a haven where visitors can escape from the stresses of everyday life and indulge in a world of luxury.

However, the path to establishing a thriving resort business can be both exciting and challenging. It requires meticulous planning, market research, attention to detail, and a passion for providing exceptional hospitality. This guide will take you through the key aspects of starting and running a successful resort, from market research and location selection to staff training and financial management.

Within the hospitality industry, resorts occupy a unique position. They cater to a wide range of guests, including vacationers, business travelers, honeymooners, and event organizers. As such, it is crucial to understand your target market and tailor your resort’s offerings to meet their specific needs and preferences.

Throughout this guide, we will delve into various aspects of the resort business, such as resort design, staffing, marketing, customer service, sustainable practices, and financial management. By providing you with a comprehensive understanding of each of these areas, we aim to empower you to create a resort that not only stands out from the competition but also becomes a destination of choice for discerning travelers.

Additionally, keep in mind that a successful resort is not just about the physical infrastructure and amenities. It is about curating an exceptional guest experience at every touchpoint. From the moment a guest makes a reservation to their check-out, each interaction should leave a lasting impression. We will explore strategies to ensure outstanding customer service and meet guests’ expectations in every aspect of their stay.

Furthermore, as responsible members of the hospitality industry, it is important to consider sustainability and incorporate eco-friendly practices into resort operations. We will discuss ways to reduce the environmental impact of your resort while maintaining a luxurious and enjoyable experience for your guests.

Starting and running a resort business is undoubtedly an exciting and rewarding endeavor. It requires dedication, attention to detail, and a deep understanding of the hospitality industry. By following the guidance provided in this comprehensive guide, you will be well-equipped to navigate the challenges and create a resort that not only attracts guests but also earns their loyalty and becomes a memorable destination for years to come.

Market Research

Before embarking on your journey to start a resort business, it is crucial to conduct thorough market research. This step will provide you with valuable insights into the current market trends, competition, and the needs and preferences of your target audience.

Market research helps you understand the demand for resort facilities in your chosen location and identify any gaps or opportunities in the market. It will enable you to develop a solid business strategy and make informed decisions that will set your resort apart from the competition.

Begin by analyzing the current state of the hospitality industry in your desired location. Look at the tourist arrivals, occupancy rates, average daily rates (ADR), and revenue per available room (RevPAR) to gauge the market’s performance. This data will give you an indication of the demand for resorts and the overall profitability of the industry in the area.

Next, identify your target market. Determine the types of guests you want to attract to your resort and understand their preferences, demographics, and travel behaviors. Are you targeting families, couples, business travelers, or a specific niche market? Knowing your target audience will help you tailor your offerings to meet their specific needs and desires.

Another essential aspect of market research is studying your competition. Identify other resorts in your chosen location and analyze their offerings, pricing, target market, marketing strategies, and customer reviews. This will give you valuable insights into what works in the market and help you differentiate your resort by offering unique features and experiences.

To gather customer insights, conduct surveys or interviews with potential guests or engage in social listening on platforms like social media. Understanding customer preferences, expectations, and pain points will allow you to develop a resort experience that exceeds their expectations.

Keep an eye on emerging market trends. Stay updated with industry news, attend industry conferences and trade shows, and network with other hospitality professionals. This will enable you to anticipate changes in customer behavior and adapt your offerings accordingly.

Emphasize the factors that differentiate your resort from others in the market. Whether it’s the location, unique amenities, personalized services, or a focus on sustainability, make sure to highlight these unique selling points in your marketing efforts to attract your target audience.

Remember, market research is an ongoing process. As your resort progresses and the market evolves, continue to gather feedback from your guests and monitor industry trends. This will help you stay ahead and make necessary adjustments to ensure the success of your resort business.

Location Selection

Choosing the right location for your resort is one of the most critical decisions you will make. The location sets the foundation for the success of your business, as it plays a significant role in attracting guests and determining the overall experience they will have.

When selecting a location for your resort, consider several factors that can impact its appeal and profitability.

1. Accessibility: Choose a location that is easily accessible to your target market. Consider proximity to airports, major transportation hubs, and popular tourist attractions. Accessibility ensures convenience for your guests and increases the likelihood of attracting a larger customer base.

2. Natural Beauty: Select a location with natural beauty and attractive surroundings. Whether it’s a beachfront property, a mountain retreat, or a lush forest setting, the visual appeal of the surroundings enhances the overall experience for your guests.

3. Demographics: Understand the demographics of the area and ensure that it aligns with your target market. Consider factors such as income levels, age groups, and lifestyle preferences. A thorough understanding of the demographics will enable you to tailor your offerings to meet the needs of your potential guests.

4. Competitiveness: Assess the level of competition in the area. While having competing resorts nearby can validate the demand for such establishments, you must also identify gaps in the market that you can fill. Differentiating yourself from the competition will be crucial in attracting guests and establishing your brand identity.

5. Local Regulations and Infrastructure: Research local regulations and zoning laws to ensure that your resort can operate legally in the selected location. Additionally, analyze the existing infrastructure, including utilities, transportation, and availability of skilled labor, to assess the feasibility of establishing and running a resort in the area.

6. Future Development: Consider the potential for future development in the area. Assess whether there are any upcoming infrastructure projects, tourism initiatives, or real estate developments that could positively impact your resort’s business and increase its value over time.

7. Environmental Considerations: Ensure that the location aligns with your sustainability goals and eco-friendly practices. Choose a location that allows you to minimize the environmental impact of your resort and integrate sustainable initiatives seamlessly into your operations.

Once you have identified a potential location, visit the site in person. Explore the surroundings, assess the infrastructure, and get a feel for the area’s ambiance. This on-the-ground research will provide invaluable insights into the location’s suitability for your resort.

Remember, the location of your resort is not only a marketing advantage but also a key factor in the overall experience you offer. Choose wisely to create a unique and enchanting destination that will attract guests and leave a lasting impression.

Business Plan

A well-crafted business plan is essential for the success of your resort venture. It outlines your vision, mission, and strategies while providing a roadmap for achieving your goals. A comprehensive business plan will also be helpful when seeking funding and attracting investors.

Here are the key components to include in your resort business plan:

1. Executive Summary: Begin with an overview of your resort concept, highlighting its unique features and target market. Summarize your key objectives and strategies in a concise and compelling manner.

2. Company Description: Provide detailed information about your resort, including its legal structure, ownership, and management team. Highlight the expertise and experience of key personnel and explain how their skills will contribute to the success of the resort.

3. Market Analysis: Conduct a thorough analysis of the target market, including trends, demographics, and customer preferences. Identify your primary competitors and conduct a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) to understand your resort’s positioning in the market.

4. Services and Amenities: Describe the range of services and amenities your resort will offer. Highlight any unique features that differentiate your resort from competitors, such as specialty restaurants, recreational activities, spa services, or eco-friendly initiatives. Clearly define your value proposition and explain how it will appeal to your target market.

5. Marketing and Sales Strategy: Outline your marketing and promotional strategies to attract guests to your resort. Include details on your brand positioning, pricing strategy, advertising campaigns, and online presence. Identify the key distribution channels you will utilize, such as online travel agencies, direct bookings, or partnerships with travel agents.

6. Operations and Management: Explain how your resort will be organized and managed on a day-to-day basis. Detail the staffing structure, employee training programs, and operational procedures that will ensure smooth operations and exceptional guest experiences. Include information on facilities management, housekeeping, and guest services.

7. Financial Projections: Provide financial forecasts and projections for your resort business. This should include estimates for start-up costs, revenue projections, operating expenses, and profitability. Prepare cash flow statements, balance sheets, and income statements to demonstrate the financial viability of your resort. Additionally, consider including a break-even analysis and potential return on investment for potential investors.

8. Risk Assessment: Identify potential risks and challenges that could impact the success of your resort. Develop a risk mitigation plan and outline strategies to address potential issues, such as natural disasters, economic downturns, or changes in regulations.

9. Implementation Plan: Provide a timeline and action plan for launching and operating your resort. Break down the key milestones, such as site selection, construction, staffing, and marketing campaigns, to ensure a smooth and successful opening.

Remember, your business plan is not a static document. It should be regularly reviewed and updated as your resort progresses and market conditions change. A well-crafted business plan will serve as a valuable tool to guide you in decision-making, secure funding, and communicate your vision to stakeholders.

Funding and Financing

Securing adequate funding and financing is a crucial step in starting and growing your resort business. The costs associated with establishing a resort can be substantial, and having access to the necessary capital is essential to cover expenses such as land acquisition, construction, equipment procurement, and staffing.

Here are some key considerations for funding and financing your resort:

1. Personal Savings and Equity: Utilize your personal savings or equity to contribute to the initial capital required for your resort. This demonstrates your commitment to the business and increases your credibility when seeking additional funding.

2. Bank Loans and Small Business Administration (SBA) Loans: Approach banks or financial institutions to explore loan options specifically designed for small businesses, such as SBA loans. These loans typically offer favorable terms and lower interest rates compared to traditional commercial loans.

3. Investors and Partnerships: Seek out potential investors or partners who are willing to provide financial support in exchange for a share of ownership or profit. This could include family and friends, angel investors, or venture capital firms. Ensure that you have a well-prepared business plan and financial projections to present to potential investors.

4. Crowdfunding: Consider utilizing crowdfunding platforms to raise capital for your resort. Crowdfunding allows you to reach a larger pool of potential investors who are interested in supporting innovative business ideas. Develop a compelling campaign and offer enticing rewards to attract backers.

5. Government Grants and Incentives: Research government grants and incentives that are available to support resort development or promote tourism in your region. These grants can provide financial assistance or tax incentives to reduce your overall costs.

6. Vendor Financing: Some vendors may offer financing options for purchasing equipment or supplies. Explore terms and conditions with vendors to negotiate favorable payment plans that align with your cash flow projections.

7. Lease or Rental Agreements: Consider leasing or renting the resort property instead of purchasing it outright. This can help reduce upfront costs and allow you to allocate funds towards other critical areas of the business. Negotiate favorable lease terms and ensure you have a solid long-term agreement in place.

8. Fundraising Events and Sponsorships: Organize fundraising events or seek sponsorships from local businesses to generate additional funds for your resort. Host gala events, auctions, or contests that not only raise capital but also create awareness about your resort.

Remember, it is crucial to have a clear financial plan that includes detailed cost estimates, revenue projections, and repayment strategies. This will instill confidence in potential lenders and investors and increase your chances of securing funding. Consult with financial advisors or professionals with experience in the hospitality industry to ensure you navigate the financing process successfully.

Licensing and Permits

Obtaining the necessary licenses and permits is a critical step in operating a legal and compliant resort business. Each jurisdiction may have specific requirements, so it is essential to research and understand the licensing and permit regulations in your desired location.

Here are some key licenses and permits that you may need to obtain:

1. Business License: Register your resort as a legal entity and obtain a business license from the appropriate government agency. This license validates your resort’s legitimacy and ensures that you comply with local laws and regulations.

2. Zoning and Land Use Permits: Ensure that your resort is situated on a property that is zoned for resort or commercial use. Obtain the necessary zoning and land use permits to demonstrate compliance with local planning and development regulations.

