Business Plan for Virtual Reality Tourism by Cosmos Tour Ltd

This business plan focuses on the launch of virtual reality tourism by Cosmos Tour Ltd, a next frontier in the digital marketing and tourism industry. It includes information on the current position of Cosmos Tour Ltd, their product or service, target market, marketing strategies, competition, and operational plan.

Postgraduate Business
plan for a hospitality
events or tourism related
business start-up

Table of Contents
INTRODUCTION...........................................................................................................................1
BUSINESS PLAN ..........................................................................................................................2
1. Where is Cosmos tour Ltd now?........................................................................................2
2.What is their product or service...........................................................................................3
3.What is their market............................................................................................................3
4.How will you reach the market...........................................................................................4
5.Who will they be competing against...................................................................................5
6.How will the product service be produced delivered..........................................................6
7.Who are the people..............................................................................................................6
8.What are the financial projections.......................................................................................7
9.How much money will they need........................................................................................7
10 What are the risks..............................................................................................................7
CONCLUSION ...............................................................................................................................8
REFERENCES ...............................................................................................................................9

INTRODUCTION
Business plan is basically a formal written document that contain information about the
goals and objectives of a business organisation along with strategies to achieve those goals. The
current business plan is based on new business start-up comprises of a new services start by a
tourism company. The current business plan is based on Cosmos tour ltd which is a independent
UK tour operate and provide a range of package Holidays for its customers across UK and other
parts of world (Alonso-Vazquez and et. al., 2018). The recent global pandemic of COVID-19 has
created a threat and many complexities for Cosmos tour Ltd thus, it become vital and important
for this company to come up with some new and more innovative products and services to cater
attention and attract larger number of customers.
The issues of Covid-19 has led to lockdowns and prohibition on travelling which has
created a setback for tourism industry therefore, they needs to come up with new start-ups and
business ideas that are based on innovation and new technology. Thus, in current business
scenario the Cosmos Tour Ltd is planning to coming up with a totally new and innovative
business start-up in tourism industry which comprises of virtual reality tourism. The current
business plan is based on launch of virtual reality tourism by Cosmos tour ltd that is said to be a
next frontier in the digital marketing and tourism industry.
The new services opened by Cosmos Tour Ltd comprises of Virtual reality (VR) which is
referred to a computer-generated simulation through the use of which a person can interact
within an artificial three-dimensional environment and tourist destination through making use of
an electronic devices, such as special goggles along with a screen or gloves fitted with sensors
(Fadda, 2020). Thus, this new start-up of Cosmos tour ltd comprises of use of new innovation
and technology to effectively capture the tourism destination in a most unique and immersive
way.
Mission
The mission of current business plan is, “To offer an improved way of tourism and
traveling for customers through making use of innovative and digital technology.”
Objective
The objective set out by Cosmos Tour Ltd for current business plan based on new start-
up of virtual reality tourism are stated as below:
To offer safe way of tourism and joyfulness during the time of Covid-19.

To attract and cater larger number of customers in order to improve its sales and profitability
level by 15% in next 8 months.
To ensure more effective and better use of innovative technology to offer unique tourism service
and unique experience for its customers.
Thus, the main focus and emphasis of current business plan is on mitigating the risk and
issues created by COVID-19 for tourism industry through sudden lock-down and closure of
travelling. Thus, coming up with virtual reality tourism would be a successful and profitable start
up for Cosmos Tours Ltd to have higher productivity level.
BUSINESS PLAN
Business plan is defined as business proposal which is a formal representation of
organisational goals and objectives and the methods through which these goals can be attained.
With the help of business plan within provided time frame goals of the business can be attained
and in this manner this would be easier for the business to deal with their new innovation and
place the same by dealing with appropriate product insights (Mishra and Gupta, 2020). Every
business in current time is dealing with such aspects through which they are able to attain
objectives of their business in such a manner that overall benefits can be attained. In the context
of Cosmos tour Ltd, business plan is elaborated as under:
1. Where is Cosmos tour Ltd now?
Cosmos tour Ltd is offering affordable tour services and holiday packages to their
customers. The company is highly focused over managing culture and languages in such a
manner that they can offer planned holidays to their customers. As the company is engaged in
providing prominent tours services so this is imperative that they organise their business
functions in such a manner that they can attract higher customers. In current time of COVID-19,
various demands are exerted by customers and this is the responsibility of organisation to meet
expectation level of their customers by providing innovative products or services. The company
has launched a service which is associated with VR and computer-generated simulation so that a
person that interact with tourist destination by dealing with three-dimensional environment
(Marasco, A and et. al., 2018). This is the start-up initiated by the company in which innovation
and high technology is being rendered.

