Description of Business:
I will be creating an enterprise called Weekend Getaway Property & Management. We are hoping to open up two locations in Manitoba. It will offer an overnight service where you will have the chance to relax and explore the beauties and wonders of Manitoba. We are wanting two locations in Manitoba one in downtown Winnipeg where you can explore the city and visit amazing sites like the Forks and the human rights museum. As well as one in Falcon Lake to take a break from the city and relax on the beach. With the bookings, we receive 10% of our proceeds will go towards the Acorn family place.
Mission:
Weekend Getaway Property & Management's mission is to offer a place to relax with friends and family at an affordable price. It is a place to create lots of Memories and enjoy time spent together. We believe that families and friends should not feel limited when traveling due to the constraints within the hospitality industry like pricing and overbookings. For me growing up, going to the cottage with my family and friends was a great bonding experience we have lots of great memories from it and we wanted to create that for others.
Vission:
Weekend Getaway Property & Management's vision statement is that we want our locations to help families, friends, and couples relax explore, and have fun at an affordable price. We hope to Grow in other parts of Manitoba and other provinces. We want to target families and friends and can do so because of all the activities each location has to offer. We want to provide families, friends, and couples with an opportunity to experience different places.
Ownership:
I will not be the only one wanting to build this enterprise. I will be partnering up and going into business with my parents. A family-run enterprise is important to us because of the trust and authenticity that it offers. Not only that, our target markets are families, friends, and couples so they may find a family-run enterprise more appealing to them.
Customer Segment:
Weeknd Getaway Property & Management markets mainly to families but friends, and couples too. However, our properties can have a wide range of different customers that are looking for a place of relaxation or a vacation. That being said, we look to market toward families, friends, or couples because our rental properties offer more space for large groups at a fair price. We want our properties to feel like a home away from home for our guests. We want our guests to be able to experience new places in the world and create lasting memories at an affordable price. Our objective is to provide a kitchen to reduce the amount of takeout while providing more space in comparison to a hotel at a better price.
Social Benefits
Weeknd Getaway Property & Management properties focus on providing an affordable place within the hospitality industry. That being said, we also have a positive social impact on society and communities. Booking one of our locations benefits not only our guests but other families and people as well. As mentioned earlier, with the bookings, we receive 10% of our proceeds will go towards the Acorn family place. Acorn family place works to strengthen children and families on the challenging journey of living and growing which fits perfectly with our objective as an enterprise to provide experiences for family, and friends at an affordable price. Our goal is to help our guests create lasting memories at an affordable price while also helping others in need. We are trying to lighten the financial burden that comes with traveling, and the cost of living in our inflated economy.
Industry Analysis:
In the past five years, the rental property industry in Canada has grown. In 2020 the demand continuously outpaced the supply of rental units. Rental properties have become very popular in the last year because they are known for their short-term rental of private rooms apartments and full houses or cabins. it is a good time to go into the market since the demand is higher than the supply.
From 2017 to 2018 the number of trips taken where people used a rental property increased by over 74% in Canada. Also, the value of the trips taken more than doubled from 2017 to 2018 going from 11 million to 24 million the average trip cost also increased by 11% which was due to a larger group traveling together since more guests can stay in a rental home or cabin than in a hotel.
SWOT Analysis
Strengths:
For our strengths in our swot analysis, we have cheaper than a lot of hotels and can hold more than a hotel room. We provide a unique experience at a lower cost. Also, we are very flexible we allow you to book many months in advance and allow free cancelation until the last 48 hours.
Weakness:
For our weakness, we have the cost of upkeep/ renovation. Eventually, things will need to be replaced but we gave ourselves a room in our budget for that.
Opportunities:
For the Opportunities, we have we can meet new people. We always meet or talk on the phone with our clients to ensure they are the right fit for our cabin or downtown location, we must trust them. We also have the opportunity of helping our guests create new memories while also helping those in need by partnering with Acorn Family Place.
Threats:
A threat would be choosing the wrong clients and having to pay for additional cleaning services or repairs. Also, within the hospitality industry, there is a lot of competition with hotels, and other rental properties.
Important Assumptions To Consider:
- Strong competitors in the market
- Repairs
- Fluctuation of property taxes (each year increases or decreases)
- Prices of Utilities changing
Future Plans:
As we get more productivity with the two properties we plan on opening. We will look to expand our enterprise and buy more properties not just in Manitoba but in other provinces as well. Lots of families and couples look for a place to get away for a bit at an affordable price and the locations we want our properties to be at are the perfect fit with the different options of cabin lifestyle or city lifestyle.
Conclusion:
Overall, Weeknd Getaway Property & Management wants to bring to the market affordable, safe, and reliable rental properties. We want families, friends, and couples to not feel limited by the price and overbookings within the hospitality industry. We also want to provide the Acorn family place a donation to support their work as we have a similar vision. We want a family-run enterprise because we as a family can understand the struggle of people not being able to afford or not finding a place to stay. We at Weeknd Getaway Property & Management want to change that.