Business Plan -- Rocky Mountain Sports Fishing, LLC
Business Description
Definition of the Market
Services Offered
Organization/Management
Marketing Strategy
Financial Management
Recreational fishing is a multi-billion dollar industry in the United States, both for salt and freshwater. Conservative estimates show that there are upwards of 30 million individuals with more than a 1-2 time/annum interest in the sport. This has an overall impact on the economy of $125 billion (Williamson, 2012). Consumer demographics show that it is primarily a male oriented event. Mobility and technology have improved the sport in the last two decades, as well as maps, surveys, and handheld sonar and GPS devices. For this reason, as an organized sport, it is chiefly an upper middle and above income sport that also may require several thousand dollars in travel expense. There are even contests for ice and sport ice fishing in the U.S. And Canada.
Sport fishing is tied to the economy in our niche because of the income and equipment needed for a typical trip; Some clients, in fact, even rent small planes or helicopters to take them to high mountain lakes and/or fishing locations off the beaten track. Typically, ice fishing is a sport that has no direct competition; usually individuals who are fond of sport fishing often wish to have a winter activity of a sort as well, and spring/summer fishing remains popular due to ease of access and in combination with hiking and camping (Hummel, 1994).
Rocky Mountain Sports Fishing, LLC is a business that allows inexperienced fishermen the chance to experience the sport guided by professionals in the field. Because the company incorporates both ice fishing and lake/river fishing, the season is yearly. Additionally, because the Rocky Mountains include so many states, it will be possible to customize tours based on the strategic hiring of guides as opposed to an expensive brick and mortar location in any one fishing area. The combination of year-round and almost limitless availability of geographic area and the low costs result in a business that has a low barrier-to-entry ratio.
Additionally, because the Rocky Mountains include so many states, it will be possible to customize tours based on the strategic hiring of guides as opposed to an expensive brick and mortar location in any one fishing area. The combination of year-round and almost limitless availability of geographic area and the low costs result in a business that has a low barrier-to-entry ratio.
Business Description
Rocky Mountain Sports Fishing, LLC will fill the need for experienced and trained guides for both winter (ice) and spring/summer (fly and bait) fishing tours. Obviously, the ice-season is weather dependent, but may last as long as October through March, but will typically be mid-November to the end of February. The service will be unique in that it will partner with various sporting good and equipment manufacturers strategically designed to allow for equipment rental, new equipment trial, and other services designed to cross-promote the businesses. There are very few actual limits to either the growth of the business- it is entirely dependent upon clients/guides and interest. Each particular area of the country has retired individuals who have been hunting and/or fishing in their area for years -- these people would make excellent guides. The market, as well, is open to fishing publications, partnering with resorts or other strategic businesses like outfitters, catalog merchants, and even eco-groups. Additionally, because the Rocky Mountains include so many states, it will be possible to customize tours based on the strategic hiring of guides as opposed to an expensive brick and mortar location in any one fishing area. Barriers to entry are relatively low; the key will be maintenance of professional and reliable staff and guides.
Market Definition
Fishing can be a way for family or businesses to bond in the outdoors. Very little equipment necessary and the barriers to entry are quite low. The key to success is continual customer satisfaction reporting, doing everything possible to pre-plan the event, checking the equipment, checking the conditions, and having an easy plan to implement for any activity desired. Rocky Mountain Sports Fishing is poised to move from a local, regional, and State level year round sport's adventure to national and even international prominence.
Customer service is the idea or provision of service to the customer before, during, and after a purchase. While its importance varies somewhat on a sliding scale, depending on the product, in the case of RMSF, it is vital from a marketing perspective; return client template, and critically the health of the business. One business...
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