The company is planning to meet their customers requirements by involving innovation
in business so that more customers can be attracted. This innovation of Cosmos tour Ltd has
developed higher revenue in which the company is able to secure commitments of their
customers. In current time Cosmos tour Ltd is holding prominent market position so that they are
able to attract higher customers and this is regarded as the major reason through which the
company is able to enhance experience and customer's level of expectation.
2.What is their product or service
Cosmos tour Ltd is one of the most prominent organisation providing services associated
with travel and booking of holidays. The company is associated with providing economic
packages to their customer so that to attract higher range of customers. In the new service the
company have initiated to provide VR services in which a visitor can experience their desired
services just by entering into three-dimensional era (Sim, K. S and et. al., 2020). As this service
is highly innovative that means this can provide appropriate insight in relation to executing
several business benefits. On the other hand as these service is having such edge in which the
company is able to attract more customer in the era of COVID as this is not possible for visitors
to go and visit that particular destination place.
In terms of value proposition this service is going to provide higher benefits in terms of
customers and providing them appropriate benefits as well. Due to its distinctive advantage this
is the service which will be used by mass audience as in current time there are number of people
those are interested in exploring various locations but due to restrictions this is not possible for
them. So this can be said that distinctive advantage as in terms of providing such opportunity in
which this is easier for Cosmos tour Ltd to settle down needs of their current and potential
customers.
COVID-19 has given major opportunities to the organisation in respect of meeting
market needs as this service is having calibre to attract new and potential customers so that to
enhance their market share and route of customer capture.
3.What is their market
Cosmos tour Ltd is providing tour services and trip packages to their customer and the
major distinctiveness of the company is that they are providing various services in minimal
amount of money (Fotiadis, Mombeuil and Valek, 2018). The company is receiving top ratings
in every year and ranked as one of the most prominent tour service provider in Europe. The

company is providing best experience to their customers by providing innovative services in
economic prices. In terms of market segmentation the company is covering niche market so that
to include higher number of customers.
On the other hand the company is having high prominence as in terms of growth
projection and variations. The company is targetting their customers on the basis of social aspect
as in current scenario this is a major constraint in which a new and innovative product or service
can be placed in front of people and audience. Market size for Cosmos tour Ltd is vast as the
company is having their business in Italy, Britain, France, Germany, Greece and many more.
This can be analysed that there are significant changes in market in current time and this
is regarded as the major reason that for which the company is able to analyse market inclination
in easy manner. New innovation of Cosmos tour Ltd is about dealing with those customer who
are willing to get prominent service in relation to tour and travelling (Magadán and Rivas, 2018).
The actual projected growth by Cosmos tour Ltd is defined as 15% and by which the company
can acquire higher market share.
4. How will you reach the market
Every new venture is required to build a significant bridge in order to attain success
within new marketplace and new market. In order to make appropriate bridge this is imperative
to use such measures so that overall business strategy can be placed in appropriate manner. For a
new business this is significant that overall efforts are required to be provided so that to inhale
prominent opportunities for success and to manage succession options in ultimate manner.
Cosmos tour Ltd is providing tours and travels services to their customer and in current
time the company is involved in providing new innovation as in terms of providing prominent
experience to their customer by providing them opportunity of giving superior experience in
terms of VR. This innovation is going to help the organisation in respect of enhancing sales and
profits (Seow, Choong and Ramayah, 2020). In respect of various dimensions strategies used by
the organisation are elaborated as under:
Marketing and promotion: In terms of marketing and promotion Cosmos tour Ltd is using
social media tools so that to spread awareness as in terms of their services. Social media tools are
widely used as in current time so with the help of social media tool appropriate marketing and
promotional aspect can be established by Cosmos tour Ltd.