3. Building Permits: If you are constructing a new resort or making significant renovations to an existing property, you will need to obtain building permits. These permits ensure that your resort’s facility meets safety, structural, and environmental standards.

4. Health and Safety Permits: Your resort must meet health and safety regulations to ensure the well-being of your guests and staff. Obtain permits related to food handling, swimming pool operations, fire safety, and any other relevant health and safety concerns.

5. Alcohol and Liquor License: If you plan to serve alcoholic beverages at your resort, you will need to obtain an alcohol or liquor license. Requirements for these permits vary depending on local laws and may involve background checks, training, and compliance with specific regulations.

6. Environmental Permits: If your resort is situated in an environmentally sensitive area or utilizes natural resources (such as beach access or forestry), you may need to obtain specific environmental permits. Ensure compliance with environmental regulations to minimize the impact of your operations on the ecosystem.

7. Events and Entertainment Licenses: If you plan to host events, concerts, or live entertainment at your resort, you may need additional permits or licenses. These permits often involve inspections, security measures, and adherence to noise regulations.

8. Business Tax Registration: Register your resort for business taxes at the local, state, and federal levels. Ensure compliance with tax regulations, including sales tax, payroll taxes, and any other applicable tax requirements.

To obtain the necessary licenses and permits, familiarize yourself with the specific requirements of your target location. Research local government websites, consult with legal professionals, or engage a licensing service to navigate the process effectively.

Keep in mind that licensing and permit requirements may evolve over time. Stay informed about any updates or changes to ensure ongoing compliance with regulations. Failure to obtain the required licenses and permits can result in legal and financial consequences.

By obtaining the necessary licenses and permits, you can operate your resort with confidence, knowing that you are meeting all legal requirements and delivering a safe and enjoyable experience for your guests.

Resort Design and Construction

The design and construction of your resort play a vital role in creating a unique and appealing experience for your guests. It is important to carefully plan and execute the design and construction process to ensure that your resort reflects your vision and meets the needs and expectations of your target market.

Here are some key considerations for resort design and construction:

1. Concept and Theme: Define the concept and theme of your resort. Consider factors such as the local culture, natural surroundings, and target market preferences. Whether you opt for a contemporary, traditional, or thematic approach, ensure that your design concept aligns with your brand identity and target audience.

2. Architectural Design: Engage an experienced and reputable architect to design your resort. Collaborate closely with the architect to translate your vision into a functional and aesthetically pleasing design. Think about the layout, room configurations, common areas, landscaping, and integration of sustainable features.

3. Interior Design: Pay attention to the interior design of your resort, as it plays a significant role in creating a memorable guest experience. Consider factors such as color schemes, furnishings, lighting, and artwork. The design should reflect the overall theme, convey comfort and luxury, and create a welcoming ambiance for your guests.

4. Sustainability and Energy Efficiency: Incorporate sustainable design principles into your resort’s construction. Use eco-friendly materials, implement energy-efficient systems, and incorporate renewable energy sources if possible. Design your resort to minimize its environmental impact and promote a more sustainable future.

5. Construction Management: Hire a competent construction management team to oversee the construction process. Ensure that the project is completed on time, within budget, and according to the approved design plans. Regularly communicate with the construction team and conduct site visits to monitor progress and address any issues that may arise.

6. Quality Control: Implement a robust quality control process to ensure that construction and design standards are met. Conduct regular inspections and tests to address any deficiencies promptly. Pay attention to details such as finishes, fixtures, and equipment to guarantee a high standard of craftsmanship and durability.

7. Safety and Accessibility: Prioritize safety and accessibility when designing and constructing your resort. Ensure compliance with building codes and regulations, especially in areas such as fire safety, emergency exits, and accessibility for guests with disabilities. Provide adequate lighting, non-slip surfaces, and clear signage to enhance safety for guests and staff.

8. Landscaping and Outdoor Spaces: Create attractive outdoor spaces that enhance the overall guest experience. Invest in well-maintained landscaping, gardens, and outdoor recreational facilities. Design outdoor seating areas, pools, walking paths, and other amenities to provide guests with opportunities to relax and connect with nature.

9. Technology and Connectivity: Consider incorporating modern technology and connectivity features into your resort’s design. Provide high-speed internet access, smart room controls, and interactive guest services. Embrace technology to streamline operations, enhance customer service, and stay competitive in the digital age.

Remember, resort design and construction is a complex and multi-faceted process that requires careful planning, coordination, and attention to detail. Engaging professionals experienced in resort design and construction can help you bring your vision to life and create a stunning resort that leaves a lasting impression on your guests.

Staffing and Training

The success of your resort relies heavily on the skills and dedication of your staff. Building a competent and service-oriented team is crucial for delivering exceptional guest experiences and maintaining a positive reputation. Proper staffing and ongoing training ensure that your staff members are equipped with the necessary skills to meet and exceed guest expectations.

Here are some key considerations for staffing and training your resort:

1. Identifying Staffing Needs: Determine the staffing requirements based on the size, scale, and services offered by your resort. Identify the various departments and roles such as front desk, housekeeping, food and beverage, spa, maintenance, and security. Assess the required staff-to-guest ratio to ensure adequate service.

2. Recruiting and Hiring: Develop a comprehensive recruitment strategy to attract qualified candidates. Advertise job openings on relevant platforms, network within the hospitality industry, and consider partnering with local educational institutions. Conduct thorough interviews and background checks, and select individuals who align with your resort’s values and service standards.

3. Training and Orientation: Provide a thorough orientation program to familiarize new employees with the resort’s policies, procedures, and expectations. Ensure that they understand guest service standards, safety protocols, and their specific job responsibilities. Consider assigning mentors or buddies to guide and support new employees during their onboarding process.

4. Ongoing Training and Development: Invest in continuous training and development programs for your staff. This ensures they stay updated on the latest industry trends, customer service techniques, and technology advancements. Offer workshops, seminars, and online courses to enhance skills and encourage professional growth.

5. Communication and Team Building: Foster a positive work environment through open and effective communication channels. Encourage regular team meetings, scheduled feedback sessions, and an open-door policy for staff to voice suggestions or concerns. Organize team building activities and events to promote camaraderie, teamwork, and a strong sense of shared goals.

6. Empowerment and Recognition: Empower your staff by delegating responsibilities and allowing them to make decisions within their roles. Recognize and reward outstanding performance to motivate and reinforce positive behaviors. Establish employee recognition programs and celebrate achievements to boost morale and loyalty.

7. Cross-Training and Rotation: Offer opportunities for cross-training and staff rotation across different departments. This not only enhances their skill set but also fosters a broader understanding of the resort’s operations. This flexibility can also help address staffing gaps and provide employees with a well-rounded experience.

8. Employee Benefits and Wellness: Provide competitive compensation packages, including benefits such as health insurance, retirement plans, and vacation time. Prioritize employee wellness by offering access to fitness facilities, wellness programs, and regular health check-ups. A happy and healthy workforce contributes to better guest satisfaction.

9. Guest Feedback and Service Recovery: Encourage staff to solicit guest feedback and actively participate in service recovery processes. Train them to handle guest complaints professionally and resolve issues promptly and efficiently. Learning from guest feedback can help your staff continuously improve and refine their service delivery skills.

Effective staffing and training go hand in hand to create a skilled and motivated team that delivers exceptional guest experiences. By investing in your employees’ development, you not only enhance service quality but also foster a positive work culture that sets your resort apart from the competition.

Marketing and Advertising

Marketing and advertising are essential components of promoting and showcasing your resort to potential guests. An effective marketing strategy will help you attract the right target audience and differentiate your resort from the competition. By investing in strategic marketing and advertising initiatives, you can maximize your resort’s visibility and drive bookings.

Here are key considerations for your resort’s marketing and advertising efforts:

1. Branding and Positioning: Develop a strong and memorable brand identity for your resort that resonates with your target market. Consider your resort’s unique selling points, values, and desired perception. Craft consistent messaging and visuals to communicate your brand image effectively.

2. Website and Online Presence: Create a visually appealing and user-friendly website that showcases your resort’s features, amenities, and booking options. Optimize your website for search engines to improve organic visibility. Utilize professional photography, engaging videos, and virtual tours to give potential guests a glimpse into the resort experience.

3. Search Engine Optimization (SEO): Implement SEO best practices to improve your resort’s search engine rankings. Keyword research, meta tags, proper site structure, and relevant content will help boost your website’s visibility in search engine results, driving organic traffic and potential bookings.

4. Online Travel Agencies (OTAs) and Booking Platforms: Partner with OTAs and booking platforms to expand your reach and access a broader audience. Ensure that your resort’s listing is comprehensive, accurate, and optimized to attract potential guests. Offer competitive rates, exclusive packages, and attractive promotions to encourage direct bookings.

5. Email Marketing: Develop a targeted email marketing strategy to engage with past and potential guests. Build a subscriber list and regularly send out newsletters or personalized emails to stay top of mind. Share updates, special offers, and relevant content that appeals to your audience’s interests.

6. Social Media: Leverage social media platforms to connect with your audience, showcase your resort’s unique experiences, and engage with followers. Maintain an active presence on platforms like Facebook, Instagram, Twitter, and LinkedIn. Use compelling visuals, user-generated content, and influencer partnerships to build brand awareness and foster a community of loyal followers.

7. Content Marketing: Create informative and engaging content that showcases the value and benefits of staying at your resort. Utilize blogs, articles, videos, and social media posts to provide valuable information, inspire travel, and establish your resort’s expertise in the industry. Incorporate relevant keywords and shareable content to amplify reach and drive organic traffic.

8. Influencer and PR Collaborations: Collaborate with influencers, bloggers, and travel journalists to create buzz and generate exposure for your resort. Host media familiarization trips and offer complimentary stays to influencers and journalists in exchange for honest reviews and coverage. This can help increase brand visibility and reach a wider audience.

9. Events and Promotions: Organize events, promotions, and packages to attract guests during off-peak seasons, holidays, or special occasions. Create enticing offers, such as discounted rates, complimentary upgrades, spa packages, or exclusive dining experiences. Promote these offerings through various channels to capture attention and drive bookings.

10. Guest Reviews and Reputation Management: Encourage guests to leave positive reviews on review platforms like TripAdvisor, Google, and online travel agencies. Monitor and respond to reviews, both positive and negative, to demonstrate your commitment to guest satisfaction. Implement a comprehensive reputation management strategy to maintain a positive online presence.

By implementing a well-rounded marketing and advertising strategy, you can raise awareness of your resort, attract your target audience, and ultimately drive bookings. Regularly assess and adjust your marketing efforts based on data and feedback to optimize results and stay ahead in the competitive landscape.

Operations and Quality Control

Efficient operations and stringent quality control measures are vital for the smooth functioning of your resort and ensuring exceptional guest experiences. Proper operational management and a focus on quality control will help you deliver consistent service, maximize guest satisfaction, and maintain a positive reputation.

Here are key considerations for operations and quality control in your resort:

1. Standard Operating Procedures (SOPs): Develop comprehensive SOPs for all departments and functions within your resort. Clearly document procedures and expectations to ensure consistency in service delivery. SOPs should cover everything from check-in and check-out processes to cleaning protocols, F&B service, and emergency procedures.

