As a group of aspiring entrepreneurs, you must create a business plan for a service-oriented business in the tourism industry in any Caribbean country (not an existing business/company).

ALL members of the group are expected to work together and contribute to the business plan. Each team member must complete a peer evaluation of the other team members using the provided rubric.

The plan is expected to include:

1. Title page. This should include the company’s name, logo, address, and contact information along with your name and student numbers, the name of the course and the course number, your tutor’s name, and the date.

2. Table of Contents. This will allow the reader to easily navigate through the plan.

3. Executive summary (10 marks). This is a one-page synopsis of the business plan. You should include the following:

• Description of the business, its services (include product(s) if necessary).
• The target market(s) and benefits.
• Business model and basis for competitive advantage.
• Qualifications of founding team and key employees.
• Key financial highlights.

It should be concise, interesting, and to the point. It is recommended that you complete this section after you have completed the rest of your business plan.

4. Key Elements of the Business Plan (70 marks)

I. The Vision and Mission Statements (4 marks)

This section expresses the purpose of the business, what it is now and what it will become.

II. Goals and Objectives (2 mark)

This section provides company’s general goals and specific objectives.

• What the company will accomplish.
• How it will be accomplished.
• When it will be accomplished.
• Who will accomplish it.

III. Description of Services (2 marks)

This section provides an overview of the services (include product(s) if necessary).

• Diagrams, illustrations and drawings of services.
• Service description.

IV. Business and Industry Profile (10 marks)

This section provides an overview of the industry and market segment.

• Market size.
• Growth trends.
• Strength of major firms.
• Significant industry trends.

V. Business Strategy (4 marks)

This section describes how the company will gain a competitive advantage.

VI. Marketing Strategy (13 marks)

This section describes the company’s target market and its characteristics.

• Demographic characteristics of target customers.
• Number of potential customers.
• Customer needs, wants and habits.

Advertising and promotion

• Media used
• Media costs
• Frequency of usage
• Plans for generating publicity.

Pricing

• Cost structure
  • Fixed
  • Variable
  • Comparison against competitors’ prices

Distribution strategy

• Channels of distribution used.

VII. Competitor Analysis (5 marks)

This section provides information on the competition and the advantage over the competition.

• Competitor’s market shares.
• Competitor’s service(s)
• Competitor’s strategies.

VIII. Description of Management Team (5 marks)

This section describes the qualifications of the management team.

IX. Location (3 marks)

Location

• Demographic analysis of location vs. target customer profile
• Traffic count
• Lease/rental rates/owned

X. Plan of Operations (3 marks)

• Form of ownership chosen and reasoning
• Company structure (organization chart)
• Compensation and benefits packages
• Staffing plans

XI. Financial Forecast (15 marks)

This section outlines the projected financial statements. The financial statements should be included and placed in the appendices; however, detailed notes/explanations and assumptions to substantiate your projections must be included in the body of the plan under this financial forecast heading.

• Key assumptions
• Financial statements
  • Income statement
  • Balance sheet
  • Cash flow statement
  • Break-even analysis

XII. Loan and Implementation Plan (4 marks)

This section states the purpose and use of funds.

• Amount requested.
• Purpose and uses of funds.
• Repayment schedule.
• Timetable for implementing plan and launching the business.

5. Referencing, APA and Writing Skills (10 marks). Your plan should contain references from a minimum of fifteen (15) sources, which should be clearly identified in the body of the report and in your reference list according to APA 7th edition referencing style. Note at least ten (10) scholarly sources (peer reviewed journal papers) should be included. This can be accessed via UWI Linc. Failure to utilise scholarly sources will affect the quality of your report and consequently your grade. All references must be properly cited both in the body of the essay and in a reference list at the end, following the American Psychological Association (APA) 7th edition format. Marks will be deducted for typographical/grammatical errors.

6. Format and Presentation (5 marks). Consideration will be given to the following: -

• 30 pages maximum (excluding title page, references and appendices)
• Title Page and business plan (in APA format)
• Table of contents
• Times New Roman 12-point font
• Line Spacing – double with 1” margins on all sides
• Page numbering
• Layout
• Paragraphing.

7. Appendices (Supporting documentation, including market research, financial statements, organization charts, résumés, and other items)

Answer rating: 100% (QA)

Creating a comprehensive business plan requires careful consideration and collaboration from your team Below is a detailed outline of the business plan for your serviceoriented tourism business in a C... View the full answer