Selling: Selling is defined as the function which is directly linked with analysing such
dimensions in market through which this is easier to promote sales. In terms of selling strategy
Cosmos tour Ltd is trying to develop competitive advantage so that higher customers can be
attracted. In current time the company is fully associated with gaining such advantage so by
using methods to inhale higher competitive advantage Cosmos tour Ltd can intensify their sales.
Distribution: The Company is selling their services directly to customer that means the
company is adopting direct distribution channel so that to meet level of expectation (Khan, H. U.
R and et. al., 2019). By starting a new start-up this is the major responsibility of Cosmos tour Ltd
that they try to interact with their customers so that they can communicate regarding benefits of
newly launched service.
5. Who will they be competing against
Cosmos tour Ltd is having prominent market image and this is regarded as the major
reason for which the company is having ample customers in their portfolio. The market size of
the organisation is moderate and due to this reason imperative analysis can be made. In terms of
financial results the company is already at growth stage but in time of COVID their sales has
declined so with their new innovation the company is again planning to regain their market
position and customers as well.
Cosmos tour Ltd is providing range of services to their customers and this is regarded as
the major reason by which the company is able to meet its expected level of performance.
Besides this as there are numerous competitors existed for Cosmos tour Ltd, so competitors
analysis is elaborated as under:
Product range and performance:
The major competitors of Cosmos tour Ltd is Balkan Holidays and Peltours. Both of
these organisations are associated with providing holiday services to their competitors. Balkan
holidays are providing tour operating services to their customers and at the same tome Peltours is
also providing tour services in customised manner to their customers.
Market reputation and quality
Balkan Holidays and Peltours are providing prominent services related to tour and
travelling. The major competition existed within Cosmos tour Ltd is associated with providing
specific edge to customer in context of their competitors so chances of facing high market rivalry
is high.

Market positioning: Cosmos tour Ltd is providing tour and travelling services to their
customers and this manner this is highly essential for the organisation that they analyse position
of their competitors in terms of price and selling methods. In this manner this is being analysed
that Balkan Holidays and Peltours are using indirect selling methods in which the company is
involving intermediators (Dixit, 2020). So this can be said that Cosmos tour Ltd is trying to
analyse several concepts of marketing and their competitors.
6.How will the product service be produced delivered
Operational plan
In order to initiate selling Cosmos tour Ltd is using direct method in which the company
is trying to involve maximum number of customers. There are various steps included in
providing services of Cosmos tour Ltd such as they need to develop various gadgets which could
be helpful for customers to gain appropriate experience in relation to VR. Labour, material and
facilities are the manner in which the company is giving their higher focus so that to grab higher
succession over their new venture. In order to get into higher success opportunities, financial
needs are also required to be satisfied so that to avoid situation of short funds.
By meeting various aspects Cosmos tour Ltd is providing significant knowledge through
which this would be easier for the organisation to tackle their competitors. There are several
activities which are required to be conducted in order to provide appropriate insight to new start-
up. There are two types of major activities that would be performed within organisation such as
In-house and sub-contracted. In the context of in-house activities designing and assembly are the
activities which could be performed by Cosmos tour Ltd in in-house manner (Li, H and et. al.,
2019). Besides this promotional activities will be contracted by Cosmos tour Ltd to some outer
parties in order to gain high business insight. Besides this in order to gear up project in post start-
up time the company is appropriately evaluating their services.
7.Who are the people
For placing high market image the company is trying to meet level of satisfaction to their
customers. The major focus of Cosmos tour Ltd is associated with targetting those people who
are willing to explore places. On the other hand such customers are also targetted those are
inclined to use innovative services and prone to experience new services. Cosmos tour Ltd is
having suppliers by which they take material for using in providing services of VR.