2. Guest Service Training: Conduct regular training sessions to equip your staff with the necessary guest service skills. Focus on interpersonal communication, problem-solving, conflict resolution, and personalized guest interactions. Encourage a service-oriented mindset and empower employees to go above and beyond to meet guest needs.

3. Operational Efficiency: Optimize operational processes to enhance efficiency and minimize guest wait times or inconveniences. Streamline check-in and check-out procedures, housekeeping tasks, dining room operations, and other essential functions. Utilize technology solutions such as property management systems, mobile apps, and automated processes to simplify operations.

4. Communication Channels: Establish clear and efficient communication channels within your resort. Ensure seamless communication between different departments, shifts, and levels of management. Invest in technology tools such as digital radios, messaging platforms, and workplace collaboration software to facilitate smooth communication.

5. Facilities Maintenance: Implement a proactive approach to facilities maintenance to ensure that all areas of your resort are well-maintained and in good working order. Conduct regular inspections, address maintenance issues promptly, and invest in preventive maintenance practices to avoid any disruptions to guest experiences.

6. Safety and Security: Prioritize guest and employee safety by implementing robust safety and security measures. Install proper surveillance systems, secure access control systems, fire safety protocols, and emergency response plans. Train employees on safety procedures, maintain up-to-date certifications, and perform regular drills for handling emergencies.

7. Performance Monitoring: Implement systems to monitor the performance of your employees and operations. Set key performance indicators (KPIs), conduct regular performance evaluations, and provide feedback and recognition. Monitor guest satisfaction through surveys, reviews, and feedback to identify areas for improvement.

8. Feedback and Complaint Handling: Establish channels for guests to provide feedback and handle complaints effectively. Encourage guests to share their experiences and actively seek feedback. Develop a process to address guest concerns promptly, resolve issues, and learn from guest feedback to continually enhance your resort’s operations.

9. Continuous Improvement: Foster a culture of continuous improvement in your resort. Regularly review operations, gather feedback from guests and employees, and identify areas for enhancement. Monitor industry trends and innovation to stay ahead and proactively adapt to changing guest preferences and expectations.

By implementing efficient operations and maintaining strict quality control measures, you can consistently deliver exceptional guest experiences. Optimal operations and a focus on quality will help you build guest loyalty, positive word-of-mouth, and a strong reputation in the highly competitive hospitality industry.

Customer Service and Guest Experience

Customer service and guest experience are at the heart of the resort industry. Providing exceptional service and creating memorable experiences for guests should be a top priority in your resort’s operations. By going above and beyond to meet and exceed guest expectations, you can foster guest loyalty, generate positive reviews, and establish a strong reputation.

Here are key considerations for delivering outstanding customer service and creating exceptional guest experiences:

1. Service-oriented Culture: Foster a service-oriented culture throughout your resort. Ensure that all employees understand the importance of providing exceptional service and have a genuine desire to exceed guest expectations. Empower and encourage staff to anticipate guest needs, display empathy, and provide personalized experiences.

2. Personalization: Strive to personalize the guest experience as much as possible. Collect and utilize guest data to anticipate preferences and tailor services accordingly. Address guests by their names, offer personalized recommendations, and remember their preferences to create a warm and welcoming atmosphere.

3. Warm and Friendly Interactions: Train your staff to deliver warm and friendly interactions with guests. Encourage employees to greet guests with a smile, offer assistance proactively, and engage in genuine conversations. Demonstrating genuine care and interest in guests’ well-being builds trust and makes them feel valued.

4. Prompt and Efficient Service: Emphasize the importance of prompt and efficient service. Minimize wait times, respond promptly to guest requests, and ensure smooth processes for check-in, check-out, and other guest interactions. Train employees to handle service requests efficiently and professionally.

5. Problem Resolution: Develop procedures for effectively handling guest complaints and resolving issues. Train employees on effective problem-solving techniques and empower them to resolve issues promptly. Encourage a proactive approach to addressing guest concerns to ensure their satisfaction and prevent negative experiences.

6. Consistency: Strive for consistency in service delivery throughout various departments and across different shifts. Ensure that service standards are consistently upheld by all employees. Regularly assess and monitor staff performance and address any gaps through training and feedback.

7. Anticipate Guest Needs: Train your staff to anticipate guest needs and exceed expectations. Encourage them to be proactive in identifying opportunities to enhance the guest experience. From offering personalized recommendations to providing thoughtful gestures, going the extra mile creates memorable moments for your guests.

8. Continuous Training and Development: Invest in ongoing training and development programs for your staff. Provide them with the necessary skills, knowledge, and tools to deliver exceptional service. Focus on areas such as communication skills, empathy, problem-solving, and conflict resolution to ensure that your staff is well-equipped to handle any situation.

9. Regular Guest Feedback: Encourage guests to provide feedback on their experiences. Utilize guest surveys, comment cards, and online review platforms to gather feedback and assess satisfaction levels. Actively listen to feedback, address concerns promptly, and use the feedback to continuously improve and refine your resort’s operations.

10. Surprise and Delight: Look for opportunities to surprise and delight your guests. Consider thoughtful gestures such as welcome amenities, special treats, complimentary upgrades, or personalized notes. These unexpected touches leave a positive, lasting impression on guests and contribute to a truly memorable experience.

By prioritizing exceptional customer service and creating unforgettable guest experiences, you can differentiate your resort from competitors and build a loyal customer base. A reputation for outstanding service will attract repeat guests and generate positive word-of-mouth, further enhancing the success of your resort.

Sustainability and Eco-friendly Practices

In today’s world, sustainability is more important than ever. Adopting eco-friendly practices in your resort not only demonstrates your commitment to environmental responsibility but also appeals to an increasingly conscious and environmentally-aware guest base. By implementing sustainable initiatives, you can reduce your resort’s ecological footprint, attract eco-conscious travelers, and contribute to a more sustainable future.

Here are some key considerations for integrating sustainability and eco-friendly practices into your resort:

1. Energy Efficiency: Implement energy-saving measures throughout your resort. Upgrade to energy-efficient lighting systems, utilize smart thermostats, and invest in energy management systems. Encourage staff and guests to practice energy conservation by turning off lights and electronics when not in use.

2. Water Conservation: Implement water-saving measures to reduce water consumption. Install low-flow toilets, showerheads, and faucets, and use water-efficient landscaping techniques. Encourage guests to participate in towel and linen reuse programs to minimize unnecessary laundering.

3. Waste Management: Establish proper waste management systems, including recycling and waste separation programs. Educate staff and guests about proper waste disposal practices and provide clearly labeled recycling bins throughout the resort. Consider composting organic waste and reducing single-use plastics.

4. Local Sourcing: Support the local economy and reduce carbon footprint by sourcing products and services locally. Purchase local produce, engage in partnerships with local suppliers, artisans, and craftsmen, and offer authentic local experiences to your guests. This not only supports the local community but also reduces transportation-related emissions.

5. Sustainable Building Materials: Utilize sustainable building materials when constructing or renovating your resort. Opt for locally sourced, recycled, and renewable materials wherever possible. Incorporate green building practices such as using materials with low environmental impact and promoting efficient resource use.

6. Wildlife and Natural Habitat Protection: Respect and protect the local wildlife and natural habitats surrounding your resort. Educate staff and guests about ecologically sensitive areas, endangered species, and responsible wildlife viewing. Implement policies to prevent disturbance to wildlife and promote conservation efforts.

7. Environmental Education and Awareness: Educate staff, guests, and the local community about your resort’s sustainability initiatives. Conduct awareness campaigns, provide educational materials, and host workshops or seminars. Encourage guests to embrace eco-friendly practices during their stay and educate them on the importance of environmental conservation.

8. Green Certifications and Initiatives: Seek third-party certifications and participate in industry-led green initiatives. Certifications such as LEED (Leadership in Energy and Environmental Design) or Green Globe validate your commitment to sustainability and provide credibility to eco-conscious travelers. Partner with recognized eco-certifications and associations to showcase your resort’s commitment to sustainable practices.

9. Collaboration with Local Community: Engage with the local community and collaborate on sustainable initiatives. Support local conservation efforts, participate in community projects, and involve local organizations in your sustainability initiatives. This fosters positive relationships, creates a sense of shared responsibility, and contributes to the overall well-being of the community.

Remember, sustainability is an ongoing journey. Continually evaluate and improve your eco-friendly practices, set measurable goals, and track your progress. By prioritizing sustainability in your resort, you not only contribute to a more sustainable future but also attract environmentally-conscious guests who appreciate and support your efforts.

Risk Management and Security

Ensuring the safety and security of your guests, staff, and property is paramount in running a successful resort business. Implementing effective risk management and security measures not only protects your stakeholders but also fosters a sense of trust and peace of mind among your guests. By identifying potential risks and taking proactive steps to mitigate them, you can create a safe and secure environment for everyone.

Here are key considerations for implementing risk management and security measures in your resort:

1. Risk Assessment: Conduct a thorough risk assessment of your resort’s premises and operations. Identify potential risks, such as natural disasters, fire hazards, accidents, theft, or cybersecurity threats. Prioritize risks based on their severity and likelihood of occurrence.

2. Emergency Response Plan: Develop a comprehensive emergency response plan that covers various scenarios and outlines the necessary actions to be taken. This plan should include evacuation procedures, emergency contacts, communication protocols, and designated assembly areas. Regularly train and drill your staff on emergency response procedures to ensure preparedness.

3. Security Personnel: Employ well-trained security personnel who are equipped to handle security threats and ensure the safety of guests and staff. They should have a good understanding of the resort’s protocols, be able to handle emergency situations, and provide a visible presence to deter potential threats. Conduct thorough background checks and provide ongoing training to your security team.

4. Access Control: Implement access control measures to secure the resort’s facilities and areas that require restricted access. Utilize key cards, biometric access systems, or security personnel to control entry to guest rooms, back-of-house areas, and other sensitive locations.

5. Surveillance Systems: Install a comprehensive surveillance system to monitor and record activities throughout the resort. Place cameras strategically in public areas, entrances, parking lots, and other locations to deter criminal activities and provide evidence in case of incidents.

6. IT and Data Security: Safeguard your resort’s data and IT systems against cyber threats. Implement secure networks, firewalls, encryption, and regular data backups. Train staff to recognize and report potential cybersecurity risks, such as phishing attempts or suspicious activities.

7. Staff Training and Awareness: Train your staff on safety and security procedures, including identifying suspicious activities, reporting incidents, and maintaining vigilance. Foster a culture of awareness and personal responsibility among employees to enhance overall security within the resort.

8. Insurance Coverage: Obtain comprehensive insurance coverage that protects your resort against potential risks, including property damage, liability, and accidents. Regularly review and update your insurance policies to align with your evolving business operations and changing risk landscape.

9. Guest Safety Communications: Clearly communicate safety and security measures to your guests. Provide information through signage, in-room guest directories, and digital platforms. Ensure guests are aware of evacuation routes, emergency contact information, and any specific safety instructions.

10. Ongoing Evaluation and Improvement: Regularly review and assess your resort’s risk management and security measures. Stay updated with industry best practices, emerging security technologies, and changing risk profiles. Address any identified gaps or weaknesses promptly to continuously improve your security posture.

