Planning on purpose

Once you have identified these items some important questions to ask are: What makes this property different? What are the limitations of the property that become clear during the market assessment? Are there services that every marina is providing that you are not?

Start to think about what should be provided to meet the demands of the market.

As mentioned earlier, it is important to match the level of research to the size of the project. Large projects should conduct a full, formal feasibility study that can be used as the tool to make informed decisions. Some banks, lending institutions, or investors will require a full market feasibility study. If this is the case, it is important to utilize a firm with hands on experience with marinas and water access facilities. For smaller projects, a less formal approach to reviewing feasibility can be utilized.

In any scenario the approach to reviewing the market should incorporate the following components:

• Talks with marina owners, boaters, and other marine industry professionals. Boat dealers and brokers can be great resources of information, if they are willing to talk.
• A review of boat registration statistics for the area.
• Talks with dock manufacturers and marine contractors in the area.
• Visits to other marinas to review services and amenities offered and how they conduct business.
• Participation in local and national industry associations. These are great opportunities to find out what is going on in the market — and in other comparable markets.

Be systematic about the data collected; take notes during conversations, and immediately follow up with a summary of the findings. Knowing the market will help you make informed decisions.

Identify goals and objectives The opportunities for development and redevelopment are limited, which makes it essential that projects are built with a clear set of goals and objectives. Take some time to ask yourself what you are trying to accomplish as a developer, a business operator, or a government agency. To expand the business? To maximize return on the investment? To create a greater good for the community?

Whatever the answer is, create a well-thought-out business plan that identifies specific goals and objectives; benchmarks for analysis. Don’t set objectives for specific development programs that may limit the openness for new ideas. Committing to a launch ramp or dry stack before knowing if it works on all levels may steer the project in a wrong direction. Researching to a specific end is a recipe for disaster. A well-written, specific statement of goals will guide implementation and provide a clear map for decision-making as the project progresses.

The final water access facility may end up different than the original concept or goal for the project. Realize that going through a thorough investigative process may yield results different than the initial opinion of the project. A comprehensive review of the project may uncover new and unique opportunities. Take a feeling of comfort in moving forward with the project, knowing everything was analyzed in an educated and efficient manner. You will be armed with the facts and data to ensure that the project makes sense and will efficiently provide access to the water.