How To Start A Marina
Living near the water offers so many opportunities. Not only does it bring relaxation, but it can also generate passive and unlimited income.
If you are blessed enough to have purchased a waterfront property, you can either build an Airbnb or, better yet, a marina.
Plan It Out
Just like any business, start with a plan. Create a blueprint that you can look into for reference and guidance. It will keep you on track if you happen to be lopsided by overwhelming or unexpected incidents.
List down everything to set the expectations. You’ll realize a plan if you pay strict attention to details like your goals and aspirations and include the financial aspect in the equation to develop a realistic approach. Set backup plans for when things don’t go according to plan; you’ll have a fallback. It also helps to have a marketing analysis and from there come up a marketing strategy. List down all potential action plans to make your brand known and recognized.
Location
Once you have conceptualized a plan, decide on a good location. Note the emphasis on “good,” as you will be shelling out a considerable amount of money to start a marina, and it’s not a joke. You must choose a location that can drive traffic to ensure a steady flow of income.
It is also a bonus if the location is accessible to all within transportation lines. Take also into account the size of the property and the distance from land to the marina. Your property should be able to hold a residential unit where you can accommodate your guests.
Since the water is beyond human’s control, expect storms and surges and be prepared. Make sure your marina is at a safe level, and do your research before buying a property for this kind of project. Gear away from areas with endangered marine ecosystems and turbulent waters. You aim to build a business that people will patronize, so be wary of your decisions.
Money-related
Money plays an essential role in any business transaction.
How do you intend to fund your venture? Will you be partnering with a loaning firm, or do you have other business funding strategies in mind?
Come to terms with how you want your business to run because each varies on perspective and, of course, funding. Starting a marina business entails a large sum of money because you’ll have to install fixtures, buy pieces of equipment, among others.
Note that it’s also helpful to keep a separate account for personal funds and the business. Please do not keep them in one account. Open a business account to keep track of all the expenditures, receivables, and deliverables. With modern technology, enroll your account in mobile apps to access your account for automation and record keeping.
Going Solo or Combo?
Is this business a sole proprietorship or an organization? Whichever the case, make sure you abide by the laws. Get a proper permit and license for your business. These documents vary on the location of the property. Ask your trusted real estate agent for the required permits and licenses so you can operate peacefully and legally.
1+1= Get the Most Out of Your investment
Based on the market research you have conducted, know what suits your marina best. To attract more goers, make your marina extra special. If you want more people of all ages, families, buddies, couples to visit and experience your business, make your amenities entice them. You’ll be needing to spend here; remember, if you want to get the most out of your investment, you got to invest first.
More than anything, invest in a safe and protected premise where your guest can loiter in peace. Install a lighting system, make your terrain clear and walkable, partner with quality concessionaires, and build clean and sanitized restrooms accessible to people with disabilities and babies and young kids.
Depending on your marina’s theme, you may have to install playgrounds and other amenities for kids and a boat boutique for enthusiasts.
Protect Your Investment
Get an insurance policy that will keep your investment protected. Having a business insured ensures the business owner that whatever happens, his investment will not go down the drain or be swept to sea.
Not a One-Man Team
Running a marina business can take too much of one’s time, and being connected with the right people is the key to your success. You need committed and dedicated people to help you in operation. They should be knowledgeable in their respective fields as having them can eliminate any unforeseen challenges.
Strategize your Marketing
Build your company’s online presence. Create a website or social media where you can showcase your marina. Take quality photos, and post them. Make your sites as comprehensive as possible.
Hi! We’re Josh and Jolene Baijot, the creators of this website. We’re also commercial real estate brokers in Bellingham, Washington. Thank you for taking the time to read this blog post. We appreciate your time spent on this site. You can connect with us on Facebook, Instagram, or contact us through this website.
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