Business Development Proposal Assignment

Added on - Nov 2020

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BUSINESS DEVELOPMENT
PROPOSAL
TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
Background.................................................................................................................................1
Rationale....................................................................................................................................1
Vision.........................................................................................................................................1
Mission........................................................................................................................................1
Aims and Objectives...................................................................................................................2
Design and structure....................................................................................................................2
Relevant models and information sources used..........................................................................2
Actionable assumptions.............................................................................................................3
Timescale....................................................................................................................................3
BUSINESS CONCEPT...................................................................................................................3
The product and service.............................................................................................................4
Facilities and services................................................................................................................8
Target market.............................................................................................................................8
Value added................................................................................................................................9
Specific features.........................................................................................................................9
Management...............................................................................................................................9
Window of opportunity............................................................................................................10
FEASIBILITY RESEARCH........................................................................................................10
Feasibility research plan............................................................................................................10
Research methodology..............................................................................................................11
Key areas of feasibility research are as follows :.....................................................................12
Product/ service feasibility........................................................................................................12
Industry feasibility....................................................................................................................13
Growth and scope of industry In Malta....................................................................................15
Competitor analysis..................................................................................................................15
Organisational analysis............................................................................................................16
Market analysis.........................................................................................................................17
Financials feasibility.................................................................................................................18
Ambition VS Ability.................................................................................................................20
BUSINESS MODEL.....................................................................................................................21
Core strategy...........................................................................................................................21
The business mission................................................................................................................23
Product and market scope........................................................................................................23
BUSINESS PLAN.........................................................................................................................26
Accommodation service business in Malta...............................................................................26
Project planning and development stages.................................................................................26
Structure of business along with its interior design..................................................................27
Marketing plan..........................................................................................................................29
Collaborative marketing strategies............................................................................................29
Online marketing.......................................................................................................................30
Risk management......................................................................................................................39
Operating process.....................................................................................................................41
FINANCIAL PLAN......................................................................................................................42
Set up capital.............................................................................................................................42
Projected Cash flow for 1st year..............................................................................................42
Projected profit and loss statement profit.................................................................................45
Critical success factor..............................................................................................................47
REFERENCES..............................................................................................................................49
INTRODUCTION
Background
Accommodation services provided to the tourist and people visiting to the place to
provide them place for their stay during their holidays. The aim of YBDG accommodation is to
provide the clients with the short term and long term let options while their stay. The short term
rent options are available for the tourists that are visiting Malta in the summer and the long term
let options will be based on 9 month contract basisin the other season. Malta is experiencing
strong economic growth that has lead to opening of many foreign companies in that place which
has increased the demand for accommodation. Moreover, increase in the property prices in Malta
have increase the demand of the accommodation services which will be beneficial for the YBDG
accommodation.This business proposal is for Malta which is the most tourist attraction place
and opening up the accommodation that will provide the short term and long term let option will
be a profitable business at this place.
Rationale
The opening of the YBDG accommodation andand property company which will
provide the short term and long term letting option to the tourist and the people staying Malta it
is a new concept because the short term let options are available everywhere but the long term let
options are not available which will attract more customers towards this business. This business
idea will provide unique experience to the clients. It will require proper planning based on
market research surveys as well as formulation of strategies which will assist in increasing the
gains of the business.
Vision
The Aim is to establishment of accommodation and property company to provide short
term and long term let option to the clients staying in Malta and increasing the sales by 10 %
each month.
Mission
To provide clients with unique experience by providing both short term and long term let
options.
To enhance the profitability of the business by attracting more customers.
To provide clean, hygienic and convenient accommodation to the clients
To provide the clients with services as per their requirement.
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Aims and Objectives
Aim: To establish the new business start-up to provide short and long term letting option in
Malta
Objectives :
To increase the brand image of the company by providing both short term and long term
let option.