For dealing with business operations in appropriate manner the company is providing
training to working professional so that they can analyse needs of their customers in appropriate
manner. In this manner the company is able to meet their commitments and acquiring higher
market benefits. In the context of new innovative services this is highly required that to recruit
some new personnel so that to analyse business differentiation.
8.What are the financial projections
The company is planning to adopt new innovation in their start-up and in this manner so
that to indicate the level of effectiveness. In terms of key performance indicator this can be said
that the company is required to analyse performance on daily basis so that to meet rational of
their start-up. In this manner major objectives can be met by Cosmos tour Ltd. The rational of
using new innovation is to provide such business insight by which the company can acquire high
customer base and meet obligation to start this venture.
Besides this a plan to face complications are also written in which different aspects will
be added in which overall efficacy can be met (Sotiriadis, 2018). The expected base is associated
with filling up rational of project and in this manner overall organisational objectives can be met.
In initial stage Cosmos tour Ltd expected to maximise their services by adopting various
candidates. This is required to be matched in real data so that to analyse appropriate results.
9. How much money will they need
In order to complete the overall project money will be needed as this can be said that with
the help of ample money overall project will be completed with appropriate efficacy. Staffs,
premises are the major constraint which is needed so that to develop appropriate understanding
in terms of gaining finance needs. In terms of milestone the company is trying to develop such
aspects in which with the help of market testing and research and development strategies overall
development can be rendered so that to maximise marketing power.
Start-up cost of new business
Column 3
Estimated
Cash
Item
Salary of Owner-Manager $5,500

All Other Salaries and
Wages $10,000
Rent $4,000
Advertising $2,800
Delivery Expense
(Transportation) $1,200
Supplies $1,600
Telephone, Fax, Internet
Service $3,150
Other Utilities $400
Insurance $200
Taxes Including
Employment Insurance $250
Interest $500
Maintenance $150
Legal and Other
Professional Fees $950
Miscellaneous $1,000
Cost which is paid only for one time
Cash
Required
to Start
Business
Capital Costs:
Fixtures and Equipment $15,000
Decorating $5,000
Installation of Fixtures and
Equipment $3,000
Starting Inventory $10,000
Soft Costs:
Deposits with Utilities $2,000
Legal and Other
Professional Fees $1,500
Licences and Permits $1,500
Advertising and Promotion
for Opening $1,200
Accounts Payable $1,800

Cash $3,000
Miscellaneous $500
Total One-Time Cash
Requirements: (B) $44,500
TOTAL ESTIMATED
CASH REQUIRED TO
START BUSINESS: (A) +
(B)
76,200
Cash flow projection for first 4 year of business.
1st year 2nd year 3rd year 4th year
Cash Flow from Operations (during
month)
1. Cash Sales * $22,000.0
0 $24,200.00 $26,620.00 $29,282.00
2. Payments for Credit Sales **
$13,000.0
0 $14,300.00 $15,730.00 $17,303.00
3. Investment Income $4,500.00 $4,950.00 $5,445.00 $5,989.50
4. Other Cash Income $3,500.00 $3,850.00 $4,235.00 $4,658.50
A. TOTAL CASH ON HAND $43,000.0
0 $47,300.00 $52,030.00 $57,233.00
Less Expenses Paid (during month)
5. Inventory or New Material $14,000.0
0 $15,400.00 $16,940.00 $18,634.00
6. Owners’ Salaries $18,000.0
0 $19,800.00 $21,780.00 $23,958.00
7. Employees’ Wages and Salaries
$20,000.0
0 $22,000.00 $24,200.00 $26,620.00
8. Supplies and Postage $3,500.00 $3,850.00 $4,235.00 $4,658.50
9. Advertising and Promotion $2,000.00 $2,200.00 $2,420.00 $2,662.00
10. Delivery Expense $1,000.00 $1,100.00 $1,210.00 $1,331.00
11. Travel $1,500.00 $1,650.00 $1,815.00 $1,996.50
12. Legal and Accounting Fees $800.00 $880.00 $968.00 $1,064.80
13. Vehicle Expense $0.00 $0.00 $0.00
14. Maintenance Expense $600.00 $660.00 $726.00 $798.60
15. Rent $3,500.00 $3,850.00 $4,235.00 $4,658.50
16. Utilities $600.00 $660.00 $726.00 $798.60
17. Telephone -$400.00 -$440.00 -$484.00 -$532.40
18. Taxes and Licences -$500.00 -$550.00 -$605.00 -$665.50
19. Interest Payments -$900.00 -$990.00 -$1,089.00 -$1,197.90
20. Insurance -$300.00 -$330.00 -$363.00 -$399.30

