Summary of proposal
The intended product/service
The product name is Photogenic Gold Coast and this business provides customers personalized photo taking tours.
Business name: Photogenic Gold Coast
Business structure: Sole Proprietorship
Business location: Gold Coast
Products/services: Personalised photo taking tours (Southport, Main Beach, Surfers Paradise, Main Beach, Burleigh Heads, Springbrook, Crrumbin, Tugan, Coolangatta etc) and package tours
Product/Service Description Price
Personalised photo taking tours A tour which include sightseeing and photos Depends on customers ($50-200)
Package day-tours Planned tours Depends on the tour ($50-200)
[Brief product/service description] [Price including GST]
Business Plan Table of Contents Summary of proposal4 The intended product/service4 A description of industry trends,4 Target market group(s)5 Unique value proposition5 Aims of Business6 Business goals/objectives6 Anticipated sales volume, market share6 Visitor satisfaction, repeat visitation and/or other similar targets.6 Management plan6 Marketing plan7 Market research7 Market targets7 Environmental/industry analysis7 Customer demographics7 Key customers7 Marketing strategy7 7 p’s of marketing8 Sales and promotional strategy8 Online and offline marketing8 Competitor analysis8 Advertising & promotional strategy12 Sales & marketing objectives12 Financial plan12 Start-up costs for [YEAR]13 Profit and loss forecast15 Expected cash flow17 Break-even analysis19 Operations plan19 Hours of operation19 Insurance19 Risk management practices19 Cash/credit handling, payment type19 Procurement19 Staff training19 Production process20 Technology (Software)20 Communication channels20 Project schedule20 Government and financial approvals20 Construction period and preparation time before the development opens its doors20 A staffing plan based upon detailed human resource requirements. Summarize duties, responsibilities and reporting relationships.21 Sustainability business case21 Environmental/resource impacts21 Community impact & engagement21 Risks/constraints21 Strategies21 Action plan22 Risk analysis22 Risk Treatment24 Bottom Line25 References26 Summary of proposal The intended product/service The product name is Photogenic Gold Coast and this business provides customers personalized photo taking tours. Business name: Photogenic Gold Coast Business structure: Sole Proprietorship Business location: Gold Coast Products/services: Personalised photo taking tours (Southport, Main Beach, Surfers Paradise, Main Beach, Burleigh Heads, Springbrook, Crrumbin, Tugan, Coolangatta etc) and package tours Product/Service Description Price Personalised photo taking tours A tour which include sightseeing and photos Depends on customers ($50-200) Package day-tours Planned tours Depends on the tour ($50-200) [Brief product/service description] [Price including GST] A description of industry trends, Visitor trends · Domestic daytrip visitation to Gold Coast increased 11% (2014-2015) · International visitor to Gold Coast increased 6% (2014-2105) · Key markets are New Zealand and China · International visitor nights in Queensland are increasing over the last decade · Domestic overnight visitation is decreasing since 2003 · Low-cost carriers offering more lower fare flights from Australia to a range of Asia/Pacific destinations than domestic flights to similar destinations · New carriers from China and the Middle East entering the Australian market in recent years · 80% of travel decisions are made by women · Women are leading the way and the travel industry is taking notice and they have their own say of where to take a vacation, how to get there etc · Mobile photography is one of the trend and many travelars takes photo on their device to document their travel (Deloitte access economies, 2012: Griffith Institute for Tourism, 2015: Burkhard, 2016) Target market group(s) Photogenic gold coast target international visitor regarding the industry visitor trends, and international visitors who don’t use English would have hard time even if they want to get information about photogenic spots in Gold Coast, so Photogenic Gold Coast would meet needs of those visitors. Also target domestic visitors providing day tour as they prefer daytrip to Gold Coast. Unique value proposition Newness There are no tours which focuses on taking photos in Gold Coast. In most of tours, photos are optional and need extra cost. Therefore, it could be said this photo taking tour business is new to the market. Performance There are many tours already existing in Gold Coast, however, Photogenic Gold Coast has the point that focuses on photographic and that is what can make a tour better and special to the market. Customization Customers can choose where and when they would like to tour the destinations from the list of places. Photogenic Gold Coast also has some recommendation and already planned day tour for customer who have no idea where to visit or what to do in Gold Coast. Aims of Business Business goals/objectives Photogenic Gold Coast aim to achieve providing unique photo taking tour that no other business provides in tourism industry in Gold Coast. Anticipated sales volume, market share Anticipated sales volume and market share is not high as Photogenic Gold Coast is small sole proprietorship business. Photogenic Gold Coast aim to achieve 10 tours a week and $1000 sales. Visitor satisfaction, repeat visitation and/or other similar targets. Photogenic Gold Coast aim to achieve high visitor satisfaction rate, for example, 85% of customers satisfied after the tours or positive feedbacks on websites. Thus business also aim to gain repeat customers who want to visit more places and take different kind of photos from last tour and gain similar targets as the customer who already experienced the tour spread the information about the tour to similar markets. Management plan Set out the organizational form and structure of the business. It should highlight the skills, experience and responsibilities of the management team. (This section should contain a discussion of the developer’s background - who is involved, what other business ventures is he/she involved in and what is his/her track record in business…. Or at least the capacity which makes the management possible). Marketing plan Market research It is estimate that 7,476 billion people are using social media and 2,789 billion