Surf and Yoga Business Feasibility Study

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70 % of overnight visitors returned to their destination more than twice in 5 years with a total travel size average of 2.8 persons. Total spending in BC by BC residents was 3.4 billion annually (www.destinationbc.ca)

There is almost no research available on the surf and yoga market in Tofino exclusively, but I do know there are approximately 250 vacation rentals that are booked atleast 4.5 months of the year. Surfing is also listed as one of the top three activities for tourists in Tofino. Yoga is still a relatively undeveloped market but follows in the current trend of fitness, health and wellness as ritual.

Market Potential:

International visitor numbers show that tourism was up 16.8% during the first 3 months of 2016. There were approximately 121,000 more visitors to the province than during the same period in 2015 (https://news.gov.bc.ca). The number of international visitors in March of 2016 is up 19.6% representing an additional 50,299 visitors in BC (https://news.gov.bc.ca).

Provincial tourism growth is helped by many factors including the low Canadian dollar, destination BC’s new international marketing strategy, more direct flights to BC, and great snow conditions at the provinces ski resorts (https://news.gov.bc.ca). “ International tourists are putting BC at the top of their travel lists and our amazing scenery and world class tourism are drawing people from around the world.” (https://news.gov.bc.ca).

Economic Feasibility (financial projections):

- Projected growth year 1

Revenue: $130,000

Cost of goods sold: $0.00

Gross Margin: $130,000

Operating expenses: $ 30,000

Net profit loss pre- tax: $100,000

Net profit and post contribution 5%: $95,000

Conclusion:

With a growing tourism industry and opportunity in both domestic and international markets, I believe that my business idea is not only feasible but almost guaranteed to profit. Tofino is increasingly becoming one of Canadas top destinations for vacation and exploring the beautiful beaches and surrounding scenery. I am lucky to have a relatively low operating expense and prime location that will keep my costs low while offering a quality service to my customers.

Bilbiography

www.destinationbc.com

https://new.gov.bc.ca