NEED 2- 3 PARAGRAPHS WITH 1 REFERENCE (NEED RESPONSE TO THE INSTRUCTOR)
Business Plan and Idea
A business plan is an important document to any starting business organization. It provide an overview of the business operations, management, marketing and financial management. Investors and entrepreneurs consider business plan information to decide on supporting such businesses. In addition, business plan also helps an organization to evaluate its performance in a given trading period. Elements of business plan will be important aspects to consider in writing my business idea synopsis as discussed below.
To begin with, starting a five star hotel in a major city is my business idea. This business involves various aspects to help provide an appealing business environment for the hotel operations. There is high demand for hotel services such as food, beverages and accommodation services by high-class individuals and tourists in the region. This therefore provides an opportunity for effective performance of the hotel business. However, elements of business plan will be essential in planning and organizing the business activities and in sourcing of capital from investors. The main elements that will be important in this business plan and idea include executive summary. This part will provide an overview of the hotel business operations (Chambers & Humble, 2017). The aspects to explain here include financial requirements in terms of capital and the expected profits and sales in a given trading period. In addition, this part will explain the current position of the business and expected achievements.
Beside this, business description and marketing strategies will also be essential in generating the hotel business idea. The business description will provide the main business operations including services and products. This will also explain the location of premises and the working staff. Marketing strategies on the other hand will provide an analysis and research about the target market, the expected selling strategies, advertisement and profits of the hotel business. Pricing and distribution are other aspects of the business plan that will also be important in the starting the hotel business. In pricing the products and services, the management and marketing department will consider prices of similar products and services from the competitors in the surrounding region (McKenzie, 2017). This will help to price products and services within the expected range of the target customers to avoid undercharging or overcharging that might scare customers away. In the distribution, the hotel will have short distribution channel since sale of products and services will be direct to customers.
The organization of these information will be important in the establishing an efficient decision-making in the hotel management. The executive summary will be the first aspect in the organizing this business plan. This part has important aspects such as financial resources and allocations as well as the sales and profits that are key aspects in investment decision-making (Chambers & Humble, 2017). The sales and profit rates as well as the current position and achievement of the hotel business will attract investors to provide capital for the business. After the executive summary, there will be the business description in the marketing plan. The marketing plan also help in evaluating the business progress after the give trading period.
Chambers, I., & Humble, J. (2017). Plan for the planet: a business plan for a sustainable world.Routledge.
McKenzie, D. (2017). Identifying and spurring high-growth entrepreneurship: experimental evidence from a business plan competition. American Economic Review, 107(8), 2278-2307.
How much do you think you would need to finance the startup of this kind of business ?
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