Eco-Tourism Venture in Lake District: A Business Case Study

Introduction - Launching Eco-Adventure Tours: Market & Strategy

The UK's tourism services sector is home to a wide range of occupations, enterprises, and professions that serve the requirements of tourists. Numerous subsectors of this vibrant sector collectively employ millions of people, making a substantial economic contribution to the nation. Over 1.4 million beds are available for accommodation in the UK, including those in hotels and B&Bs (Lemma, 2014)—outdoor activity companies, a burgeoning market, offering adventures like hiking and adventure sports. Although precise data for this subsector may differ, it illustrates the growing popularity of outdoor activities. Over 49 million people visited cultural and historical places in England in 2019, including museums and historical sites (Aynalem, 2016). Hundreds of events are hosted annually through event and conference providers (Bruton, 2023).

The tourist technology and marketing industry offers essential assistance through booking platforms and travel applications. Institutions of higher learning in hospitality and tourism prepare future professionals. While niche organisations concentrate on eco-tourism and health retreats, adventure travel companies specialise in one-of-a-kind experiences. The COVID-19 epidemic has presented hurdles for the sector, inspiring solutions like virtual tourist experiences. It's critical to consult experts to have a current grasp of this sector (Eigenschenk, 2019).

An organisation involved in economic operations, such as the production and sale of goods or the provision of services, to turn a profit is referred to as a business. To make well-informed business choices, business research is a methodical process of collecting, analysing, and interpreting facts and information. It includes researching consumer patterns, market dynamics, and market trends (Holmlund, 2008).

I suggest creating a new business in the tourism industry that would specialise in "Eco-Experience Visits" in the UK's Lake District National Park. The Lake District is popular for its breathtaking natural beauty and eco-tourism is on the rise, making it a desirable destination for outdoor adventurers and environment lovers. The business will provide escorted eco-adventure excursions including hiking, animal viewing, and instruction on environmental preservation. Through environmentally friendly operations, we will encourage sensible travel habits and reduce our impact on the environment. Ambleside, a prime spot inside the Lake District National Park, will serve as the location for the main office and service outlet. Ambleside is a major tourist centre with easy access to several lakes and hiking routes. My love for the outdoors and the environment led me to choose this concept. I think it's important for travellers to engage with environment while simultaneously actively helping to preserve it through responsible tourism. It is an exciting and rewarding endeavour because of the natural beauty of the Lake District and the rising popularity of eco-tourism.

The purpose of the research is to carry out a thorough feasibility analysis for opening an eco-adventure tour company in the Lake District National Park. Important goals include:

• Evaluating the Lake District market's needs for eco-adventure travel.
• Assessing possible rivals and locating market gaps.
• Figuring out the investment needs and financial viability.
• Finding sustainable methods for ecotourism businesses.
• Describing a marketing plan to draw eco-conscious tourists.
• Creating a business strategy to ensure the venture's successful launch and operation(McKeever,2018).

Figure 1: Outdoor Activity

Stakeholder Analysis

Business organisations may use the crucial strategic tool known as stakeholder analysis to identify and comprehend the numerous stakeholders engaged in their operations and projects. The Stakeholder Salience Model, developed by Mitchell, Agle, and Wood, is one theory that is frequently applied to stakeholder analysis. 

• Power: This dimension evaluates stakeholders' capacity to shape the choices and actions of the organisation.
• Legitimacy: The perceived appropriateness or validity of a stakeholder's allegations against the organisation is referred to as legitimacy.
• Urgency: The timeliness of a stakeholder's requirements and claims is reflected in its urgency (Jonsson, 2022).

