Assignment Brief
Module Outcome:
Module Outcome 1: Demonstrate an ability to undertake a project involving plan, execute, analyse findings, and draw conclusions for an investigation with specified aims and objectives identified.
Module Outcome 2: Use information collected from a range of sources and use of appropriate methods to address the stated aims and objectives of the investigation.
Module Outcome 3: Develop and demonstrate academic writing and communication skills to present the project in written and visual formats.
Assignment Requirements
Overview
- This assignment is designed to provide you with basic and essential skills involved in planning, undertaking, and visually presenting a piece of independent learning in the form of a written report.
- You will need to apply knowledge gathered in previous modules of the Foundation Year by producing a business plan focusing on the Business & Tourism Management Sector of the UK economy. You will make use of information gathered from the recommended sources.
Assignment task
You are looking to apply for a start-up loan of up to £20,000. Write a business plan in the form of a written report of 3,000 words. The business plan aims to present a business idea within the Business & Tourism Industry using previous knowledge and business research skills.
WHAT ARE YOU ASKED TO DO?
The British Business Bank is the UK’s national development bank. The British Business Bank was established to assist start-ups, established businesses or those looking to grow to find information and guidance around finance (British Business Bank plc, 2023). The British Business Bank aims to help businesses by:
- Working with the Government, finance providers and institutions to make finance markets work better for smaller businesses.
- Talking to businesses, trade bodies and industry experts to make sure the information and guidance provided is fully relevant.
- Providing independent and impartial information – including guides, checklists, animations and articles
- Helping drive sustainable growth and prosperity across the UK, and enable the transition to a net zero economy, by supporting access to finance for smaller businesses.
- Adapted from the British Business Bank plc’s (2023) business plan template, you are required to produce a business plan of a new business in the UK within the Tourism Services Industry.
THE TASK WILL REQUIRE YOU TO:
- Provide a brief history of the tourism sector and how it has developed linked to your chosen tourism sector.
- Establish a new business idea within the Tourism Services industry.
- Provide SMART objectives.
- Conduct a personal SWOT analysis.
- Identify and describe potential customers.
- Discuss potential competition.
- Discuss marketing plans in terms of promotional activities, and digital tools.
- Identify key stakeholders.
- Discuss organisational structure.
- Highlight operational considerations such as laws, regulations, insurance, etc. 11. Consider financial aspects such as cash flow, expenses, etc.
- Reflect on backup plans for loan repayments.
The British Business Bank plc (2023) business plan template can be found here (for inspiration only, please do not use this template!): https://www.startuploans.co.uk/business-plan-template/
Additional Information Required to Support Completing The Tasks Above
The tourism sector in the UK. Examples of businesses and commercial activities include, but are not limited to travel agents, outdoor activity providers, tour operators, travel retail stores, transportation (boat rides, train rides etc.), ticketing, marketing and promotions for events and attractions staff, etc. Do not produce a business idea related to hotels and/or restaurants.
Your Business Research Report Needs to Include:
1. Introduction
- Give a brief history of the tourism sector and how it has developed linked to your chosen tourism sector.
- Briefly describe your business idea and outline the different product(s) and/or service(s) you will offer. Justify this business idea with the use of research and statistics.
- Describe and justify where your business will operate from.
2. Objectives
- Provide 2 short-term, 2 medium-term, and 2 long-term SMART objectives.
3. Personal SWOT analysis
- Perform a SWOT analysis of your own skills, experiences, knowledge, etc. related to your business idea. For example, you could mention any previous experience, employment, education/training, transferable skills, talents, traits, etc. List at least 3 for each.
4. Target customers and market
- Identify and describe your potential customers. Use tables and different types of charts to support your findings on demographics, statistical data, forecasts, number of visitors, etc.
- Identify the specific need, want and demand of the local market of your choice. Use images, reviews, and word of mouth to support your business idea. Explain how your business will cover this need, want, and demand.
5. Competition
- Perform a competition analysis. Use maps, images, logos, or tables with your potential competitors in the area you have chosen.
- Describe how your business is different to that of your competitors.
6. Marketing plans
- Explain how digital technologies will assist you in creating marketing plans.
- Explain three promotional activities and explain how they will help you meet your business objectives.
7. Operations
- Provide details and explain two key stakeholders that will be important to running your business
- Describe how many staff you will employ (if any). Will that change in the next 12 months? Describe and justify your long-term organisational structure.
- Discuss any laws, regulations, or insurance that may be required for your business and/or industry.
8. Finance
- After having completed Appendix A below, describe how you will spend the £20,000 towards starting your business. Justify the two largest expenses.
9. Back-up plan
- Discuss what you will do if you are unable to make the loan repayments. Provide details of how you would manage these repayments in the case of an expected event. Describe how you feel this will be a realistic plan.
10. Conclusion
- Justify how and why your business will be successful and why you should be given the start-up loan. Consolidate your key findings and give overall conclusive remarks.
11. Reference list
- Only use the core and recommended books, texts, and resources. Use websites for your marketing research
