BUSN11087 New Venture Creation Assignment Sample

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Executive Summary

The study focuses on the development of a new business with the help of various factors involved. Multiple factors such as industry analysis, selection of the company, and its description for the consumers or audience are focus in the study. Discussing the nature of the participant firms with their industry structure and details related to their business such as growth rates, sales projection, and firm size. Understanding the elements for a successful business stands on the market analysis and its segmentation, determining the consumer buyer behaviours even conducting the competitor analysis. Strategies also play a vital role in the business such as overall marketing strategies, price strategy, and sales process or cycle. Managing the team and the company structure help in the growth of the business and earning profit with the operation plan involved. Foresight the challenges and considering the development status boasts the business in the longer run. Understanding and gaining knowledge on the financial plan with the help of balance sheets, cash flow forecasts, and contingency planning helps the business to determine the upcoming financial year.

1. Introduction
Development of new business requires proper planning as well as adequate resources which include human workforce and other equipment. The considered topic for starting a new business is “Luxury Hotel Services” and the considered company name for the start-ups is Lux-Hotels Groups. Some of the most important aspects which need to be considered at the time of developing a new business are economics, finance, competitors, marketing, and managerial activities of a developing business. The aim of this study is to propose a business model in order to develop a hotel business with an investment of 40000 pounds.
2. Company description
For the starting of a new business of providing Luxury Hotel Services in UK and the considered name for the company is Lux-Hotels Groups. The company will provided multiple luxury accommodations facilities to the customers for enjoying vacation based on safety measures. The industry to propose the development of a company is the hotel business which is a part of the hospitality industry. The business initially has two people and its total investment plan has been noted to be 40000 pounds. It can be noted that the company has chosen an accurate industry to invest in as the hotel and hospitality industry is highly profitable and investing in the hotel business can be profitable for investor’s business (Filipova, 2018). However, risks faced by the hospitality industry can be highly uncertain and so the owners who want to start investing in the hotel business need to consider this fact before investing in the business.
3. Industry analysis
3.1. Industry size, growth rates, sales projection
The hospitality industry is considered to be an industry that understands customer services the most and thrives to serve its customers properly in order to make hotel business a successful one. It is significant for owners who want to invest in hotel business to have a mindset of an entrepreneur; however to be successful in the industry the owners need to have a desire to serve their customers properly (Krotov, 2017). Hotel industry has experienced a severe hit from global pandemic COVID-19 with a great loss of revenue and resources.
The companies operating their business in the hotel industry have been striving to make the industry stable; however, it will take much time and resources to make its condition stable. According to the Office for National Statistics, the sales in the hotel industry have experienced a rapid and sudden fall of 96% in the second quarter of 2020 (Anderson et al. 2018). This is because travel restrictions were imposed in almost every part of the world in order to limit the spread of the novel corona virus. The Premier Inn recorded a decline of 70.1% in their revenue in the accommodation segment. Similarly, many of the hotel businesses have recorded a significant loss in their business in recent times. However, the industry has been working hard to regain its pace and the compound growth rate for the financial year of 2021 is expected to be 2.49%.
3.2. Industry structure
The structure of the hotel industry is said to be a comprehensive plan by the owners of hotels that defines departmental responsibilities and activities. The structure of the hotel and hospitality industry brings order to every aspect of operations of a hotel such as from the front desk and room services to the department of human resources. According to the view of Bratianu and Vatamanescu, (2017), the organisational structure of the industry is essential in order to ensure maximum profitability from each department of a hotel. A hotel can generate profit and work efficiently if its owners understand the structure of the industry accurately.
3.3. Nature of participant firms
Constructing a hotel is the establishment of a permanent nature that ranges in standard and size, and which consists of bedrooms as well as communal areas. The main objective of the hotel industry is to provide short-term accommodations to its customers for which the hotel owners get paid. As influenced by Aithal, (2017), it is usually common for the hotel industry to be classified or rated against generic systems that can be valid in its operating country.
3.4. Key factors for industry success
The key factors which determine the success of the hotel industry are its strategic focus which involves proper leadership as well as management. Hotel industry is a vast sector and each of its departments needs to be looked upon accurately by its leaders and managers in order to ensure the success of their hotel business. Another most important factor for the success of the hotel industry is its people such as its personnel and staff working in hotels (Mejri et al. 2018). The key personnel and staff need to be trained properly in order to ensure the growth and success of hotel organisations.
3.5. Industry trends
The hotel industry has largely adopted advanced technologies in order to meet the changing demands of its customers. One of the latest trends which have been incorporated in the hotel industry is chat bots which assist its customers 24*7 (Kodama, 2017). Mobile apps for easy and convenient access to hotel bookings and digitized keys for rooms are another latest trend of the industry.
3.6. Long-term prospects
The long-term prospects of the hotel industry are to foresee good in order to gain profitability in the business. After the massive hit of corona virus, almost all the hotels operating in the hospitality industry are focusing on tapping the domestic market which can revive the industry. Besides that, mid-market hotels thrive in buoyant domestic markets and enjoy their brand loyalty (van der Westhuizen and Goyayi, 2020).
4. Market analysis
4.1 Market segmentation
Market segmentation refers to the process of dividing the target market into defined categories and smaller categories. As narrated by Camilleri (2018), the segment divides the audience and customers into groups with similar characteristics as location, demographics, and interest or needs. There are benefits of market segmentation such as:
Creating stronger messages on marketing; Developing the messages on marketing using direct messages such as about the needs, unique characteristics, and wants for the target audiences avoiding vague languages and generic speaking (Rojek, 2019).
Identifying the marketing tactics; Identifying the effective and efficient tactics for the marketing to attract the consumers or audience. Using the various types of market segmentation helps to guide forward toward efficient and effective market segmentation determining the best methods and solutions for the audience (Yetimoğlu et al. 2020).
Designing the hyper-targeted advertisements; The targeted customers or audience can be by their location, age, interests, habits, and purchasing. As cited by Jeong et al. (2019), using the detailed characteristics of the targeted audience helps in designing effective digital advertising campaigns.
Converting and attracting quality leads: The marketing messages with direct, targeted, and clear helps to attract the right audience converting them into potential buyers (Camilleri, 2018).
Brand differentiation from the competitors: Specific messaging and value propositions allow the business to differentiate from the competitors which help the growth of the business. The selection of brands based on the specific audience’s characteristics and needs helps to differentiate the business from the others in the market (Yetimoğlu et al. 2020).
Staying focused: Targeting the market helps to stay focused and stay on track even helps to identify upcoming opportunities avoiding distractions (Rojek, 2019).
4.2 Market segmentation
There are four types of market segmentation for the business and even subcategorized determining the right customers and audiences for the business. As cited by Yetimoğlu et al. (2020), market segmentation is categorized as:
Demographic segmentation: The most popular and used segmentation is demographic segmentation as the information is factual and statistical with easy uncovering the various sites for the market research. As cited by Jeong et al. (2019), the demographic segmentation of the market is based on incomes, locations, education, age, and gender.