Figure 2: Stakeholder Salience Model

For the chosen new business, stakeholders may be divided into the following four groups using this model:

Figure 3: Stakeholder Analysis

Market research

The systematic process of obtaining, examining, and evaluating data and information on a particular market, including its customers, rivals, and trends, is known as market research. Gaining knowledge of business choices like product creation, pricing, and marketing tactics is its main goal (Tracy,2014). Now considering the UK tourism services industry it includes a wide range of industries, such as lodging, travel, attractions, and activities. Positive developments include a rise in domestic travel, enhanced consumer experiences through digitalisation, and a growing interest in eco-tourism. Negative tendencies include how Brexit may affect global tourism, our susceptibility to economic downturns, and the difficulties posed by climate change for sustainable travel practices (Fullen,2006)

Below is the table describing potential clients for the selected "Eco-Experience Visits" business in the Lake District National Park, including demographic data, statistical information, and forecasts:

Figure 4: Graphical Representation of the above table

Eco-friendly and sustainable outdoor adventure activities that enable locals and visitors to interact with nature while minimising their environmental effects are specifically needed, wanted, and demanded in the Lake District National Park.

• Need: Outdoor activities that appeal to nature lovers, families, and adventurers who are more aware of how important it is to preserve the natural beauty of the Lake District are needed.
• Want: Many individuals in the region are looking for unforgettable, immersive outdoor experiences that teach them about the ecology where they live and encourage ethical travel.
• Demand: Positive reviews and word-of-mouth from residents and visitors looking for eco-friendly adventure tourism choices show that there is an increasing need for such experiences (Murray,2008).

By providing guided tours and activities that concentrate on sustainable and educational experiences, our "Eco-Experience Visits" business is created to meet these requirements, wants, and expectations. We shall employ environmentally responsible procedures in all facets of our business, from trash disposal to transportation. Our tour guides will get training to provide knowledge about the local flora and wildlife while highlighting the value of conservation. We strive to satisfy the growing demand in the local market for the Lake District by matching our company with the need for eco-conscious tourism experiences and the desire for immersive and informative activities. Positive testimonials and word-of-mouth will further solidify our standing as a supplier of top-notch, ecologically conscious outdoor experiences, assuring the longevity of our company (Jang,2016)

Competition analysis is a tactical assessment of the advantages and disadvantages of current and future rivals in a certain market or sector.

Business strategy

A thorough plan and series of steps that an organisation develops to realise its long-term goals and objectives are known as a business strategy.

A short-term procedure for my "Eco-Experience Visits" business in the Lake District National Park is to lay out organizations with neighbourhood eco-accommodating facilities and cafés. Thus, we can offer comprehensive bundles incorporating visits supportable housing, and feasting choices. This procedure permits us to take advantage of a more extensive organization of likely clients and make a more all-encompassing and engaging experience for our clients. In terms of control, I strive to keep a tight grip on the essential facets of the company, such as tour quality, environmental policies, and client relations. However, I'm open to joint ventures with nearby companies in which we share authority and accountability to produce complementary products. While profitability is crucial in terms of earning wealth, my main goal is to build a sustainable company that adheres to environmentally conscious principles. While prioritising environmental preservation and ethical tourism, the objective is to make a respectable profit.

The long-term procedure for my "Eco-Experience Visits" business includes turning into a chief eco-the travel industry brand known for manageability and remarkable open-air encounters. This incorporates extending our scope of eco-accommodating experiences, utilizing innovation for more extensive reach, acquiring eco-affirmations, and developing local area commitment. By encouraging manageable development, saving typical habitats, and giving vivid instructive encounters, we plan to draw in eco-cognizant voyagers universally while keeping serious areas of strength for to our nearby local area. One way for my "Eco-Experience Visits" business to fill over the long haul is by laying out essential associations with compelling eco-associations and eco-accommodating brands. Joint efforts with natural NGOs, neighbourhood protection gatherings, and eco-cognizant partnerships can improve our validity and reach. These organizations can bring about co-marked visits, joint showcasing endeavours, and admittance to a more extensive client base. . Such partnerships extend our business as well as build up our obligation to supportability and natural conservation, drawing in similar explorers and encouraging long-haul development and achievement (McKeever,2018)

A simplified financial plan element for the projected revenues and expenses for the " Eco-Experience Visits " outdoor activity business in the Lake District National Park is provided in the table below:

In the above-given table, the incomes incorporate pay from tour bookings and any commissions paid to accomplices. Costs include functional expenses, advertising, pay rates, and gear support. The net benefit mirrors the monetary exhibition of the business over the three-year time frame. It's critical to make an extensive monetary arrangement that lines up with your business objectives and goals, considering sensible income and cost projections (Altinay,2016).

