As soon as I realized that my personal financial picture was a little bleak, I started thinking about taking out a personal loan. I wasn't really looking forward to going into debt, but I knew that if I wanted to solve a few short-term problems, a loan would be the way to go. I talked with a few of my local financial institutions to get a good idea of what they could offer me, and then I sat down to go over the paperwork. It was incredible to see how much money I could save by securing a lower interest rate. Check out my blog for more information about loans.
Developing a resort is a long process that takes immense attention to detail. Professionals in resort development usually create checklists for their projects. Here are four items a resort development advisor would encourage you to add to your checklist.
Analyzing the Economic Situation
Before you move ahead with seeking financing, it's best to figure out how viable the economic situation is likely to be. A resort development advisor will look at what attracts potential customers to the region, how much competition is present, and what the area's future is like. It's also wise to assess potential risks, such as what would happen during an economic downturn.
Zoning and Protection
There are almost always concerns about the land where a resort will go. On the regulatory side of the ledger, properties are zoned for specific applications. If your resort doesn't meet the zoning requirements, you may have to seek a variance from the local board. Even if previous owners have told you the site is properly zoned, contact the local code compliance officer to determine what the situation is.
Environmental protection is also an important issue. This applies even if you're within regulations. A resort can face public pressure regarding environmental impacts, and it's best to anticipate these concerns as early as possible.
Engineering Questions
A complete engineering survey will help you spot problems that may require remediation or even stop the project. You'll want to identify problem areas before you move into planning the layout of the resort and dealing with the architectural side of the job.
Business Plan and Financing
Before you seek financing, you'll need to assemble a business plan. Most financial institutions want to see plans that show where the business will be at least five years down the road. If you're seeking outside investment, the business plan will give them a sense of what the resort will look like and how it will make money.
The business plan should include details you've learned from the rest of your checklist. Outline the risks the project faces and the opportunities it presents in a manner that's realistic. If there's something you'd want to learn before you drop your money on a similar project, put it in the business plan.
As you move into the financing, don't be afraid to explore creative options. In addition to banks and investors, there may be government and non-profit programs to promote development. Once more, the business plan and your checklist will pay dividends as you approach these parties.
Share9 September 2020
