We want to make things easier for budding vacation rental entrepreneurs, so below you’ll find a list of the top 12 things to include which will help you succeed.
You can follow this template with sample questions and example answers, to make it easier for you to understand how to create your own holiday rental management and business plan. This will help you get in the key information, without panicking that you’re missing something.
One of the ways to do this is by carrying out an industry analysis – this is basically looking at other businesses in the industry and evaluating them.
This will help you come up with a successful business strategy, and make sure you’re the owner that comes out on top. Here are some sample questions that will help get your industry analysis started: What do vacation rentals near me charge per night?
Competitive analysis is a similar idea to industry analysis, but this time you’re going to really focus on your immediate competitors rather than the industry as a whole.
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For example, if your holiday home rental is a beautiful, tranquil cottage on a tourist island, your direct competitors would be other accommodation providers on the island.
For people outside Fortune 500 companies, the idea of writing an ‘executive summary’ can be a bit scary. When you go to a bookstore searching for a new fiction novel, or a well-known classic, you usually pick up the book and read the blurb at the back to get a short, comprehensive idea of what the book is about, right? It is just a few short sentences that really sum up your holiday rental business, and include all of the most important information you want to get across to your guests and others. Ask yourself the following questions: Where is my vacation house located?
This is so that anyone can read the first page of your plan and know, at a glance, what your business entails. Of course, you do not need to follow this structure, but this will help you outline what information you would like to include in your executive summary, which you can then rewrite it to make sure it sounds professional and eye-catching to the reader.
As well as focusing on your own holiday rental business, one element of your business plan is carrying out some competitor research.
Take a look at the market to find your direct competitors and analyze them to see how your business can thrive.