Figure 1: Demographic Segmentation
(Source: Yetimoğlu et al. 2020)
Psychological segmentation: It is categorized based on the customers and audiences influencing factors related to their characteristics and personalities. As narrated by Yetimoğlu et al. (2020), the identification of audiences is slightly difficult from the demographic segmentation as the information is not focused and requires understanding and uncovers research of the market. Psychological markets are based on interests, lifestyles, attitudes, priorities, and conscious and subconscious beliefs.
Behavioural segmentation: The psychological and demographic segmentation focuses on the customers and behavioural segmentation focuses on the customer’s acts. As stated by Rojek (2019), behavioural segmentation analyzes the audience’s actions such as interaction with the brand or activities away from the brand. This type of segmentation is based on spending habits, user status, brand interactions, and purchasing habits.
Geographical segmentation: Segmentation is the easiest type of market segmentation as it is based on the customer’s geographical borders. As cited by Leisch et al. (2018), the geographical segmentations are done based on the country, city, climate, and rural or urban areas.
Based on the research such as interviewing the sales team and customer, analyzing the website’s analytics, geographical research, and business data selection of appropriate market segmentation can be done.
4.3. Buyer’s behaviour
Some of the most common factors that affect customers’ buying behaviour in the hotel industry are cultural factors, social factors, roles and status of customers as well as the latest trends in the market. As argued by Bouch et al. (2018), Customers thrive to try new things and in this way, new trends are created in the market. Customers highly consider the above-given factors such as cultural, social, and latest trends before making their purchasing decisions.
4.4. Competitor analysis
Porter’s five forces analysis
Competitive rivalry: Competitive rivalry index is high in terms of the hotel industry as there are many hotel organisations operating in the market with an aim to obtain the top position. Besides that, the ratio of demand and capacity is also high in terms of the hotel industry.
Bargaining power of customers: Developing hotels can have a large dependency on key accounts as well as intermediates which can provide volume business and low negotiation prices. The risk of bargaining power of customers is lower in the hotel industry as customers have less scope of bargaining against the services that are provided to them (Tomaskova et al. 2019).
Bargaining power of suppliers: There are plenty of suppliers in the food and beverage industry who are in continuous search of collaborating with new businesses. Therefore, it can be noted that the bargaining power of suppliers in the hotel industry is low.
Threats of substitutes: Changes in technology have led to changing needs and preferences of consumers and to meet the changing demands of customers, owners of hotels need to do a technological transformation of their organisation. Hotel industry is subject to competition and so its threat of substitutes is higher.
Threats of new entrants: It takes a lot of financial investment as well as resources to establish hotels which can be difficult for new companies and so threats of new entrants in the hotel industry are low. However, a company with sufficient financial and workforce assets can replace any other company in the industry.
4.5. Estimation of total market sale
The company has invested 40000 pounds in developing a hotel business and is expecting a rise of 20% in their sales. Therefore, it can be noticed from this context that the estimated total market sale of the company at the end of the financial year will be 48000 pounds (Suh and Chow, 2021).
4.6. Estimation of market share
The estimated market share of the developing hotel at the end of the year in which investment has been made will be 2% of the hotel industry.
5. Marketing plan
5.1. Marketing strategy

