10 Do’s And Don’ts Of Starting A Destination Business

10 DO’S AND DON’TS OF STARTING A DESTINATION BUSINESS

BY IVONA ERCEGOVIC

Starting a business is never easy. It requires a lot of planning, research, and a whole bag of optimism. But having a clear objective and some tips on the side can take you a long way. Destination businesses are not just a product; they are also something intangible. In addition to building on the physical destination, it also requires a personal touch and a memorable experience. A destination business requires you to be part of the package. You need to be so passionate about it that you dream about it. It must include your heart and your soul. You also must envision how it can have future growth and improvements; that is why research is everything.

You must start somewhere, so why not start with these easy-to-follow tips:

DO’S

Be Patient

Even though you made great plans, just remember what happened in 2020. You must take into consideration that the market is always changing, prices go rocketing up or down, viruses can show up and ruin something, and a national disaster like an earthquake, mudslide, wildfire, or hurricane can stop everything. You just need to continue going forward, no matter what happens. Never lose your optimism or dreams; because the one who needs to believe in this the most - is you!

Love It!

If you do not love your business, how do you expect others to love it? There needs to be passion for something you are doing or trying to achieve. When you are true to yourself and to your business, people will see and appreciate your genuineness. In a destination business, you are the product. You need to cherish that.

Make an Exceptional Business Plan

You need to have a business plan and then you need to review it quarterly. No matter if you are handing it out to the banks or possible investors, you must have one. You wouldn’t go on a road trip to a new destination without a map or navigation, would you? A business plan helps you to see a clearer picture. It gives you numbers you can work with and helps you plan for future expenses. Always Have Some Money Set Aside

You need to have money set aside that you can live on for at least a year when you are starting a new business. Never pour your last cent from your own pocket into something. You need to have a line of credit with a bank before you need it and never make unnecessary purchases until the have a contract or sale that justifies it.

It Can’t Hurt to Have Additional Streams of Income

Extra streams of income are always helpful to have, but don’t let it diminish the focus on your dream. No one can guarantee your success but you, but having a Plan B is helpful when you run into a dead end.

Choose a Charity

In this day and age, people (especially millennials) like to support businesses that give back to others. If there is a nonprofit business you strongly support, why not designate a percentage of your profit to an organization that you would like to make a difference with. The most successful businesses always give back to their community. Whether it is your money or your time, you need to do it. When you have strong values, others will value you. The law of reciprocity really does work.

DON’TS

Don’t Rush It

It will get you nowhere. There are some things you are not in control of, and you need to acknowledge that in the beginning of your journey. Do not rush or push things, sometimes things do happen for a reason. You just need to have the wisdom to recognize when these types of situations are happening and beyond your control, then let it go.

Don’t Pay Anyone in Advance

Never pay someone in advance before the job is completed! You will be left with nothing and/or poor execution of what you really wanted. There are unethical contractors or scam artists who will take your money and run. Always have everything in writing including a completion date and penalty if the deadline is not met.

Don’t Do Everything on Your Own

Never be ashamed to ask for help. Whether you have to pay for it, or it is done as a favor, we all need help sometimes. Feedback can help you look at things objectively and that is crucial when starting something you are emotionally attached to. As the saying goes, “Two heads are always better than just one!”

Don’t Forget Your “Why”

There are always going to be disappointments and people (especially family and friends) telling you that you shouldn’t be in the business that you are in. Don’t let anyone steal your dreams. You have to keep on going, no matter what! There is only one captain of your ship, and you must stay the course. The only way to fail in your business is to give up.

If you are starting a destination business just as a whim, then you better think twice. But if you truly desire it and refuse to quit, then your business will become a success. Do not expect success to come overnight; but, if you plan it well and you strongly believe in it, you will eventually get where you want to be!

Ivona Ercegovic is the Founder/Host of www.Tree-Elements.co. For more information on her unique Retreat-Yoga-Wedding Destination, you can email Ivona at ivona@tree-elements.co.