To increase the sales by 10% in every month by providing long term let option
To outline the challenges faced by YBDG accommodation in the new market
To attract customer by providing other services with accommodation facility
Design and structure
This report will consist of four topics which are as follows :
The concept of business :It will define the concept of the business and the target market
associatedwiththebusinesswiththefacilitiesandservicesprovidedbythe
accommodation business.
Feasibility research :It provide understanding about the feasibility of the business ideas
by identifying the perspective of market, organizational resources, services and financial
resources.
Business model development :It is related to identifying the business model whichis
related to the business idea for implementing as business strategy for achieving the
objectives of the business.
Business plan :It consist of the stages which are required for implementing the business
model.
Relevant models and information sources used
The report will include the porter five forces model for identifying the industry and
market. It will be used for the implication of industry and market feasibility research (Russo and
Alturas, 2017). The information will be gathered through the help of two sources which will
comprises of the following :
Primary sources :It is the method through which the information is gathered first hand
through the help of various methods, the primary sources include the use of information
which is gathered trough survey or interview.
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Secondary sources :It is the information which is gathered through the use of published
sources. It consist of books and journals and internet sources. This information is
collected by some other person which is used for the reference.
Actionable assumptions
To determine the gain value of the projects there are various assumptions are formed for
YBDG accommodation. They consist of :
The revenue for the business will deviate due to seasonal fluctuations and not on the basis
of financial years. Moreover, the aim of the business is to attain the increase in sales by 10%
each moth by providing long term letting option in the accommodation.
Timescale
For the establishment of the new business it is required to gather the information about
the market with the help of market research. It is required to understand the market and
accommodation industry to identify the risk associated with the business and the level of
competitiveness (Zehrt,2015). It is required to identify the reason which will lead to business
success and failure that will assist in gaining strength and overcome weakness. Moreover, it will
include the details regarding the time required for identifying the location and funding for the
operation of the various activities relating to the business. Also, it will include the license
required foroperating the business.Also, it will include the equipment for cooking to the
clients to provide them extra facilities with the accommodation facility. The recruitment of staff
and training will be provided and at last the opening of the YBDG accommodation will be held.
BUSINESS CONCEPT
The YBDG accommodation company will provide the short terms as well and long term
letting option to the clients which are staying at Malta. The short term renting will be provided
during the summer season to the tourist and the long term letting option will be available to the
people staying at Malta on the 9 month contract basis to provide the facilities in the other
seasons. This company will provide homely feeling to the tourist staying at the place by letting
the home on rent which will assist in enhancing their experience with the business (Marcoz and
et.al., 2016.).The YBDG will provide various facilities along with accommodation as linen for
each guest bed, toilet paper, soap etc. which are basic thing that the guest required while their
stay. The YBDG accommodation will be located at the Malta which is the tourist attraction place
and it will attract more customers towards the business. The YBDG will charge affordable cost
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to the guest ton attract them towards the business and will provide the high quality services with
the basic amenities required.
The product and service
The YBDG accommodation will provide both short term and long term letting facilities
to the customers.
The short term letting
It is related to providing the guest with the option to stay at the apartment for the short
period during their vacation. It will provide short term let accommodation in the summer season
for the tourist that want to stay in Malta for the holiday. the short term let assist in provding the
tourist to spend the quality time.
The long term let
It is related to providing the guest with the facility of staying in the apartment for the
long term. The YBDG accommodation will provide the guest with the facility to stay in
apartment for the long term on the 9 month contract basis.
The services at accommodation will include
Linen for the bed
The linen will be used in YBDG accommodation to provide comfort to the guest with the
linen beds. It is the sheet of the bed which is made up of linen to provide comfort to the guest.
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Bathroom :The YBDG will provide the unique bathroom to the guest to improve their
experience it will have the unique bathroom designs which will provide fresh feeling to
the guest while their stay at the apartment (Yoon and Lee, 2017).
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Illustration1: Linen for bed
( Source :Accommodation linen,2018)
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