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Surf and Yoga Business Feasibility Study

Essay by   •  February 14, 2017  •  Case Study  •  1,122 Words (5 Pages)  •  1,012 Views

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The business idea and concept:

The business idea I have is a Surf and yoga adventure/ getaway located in Tofino BC. We would offer yoga and surfing lessons to guests staying on our property, at a vacation rental known as Tofino Getaway. My business partner is currently building a tiny home complex that would serve as the accommodation, and we will be converting the upstairs of the house into a yoga studio. The house has been running successfully as a vacation rental for two years so we would basically be transferring the space and keeping a strong base of customers. My focus will be on providing guests with quality and convenient access to surfing and yoga that they would otherwise be going elsewhere to engage in.

I have been working in the surf and yoga industry in Tofino and Ucluelet  BC for nearly a decade. I have completed my advanced yoga teacher training and worked at the most successful surf school in Tofino for the past 6 years as a senior surf instructor. I’m currently pursuing the entrepreneurship certificate level 1 at TRU in order to learn more about business as I’m lacking certain skills. I have always dreamed of working for myself and have confidence in my ability to teach yoga and surfing in an intimate and unique way that will appeal to our customers. I also plan to offer public yoga classes to incorporate community integration and a sense of connection for those visiting.

  • The product or service:

What makes my service unique will be the way it is delivered to the customers in a convenient one stop manner. In partnership with Tofino getaway, customers can book accommodation, yoga classes and surf lessons with an easy link to my website. Another bonus is that everything is located on a beautiful 1.5 acre property just a 5 minute walk to one of the best surfing beaches in Tofino! No car needed means less of a carbon footprint and a fun cohesive experience.

One of the shortcomings of my business model is a cap on potential customers as we are only allowed 8 guests at a time staying on the property and not all of them will necessarily want to take a yoga or surf lesson though we are going to try to market strongly to those we think will! Also the tourist season is still quite seasonal here with March -November being the busiest months. Im planning on offering more private and therapeutic yoga in the slower season to counteract a decrease in tourism and also expand the business into a larger community market.

  • Stage of development: This idea is still existing mostly in my head. The point of these courses is to get it out of my head and into the world.

  • Legal restrictions and rights: I will need to apply for a municipal business licence as well as a licence to operate my business on Cox bay. We are within the zoning restrictions on our property which allow us to operate up to 600 sq\ft as business on our property. That will serve as the yoga studio and the surf lessons happen at the beach.

  • Insurance requirements: I will need liability insurance to cover both the yoga and the surfing aspects of my business as both are high risk activities. Property insurance will cover the business in the event of damage or loss.

The industry or market:

Canada has a large domestic and foreign tourism industry. Tofino is a small district of approximately 2000 residents that hosts more than 1 million visitors each year. Tofino attracts surfers, nature lovers, whale watchers, campers, and anyone looking to get closer to nature. Close to Tofino is Pacific Rim national park reserve which is a popular year round destination. New resorts are currently being built to accommodate the ever increasing number of visitors each year.

The growing industry is made up of couples and families age 20-39 and their children. These visitors come from all over Canada, the US, Europe, and Asia. According to destination BC, British Columbia residents are BC’s number one domestic market. In 2015 BC residents accounted for 58% of total overnight visitation (www.destinationbc.ca).Vancouver Island Attracts the largest percentage of visitors than anywhere else in BC and also boasts the most lucrative access to the most popular activity…hanging out at the beach!

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