4 ps marketing strategy
Product: Products of this marketing strategy refer to the products and services a hotel sells to its potential customers. In order to peddle up sales and profitability, the owners of hotels need to have adequate knowledge and information about products and services which can satisfy the customers of the hotel industry.
Price: The sum of money set by a company against their products and services is said to be its price. Investors need to analyse this factor properly before setting the price of their services. Prices need to be set according to the quality of products and services which can attract more customers.
Place: Place is considered to be the third P of this marketing mix which is used to determine the way of distributing products and services. This factor of the 4p marketing mix refers to geographical location of the product availability (Salinas et al. 2019).
Promotion: This element of marketing strategy refers to the advertising and other events which need to be done by a company in order to support a product or service. In order to attract and serve more customers, the owners of the hotel industry need to do proper advertising of their services.
5.2. Pricing strategy
Pricing strategies need to be made strategically in order to serve more customers and make significant profits in the business. The owners of developing hotel businesses need to adopt low-cost strategies which can assist them to attract more customers to their services (Panchal and Krishnamoorthy, 2019). It can also provide them an opportunity to serve more customers which makes their business profitable.
5.3. Sales cycle
Sales cycle is the term that is used to define the processes that a company undergoes while selling its products and services to potential customers. These processes incorporate all the activities that are associated with closing sales (Saniuk et al. 2020). A company needs to keep track of the length of its sales cycle to ensure an efficient and effective selling process. Some of the typical stages of the sales cycle are prospecting, connecting, qualifying, demonstrating, and closing a deal.
6. Management team and company structure
6.1. Management team
Management of operations of hotel industry includes a management team, staff of the hotel, business management team, and staff to upkeep the hygiene and sanitization of hotel. All these people play significant roles in maintaining proper management of a hotel (McKenzie, 2020). As per the suggestion of the study the proposed hotel business has only two members which are not sufficient to manage all the functions of hotel business. Therefore, it can be recommended to the owners of the business to appoint more employees for the company.
6.2. Board of directors
The Board of directors of an organisation is considered to be the essential panel of people who are elected to represent their organisation to the shareholders. The board of directors has an essential role to play in garnering significant shareholders for a company.
6.3. Skill base of a team
The team of hotel industry needs to possess some specific skills which are required to maintain the hotel industry properly. Some of the common skills required for hotel management teams are customer service skills (Elhenawy et al. 2020). It is one of the most common as well as essential skills that hotel management teams need to have in order to serve their customers. Besides that, communication skills and multitasking skills are also required by the hotel management team.
7. Operation plan
7.1. Operation model and procedure
Relevant business procedures are referred to the operations that create value for an organisation, processes that provide significant options, and processes that sustain the value of an organisation (Uusitalo, 2017). Some of the activities in a hotel business that are considered important are high-value-adding activities, value-adding activities, and low value-adding activities. There are four key operations of the hotel industry such as the process of hotel housekeeping, and the process of supplying required inputs.
7.2. Business location
Choosing the right location for the hotel industry is a critical factor that determines long-term success for an organisation. In order to select the right location for business, the owners of developing hotels need to identify their accessibility as well as traffic (Sundah et al. 2018). They need to select a location that can be easily accessible and the traffic of that location needs to be high in order to attract more customers.
7.3. Facilities and equipment required
The key areas to ensure better facilities in hotels are scheduling maintenance, streamlined reporting, and tracking of its equipment. All these factors determine the proper maintenance of a hotel. A hotel needs regular maintenance in order to run the business smoothly and so the owners of the hotel need to schedule its maintenance properly (Uusitalo, 2017). Besides that, the management team of the hotel needs to streamline its reporting properly in order to provide proper facilities to its customers. Apart from that, they need to track their equipment properly in order to ensure smooth functioning of all its business operations.
7.4. Operation strategy and plan
Operation strategies and plans of the hotel industry need to be properly aligned with social and economic trends in order to ensure high profitability of a hotel. The managers working in the hotel need to keep a watch on economic and social trends which can drive high levels of occupancy. Besides that, it needs to create pricing strategies along with competitor analysis and also track its revenue.
8. Design and development plan of products and services
8.1. Development status
In order to develop products and services, an organisation needs to develop proper ideas and define their concept accurately which can help them to produce new products. Besides that, an organisation needs to do strategic analysis and concept development for developing a product or service (McKenzie, 2020). In the case of this study, the company is in its initial stage of development and its team has been planning to develop the company systematically.
8.2. Challenges
Some of the major challenges which hotel owners face at the time of developing a hotel are technological advancement, lack of meaningful experience, provision of excellent service, and sustainability. A hotel needs to upgrade its technologies rapidly in order to satisfy its customers properly and this creates many challenges for hotels as it can cause financial risks.
8.3. Cost and Intellectual property
The cost of constructing the hotel has been decided to be 40000 pounds by its owners and the company can require more financial assets to build the hotel and start its operations. The owners of the hotel need intellectual properties such as IP rights along with trademarks in order to build their hotel (Elhenawy et al. 2020).
9. Financial plan for the first year of trading
9.1. Sources of funding
Some of the major sources of funding for the hotel industry are venture capital groups as well as private equity firms. Besides that, the hotel industry also gets its funding from crowd funding, angel investors, and mezzanine capital finance.
9.2. Assumptions made
Assumptions refer to the ideas presumed by the owners of a developing organisation which they consider to be true from their business perspectives. Some of the most common assumptions that owners of a company make are assumptions related to the finances of a company, assumptions on their customer base and resources, profitability as well as management expertise (Saniuk et al. 2020).
9.3. Profit and loss account
Areas Year 1 Year 2 Year 3
Operational Cost 40000 pounds 50000 pounds 60000 pounds
Total Return 48000 pounds 59000 pounds 70000 pounds
Profit Margin 8000 pounds 9000 pounds 10000 pounds
Table 1: Estimated profit and loss account
(Source: Elhenawy et al. 2020)
9.4. Balance sheet

