Business plan of Thiti Patana Project

Abstract

This paper aims to develop a business plan for Farmstay which is called Thiti Patana Project . This project is located in Phonsawan district, which is considered a significant agricultural area of Nakhon Phanom province. The project will use an area of 25 rai, 1 ngan, 60 square wa, or 40,424 sqm, which will be a combination of accommodations, rice fields, cafe, and restaurant. Content within this study starts with the thought screening process from the analysis of the physical land, market analysis, and financial feasibility analysis. This study focused on the feasibility of the existing land development at Phonsawan district, Nakhon Phanom province. The most appropriate and cost-effective project in this area is Farmstay, which combines high-value-added hotel businesses with low-value-added agriculture. In establishing a successful business plan, a systematic work plan is required, starting with researching examples of successful Farmstays in Thailand to study how those projects are conducting business and to see how they used their spaces. Following this, the market information in the project area will be examined and also the tourism situation in Nakhon Phanom province will be analyzed. Once this information is obtained, it could then be used to analyze the market for the marketing and product design.