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Build Your Vacation Rental Business Plan in 12 Easy Steps

Build Your Vacation Rental Business Plan in 12 Easy Steps


Defining your business plan – the guide
for vacation rental owners and managers. Why do you need a business plan? First, it
helps you to outline your strategy: what you wish to achieve and in what time
frame. It helps others such as banks understand these goals, and in addition,
it’s a useful resource to refer back to. To get started you need to ask yourself:
what chances does your business have for success? Then, perform some analysis. First
you’ll want to analyze your business idea, then you need to analyze yourself and
your capabilities to take on this new venture. With this in the bag, you are
ready to start writing! The executive summary is usually at the beginning of your plan, but it often make sense to write this part last. Perform a company
analysis: what differentiates you from your competitors? Carry out an industry
analysis: provide an overview of the current market as it stands. Conduct a customer analysis: who is your ideal guest? Present a competitive analysis:
study your immediate competitors and analyze them using the SWOT method. Present your operations plan: covering topics on how you will run the business. Devise a marketing plan: going into detail about the strategies you will use
to achieve bookings. Then it’s time to think about the distribution plan: which third party sites will you use alongside your direct booking channel? Explain your revenue management plan: everything to do with rates, income, payment options and outgoings. Describe your financial plan: including expenditure estimates, license or permit costs and the KPIs you’ll track. Finally, conclude your business plan with your key milestones and expectations for the future. Download the free business plan
template or visit Lodgify.com/signup to begin your free trial of our
software.

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