Apparently, every sane student in any learning institution at least has a common goal which is to excel in their studies and be able to fend for themselves and their future families. In a summarized form we all need to earn cash to sustain for ourselves after school. The difference will come in on how each of us would like to earn that money. Interestingly this is where entrepreneurship comes in. This meant for the people who would like to be their own bosses and be depended upon by other employees. I personally like controlling what I do so I go for creating my own business. Notably, all business become successful if you make use of a business plan which is simply a benchmark that one follows so as to achieve their business goal (Leonard, 2010). It is like a roadmap since it tells you what to expect in the business and the alternative routes you can take to achieve your goals.
The business we are all aware of in accommodation is hotel and lodges. For a fact, these are sometimes too expensive for some individuals and therefore I come up with house rental business for travelers and visitors from distant places. Just a summary of how this business works is I will need a rental room in an apartment, furnish it fully and rent it out to anyone who wants to spend a night or two, or probably a week or so at an affordable fee.
The rental room will be located in one of the apartments inside the town center. The place has an awesome view from the top and from the balcony. It is quiet and peaceful and provides a great environment for resting after a long journey. The rental room is a spacious three-bedroom house with beautiful colors on the wall that brightens your stay there. The three bedrooms have luxurious beds and a couch. There is a fully furnished kitchen with all the electrical appliances that one will need for cooking during their stay.
Goals and Mission
The long-term goal is becoming an excellent choice for visitors and tourists by offering the best quality services ever to our clients. I want to make sure that my clients receive the ultimate luxury that comes with my rental room. I will intensify my business existence through the internet to make aware to the people who have not yet discovered this secret to cheaper accommodation in a new place. My mission is to ensure the provision of extreme extravagance to my clients through ensuring a 24-hour strong Wi-Fi, automatic air conditioner in all rooms, all day hot showers in the bathroom and warm water in the kitchen sink for cleaning utensils.
My business will target travellers who make stop-overs for a night sleep, tourists from outside and inside country who want to have a time of their lives during their visit in the accommodation section, couples celebrating their anniversaries, newlywed couples in their honeymoon and parents who want to take a break from their children and have some little time for themselves (Profitable Venture, 2018). The most effective way of getting these clients is through the internet whereby I will upload some photos of the room on social media and websites accompanied by a little summary of the location and price of the room per night. There will also be a discount for those who book early in advance to secure the room.
The money to fund this project will be acquired from a loan from the bank and also my savings. I am supposing a start-up capital 4,904.35 dollars for the expenses. I am estimating per month fixed costs of around 70 dollars to cater for monthly rent, electricity, and Wi-Fi. Notably, this business is affected by seasonality, therefore, peak and off-season will also be put into consideration since they will have an effect in the earnings (Refer appendix 1).
Strategy and Implementation
I will commit to creating the best and most comfortable accommodation for my clients. I will invest all my efforts in terms of time and money just to make sure my clients are satisfied with my services. Luckily for me the apartments offer spacious parking areas which will serve as a great advantage since for many vacationers parking space is an issue and most hotels do not have a guaranteed parking lot (Piscopo, 2018).
Key Milestones and Checkpoints
My main aim is to give vacationers and other travelers a reason to do what they like more by offering them comfort after a long day. As I continue to progress, I will also start up a one bedroom rental house to cater for a lone traveler since a three-bedroom house is too huge for him or her and probably expensive. For people coming in for business trips, I will make sure I give them a reason to extend their trip even after the business days are over. Within the first two months I am not too expectant and will be aiming at recovering my cost of production, hence, my success will have been achieved if within the two months I will have repaid the loan.
Ostensibly, everything good must tag along with some disadvantages and obviously, all entrepreneurs are risk-takers, therefore, avoiding the risk is inevitable. One of the major risks involved in this business is seasonality since there is always a time of the year where vacationers are in plenty and overflowing especially during holidays and there are times there are hardly visitors around. Another risk which is more of a challenge is creating awareness of the business. The most influential way is through the internet but unfortunately not every social media advertisement reaches everybody. Notably, getting feedback and comments from the clients will be an issue bearing in mind I will not be following around the customer to ask what they need and do not need since the only help will be giving them my number to contact me in case of any problems. Therefore getting accurate information about the visitor’s stay will be a little bit hard hence the opportunity for changes in the room will be limited.
Risk Mitigation Strategies
I will ensure that I segment my market in such a way that it targets more than one group so as to solve the problem of non-holiday events. With this, it will incorporate clients like newlywed couples, regular travelers and clients on a weekend outing. I will also consider putting up a suggestion box and comment forms for the clients to scribble down their experiences and the areas that need rectification for better services next time they come back and for the new clients who will come after them. Evidently, this business is a million and one chance to start off as a fresh graduate since it is pocket-friendly.
This is a sample business plan which you cannot use as your own project. If you need someone to write a custom personal business plan for you, hire academic experts online.
References Leonard, K. (2010, September 30). How to Write a Personal Business Plan. Retrieved from https://smallbusiness.chron.com/write-personal-business-plan-2745.html Piscopo, M. (2018). Rental Property Business Plan. Retrieved from http://www.fastbusinessplans.com/sample-business-plans/rental-property-business-plan.html Profitable Venture. (2018). 50 Best Small Business Ideas & Opportunities in the USA for 2019 | ProfitableVenture. Retrieved December 10, 2018, from https://www.profitableventure.com/business-ideas-united-states/