You are required to produce a professional Business Plan for a new venture in the UK’s hospitality sector.
Assessment title: PJ1 Business Plan
You are required to produce a professional Business Plan for a new venture in the
UK’s hospitality sector. Please use a template below and answer all the sections
required.
Many UK nationals are expecting to holiday more in the UK in 2020, according to
research by Cambridge and Counties Bank. The top reason for the UK’s staycation
trend is a drop in the value of the pound caused by Brexit, which makes foreign
holidays more expensive. Other reasons include: a rise in the underlying costs of
overseas travel; barriers to international travel such as stricter visa requirements;
tougher border controls because of Brexit.
Some ideas could include but not limited to:
Spartan holidays
Yoga/mindfulness retreats
Forest micro hotels
Tiny holiday home rentals.
Task:
Write a professional Business Plan for the new staycation business in the UK, answering all the section. Please include a short Executive summary and the table of content.
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1. YOUR BUSINESS IDEA
What will your business do and what is the opportunity?
Describe, in detail, the products and/or services your business will be selling, what channels you will use to sell them and who you will sell them to.
What does your brand stand for?
What is the business philosophy and values?
Include any pictures, drawings, or links that help bring this to life.
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2. YOU AND WHY YOU’RE STARTING
Tell us about yourself, where the idea came from, and how your knowledge and experience will help to make the business a success.
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3. MARKET RESEARCH
3.1 The Big Picture
Describe the wider market you are planning to operate in and identify where your company will sit in this landscape, as well as any key statistics or trends to support why you have chosen this area of the market. Include evidence of demand and as many details as possible to support your choice of new venture.
3.2 Competitors
Analyse your competitors’ strengths and weaknesses.
Competitor 1:
- Name & Type of Competitor
- What will you be competing on
- Strengths of Competitor
- Weaknesses of Competitor
- Summary of How you will compete with them
Competitor 2:
- Name & Type of Competitor
- What will you be competing on
- Strengths of Competitor
- Weaknesses of Competitor
- Summary of How you will compete with them
Include information on 3-5 competitors.
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4. CUSTOMER RESEARCH
Include information on test trading, direct research and evidence of demand etc.
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5. MARKETING
5.1 Customer Profile
- Description of Customer
- Why are they your Customer
- Channels you will use to market to them
- Activities within channel and related costs
5.2 Route to Market
5.3. Launch Marketing & Growth Strategies
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6. OPERATIONS
6.1 Premises
6.2 Staff (Job title; hours per month/week or FT; Cost; Month Start (1 – 12))
6.3 Suppliers and Third Parties
6.4 Risks
6.6 Legal and Regulatory
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7. FINANCES
7.1. Capital requirements and funding options
7.1. Financials (Sales forecast, P&L, Cash flow, Balance sheet, Breakeven analysis)
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8. RISKS AND MITIGATION
8.1. Strategic, Financial, Operational, Reputational, Compliance etc.
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9. GROWTH STRATEGY
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