Business Plan Overview:
Compass Rose (then named Above Board) one week after I purchased it. If you look in my eyes, you can see I am already forming the plans below. Photo by David Holmberg.
Concept Summary:
San Diego tourism has shown amazing resilience during the current economic cycle, and our hotel and hospitality industries continue to thrive. Consumers are drawn to this destination for its weather and leisure activities as well as San Diego's relative low cost as compared with other major destinations. The bed and breakfast concept continues to be popular with travelers as it offers a unique value and experience to traveling consumers.
One of San Diego’s major draws is the ocean and harbor experience. The concept of a ‘Boat & Breakfast’ is a perfect pairing of the intimacy of a bed and breakfast with the scenic vistas of San Diego’s Harbor. Travelers will have the opportunity to step aboard one of the finest examples of the classic Chris Craft yacht line and enjoy the bright spacious accommodations that came to represent the Constellation line of yachts.
Built in 1965, the Compass Rose is currently two thirds of the way through its refit and is planned to be ready to accept guests by October of 2012. This 46 foot yacht has two state rooms and two bathrooms (both including showers), a large spacious main salon, full galley and a main cabin dinette that seats four. Sleeping accommodations can be made for six people plus crew. Above deck is the aft dining and cocktail area, fore deck seating area and sun deck. The aft seating area also doubles as a floating drive-in movie theater thanks to an outdoor tv projector.
Boat and Breakfast guests will be treated to a complimentary breakfast and may also enjoy dinner aboard for an additional charge. The reservation will include full access to the boat and may be paired with a three hour harbor cruise or full cruising privileges for an additional fee.
The primary target market for the Compass Rose would be travelers looking for a bed and breakfast experience in the San Diego Region. Secondary markets would be tourists and local residents looking for a more intimate harbor cruise experience than is provided by larger harbor cruise excursions such as Horn Blower Cruises. The Compass Rose is also uniquely suited for wedding events and corporate outings.
Business Development Strategies:
Soft Launch Phase (month 1):
During this one month phase, a small number of friends and business associates will be offered the opportunity to utilize services outlined in the business model in exchange for feedback on the services and suggestions for improvements. This phase will also allow the boat’s basic systems to undergo a proving stage so that weaknesses can be identified and addressed before systems are pressed into full service that require higher degrees of reliability. Concurrent with this phase, marketing materials will be finalized and produced and the socalboatandbreakfast.com web-site will be launched. The web-site will profile the boat and its amenities as well as services provided. Current cruising schedules showing availability will be also be displayed online, and an e-mail page will provide for scheduling requests and feeback.
Launch Phase (month 2 & 3):
This two month phase will begin with the renaming ceremony for the Compass Rose. This party will be used to promote the boat and its services. Guests will be encouraged to help develop new business for the venture. The guest list will include investors, local community figures and friends. Discount certificates will be provided to all attendees to give to their friends as gifts. A business referral program will allow those who refer three confirmed customers to receive a free harbor cruise - ‘Three and Free’ program.
Attendance of Greater San Diego Business Association (GSDBA) mixers to develop business and referrals within this group.
Build Phase (month 4 to 6):
Hosting of a GSDBA business mixer in partnership with a local hotel will be arranged to further promote the Compass Rose within this group and spread awareness.
A pamphlet will be inserted into a Palm Springs publication - ‘Plan your getaway from the summer heat now!’ Hosting of selected political and non-profit fund-raisers will be used to generate awareness and business from an upper income demographic.
Developing consistent service utilization will be a key to long term success. To help promote higher consistent utilization rates, subscription scenarios will be employed that allow customers to purchase services at a reduced rate in exchange for a commitment to annual use. In developing corporate clients, the subscription device could be employed on a quarterly basis that allows a business to reward productive/exemplary employees with a harbor cruise at the end of the quarter.
Additional business will be developed through networking with local wedding planning groups to incorporate vessel amenities with wedding and reception activities as part of an overall package.
Offering reuse certificates that allow guests to enjoy a reduced rate if they return within six months is another way to encourage repeat business.
Sustainment Phase (month 7 to season ending):
Develop a cruising blog and photo page on web site, and link to relevant internet sites. Continue above outlined initiatives, and continue to build subscription services. Develop holiday events to promote vessel during key holidays. Promote dinner cruise package for couples to be promoted through G&L parenting groups. Plan for winter down time and refit.
Refit Phase (December, January):
Following the cruising season, participate in the Christmas light parade and begin refit of vessel in preparation for next season. Plan to haul out and inspect bottom, possibly strip down to bare wood below the water line and recoat. Address any deferred maintenance and needed upgrades at this time. Then start cycle over again.