21. Other Cash Expenses -$800.00 -$880.00 -$968.00 -$1,064.80
B. TOTAL EXPENDITURES $62,600.0
0 $68,860.00 $75,746.00 $83,320.60
Capital
Purchase of Fixed Assets -
$21,000.0
0
-$23,100.00 -$25,410.00 -$27,951.00
Sale of Fixed Assets
C. CHANGE IN CASH FROM
PURCHASE OR SALE OF ASSETS
-
$21,000.0
0
-$23,100.00 -$25,410.00 -$27,951.00
Financing
Payment of Principal of Loan -$1,000.00 $1,000.00 $1,000.00 $1,000.00
Inflow of Cash from Bank Loan
Issuance of Equity Positions
Repurchase of Outstanding Equity
D. CHANGE IN CASH FROM
FINANCING -$1,000.00 $1,000.00 $1,000.00 $1,000.00
E. INCREASE (DECREASE) IN
CASH (E = A – B ± C ± D)
$83,600.0
0 $94,060.00 $103,366.0
0
$113,602.6
0
F. CASH AT BEGINNING OF
PERIOD $5,000.00 $88,600.00 $182,660.0
0
$286,026.0
0
G. CASH AT END OF PERIOD (G =
F ± E)
$88,600.0
0 $182,660.00 $286,026.0
0
$399,628.6
0
MEET MINIMUM CASH
BALANCE
Income statement
Year 1 Year 2 Year 3 Year 4
1. Gross Sales $70,000.0
0
$77,000.0
0
$84,700.0
0
$93,170.0
0
Products $20,000 $22,000 $24,200 $26,620
Services $35,000.0
0
$38,500.0
0
$42,350.0
0
$46,585.0
0
2. Less: Cash Discounts
A. NET SALES $70,000 $77,000 $84,700 $93,170
Cost of Goods Sold:
3. Beginning Inventory $0
4. Plus: Net Purchases $15,000 $16,500 $18,150 $19,965
5. Total Available for Sale
6. Less: Ending Inventory $0

B. COST OF GOODS SOLD $15,000 $16,500 $18,150 $19,965
C. GROSS MARGIN $55,000 $60,500 $66,550 $73,205
Less: Variable Expenses*
7. Owner’s Salary $18,000.0
0
$19,800.0
0
$21,780.0
0
$23,958.0
0
8. Employees’ Wages and
Salaries
$20,000.0
0
$22,000.0
0
$24,200.0
0
$26,620.0
0
9. Supplies and Postage $3,500.00 $3,850.00 $4,235.00 $4,658.50
10. Advertising and
Promotion $2,000.00 $2,200.00 $2,420.00 $2,662.00
11. Delivery Expense $1,000 $1,100.00 $1,210.00 $1,331.00
12. Bad Debt Expense -$4,000 -
$4,400.00
-
$4,840.00
-
$5,324.00
13. Travel $1,500 $1,650.00 $1,815.00 $1,996.50
14. Legal and Accounting
Fees $800.00 $880.00 $968.00 $1,064.80
15. Vehicle Expense $0 $0.00 $0.00 $0.00
16. Miscellaneous Expenses -$800.00 -$880.00 -$968.00 -
$1,064.80
D. TOTAL VARIABLE
EXPENSES $42,000 $46,200 $50,820 $55,902
Less: Fixed Expenses*
17. Rent $3,500.00 -
$5,000.00
-
$5,000.00
-
$5,000.00
18. Repairs & Maintenance $600.00 -$400.00 -$400.00 -$400.00
19. Utilities (Heat, Light,
Power) $600.00 -$600.00 -$600.00 -$600.00
20. Telephone -$400.00 -$400.00 -$400.00 -$400.00
21. Taxes and Licences -$500.00 -$500.00 -$500.00 -$500.00
22. Depreciation -$2,000 -$2,000 -$2,000 -$2,000
23. Interest -$900.00 -$900.00 -$900.00 -$900.00
24. Insurance -$300 -$300 -$300 -$300
25. Other Fixed Expenses -$1,500 -$1,500 -$1,500 -$1,500
E. TOTAL FIXED
EXPENSES -$900 -$11,600 -$11,600 -$11,600
F. TOTAL OPERATING
EXPENSES $42,000 $46,200 $50,820 $55,902
G. NET OPERATING
PROFIT (LOSS) $97,000 $106,700 $117,370 $129,107
H. INCOME TAXES
(estimated) -$2,000 -$2,200 -$2,420 -$2,662