By implementing effective risk management and security measures, you can create a safe and secure environment for your guests and staff. Prioritize the well-being of your stakeholders, and ensure any potential risks are identified, managed, and addressed swiftly. A robust risk management and security framework will contribute to a positive guest experience and safeguard your resort’s reputation.

Financial Management and Profitability

Effective financial management is essential for the long-term success and profitability of your resort business. By efficiently managing your finances, you can maximize revenue, control costs, and make informed decisions that drive the financial health of your resort.

Here are key considerations for financial management and maximizing profitability in your resort:

1. Budgeting and Forecasting: Develop a comprehensive budget that aligns with your resort’s goals and objectives. Consider all revenue and expense categories, including operational costs, marketing expenses, staff wages, utilities, and maintenance. Regularly review and update your budget, and prepare accurate financial forecasts to track progress and make informed decisions.

2. Revenue Management: Implement effective revenue management strategies to optimize room rates and increase overall revenue. Conduct market research, monitor demand patterns, and adjust pricing strategies accordingly. Utilize revenue management software or tools to analyze data and make data-driven decisions to maximize profitability.

3. Cost Control: Identify and control costs to improve profitability. Regularly review expenses, negotiate better terms with suppliers, and explore opportunities to streamline operations. Implement efficient inventory management practices to minimize waste and optimize purchasing decisions.

4. Cash Flow Management: Maintain a strong cash flow to ensure the smooth running of your resort. Monitor cash inflows and outflows, manage accounts receivable and payable, and implement effective cash flow forecasting. Maintain a balance between ensuring sufficient liquidity and investing excess funds for future growth.

5. Financial Analysis and Reporting: Regularly analyze financial performance and generate accurate financial reports. This includes income statements, balance sheets, and cash flow statements. Conduct variance analysis to identify trends, areas of improvement, and potential cost-saving opportunities.

6. Profitability Analysis: Analyze profitability by segment, department, or revenue source. This will enable you to identify the most profitable areas of your resort and allocate resources accordingly. Evaluate the return on investment (ROI) for marketing initiatives, capital projects, and other investments to ensure optimal allocation of funds.

7. Capital Expenditure Planning: Develop a strategic plan for capital expenditures and prioritize investment decisions. Regularly assess equipment, technology, and property upgrades to enhance guest experiences and operational efficiency. Evaluate the potential return on investment and consider long-term benefits before committing to significant capital expenditures.

8. Tax Planning and Compliance: Stay informed about tax regulations and obligations applicable to your resort. Seek professional guidance to ensure compliance and maximize available tax incentives or deductions. Develop a tax planning strategy to minimize tax liabilities while staying compliant with relevant laws and regulations.

9. Financial Controls and Risk Management: Implement internal control measures to safeguard your resort’s financial assets. Establish protocols for financial transactions, employee authorization levels, and regular audits. Mitigate financial risks by diversifying revenue streams, maintaining adequate insurance coverage, and implementing robust fraud prevention measures.

10. Professional Financial Guidance: Consider consulting with financial professionals with experience in the hospitality industry. Seek guidance from accountants, financial advisors, or industry specialists who can provide insights, assist with financial analysis, and offer strategic advice to optimize your resort’s financial management.

Effectively managing your resort’s finances is critical for its long-term success. By implementing sound financial practices, analyzing performance, and making informed decisions, you can drive profitability, ensure sustainability, and secure the future growth of your resort business.

Starting and running a resort business requires careful planning, attention to detail, and a commitment to excellence. Throughout this comprehensive guide, we have explored various aspects of establishing and managing a successful resort, from market research and location selection to customer service and financial management.

Market research is crucial for understanding your target market, identifying trends, and determining your unique selling points. Careful location selection sets the foundation for attracting guests and creating memorable experiences. Developing a solid business plan and securing funding are essential for turning your vision into reality.

Once your resort is operational, staffing and training play a critical role in delivering exceptional service and creating unparalleled guest experiences. Marketing and advertising strategies help promote your resort and reach the right audience, while sustainability and eco-friendly practices demonstrate your commitment to the environment and attract environmentally-conscious travelers.

Operations, quality control, and risk management ensure smooth operations, protect your guests and staff, and uphold your resort’s reputation. Effective financial management and a focus on profitability help optimize revenue, control costs, and secure the financial health of your resort.

By incorporating the insights and strategies outlined in this guide, you will be equipped to navigate the intricate world of resort business with confidence. However, it’s important to remember that the hospitality industry is dynamic, and staying agile, adaptable, and always focused on the needs of your guests is key to ongoing success.

Starting and managing a resort business is undoubtedly challenging, but with careful planning, attention to detail, and dedication to providing exceptional hospitality, you can create a resort that sets itself apart, delivers unforgettable experiences, and becomes a sought-after destination for travelers from all around the world.

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Resort Business Plan Template

Published Feb.27, 2018

Updated Apr.24, 2024

By: Noor Muhammad

Average rating 4.5 / 5. Vote count: 2

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Table of Content

Do you want to start resorts business?

Do you want to start your own resort? If yes then you should definitely start it because a resort business can prove extremely profitable and can provide a good return on investment group business plan , provided that you plan and execute it properly. Before starting this venture, you will have to do a thorough research so that you may get to know, how to open a resort. Other than that, you will also have to prepare a comprehensive business plan which will not only help you in startup but will also be useful in deciding your business strategies over the next few years. For your facilitation, we are providing the business plan of a resort startup, ‘Heaven’s Inn.

Executive Summary

2.1 the business.

Heaven’s Inn will be a dream resort located at 10 minutes’ drive from Mitchell’s Cove Beach in Santa Cruz, California.

2.2 Management

Heaven’s Inn will be owned and operated by Anna Jill, who has been associated with various resorts and hotels throughout the United States for the last 10 years. Being experienced in this industry, Anna knows how to start a resort business and make it successful.

2.3 Customers

Our customers will primarily be the tourists visiting Santa Cruz. We will serve them by providing a dream lodging and unparalleled service.

2.4 Target of the Company

Our target is to become the best resort of Santa Cruz within 5 years of our launch.

Company Summary

3.1 company owner.

Heaven’s Inn will be owned and operated by Anna Jill. Anna has served at many senior positions in various resorts and hotels throughout the United States. She is known for her flawless management and sharp business acumen.

3.2 Why the Business is being started

Anna has always wished to create a dream location for tourists and through her venture, she aims to build an out-class resort with the best customer service. Her resort, with its high-end luxurious facilities, will be the dream location for every tourist out there.

3.3 How the Business will be started

You have to consider all startup requirements before you think about how to start your own resort. Anna has procured a beautiful building which was previously used as a hotel for starting her resort. The financial experts have forecasted the following costs for the start-up:

The detailed start-up requirements are as follows:

Services for customers

Before thinking about how to build a resort, you must decide what services will you provide to your customers since the planning of many subsequent things depend on your services. Heaven’s Inn will provide ten 2-bedroom units along with attached washrooms, laundry facilities, fully-equipped kitchens and parking facility. The resort also will offer a common outdoor swimming pool along with various other facilities. Our primary services are as follows:

• 24-hour Room Service
• 24-hour Medical Service
• Outside Swimming Pool
• Café and Lobby Bar
• Concierge Service
• Baby Sitting Service
• Laundry Service
• Laptop and Computer Rental Service
• Conference Meeting and Private Dining Service
• Massage, Manicure and Pedicure Service
• Airport Pick-up and Transfer Service

Marketing Analysis of resorts business

If you don’t know how to make a resort business plan, you can take help from this resort business plan sample. The most important component of effective resorts business plan is its accurate marketing analysis that’s why Anna acquired the services of marketing experts to help her through this phase. It is only after this stage that a good resorts business plan could have been developed. She also went through various resort business plans for getting a hold of the process. After identifying the local market trends in Santa Cruz, the marketing experts and analysts also helped her to select the best site for establishing the resort.

The success or failure of a business totally depends upon its marketing strategy which can only be developed on the basis of accurate marketing analysis. Marketing analysis is a must-do thing before you move on to develop a business plan for hotel and resort because the planning of many subsequent components depends on it. Therefore, it must be considered before developing a business plan for resort development.

5.1 Market Trends

The global resort and hotel industry generate more than $550 billion in revenue as of 2016. The resort and hotel industry is one of the important industries of the United States and has grown annually steadily over the recent years. It generated more than $190 billion in revenue as of 2015. The United States houses some of the world’s most famous city resorts and destinations which contribute significantly to the resorts and hoteling industry of the country. The number of smaller resorts have also increased over the previous years.

5.2 Marketing Segmentation

Our target market is the tourist community that visits Santa Cruz for various purposes. Nearly all of the tourists have sufficient budget for spending on their lodging, therefore, they can easily afford to stay at our resort. Our experts have identified the following type of target audience which can become our future consumers:

Business plan for investors

These three target groups have different purposes for visiting Santa Cruz and hence have different requirements for their lodging. We can target them only after analyzing their requirements during the stay. The detailed analysis of our target audience is as follows:

5.2.1 Recreational Tourists:

The first group comprises of the recreational tourists who have come to Santa Cruz for recreational and adventurous purposes. This category also includes tourists who have come for sporting, skiing or participating in other similar activities. Nearly half of the tourists visit Santa Cruz for recreational purposes, hence this target group will be the biggest consumer of our services and our marketing policy will be specifically built to target them.

5.2.2 Business Tourists:

The second category comprises of the business tourists who visit Santa Cruz for retreats and company outings. Nearly all of the companies located in the United States organize company retreats once or twice a year to increase team building between their employees and to take a break from the hectic and monotonous office routine. Other than lodging, our resort will provide conference meeting rooms for these tourists and other necessities for organizing their work sessions, team meetings, seminars, workshops, and conferences during their stay.

5.2.3 Medical Tourists:

The third category includes those tourists who visit Santa Cruz for medical purposes. This group mostly comprises of patients and senior citizens who need a change in their environment as a part of their medical treatment. These tourists need special attention, special diet and a 24-hour medical service, all of which will be available at our resort. The detailed market analysis of our potential customers is given in the following table:

5.3 Business Target

Our main business targets are:

• To become the best resort of Santa Cruz within 5 years of our launch
• To achieve the net profit margin of $10k per month by the end of the first year, $15k per month by the end of the second year, and $25k per month by the end of the third year
• To balance the initial cost of the startup with earned profits by the end of the first year

5.4 Product Pricing

Our every bedroom unit will be charged at $200 per night and will have following facilities: high definition LCD TV, DVD/VCR, video on demand, video games, premium music channels, high-speed internet, fireplace, fully-equipped kitchenette, king-sized bed and full-sized sleeper sofa.

Sales strategy is an important component of a business plan for small resort . Anna carried out an extensive research about various sales, marketing, and advertising strategies before she moved on to starting a resort business .

6.1 Competitive Analysis

We will have an extremely tough competition ahead of us because Santa Cruz houses many high-class luxury resorts. Still, we hope to stand out due to our competitive rates and exceptional customer service. We will provide all facilities of a luxury resort within the lowest rates in the town. Our second competitive edge will be our unparalleled customer service which will be the best in town. We will treat every customer with utmost respect and make sure that they get more than what they had expected from us.