people are active users which are increased 21% in January 2017 compared to January 2016 (Chaffey, 2017). Social media has great influenced on people’s travel inspiration or decision and one survey revealed 87% of Facebook users use Facebook to get travel inspirations, hashtag is popular among social media users, and 60% of travellers share their travel photos (Brown, n.d.). Another survey said Facebook is one of the biggest social media and 83% of female samples were using Facebook and most users were in age between 18 and 29 had, in addition, Instagram is also one of biggest social media with 38% of female users in the sample and more than half of them were age between 18 and 29 (York, 2017). Environmental/industry analysis As it mentioned in a description of industry trends, Gold Coast has increasing international visitor and Commonwealth Game will be held in 2018, it could be said tourism industry in Gold Coast will be bigger and the region’s economy will grow. Gold Coast has warm climate compared to other countries or regions in Australia, so Photogenic Gold Coast could conduct tours throughout a year regardless seasons. It can be expected that this business has significant growth potential once this business get customer and reputations since there is no similar tours in Gold Coast. Market targets Photogenic Gold Coast has plan to sell 5-10 tours a week between June and October (off season), 10-15 tours between November and May (on season). Monthly target id selling more than 40 tours a month and 450 tours a year. Customer demographics Photogenic Gold Coast target female customers from overseas who are in age between 18 – 29 and active on social media. Social status could be studying or working and who spends a lot of time online or enjoying gathering and spreading information and photos online. 7 p’s of marketing Product : Photo-taking tours Price : Customers are prepared to pay $30-150 to pay as most of other tours in Gold Coast coasts in the range. However, Photogenic Gold Coast sell tours which coast $50-200 to cater overheads. This price is little bit higher than market average for day tours because the tours can be customised and that specialised in taking photos. Payment method can be cash, credit and Photogenic Gold Coast also accept PayPal. Promotion : Photogenic Gold Coast focuses on advertising the business on social medias such as Facebook and Instagram since our target customers are females who is active on social medias. Place : The tours includes destinations in and around Gold Coast such as Surfers Paradise, Burleigh Heads, Coolangatta and Springbrook. I use one room as office for this business to reduce the cost. Since this business get customers through social medias, I can talk to customers online and customers can make their customised tours on website. People : Photogenic Gold Coast is sole proprietorship so I operate everything related to this business. Process : Photogenic Gold Coast delivers the same standard of service to the customers by having consultation service to meet their needs and wants such as the places they want to go and photos they want to take. Photogenic Gold Coast save time by operating business as sole proprietorship and save money by increasing efficiency. Physical evidence : Customers mainly see and know this tours through social media so this business focuses on taking photos that attract more customers and design website which stimulate customers travel inspiration. Marketing strategy [How do you plan to enter the market? How do you intend to attract customers? How and why will this work?] Sales and promotional strategy Online and offline marketing •You may choose to do a more detailed marketing plan to supplement the business plan. Advertising & promotional strategy [What strategies do you have for promoting and advertising your products/services in the next 12 months?] Sales & marketing objectives [Who makes up your sales team? What sales techniques will they use? What tools/material will they use to help sell your products/services? What sales goals/targets will they meet?] Financial plan •Includes projected income statements • Cash flow statements and pro forma balance sheets that provide detailed monthly operating forecasts for the first year of operation. •Annual forecasts for the next two to three years (includes opening balance sheet and statement of construction/start-up costs and sources of financing). •A discussion of debt and equity financing sources and the corresponding ratio analysis are required. •May also include personal net worth statements of the shareholders. Key objectives & financial review Financial objectives [List your key financial objectives. These can be in the form of sales or profit targets. You could also list your main financial management goals such as cost reduction targets.] Finance required [How much money up-front do you need? Where will you obtain the funds? What portion will you be seeking from loans, investors, business partners, friends or relatives, venture capital or government funding? How much of your own money are you contributing towards the business?] Assumptions The financial tables on the subsequent pages are based on the assumptions listed below: [List your financial assumptions. These can include seasonal adjustments, drought or interest rates etc.] Start-up costs for [YEAR] [Double-click the table below to enter your details or attach your own start up costing sheet at the back of this business plan.] Profit and loss forecast [Double-click the table below to enter your details or attach your own profit & loss sheet at the back of this business plan] Expected cash flow [Double-click the table below to enter your details or attach your own profit & loss sheet at the back of this business plan] Break-even analysis [Double-click the table below to enter your details or attach your own table. Refer to the Business Plan guide from www.business.gov.au/businessplan for the calculations.] Operations plan •Discussing operational parameters such as Hours of operation Insurance Risk management practices Cash/credit handling, payment type Procurement Staff training Production process [What is the process involved in producing your products or services. This process will vary depending on your product or service. Here are some examples of questions you may consider. Is there a manufacturing process? Who is involved in the process?