I. NET PROFIT (LOSS)
AFTER INCOME TAX $95,000 $104,500 $114,950 $126,445
Balance sheet
ASSETS $1,824,110.41
Current Assets: $200,000.00
1. Cash $15,000.00
2. Accounts Receivable $500,000.00
3. Inventory $2,539,110.41
4. Other Current Assets
A. TOTAL CURRENT ASSETS $140,000.00
Fixed Assets: -$7,482.01
5. Land and Buildings $150,000.00
less depreciation -$8,016.44
6. Furniture and Fixtures $159,076.96
less depreciation -$8,501.54
7. Equipment $0.00
less depreciation $0.00
8. Trucks and Automobiles $0.00
less depreciation $0.00
9. Other Fixed Assets $425,076.96
less depreciation $2,964,187.37
B. TOTAL FIXED ASSETS
C. TOTAL ASSETS (C = A + B)
LIABILITIES $50,000.00
Current Liabilities (due within 12 months): $60,000.00
10. Accounts Payable $42,769.00
11. Bank Loans/Other Loans $152,769.00
12. Taxes Owed
D. TOTAL CURRENT LIABILITIES $60,000.00
Long-Term Liabilities: $70,000.00

13. Notes Payable (due after one year) $130,000.00
14. Other Long-Term Liabilities $282,769.00
E. TOTAL LONG-TERM LIABILITIES
F. TOTAL LIABILITIES (F = D + E) $0.00
Net Worth (Capital): $0.00
15. Share Capital $0.00
Common Shares $0.00
Preferred Shares $2,528,649.37
16. Retained Earnings $2,811,418.37
G. TOTAL NET WORTH (G = C - F)
H. TOTAL LIABILITIES AND NET WORTH (H = F + G)
10 What are the risks
The major risk associated with the venture is associated with developing such aspects in
which this would be difficult for the organisation to survive.
Risk related to product or market: Cosmos tour Ltd is having various competitors and
in this manner the company may deal with their market competitors in appropriate manner. This
is one of the major risk pertained with Cosmos tour Ltd which could lead the company to
provide such aspects in which they can minimise their market prominence (Nam and et. al.,
2019).
SWOT Analysis
Strengths Weakness
 This is the only VR service provider
in UK area.
 The company is providing excellent
customer service facilities.
 Providing economic packages to their
customer so that to attract higher
range of customers.
Being a start-up money is limited with the
organisation
Opportunities Threats
 Having opportunities of expansion
and grow at various locations
 Higher cost of service

 Being an innovative venture they can
acquire higher edge in the market.
 Entering into three-dimensional era.
 Largely dependence over customers.
Thus, on the basis of above SWOT analysis, it has been identified that the many
opportunities and threats are present within the physical environment of the Cosmos tour Ltd. It
is having major strengths as they are pioneer in VR services so that high market capture can be
attained. Besides this as the company is providing innovative services so the company is having
immense opportunities for growth and enhancing their customer base. Further, it has been also
analysed that the Cosmos Tour Ltd company is also associated with providing economic
packages to their customer so that to attract higher range of customers. In the new service the
company have initiated to provide VR services in which a visitor can experience their desired
services just by entering into three-dimensional era which is creating mush more opportunity for
Cosmos Tour Ltd.
CONCLUSION
From the above report this can be analysed that business plan could be helpful in
providing such aspects in which the organisation can deal with managing such risks so that to
arrange dimensions in significant manner. A business plan is a very important and strategic tool
for entrepreneurs. A good business plan not only helps entrepreneurs focus on the specific steps
necessary for them to make business ideas succeed, but it also helps them to achieve short-term
and long-term objectives. A business plan is used to help manage an organisation by stating
ambitions, how they will be achieved, and exactly when. The plan will also help summarise what
the business is about, why it exists, and where it will get to.

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