Figure 5: Graphical representation of the Financial Plan

SWOT and PESTLE Analysis

The below given table will represent the Strengths and Weaknesses of the business:

Below given table will represent the possible Opportunities and Threats that can affect the business:

Now here's a table summarizing the external aspects of your " Eco-Experience Visits" business and how they may influence its success or failure:

Digital applications/software

Running a fruitful "Eco-Experience Visits" business requires effective computerized instruments to smooth out tasks, oversee appointments, acknowledge instalments, and keep up with great client connections. Here are a few vital computerized applications and programming that can help the business:

System for reservations and bookings

• Booking.com and Expedia: Make use of Booking.com and Expedia to advertise your excursions and draw in more customers.
• Reservio: Reservio is a flexible online booking tool that enables clients to schedule tours, control availability, and receive automatic reminders.

Processing of payments

• Square and PayPal: These two well-known payment processors, Square and PayPal, provide for safe offline and online transactions.
• Stripe: A reliable payment gateway that easily interacts with reservation systems to provide a seamless payment process.

Managing customer relationships (CRM)

• HubSpot CRM: An easy-to-use, cost-free CRM to monitor prospects, manage customer interactions, and deliver personalised emails.
• Salesforce: It is a potent CRM that provides thorough customer management and analytics for companies with diverse demands.

Task and Project Management

• Trello and Asana: Collaboratively plan tours, schedules, and tasks, assign duties, and monitor progress.
• Monday.com: A flexible work environment that can improve communication and project management is Monday.com.

Keeping track of finances and accounting

• QuickBooks: Accounting software for managing spending, billing, and financial reporting that is all-inclusive is called QuickBooks.
• Xero: An online accounting programme with functions including spending tracking, bank reconciliation, and invoicing.

Social media and marketing

• Hootsuite and Buffer: Manage numerous accounts and schedule social media updates to interact with your audience.
• Mailchimp: To maintain contact with consumers, and create and deliver email campaigns, newsletters, and marketing materials using Mailchimp.

Customer Reviews and Reactions

• TripAdvisor and Yelp: Encourage pleased customers to submit reviews on TripAdvisor and Yelp to improve your internet reputation.
• SurveyMonkey: Utilise SurveyMonkey to get client feedback in order to continually enhance your offerings.

Analysing the Environmental Impact

• Eco-Counter: Tracking foot traffic and environmental indicators using tools like Eco-Counter: Eco-Counter can help you keep tabs on the ecological effect of your excursions.

Conclusion

The progress of the "Eco-Experience Visits" Outdoor activity providers business lies in our obligation to supportability, remarkable contributions, and key utilization of innovation. By embracing eco-accommodating practices, the business will line up with advancing purchaser patterns and tap into the developing eco-the-travel industry market. The solid image notoriety, customized client connections, and organizations with nearby eco-cognizant organizations upgrade the allure. Also, proficient computerized devices empower consistent tasks and online appointments. While challenges like monetary variances and administrative consistency exist, our emphasis on quality, maintainability, and client experience positions us for progress in the eco-experience of the travel industry area, offering paramount encounters while protecting the climate.

References

Aynalem, S., 2016. Employment Opportunities and Challenges in Tourism and Hospitality Sectors. Journal of Tourism & Hospitality, 5(6).

Altinay, L., Paraskevas, A. and Jang, S. (2016) Planning research in hospitality and tourism. Second edition. Routledge, Taylor & Francis Group.

Bruton, M., 2023. Outdoor Recreation Industry Sees Significant Growth With Changes In Consumer Behavior Sparked By Covid-19. [Online]
Available at: https://www.forbes.com/sites/michellebruton/2023/02/28/outdoor-recreation-industry-sees-significant-growth-with-changes-in-consumer-behavior-sparked-by-covid-19/?sh=5c54c1c81c1b
[Accessed 14 September 2023].

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