6.2 Sales Strategy

• We will market and advertise our resort on social and print media.
• We will offer online booking and payment services for facilitating customers.
• We will offer a 25% discount on our services for the first three months of our launch.

6.3 Sales Monthly

6.4 Sales Yearly

6.5 Sales Forecast

Considering our competitive rates and the quality of our services our sales pattern is expected to increase with years. By analyzing our market segmentation strategy, our experts have forecasted the following sales on a yearly basis which are summarized in the column charts:

The detailed information about sales forecast, total unit sales, total sales is given in the following table:

Personnel plan

After you have estimated how much does it cost to build a resort , you will have to prepare a personnel plan to estimate how much cost will be incurred on the salaries of the staff.

7.1 Company Staff

Anna will manage the overall operations and will initially hire following people:

• 1 Accountant for maintaining financial records
• 2 Sales Executives responsible for marketing and discovering new ventures
• 4 Chefs for preparing food
• 15 Service Assistants for undertaking various day-to-day operations
• 10 Cleaners for keeping the resort in a perfectly cleaned shape and undertaking other cleaning tasks, like laundry
• 4 Drivers for Airport pick-up and transfer service
• 2 Masseuse for massage and therapy service
• 1 Technician for undertaking IT-related tasks
• 1 Doctor for providing medical service in case of emergency
• 1 Facility Manager for managing all facilities and equipment of the resort
• 1 Front Desk Officer for acting as a receptionist
• 2 Security Officers

7.2 Average Salary of Employees

Financial Plan

Finally, you will have to prepare a financial plan before thinking about how to start a resort . The Heaven’s Inn financial plan outlines the development of the company over the next three years and is specifically developed to achieve the company’s short-term and long-term objectives.

8.1 Important Assumptions

8.2 Brake-even Analysis

8.3 Projected Profit and Loss

8.3.1 Profit Monthly

8.3.2 Profit Yearly

8.3.3 Gross Margin Monthly

8.3.4 Gross Margin Yearly

8.4 Projected Cash Flow

8.5 Projected Balance Sheet

8.6 Business Ratios

Download Resort Business Plan Sample in pdf

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Resort Business Plan Template

Document description.

This resort business plan template has 34 pages and is a MS Word file type listed under our business plan kit documents.

Sample of our resort business plan template:

INSERT IMAGE/LOGO [YOUR COMPANY NAME] [YOUR NAME] [YOUR COMPLETE ADDRESS] [YOUR PHONE NUMBER] [[email protected]]

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• About Xotels

Hotel Business Plan

OK, so you have decided to realize your dream and become a hotel entrepreneur, so now you need to start writing your hotel business plan . You have thought out an amazing concept delivering unparalleled guest service. The next step would be to write a hotel business plan. It’s like a road map to the opening. However, as a seasoned hotel revenue management consulting and hotel management company , we have seen that this is where most entrepreneurs get stuck.

Why? Many do not have the time and don’t know what to write or how to do the financials. But until you finish your business plan, you will not be able to get the financing either. So you end up with ideas sitting in your head not realizing your dream.

Really it is not that difficult to make a good hotel business plan. It is merely a structured summary of your idea. Most people try to include everything about their hotel concept in the plan. This leads to an indigestible super novel-like bookwork, aka a mess.

The key is, knowing what to include, and what not to include in your hotel business plan. Create a clear road map for success. Excite investors rather than bore them to death like most business plans full of redundant information do. And you need to lead readers down the exact path you want.

One of the main challenges for example is that after reading the first page most businesses often don’t fully understand what the hotel is all about. For investors and lenders, it is crucial they can quickly comprehend your plan, without reading the whole document.

Hotels 101: The Basics of Business Planning

We have put together a hotel business plan template to help you on your way. Check out our approach based on 10 critical points, being:

• Executive Summary
• Company Analysis
• Industry Analysis
• Customer Analysis
• Competitive Analysis
• Strategic Plan
• Operations Plan
• Management Team
• Financial Plan
• Key Milestones

Steps of your Hotel Business Plan

Let’s dive into the step-by-step checklist of what your hotel business plan should look like.

Infographic by Xotels

1. Executive Summary

This first part should consist of two main parts, being:

• Mission Statement (Introduction): a 1 line company description only the essence of your hotel (not 2 lines or a paragraph). It explains why you are in business or which huge need you are solving, that currently is not being met. For example in the case of Qbic Hotels “Moving modular hotels into under-utilized real-estate to reduce build-out cost and time.” 
• Objectives : What do you hope to accomplish (i.e. “Reach an annual occupancy of 90%”).

 2. Company Analysis

More detailed information on the USPs (unique selling points) of your hotel concept.

3. Industry Analysis

Information on the current industry trends and the current state of the market and how this will impact your hotel. This is needed as investors want to be sure you really understand the hotel industry. This acts as the foundation on which decisions such as trends and developments to follow will be based.  

Streamline Your Hotel Operations

We guide hotels and resorts toward unparalleled success, positioning them as market leaders.

4. Customer Analysis

In-depth information on your target market, including geographic, demographic, socioeconomic, psychographic, and behavioural segmentation details. It can also help you to keep up to date with the latest hotel marketing trends to understand which are the types of guests who will be staying at your hotel. Explain which features will be meeting the needs and wants of these main segments when thinking of:

Basically, how will consumers answer this question ‘Why my hotel?’

Aim to break it up to the point value can be easily communicated (do not make it too overcomplicated). Think of the following examples:

• Psychographics: interests, lifestyles, personality, values, opinions, and attitudes
• Behavioural segmentation: purchasing behaviour, level of engagement, customer loyalty
• Demographics: gender, age, marital status and education
• Geographics: location (country, state, region, city)
• Socio-economics

Any of the above examples of hotel segmentation can, if described well, be of great value to your business plan. An example of this could be a hotel located in a beach town, where you should be able to describe how demographics and psychographics differ from summer to winter time. Especially, since this example is typically known for lower demand in winter which you could be compensating for with the right hotel marketing strategies on hand.

5. Competitive Analysis

A study of your local competition or global concept competitors, with each of their strengths, weaknesses, occupancy rates and market share ( SWOT analysis ). And don’t forget the most important part; what differentiates you from them. What makes you stand out?

Ask yourself: “can I add value to a specific area”, especially when it comes to hotel-dense areas like city centres or major destinations.

6. Strategic Plan

This exists of 3 parts:

• Marketing : How exactly will you attract customers/guests? How will you position yourself? What will your message be to the different segments of your business mix? How will your direct marketing work? What will be the plan for your hotel website, SEO, SEM and SMM? Will you do offline promotion? In short, your hotel marketing strategy should cover everything there is to know about how to market your hotel.
• Distribution : Which 3rd party channels will you use and how will you manage availability? What technology will you need?
• Revenue management : What pricing and yield techniques will you use? What will your payment and cancellation policies be? Which room types will you be selling, and how will they be individually marketed? How many revenue scenarios will I create? Where can I compensate income/demand streams when necessary?

Make sure you have the capabilities to plan out a strong marketing, distribution and revenue management strategy. 

Things get complicated rather fast, and choosing to outsource hotel and revenue management is likely to give you a strategic advantage, during the planning phase, and the execution of your business plans.

7. Operations Plan

How will you run your hotel? Think of the following elements:

• How many staff and supervisors will you need? 
• What are their job descriptions/responsibilities? 
• What background and experience should they have? 
• When should they start? 
• What are your service standards?
• Will you develop manuals?
• Which supplier will you use?
• How will you manage inventory?

8. Management Team

Include the bios of your team. Focus on what uniquely qualifies you to make your hotel such a success. Having a great team is the key to success , and stakeholders will be impressed with a thorough explanation of the added value everyone brings to the table.

9. Financial Plan

Provide the start-up costs of the hotel (capital investment), the ongoing business costs, operational expenses and revenue projections for the next five years. These figures should be always based on your Hotel Feasibility Study . The KPIs to look at include expected occupancy, ADR (Average Daily Rate) and RevPAR (Revenue per Available Room).

If you are raising money , outline how much funding will be needed and when. Explain how you will generate a return on investment for investors, or when lenders will be paid back.

10. Key Milestones

These are the most important achievements which once they have been completed, will make your hotel more likely to succeed. Think off:

• Location selection
• Permits & Licenses
• Build-out / Construction of the Hotel
• Staffing and Training
• GOP Break-even
• NOI Break-even

Each time one of the key milestones is achieved, the risk of lenders or investors decreases . And once your last key milestone is reached, the chance of success is more or less guaranteed.

11. Appendix

Provide any other relevant information here. Don’t clutter the main sections of your hotel business plan with too many details. Rather support them with attachments in this part.

Putting Your Plan into Action

Many people have great business ideas. But that really doesn’t matter. The difference between dreamers and entrepreneurs is the action mindset. Are you ready to ship your idea to the market? 

The first step is to put your ideas on paper. I hope this free sample will help you write a persuasive hotel business plan. Because no investor or lender will be interested if you cannot present a clear plan.

Follow your dreams and go for it!

Maximize Your Hotel Revenue

Uncover the hidden revenue potential of your hotel or resort.

Need help to Develop and Manage your Hotel Concept?

Our revenue management consulting experts at XOTELS have helped hundreds of hotels to develop and optimize their businesses.

With cost-effective implementations and best practices developed over years of experience, successful business for your boutique hotel, resort, B&B, aparthotel, hostel, or any other lodging concept for that matter.

Hope this template has helped you get inspired to start your own hotel business .

Best of luck in your endeavours!

Patrick Landman

PS. Get in touch with us if you need help developing and managing your hotel concept, and help bring your hotel to the next level with our hotel consulting services.

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• Business Plans Handbook
• Business Plans - Volume 07
• Hotel Resort Business Plan

Hotel Resort

BUSINESS PLAN     SEVEN ELMS RESORT

65000 Windy Lane Dr. Traverse City, Michigan 49865

The Seven Elms Resort outlines how it will provide quality hospitality services, cost-effectively, in a popular northern U.S. lake resort environment. This plan successfully raised capital for property acquisition, renovation, and company start-up related costs.

EXECUTIVE SUMMARY

Company summary, hotel & lounge overview, market analysis, competitive environment, strategy & implementation, promotion strategy, financial plan.

We seek funds for the acquisition and renovation of Seven Elms Resort, an adult-marketed, 17-room "boutique style" hotel specializing in a couples' "getaway" to provide relaxation and recreation in Benzie County, a popular tourism spot located next to the state of Michigan's Lake Michigan. Moderately priced between the high-line hotel properties and the older motel strips, Seven Elms Resort shall fill an affordability niche not presently available in Benzie County.

Combined with an on-site lounge, grill, poolside beverage service, and morning continental breakfast bar, we are seeking investment funds to renovate the hotel building, build-out a piano bar/lounge area with dance floor, and construct an outdoor pool adjacent to the indoor pool. With this refurbishment and other new amenities, Seven Elms Resort will form the basis of a highly profitable hotel venture. We are seeking funds to develop and expand the business in a phased approach, as highlighted within this document.

