Manage your Marina or Resort effectively for Profitability

Managing a boat marina or resort business comes with different challenges that are unique to the business involving consistent maintenance, handling multiple income streams and dealing with the day to day responsibilities.

One of the most notable challenges is ensuring that your boats are well-maintained and in good working order. This can be a costly operational expense because boats are expensive to repair and maintain.

Developing a solid marina and resort business plan, keeping up with the industry news and knowledge base is critical to maintain competitiveness and profitability. With recored boat sales since 2020 and nearly 10,000 marinas in the U.S., according to marina industry research, the industry is growing by leaps and bounds.

Your business plan and forecasting should be comprehensive and provide a full range of opportunity.

4 Best Tips to Increase Marina or Resort Revenue

Depending how your organization is set up to attract a client base, one thing is certain, the more services you can incorporate and being client focused are paramount in creating success.

1. Customer focused

Many organizations fail to adopt a “customer first” mentality before its too late. Marina managers should prioritize customer service by creating a welcoming environment, handle customer concerns promptly, and consistently improve the quality of service. If implemented correctly, being client focused promotes higher spend rates on services and repeat business.

Creating a positive culture is the first step to providing great customer service. One area of concern that I often see needs attention is to maintain cleanliness throughout the entire property. You should always have equipment and supplies in a storage area or at the very least covered. Bathrooms, walkways, docks, parking areas, living spaces, equipment, other common areas and waterways should be on a routine maintenance and cleaning schedule.

If a customer has a concern, your team should address it promptly. This will communicate that your team is top notch and committed to providing a pleasant experience.

Ask for online reviews! The feedback can show your team how to improve upon the overall customer experience.

2. Build a Social Media Presence

Few marketing tools provide amazing returns for the little investment as social media does, especially for the marina and resort asset classes. Creating multiple social media channels allows you to connect with different demographics locally and nationally. It is an effective tool to promote your events and to keep new and prior customers abreast of new happenings. Not social media savvy? Research suggests that investing in a social media manager to run multiple platforms more than pays for itself in the short term.

3. Have a Schedule of Events Throughout the Year

Capitalize on your location! Having year round events is a great way to add an additional income stream. We had a client who owned a small marina in a sleepy little town of 6000 people. He started scheduling as local favorite band to play on weekends and was averaging over 400 people for that one event everytime they were scheduled to play. It became his most profitable income stream! Events keep new and old customers engaged and brings new attention to your property. other ideas of event would include:

• car shows

• fishing tournaments

• wedding party incentives

• resort comps

• boat shows

• scavenger hunts

• cook offs

• family day

• fireworks

• veterens day

• best in show

• live entertainment The more creative you can be , the more potential revenue stream you can generate for your business venture.

4. Invest, Invest and Reinvest

Most marinas have the basic amenities, such as restrooms, slip and boat rental. Some also offer more extensive amenities, such as restaurants, bars, swimming pools and condos/cabins. Others may even have their own stores or gas stations. Determine what is a need or what is lacking in your area. Is it additional slips? Is it more entertainment? Any capital improvement you make will pay off in the long run. Below are some ideas for additional revenue streams:

• Transient Dockage

• Annual Dockage

• Outdoor Amenities

• Wedding Packages

• Girls Weekend Packages

• VIP Memberships

• Moorings

• Dock Side Pump Outs

• Mobile Pump Outs

• Towing Services

• Floating lodging

• Larger Slips

• Launch Services

• Dry Storage

• Winter Storage

• Concierge Services

• Transportation Service

• Watercraft Rental

• Equipment Rentals

• Mechanical Services and Repairs

• Electrical Services and Repairs

• Interior and Exterior Detailing

• Tourist Services
  

The additional services that you add not only increase your bottom line, but most additions will allow you to realize a higher valuation when it comes time for dispositions.

Ken Capps is the blogger, and CEO of Marinas and Resorts. if you would like to schedule a consultation our team, please email us at admin@MarinasandResorts.com