Are you thinking about investing in a marina where yachts and small boats can dock? As you know, this is a significant investment, and you cannot afford to do things incorrectly. Besides ensuring that you build a durable structure that can withstand the water, you also need to consider the financial implications of this investment. When done right, you can make good returns from a marina business. On the other hand, if you don't make proper projections, you may end up not realizing the expected returns. In this light, the following are some of the things that you should know when building a marina.
Understand your business needs
Before building a marina, you need to understand what your business needs and what you expect from it. To understand this, you need to know the kind of vessels you want to accommodate, the kind of water body and whether there are waves in the area. These three issues will play a critical role in determining the design and size of your new marina.
For example, if you want to welcome both small and medium-sized vessels, you have to build a large marina that can accommodate the vessels. On that note, you also have to estimate the number of vessels you are ready to have on the facility at every given time. If you are building on a lake or ocean with large waves, you also have to design a structure that will withstand the waves without losing structural stability.
Focus on the construction process
The construction project is the most important step in building a marina business. First, you have to make sure that the construction process is within your budget. The last thing you want is for the project to stall due to inadequate funds. So, to avoid unnecessary downtime, proper planning and budgeting are critical. Work with an experienced marina designer to achieve a flawless plan. Also, hire a professional contractor who can find ways to cut time and costs, and deliver a marina that meets your business and budgetary needs.
Think beyond slip fees
The whole idea of building a marina is to make money out of it. So, don't just focus on the primary source of income. Besides slip fees, there are other ways that you can make money with your marina. Outlining this at the design stage will allow you to make proper structural modifications to increase the versatility of the marina. For example, you can have a floating building and floating platforms for guest entertainment and events, and this will earn you better returns.
Work with professional marina builders so that they can help you plan a successful marina business that will generate great returns.