Current Assets Financial Year 1 Financial Year 2 Financial Year 3
Fixed Assets 40000 pounds 50000 pounds 60000 pounds
Current liabilities 8000 pounds 9000 pounds 10000 pounds
Owners equity 48000 pounds 59000 pounds 70000 pounds
Table 2: Estimated of Balance sheet
(Source: Uusitalo, 2017)
9.5. Break-even analysis

GBP Y1Q1 Y1Q2 Y1Q3 Total year
Fixed cost 20000 pounds 25000 pounds 30000 pounds 75000 pounds
Variable cost 20000 pounds 25000 pounds 30000 pounds 75000 pounds
Total cost 40000 pounds 50000 pounds 60000 pounds 150000 pounds
Money In 10% of TC 20% of TC 30 % of TC
Revenue 4000 pounds 10000 pounds 18000 pounds 300000 pounds
Table 3: Break-even analysis
(Source: Sundah et al. 2018)
9.6. Contingency planning
Contingency planning is planning which is devised for an outcome that is other than the usual plan. It is often used for the management of risks in a business; however, it can have catastrophic consequences (Uusitalo, 2017). Contingency planning is done in the current business of an organisation in order to expand a business and its sales channel. It is also done with an intention of significantly changing the production and delivery of products and services.

9.7. Key ratios that can help clarify business model
Key ratios that can help clarify a business model are liquidity ratios, leverage ratios, efficiency ratios, profitability ratios, and market value ratios. The owners of hotels need to consider and keep a close check on these ratios in order to clarify their business model (Elhenawy et al. 2020).
10. Conclusion
The study summarizes a business development plan for developing a hotel business which assists the owners of the hotel to start their business venture. New business development concerns all the activities that are involved in understanding and recognizing new opportunities of business. Besides that, it needs a proper business model and promotion and marketing of products and services. The study summarizes various challenges that occur in the development of a hotel and also discusses several strategies required to make a hotel business successful. Apart from that, it discusses the cost and intellectual properties required to build a hotel. It concludes the profit and loss accounts, balance sheet as well as breakeven-analysis of the company.

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