business plan

The major project topic is chosen by students. The criteria for the project are as follows: 1. Must be tourism related topic 2. Must be related to small business operations 3. Must be a project that can be used in the student's portfolio 4. Must have real world application The length of the project is 3000 words. Suggested Structure Summary of your proposal • Summarise the intended product/service and target market group(s), • A description of industry trends, • Unique value proposition – focus on success factors Aims of Business • Description of your business goals/objectives, • Anticipated sales volume, market share • Visitor satisfaction, repeat visitation and/or other similar targets. Management plan • Set out the organizational form and structure of the business. • It should highlight the skills, experience and responsibilities of the management team. (This section should contain a discussion of the developer’s background - who is involved, what other business ventures is he/she involved in and what is his/her track record in business…. Or at least the capacity which makes the management possible). Marketing plan • a description of products/services to be offered and an analysis of the market, trends, competition • It should also highlight your sales and promotional strategy. • Online and offline marketing addressed • You may choose to do a more detailed marketing plan to supplement the business plan. Financial plan • Includes projected income statements • Cash flow statements and pro forma balance sheets that provide detailed monthly operating forecasts for the first year of operation. • Annual forecasts for the next two to three years (includes opening balance sheet and statement of construction/start-up costs and sources of financing). • A discussion of debt and equity financing sources and the corresponding ratio analysis are required. • May also include personal net worth statements of the shareholders. Operations plan • Discussing operational parameters such as hours of operation, insurance, risk management practices, cash/credit handling, procurement, staff training, etc. Project schedule • Government and financial approvals • Construction period and preparation time before the development opens its doors. • A staffing plan based upon detailed human resource requirements. Summarize duties, responsibilities and reporting relationships. Environmental/green position. • Outline how you will address social and environmental obligations in your area, such as volunteerism, recycling and alternative energy sources. • If green marketing is important then the operations should be linked to marketing and product/service development Risk analysis • Risks and assumptions analysis should outline your underlying assumptions in support of the business plan. • The major risks facing your proposed business operation should also be summarized with contingency plans you will adopt to mitigate the negative impact of these risks. Bottom Line You need a well-conceived business concept that is both feasible and financially viable. Private investors and lenders will require a well prepared business plan to assess the merits of your project, and to determine whether they are interested in considering financing for your business. A statement of value to investors may be relevant.