Seven Elms Resort's owner, Steve M. Blackburn, has an extensive business background, including over 14 years of experience developing a variety of businesses. Mr. Blackburn received his B.A. in Business Economics, and currently is an M.B.A. candidate at the University of Michigan. Desiring to return to his own business, he wishes to establish Seven Elms Resort, Inc. in 1999.

The foundation for the plan is a combination of primary and secondary research, upon which the marketing strategies are built. Discussions and interviews were held with a variety of individuals involved with other similar businesses to develop the proforma data, review the market potential, and competitive situation.

Renovation in the Prairie Style period, our hotel's design elements and furniture will reflect this "organic" approach and provide an overall comfortable experience. Seven Elms Resort shall specialize in meeting an individual or couple's needs. As growth warrants, the 10-acre site would allow for future expansion of the lodging portion of the resort (Phase II).

Business Plan Purpose

Introduction.

In today's highly competitive environment, formal business planning is an essential element in achieving business success. A well-written business plan is primarily a communication tool used to obtain financing. In certain instances, particularly with our early stage company, this business plan also serves as a strategic plan.

Considering that lenders are inundated by numerous investment opportunities from which they choose only a few, this business plan describes our story and how we intend to grow. Seven Elms Resort, Inc. management team has made an in-depth analysis of its opportunities and weaknesses and it has concluded that the company has an excellent chance to succeed.

Methodology for Business Planning

Sophisticated business planning helps management answer questions, such as: What will be our record of achievement? How have we fared compared to our competitors? Are we setting realistic and attainable goals and objectives?

Constructive and useful business planning requires a broad-based understanding of changes taking place in the marketplace in which the company competes, or plans to compete, and the ever-changing financial markets. In-depth technical skills in a variety of disciplines such as financial analysis, sales and marketing, latest technology, and managing growth are critical components in assessing a company's opportunities and risks.

Developing the Business Plan

The management of Seven Elms Resort, Inc. has developed this disciplined planning methodology to help the company anticipate its start-up costs and other critical information to arrive at this realistic plan.

Guidance from Outside Professionals

Mr. Blackburn has sought legal assistance and advisors to develop the Seven Elms Resort concept. Steve will maintain an active management involvement in every aspect of daily resort operations. This plan reflects his vision.

Five Objectives of Seven Elms Resort, Inc.

• Attract $1.4 million mortgage/investment capital;
• Focus ideas and establish goals;
• Identify and quantify objectives;
• Track and direct growth;
• Create benchmarks for measuring success.

The business of Seven Elms Resort, Inc. is the creation of and funding of an adult couples' 17-room hotel, specializing in a "getaway" atmosphere to provide relaxation and recreation in the Greater Benzie County/Lake Michigan area. Management is soliciting commercial finance partners who share its vision and desire to participate in this exciting business opportunity in the resort community of Benzie County, Michigan. The integration of these disciplines results in extensive and innovative services, set in a unique Prairie Style surrounding for our prospective guests.

Ideal Property Location

The preferred location is a 10-acre parcel with 8 acres of woods. Of the 18 rooms, 3 are executive suites, with Jacuzzi tubs, and one of them will be converted to an onsite manager's apartment. Each room has individual climate control, direct-dial phones, and televisions. The facility has a large main lobby area, indoor pool/Jacuzzi/sauna, lighted tennis court, 2-car garage, storage shed, ample parking, and all equipment necessary for operation of the motel. The separate onsite manager residence and meeting room complex will serve as a future lounge/grill space. The grounds are beautifully landscaped.

The motel is located in the motel district of Benzie County and is situated on 9.43 beautifully landscaped, wooded acres. Approximately 7 of the 9.43 acres are wooded and undeveloped, which creates an opportunity for significant expansion or potential for an entirely new enterprise.

This facility consists of one building, built in two phases: a 22- and 15-year-old two- and one- story wood frame 18-unit motel and manager's/owner's apartment, which when combined, total approximately 14,787 square feet of living area. The 18-unit motel includes a lobby with a fireplace, reception area, storage area, laundry room, bathroom, meeting rooms, a balcony, 18 room units, a men's and women's bathroom, kitchen, a whirlpool/sauna room, an indoor swimming pool, and mechanical room. The motel has a partial basement and includes a laundry room with two washers and two dryers.

The manager's apartment (future piano bar and basement bar/meeting room area) offers a living room, kitchen, dining area, family room, half bath, and gift shop on the first floor with 3 bedrooms and 2 baths on the second floor. The home has a concrete block basement that is partially finished with a recreation room and a 3/4 bathroom.

The exterior is cedar and the roof is pitch and pebble. The building is seated on a poured concrete and a concrete block foundation. Interior walls are concrete block and drywall. The flooring is carpet and ceramic tile. There are casement windows and wood storms and screens. There is a basement area under the living quarters and a portion of the motel.

Other improvements include a 2-car garage with 2 electric door openers. A detached storage shed is located to the rear of the manager's apartment. Land improvements include a blacktop driveway and parking lot with 23 parking spaces, concrete sidewalks, a lighted tennis court, street signage, and beautiful landscaping with a mature variety of trees and shrubs.

Mechanical systems include five gas hydropic, two gas forced air furnaces, electric baseboard heat, individual heat, and central air for each unit; 120-gallon hot water heater, 600-amp electrical service, intercom system, two central vacs, water softener, sump pump, 4-camera security system, cable television, smoke alarms, and telephone system.

Mission Statement

Seven Elms Resort, Inc.'s mission is to provide quality hospitality services to our guests in a comprehensive and cost competitive manner, providing the finest accommodations in Benzie County, Michigan.

Company Business Plan Objective

This business plan serves to detail the direction, vision, and planning to achieve our goal for providing superior and comprehensive hotel and lounge services. Our plan objectives are:

• Attract $200,000 bridge loan to secure $1.4 M property mortgage
• Focus ideas and establish goals
• Identify and quantify long-term expansion
• Track and direct growth
• Create benchmarks for measuring success

Seven Elms Resort shall fill a niche not presently available, namely a moderately priced (under $130 per night, summer rate) resort. Combined with an on-site lounge, a grilled food service, an indoor and outdoor pool bar, and a morning continental breakfast offering, we shall differentiate ourselves by becoming a "boutique style" resort versus simply another motel. With the construction of an outdoor pool adjacent to the present indoor pool/whirlpool/sauna complex and our other refurbishment and new amenities, Seven Elms Resort will form the basis of a highly profitable venture set in a Prairie Style environment.

Company Ownership

Mr. Steve Blackburn founded Seven Elms Resort, Inc. hotel and lounge in 1998 as a Michigan Subchapter "S" Corporation. Since 1985, Steve has had extensive experience in creating and managing organizations for environmental and economic development-oriented companies involved in nationwide projects.

Steve consults with area businesses in development-related issues, including finance, and is a United States SBA counselor at the Small Business Development Center at the University of Michigan. Past SBA clients include service and manufacturing organizations. He is a certified SBA Fast Track program instructor, a Michigan licensed loan solicitor, with a specialty in commercial finance, and a guest lecturer at U-M for Business Plan Writing Workshops. He has started previous business and corporate subsidiaries and looks forward to managing Seven Elms Resort on a daily basis.

Currently, Steve is an M.B.A. candidate at U-M and holds a Bachelor of Arts degree in Business Economics with a minor in chemistry from Notre Dame University.

Key Advisors to the Company

Seven Elms Resort, Inc. has additional key staff members and advisors to assist during the development, planning, and initial planning phases. They include an architect trained at the University of Notre Dame, CPAs, and former managers of bar and Bed and Breakfast style properties.

Management & Organizational Summary

Mr. Steve Blackburn will manage all aspects of the business and service development to ensure effective customer responsiveness. Qualified resort associate professionals will provide additional support services. Support staff will be added as guest and/or patron load factors mandate. Blackburn has joined the American Hotel and Motel Association.

Corporate Development Plan

For purposes of this Business Plan document, Seven Elms Resort, Inc.—Phase I and Phase II for developmental growth are defined below:

This phase involves preparation and development of Seven Elms Resort. Until the ideal property is acquired, Seven Elms Resort, Inc. offices will be housed at the home of Mr. Steve Blackburn, its founder. The property will establish its own Prairie Style identity, management directives, and capital. Incorporating a total quality management approach and a guest appreciation program, Seven Elms Resort will develop key repeat guests and lounge patrons. Through word of mouth and advertising, our reputation as an affordable "boutique style" resort shall grow.

Property renovation will include the makeover of 18 to 17 rooms (with 3 suites) and the conversion of the present onsite property manager's house to lounge gathering space. New construction includes a bar room addition, extra parking lot build-out, and an outdoor pool. [Phase I capital (start-up) funds are documented later on in this business plan.] It is anticipated that the funding and transfer of this property will happen in spring 1999. Operation "as is" of the facility would continue through the summer and fall. The hotel will close for the winter months for its build-out and renovation.

Continue implementation of sales, advertising, and marketing strategies developed in Phase I. Identify and pursue additional guest markets, i.e. Internet room guarantee services. Seven Elms Resort shall evaluate its room occupancy position to determine if a facility expansion is warranted. Seven Elms Resort anticipates additional support staff would be needed at the proper time (Phase II). This Plan does not contain funding needs for this Phase.

Establishing a hotel and lounge business clientele will take some time, as the research revealed word-of-mouth /recommendations /referrals and value as the primary way in which hotel and lounge services are selected by new guests. People who are completely new to the area, or who have few established connections, may look to the Yellow Pages or other advertising to establish available services, then call for information or pricing.

A good portion of the past guests to the property will no longer return, as the present ownership has operated the property as a Christian retreat-style motel.

Competitive Advantage

Strengths of Seven Elms Resort, Inc. include Steve Blackburn's broad base of experience in managing different types of companies. He has extensive development experience and a track record of hiring the right people and training them. Blackburn understands the service sector business, has traveled extensively frequenting numerous lodging establishments, and has gained invaluable experience in organizational management.

Currently, a mid-size "boutique" resort niche is vacant in the Lake Michigan market, with present lodging on the high end, averaging $225 per night (and up) down to older motel properties of $79 per night. Several B&B establishments may fall into the middle, however, Seven Elms, as a resort-style property, will serve its niche by itself.

Industry Keys to Success

• A property designed for the guest and/or lounge patron
• Frequent Guest Award Program
• Controlled overhead and operational costs
• Regular and ongoing guest feedback
• Latest technology/software capacity
• Weekend lounge (piano bar, dance floor) entertainment
• Unique, timeless and comfortable environment
• Dedicated management and associate support staff

Seven Elms Resort, Inc. like all businesses, is affected by forces and trends in the market environment. These include economic, geographical, competitive, legal/political, and technical.

Economic Environment

Positive forces include the generally prosperous economy that is currently in place, full employment, rising wages, and low inflation, leading more people to be able and willing to spend money and to get away for some time. The close locality of Lake Michigan offers an affordable alternative to a flyaway destination.

Geographical/Competitive Environment

Located just two blocks from Lake Michigan and downtown Lakegrove, the area has several golf courses, two ski hills, water recreation activities, numerous dining establishments, various retail and specialty shops, art galleries, theatre entertainment venues, and the beauty and serenity of Lake Michigan, which has made this county a famous Midwest tourist destination. Traverse City began to prosper in the 1870s, becoming a desirable resort area. Many homes and estates date back to this era and several enormous "summer cottages" were built on the lakeshore and are still in evidence today.