San Diego tourism has shown amazing resilience during the current economic cycle, and our hotel and hospitality industries continue to thrive. Consumers are drawn to this destination for its weather and leisure activities as well as San Diego's relative low cost as compared with other major destinations. The bed and breakfast concept continues to be popular with travelers as it offers a unique value and experience to traveling consumers.
One of San Diego’s major draws is the ocean and harbor experience. The concept of a ‘Boat & Breakfast’ is a perfect pairing of the intimacy of a bed and breakfast with the scenic vistas of San Diego’s Harbor. Travelers will have the opportunity to step aboard one of the finest examples of the classic Chris Craft yacht line and enjoy the bright spacious accommodations that came to represent the Constellation line of yachts.
Built in 1965, the Compass Rose is currently two thirds of the way through its refit and is planned to be ready to accept guests by October of 2012. This 46 foot yacht has two state rooms and two bathrooms (both including showers), a large spacious main salon, full galley and a main cabin dinette that seats four. Sleeping accommodations can be made for six people plus crew. Above deck is the aft dining and cocktail area, fore deck seating area and sun deck. The aft seating area also doubles as a floating drive-in movie theater thanks to an outdoor tv projector.
Boat and Breakfast guests will be treated to a complimentary breakfast and may also enjoy dinner aboard for an additional charge. The reservation will include full access to the boat and may be paired with a three hour harbor cruise or full cruising privileges for an additional fee.
The primary target market for the Compass Rose would be travelers looking for a bed and breakfast experience in the San Diego Region. Secondary markets would be tourists and local residents looking for a more intimate harbor cruise experience than is provided by larger harbor cruise excursions such as Horn Blower Cruises. The Compass Rose is also uniquely suited for wedding events and corporate outings.
Business Development Strategies:
Soft Launch Phase (month 1):
During this one month phase, a small number of friends and business associates will be offered the opportunity to utilize services outlined in the business model in exchange for feedback on the services and suggestions for improvements. This phase will also allow the boat’s basic systems to undergo a proving stage so that weaknesses can be identified and addressed before systems are pressed into full service that require higher degrees of reliability. Concurrent with this phase, marketing materials will be finalized and produced and the socalboatandbreakfast.com web-site will be launched. The web-site will profile the boat and its amenities as well as services provided. Current cruising schedules showing availability will be also be displayed online, and an e-mail page will provide for scheduling requests and feeback.
Launch Phase (month 2 & 3):
This two month phase will begin with the renaming ceremony for the Compass Rose. This party will be used to promote the boat and its services. Guests will be encouraged to help develop new business for the venture. The guest list will include investors, local community figures and friends. Discount certificates will be provided to all attendees to give to their friends as gifts. A business referral program will allow those who refer three confirmed customers to receive a free harbor cruise - ‘Three and Free’ program.
Attendance of Greater San Diego Business Association (GSDBA) mixers to develop business and referrals within this group.
Build Phase (month 4 to 6):
Hosting of a GSDBA business mixer in partnership with a local hotel will be arranged to further promote the Compass Rose within this group and spread awareness.
A pamphlet will be inserted into a Palm Springs publication - ‘Plan your getaway from the summer heat now!’ Hosting of selected political and non-profit fund-raisers will be used to generate awareness and business from an upper income demographic.
Developing consistent service utilization will be a key to long term success. To help promote higher consistent utilization rates, subscription scenarios will be employed that allow customers to purchase services at a reduced rate in exchange for a commitment to annual use. In developing corporate clients, the subscription device could be employed on a quarterly basis that allows a business to reward productive/exemplary employees with a harbor cruise at the end of the quarter.
Additional business will be developed through networking with local wedding planning groups to incorporate vessel amenities with wedding and reception activities as part of an overall package.
Offering reuse certificates that allow guests to enjoy a reduced rate if they return within six months is another way to encourage repeat business.
Sustainment Phase (month 7 to season ending):
Develop a cruising blog and photo page on web site, and link to relevant internet sites. Continue above outlined initiatives, and continue to build subscription services. Develop holiday events to promote vessel during key holidays. Promote dinner cruise package for couples to be promoted through G&L parenting groups. Plan for winter down time and refit.
Refit Phase (December, January):
Following the cruising season, participate in the Christmas light parade and begin refit of vessel in preparation for next season. Plan to haul out and inspect bottom, possibly strip down to bare wood below the water line and recoat. Address any deferred maintenance and needed upgrades at this time. Then start cycle over again.
