The Safe Way To Start Your Venture
A good business plan will help you:
- Profile your competition.
- Understand your financial needs.
- Uncover potential pitfalls.
- Create an effective growth strategy.
Glamping isn’t a new phenomenon, but its popularity has skyrocketed in recent years. Industry reports show that the global glamping industry is set to reach £4.1 billion by 2028, expanding at a CAGR of 14.1%, and the ROI from glamping sites regularly outstrips the returns from more conventional investment.
In simple terms, there’s never been a better time to start your glamping adventure. But that doesn’t mean that you should rush out and start buying pods, land or a website just yet.
Successful businesses – glamping or otherwise – tend to be supported by in-depth market research and guided by accurate growth forecasts.
To prevent unnecessary roadblocks and maximise your chances of winning investment from 3rd party financers, you’ll want to make sure that you know exactly how to position your business, how you’ll develop your site and what you’ll need to spend on marketing your new venture.
You’ll also want to make sure you’ve documented your revenue model, know exactly how much capital you’ll need to sustain your business in the early stages of your journey and that you’re positioning your new brand correctly.
That’s why your first step – post feasibility study – should always be to write up a detailed business plan that provides a detailed overview of your local market, and charts the growth of your glamping site(s).