Seven Elms Resort shall fill a niche not presently available, namely a moderately priced (under $130 per night), resort-type establishment. Combined with an on-site lounge, a grilled food service, an indoor and outdoor pool bar, and a morning continental breakfast offering, we shall differentiate ourselves by becoming a "boutique style" resort versus simply another motel.

Our Prairie Style surroundings will attract and retain guests who appreciate such refined environments.

Legal/Political Environment

Seven Elms Resort management will not move the project forward until it has obtained an option to acquire one of the 19 Benzie County, Michigan, liquor licenses. As faced by all businesses, the proper insurance needs shall be met and all operations and policy manuals shall be reviewed by appropriate legal experts. The facility will obtain all the necessary building permits prior to construction. Present facility zoning allows for this proposed use, including a bar, cabaret, grill, and dance floor space.

Technology Environment

Computer programs greatly simplify the financial recordkeeping for today's businesses. As a small business, Seven Elms Resort will need to watch its expenses closely. By utilizing the existing software packages available in the hotel industry, including: room and facility management database, controlled bar and inventory measuring systems, and room key cards that allow patrons to charge directly to their room account, this technology shall assist management in controlling costs, reducing cash management, and maximizing revenue. Seven Elms Resort shall attract the resources necessary to train and operate the system in order to generate the reports and manage the inventory.

A listing of the hotel and motel properties in Benzie County, Michigan (sourced through Midwest and the Ameritech Directories) is as follows. (Note: Other properties on Lake Michigan, but outside the city limits, are not included):

High Line ($139-$750 per night, depending upon season) The Cove of Lake Michigan ($145-$225) Grand Michigan Resort and Spa ($139-$750) The Harbor's Edge ($139-$199) The Michigan Inn ($215-$350) The Strike Hotel ($200) Motel ($59-$119 per night, depending upon season) Breezy Chateau Inn Budget Time Motel Lake Michigan Motel Lakewood Motel Misty Motel Pine Tar Motel Plaza Motel Shady Drive Motel The Stirrup Motel Swiss Motel Bed & Breakfast (B&B) Dahlia House The Mixer House Precious Times Inn

Hotel and motel properties in adjacent communities are not listed, however, they do advertise in the Yellow Pages.

Seven Elms Resort hotel and lounge is attempting to carve out a fourth segment in the lodging market; that of a "boutique" style, high-line property at mid-line pricing geared towards adult couples and not marketed to families.

A review of competitors' marketing strategies reveals no one targeting this market segment. Hotel and lounge is a referral-driven business—new business can be obtained by encouraging and rewarding present guests to refer future guests. Networking within business and civic groups is important; even if the business results are not immediately felt, it is an excellent public relations opportunity. Live piano, or jazz style trio, on the weekends will add excitement to the resort and draw community residents and guests from other properties.

Market Research

A hypothetical behavior sequence model for a new customer (future guest) contemplating using a hotel and lounge service for the first time might look something like the following (based on discussions and interviews with potential guests):

Individual or couple decided to getaway for a few days. This may happen as a result of a need for a change of pace, vacation, or a celebration purpose. The need can arise anytime year round. Even in the late fall and winter months people are thinking "getaway" to break the weather doldrums.

Individual or couple investigates hotel services. In most cases, this means the they will consider first any recommendations that they are knowledgeable of through prior association (relative, friend, or social group). If the individual or couple is new to the area or otherwise has not made any close connections with people, he/she would look in the Yellow Pages for a listing, or perhaps look in a newspaper for advertising.

Acting on the advice of friends (or own knowledge), the individual or couple will call the recommended property to obtain information that will help him/her decide if this place is the best for them. Criteria for selection include: (1) amenities (pool, on-site food service, nonsmoking rooms, bar lounge area, etc.); (2) reputation (what kind of persons usually stay here?);(3) physical plant (how recent the renovation, upkeep, etc?); (4) courtesy (professional and attentive staff?); and (5) pricing (is the place affordable?).

Based on the information received, the individual or couple makes a decision and either schedules an appointment to view the property or makes a reservation.

The individual's satisfaction with his/her decision and with the service itself is largely a function of their interaction with the staff during their stay. Everyone associated with Seven Elms Resort will do everything possible to ensure a satisfactory experience for the guest, so that future business (and a future referral) is not at risk.

Marketing strategies will build on this model, taking advantage of precipitating events, fostering word-of-mouth recommendations, and creating satisfaction through interacting with the future or present guests.

Summary of Opportunities and Threats in the Environment

Overall, the environment appears very positive for Seven Elms Resort, Inc. The forces driving market demand, mainly economic and geographical, are strong, with more people staying closer to home for shorter getaway trips and their comfort level of visiting Lake Michigan, one of the Midwest's premiere travel destinations. On the negative side, there is competition, and it will take a while for Seven Elms Resort to get "established" in its market niche.

The business is driven by referrals and repeat business, so for the first few years Seven Elms Resort will need to be aggressive in attracting new guests. The marketing strategy is subject to change upon guest feedback and surveys.

Marketing Strategies

Target Markets—Geographical: The major cities within a three-hour drive of the property.

Target Markets - Consumer:

• New visitors traveling to the area
• Middle- and upper-income bracket
• Returning visitors to the area
• Businesses needing to hold small overnight planning and strategy sessions
• Area wedding parties

Positioning and Product Strategy

For its guests, Seven Elms Resort will be positioned as a new, beautifully landscaped, nature-filled, unique atmosphere hotel with a bar lounge service that fits an adult "getaway" market niche. A full range of referral services (i.e. restaurant recommendations, shopping, taxis, area attractions) will be made available and tailored to the needs of the particular guest.

Business services range from room phones that are Internet jack ready and telephone answering message service for each room to on-site fax services and meeting room space (lounge sitting area and cabaret room). Seven Elms Resort will aim to attract business guests and their partners needing to hold planning or strategy sessions away from the office in a new and comfortable surrounding, in order to even out revenues throughout the week.

Distribution Strategy

Unlike products that are produced, then distributed, and sold, hotel and lounge services are produced and consumed simultaneously in a real-time environment. Thus, distribution issues center on making the services available in a convenient manner to the greatest number of potential guests. Seven Elms Resort will maintain a front office staff member throughout the night so guests are able to get answers to any question or service when they need it. This flexibility is especially attractive to the business traveler. Clients will be able to contact Seven Elms Resort by telephone, fax, and e-mail.

Pricing Strategy

Rooms per night fees have been developed. The fee schedule takes into account seasonal rates that are common in the area. For businesses and other large group functions, pricing can be discounted depending upon the number of rooms reserved.

Example lounge pricing and grill food offerings are also noted.

Example fees:

Service and Support Philosophy

By giving careful consideration to customer responsiveness, Seven Elms Resort's goal will be to meet and exceed every service expectation of its hotel and lounge services. Our guests can expect quality service and a total quality management (TQM) philosophy throughout all levels of the staff.

Promotion strategies will vary depending on the target market segments. Given the importance of word-of-mouth referrals among all market segments when choosing a "getaway" hotel or small business meeting location, our efforts are designed to create awareness and build referrals. A cost-effective campaign—focused on direct marketing, publicity, our frequent guest reward program, and advertising—is being proposed.

Marketing Plan

New business segment.

A direct marketing (direct mail) package consisting of a tri-fold brochure, letter of introduction, and reply card will be sent to a list of potential guests. This list can be obtained from International Business Lists, Inc. (Chicago, IL) and is compiled from tax records (by upper-income geographical areas, Secretary of State incorporation registrations, business license applications, and announcements from newspaper clippings).

The brochure and letter introduces Seven Elms Resort, stresses the importance of having a good time in comfortable surroundings, provides information on our resort services, and describes what sets us apart from other area hotel and lounge properties. The initial mailing may contain a promotional offer: the opportunity to receive a 10% discount on the first night's room rate.

Approximately two months after the mailing, an additional letter shall be sent. The potential guest would be asked to address any questions and the follow-up would remind them to drop in for a property tour on their next trip to Lake Michigan. Additionally, new businesses will be targeted and sent information.

The cycle would repeat itself with new target communities and select businesses and would continue through the first year. After that, additional mailings would be conducted, as needed, based upon occupancy goals.

Seven Elms Resort, Inc. will also consider developing a one-page newsletter to be mailed quarterly to past guests and prospects in the database. The newsletter can be used to update clients on hotel and lounge and area-related developments, but also serves as a reminder of what sets Seven Elms Resort apart. The newsletter can be produced in-house and for the cost of paper and a stamp creates a lot of goodwill among guests and business prospects.

Publicity and Public Relations

A news release will be sent to area newspapers and magazines announcing the launch of Seven Elms Resort, Inc. and lounge. Area talent searches will be conducted to secure weekend cabaret room entertainment.

Steve Blackburn will join the Benzie County Chamber of Commerce as a means of networking in the community. He also may make himself available for speaking engagements at other community or civic organizations as a low-cost way of increasing awareness and building goodwill in the community.

Guest Reward Programs

For present guests: "Stay 6 nights and get the seventh night for free" promotion and as a means of building business by word-of-mouth, present customers should be encouraged and rewarded for referring future guests. This can be accomplished by offering a small "rebate" (5% or 10% rebate on first night stay) to current customers who successfully refer a new guest.

Advertising

Advertising is utilized primarily to attract new guests and serves to build awareness and name recognition of the resort in general, which is important for word-of-mouth referrals ("Oh yes, I've seen that resort's ads before.")

• Periodic advertising in target market area newspapers will afford Seven Elms Resort, Inc. name recognition benefits. From quarter page ads announcing its entertainment line-up to business card-sized logo ads.
• Yellow Pages—Ameritech PagesPlus, Greater Benzie County Telephone Directory. Research indicated that new visitors or people who don't have many personal acquaintances to ask about hotel and lounge services will look to the Yellow Pages to establish a list of potential hotel and lounge services to call. Even a small 2" × 2" boxed ad can create awareness and attract the desired target client, above and beyond the ability of a simple listing. Ameritech Yellow Pages covers the relevant market area, delivering over 30,000 copies to residents and business. Midwest Directories covers Greater Benzie County but is considered a second-tier directory to Ameritech.
• Telephone Book Cover. A business card-like ad on the plastic cover which is placed over any telephone book enables the business name/logo to be seen virtually 24 hours a day, 365 days a year. Covers are distributed bi-annually free of charge to residents and businesses in Benzie County.
• Restaurant Placemats—Opportunities exist for a business card-like ad to be placed on the paper placemats used in area restaurants (shelf-life of the ad is about six months), or for special (holiday) events taking place at a restaurant (1-off opportunities). An example would be getting on the area restaurant placemats (about 9,000 in six months), or getting on the special Lions Club "St. Patrick's Day" dinner placemats at the Village Restaurant (about 1,000 placemats for that event). Placemat advertising will reach area residents as well as area visitors/tourists staying at other places.
• Additional places to post flyers/business cards or for a business card ad include bulletin boards in public buildings (grocery stores, senior centers), and playbills for local theater groups.

