If you are like many in the UK, you are aware of glamping or luxury camping. Its popularity has grown exponentially in the last few years and as a landowner or investor its an excellent way to make money. Perhaps you have land that is sitting idle, a scenic tract of land that’s potential is being wasted and it’s a perfect location for glamping. Before you invest in a glamping business, you need to know if it is practical.
How do this? With a feasibility study! You can do this yourself and it can be quite time consuming. Our team of glampitects are experts in feasibility and design. Here are the benefits of a feasibility study for starting your glamping business.
A Feasibility Study Can Increase Profits
One of the primary reasons for doing a feasibility study is to determine demand. It can give you the data to determine if there will be sufficient demand for your glampsite. If there is limited interest in your glamping location, then if you go ahead with the venture, you will inevitably lose money. If the study shows that there is sufficient interest in your glampsite, then it lets you know that it is a viable business.
Using the study to understand how your glampsite will increase your revenue will make financing the project more straightforward. . This will give you an advantage as you open the gates to your glampsite. You can also use a feasibility study to support an application for a loan or financing when it shows your glamping business will be successful.
A Feasibility Study Can Help with Marketing
By conducting a feasibility study for your glamping business, you can market more effectively. It will show you who your target demographic is and what they are looking for in a glamping location. It will state what kind of amenities they expect and what type of shelter they want. This is help define your marketing strategy.
You can create print, broadcast, and pay per click advertising to reach your core customers as determined in the feasibility study. It lets you spend your advertising budget more efficiently and gain more bookings. Having a website to get bookings is essential and there are many good reasons to get a website.
A Feasibility Study Can Make You More Efficient
When you understand exactly what your customers want, you don’t waste time on what they don’t. It seems quite simplistic, but nonetheless, it is true. A feasibility study means you don’t waste time and capital on things that don’t matter. It lets you streamline your business plan and reach your goals more quickly.
A Feasibility Study Helps You to Avoid Mistakes
When you know what your customers want, how to reach them, and what you need to be successful; mistakes will be minimised. Indeed, a feasibility assessment lets you depend less on trial and error and more on reliable data.
By assessing the land, the suitability and the proposed plot formation with a glampitect expert it moves your glamping site from idea phase to planning phase. You will be able to understand how much it will cost and how quickly it will make you money.
As you can clearly see, doing a feasibility study prior to opening your glamping business would be wise. It will help you to invest in the right way to make your glamping site a commercial sucess.