Example Promotion Budget - 1999 (Amounts Included in Start-Up Funds)

Evaluation & Control Strategies

Objectives have been established for Seven Elms Resort so that actual performance can be measured. Thus, at the end of its first year, Seven Elms Resort should have:

• $772,000 in total revenue
• Anticipate 57% occupancy rating

Each subsequent year new objectives will be set for these benchmarks and actual performance will be measured against them. If actual performance falls short of objectives, investigation will be made into the cause, and plans will be adjusted accordingly.

In addition, it is recommended that Seven Elms Resort keep track of the source of all new guests ("Where did you hear of us?") in order to measure the effectiveness of each type of promotion. Each subsequent year's budget should adjust spending toward the types of promotion that reach the most new clients.

Customer satisfaction is most directly reflected in the year-to-year customer retention percentage. All lost customers should be investigated to find out why they left. A customer satisfaction survey may be considered after three to four years in the business.

Here is the Project Funding Summary for Seven Elms Resort:

Phase 1 Funding Amounts Sought

Developmental costs for the start-up of this new hotel and lounge services company are listed above. These schedules also listed in the Ten Year Proforma.

The following schedule highlights the anticipated developmental costs:

The development of Seven Elms Resort, Inc. will require the full-time talents of Steve Blackburn. Phase II growth amounts will be developed and sought at a later date, based upon needs to be determined at that time.

Financial Plan Assumptions

The following assumptions will be incorporated into Seven Elms Resort, Inc. proforma statements.

• All operating costs are based on Seven Elms Resort, Inc. management research of similar operating companies.
• Automated informational and bar control systems will reduce Seven Elms Resort, Inc. staff requirements.
• Developmental start-up costs are amortized over a five-year period.
• Room Occupancy Rate at 57%, G & A overhead and operations costs are calculated on an annual basis.
• Property manager and founder's salary is based on a fixed salary expense basis.
• All fixed and variable labor costs should rise annually at 2.5% per year.
• All revenues are figured to rise annually at five percent. Fixed annual, administrative, and office expenses rise at an annual rate of one half of one percent.

This is the resume of Steve Blackburn, the future owner of Seven Elms Resort Steve Blackburn has demonstrated experience in business and sales organization development. Developed and secured funding for own organization, author of several successful RFPs, business and market development plans. Has expertise in customer retention programs, sales training seminars, project planning, benchmark analysis, and forecasting and budgeting. Designed and implemented computer applications including: customer database service frequency schedules, truck routing, customer retention surveys, accounting and commission salary programs.

EMPLOYMENT HISTORY

University of Michigan, Ann Arbor, Michigan Small Business Development Center 1996-present

As a United States SBA counselor I assist clients in sales and business development and other related matters including: Sales, Marketing, Manufacturing and Productivity Analysis, Regulations Compliance, and Regulatory Program Development.

MRT Environmental, Inc., Cleveland, Ohio 1992-1995

Co-founder, Business Development, Marketing, and Sales. A consulting and facilities development organization for environmental services clients in the health care industry. My responsibilities included: development of project opportunities and clients, sales personnel and training, advertising and promotion, and financial record keeping.

Pride & Barrow Industries, Inc., Dallas, Texas 1985-1992

Vice President - Sales and Development. $80 million subsidiary of a $3 billion public company. Created the new medical services division; integrated third year revenues exceeded $4.5 million and employed over 25 employees. Market development and direct sales management for all regional special services subsidiaries. Developed region's first comprehensive medical waste service organization by identifying and marketing to the healthcare industry an emerging service bundle of packaging, transportation, in-service training, and treatment of medical wastes. Serviced all sectors of the healthcare industry from physician offices through major medical centers.

Market Development Representative and Environmental Specialist. Analyzed new business development opportunities in all service areas. Municipal waste contracts, waste company acquisitions, landfill development, and expansions and ancillary specialty services. Responsible for training, sales functions, regulatory data submittal, and special waste stream permitting. Created computer applications and processing systems to maximize efficiency and minimize errors.

University of Michigan, 1998, M.B.A. candidate.

Notre Dame University - Graduated 1985. B.A. in Business Accounting and Economics. Completed a course of study for a B.S. in Chemistry.

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Resort Hotel Ski Lodge Business Plan

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Silver Bear Lodge

Executive summary executive summary is a brief introduction to your business plan. it describes your business, the problem that it solves, your target market, and financial highlights.">.

The Silver Bear Lodge is located three blocks from Crest Lake Village, mid-mountain at Bear Valley Resort and on the free shuttle system. Located in the recently expanded Crest Canyon area, Silver Bear Lodge will offer customers 12 two-bedroom units with underground parking, fully-equipped kitchens, laundry facilities and stone fireplaces. Silver Bear Lodge also will offer a common-area outdoor hot tub as well as a on-site store and on-site front desk service.

Each year, over 150,000 skiers and nature lovers visit the Bear Valley Resort area. On average, visitors spend over $250 million, annually, for lodging, food, and recreational activities at Bear Valley Resort.  

Marty Snyderman and Luke Roth, co-owners of the Silver Bear Lodge, will operate the lodge as a ski resort during the months of November to April.  During the Spring and Summer months (May to August), the Silver Bear Lodge will operate as a summer resort. The lodge will be closed during the months of September and October.

1.1 Objectives

The objectives of the Silver Bear Lodge for the first three years of operation include:

• Assembling an experienced and effective staff.

1.2 Mission

The mission of Silver Bear Lodge is to become the number one lodge of choice with visitors to Bear Valley Resort.

Company Summary company overview ) is an overview of the most important points about your company—your history, management team, location, mission statement and legal structure.">

The Silver Bear Lodge, located in the recently opened Crest Canyon area, has 12 two-bedroom units with underground parking, fully-equipped kitchens, laundry facilities and stone fireplaces. Silver Bear Lodge also has a common-area outdoor hot tub as well as an on-site store and on-site front desk service.

2.1 Company Ownership

Marty Snyderman and Luke Roth are co-owners of the Silver Bear Lodge.

2.2 Start-up Summary

Marty Snyderman and Luke Roth will each invest $100,000.  They will also secure a mortgage to purchase the property for $250,000 and an SBA loan for $100,000.

2.3 Company Locations and Facilities

The charm and solitude of Bear Valley’s secluded mountain setting is found just 36 miles from the Richmond International Airport.

Silver Bear Lodge will offer customers 12 two-bedroom units, fully-equipped kitchens, laundry facilities and stone fireplaces. Silver Bear Lodge will offer a common-area outdoor hot tub as well as the following services on-site:

• Ski rental/clothing shop
• Front desk service

Market Analysis Summary how to do a market analysis for your business plan.">

Resort hotel development and operation in the Bear Valley Resort area has been very profitable and successful due to the economic upturn experienced in the early and mid 90’s. Time-share / resort hotel development and investments into ski resorts nationwide are currently going strong. In the past two years, sales of time-shares in the Bear Valley Resort area have increased by over 35 percent. There are forty condominiums, lodges, inns and hotels within two miles of the resort. Each year, room occupancy is close to 100% during the peak skiing season. New construction is planned in the spring for two condo complexes and a hotel.

4.1 Market Segmentation

Our customers can be broadly divided into two groups:

• Skiers . The Bear Valley Resort area is quickly becoming one of the best ski resorts in the U.S. The resort is located 36 miles from Richmond International Airport and is easily accessible.
• Summer Visitors . During the summer months, the Bear Valley Resort area is a beautiful wilderness retreat with over 50 hiking trails and other outdoor recreational activities.

Strategy and Implementation Summary

Silver Bear Lodge will aggressively market to both winter and summer visitors of the Bear Valley Resort area.  The Bear Valley Resort has activities occuring year round.  During the winter there is skiing but in the summer months, the resort has hot-air balloon trips, white water adventures, day hikes into Bear Valley, and other recreational activities that take advantage of valley’s spectacular beauty.

There are only thirteen lodges and inns in the Bear Valley Resort.  These facilities represent only 580 room units of the total of 4,000 room units in the resort area. The majority of room units in the area are condos.

Our customers are looking for a different lodging experience that cannot be found in any of the area’s condo complexes or hotels.  We will offer our customers a comfortable, congenial environment that will assure return visits to the Silver Bear Lodge.

The lodge will cost a little more but we will offer our customers all the services they need to make their stay memorable. We will offer a food shop that will be able to take special orders daily.  There will be a ski rental shop where customers can outfit themselves and purchase ski passes.  Each evening, guests can gather in the lodge’s main room where there is a large fireplace, drinks and light music.

5.1 Competitive Edge

The competitive edge of Silver Bear Lodge is the service, first and foremost.  Marty Snyderman and Luke Roth, co-owners of the Silver Bear Lodge, have over twenty years experience in managing ski lodging facilities.

Marty is the manager-owner of the Crest Lake Inn.  He has owned the inn for ten years.

Luke recently was the manager of the Village Resort Hotel. He held that position for the last five years.  Before this position, Luke was the manager of The Ridge, a 60 unit condo complex in Silver Lake Village.

Another significant advantage for the Silver Bear Lodge is its location.  Being located in the recently opened Crest Canyon area, Silver Bear Lodge is uniquely positioned to be centrally located to both Crest Lake Village (.5 miles) and the Bear Valley Resort ski area (.5 miles).

5.2 Sales Strategy

The Silver Bear Lodge’s sales strategy is to harness the existing Bear Valley Resort booking system that has been critical to the success of all of the area’s lodges and inns.   Room rates for the lodge will range from $150  – $250 per night in peak season.  In the off season prices will range from $100 to $175 per night.

5.2.1 Sales Forecast

The following is the sales forecast for three years.

5.3 Marketing Strategy

The Bear Valley Resort area has its own website and advertising/promotion program that promotes the area’s lodging. Currently, 70% of the area’s visitors use the website to identify lodging and service options.

The Silver Bear Lodge is positioned as a new upscale facility that is focused on the high-income visitors to Bear Valley Resort.  The area’s lodges and inns receive approximately 80% of their guests from the Bear Valley Resort booking system. Since the total number of room units are few with the area’s lodges and inns, these lodging units fill up quickly.

In addition, the Silver Bear Lodge will be highlighted in a promotional piece for Bear Valley Resort in the December issue of Ski Magazine.

Management Summary management summary will include information about who's on your team and why they're the right people for the job, as well as your future hiring plans.">

Luke Roth will be the manager of the daily operations of the Silver Bear Lodge.

6.1 Personnel Plan

The personnel needed for the Silver Bear Lodge are the following:

• Assistant manager.
• Lodge staff (7).
• Food store staff (3).
• Ski rental/clothing store (3).
• Maintenance staff (3).
• Cleaning staff (4).

Financial Plan investor-ready personnel plan .">

The following is the financial plan for the Silver Bear Lodge.

7.1 Break-even Analysis

The monthly break-even point is approximately $52,900.

7.2 Projected Profit and Loss

The following is the projected profit and loss for three years.

7.3 Projected Balance Sheet

The following is the projected balance sheet for three years.

7.4 Projected Cash Flow

The following is the projected cash flow for three years.

7.5 Business Ratios

Business ratios for the years of this plan are shown below. Industry profile ratios based on the Standard Industrial Classification (SIC) code 7011, Hotels and Motels, are shown for comparison.