Business plan on a low budget tour operator business located in London (GC0722)
Table of Contents
Business Plan: Part 1.
- Outline of my new Business Venture.
1.1 Business Type.
1.2 Research.
Business Plan: Part 2.
2.1: McCarthy’s 4Ps and any other relevant models:
Place.
Products / Services.
Price.
Promotion.
2.2 Employees/ staff.
2.3 Customers/ clients.
2.4 Segmentation.
2.5 Targeting/market target
Business Plan: Part 3 Future Plans.
References.
Business Plan: Part 1
1 Outline of my new Business Venture
This paper aims to develop a business plan for a low-budget tour operator business located in London. Nowadays, most of the people in London feel more comfortable traveling to various places in London. Our tour business name is Safe Tour. It will be situated in central London. I and one of my friends will start this business. Our tour service offers a Day Trip, rail trip, private day tour, day bus tour, New Year special tour, and special bike tour to the customers. We hope that these kinds of services attract potential customers who are loving tour.
Aryant and Yuniarty (2010) stated that USP stands for Unique Service Product. Firstly, Safe Tour will provide excellent customer service and consider the safety of the travelers. Safe Tour will follow 24/7 rules that means Safe Tour will provide services for all time (7 days and 24 hours).
1.1 Business Type
There are various types of business types. A sole proprietorship is a type of business that is owned and managed by only one person (Chaston, 2009). He/she gets all profit or liable for all losses of the firm. According to Ford, (2012), a Company business is a business where two or more persons invest money and share profit and loss according to an agreement. Aryant and Yuniarty (2010) also stated that the Company is an artificial entity that is registered under the company act. The amount of capital of a company is very large and the company has strict laws and regulations (Hvass and Munar, 2012). We start a tour business that is a company form of business. Safe Tour will be a proprietorship business.
Our Recommended Resources:
1.2 Research
Market research
In the UK, there are approximately 2,000 tours and 30,000 workers. According to figures from the Office for National Statistics, The profit of the tour was approximately £14.9 billion in 2017 (PWC, 2018). Ibisworld (2018) identified that the growth of the tour also is increasing day by day. According to the information on National Statistics, 63.7% of the tour is started with a few persons. The following graph shows 44 percent of journeys are made on foot, 59 percent are by car/motorcycle, and 25 percent of are by bus.
Figure: Nature of traveling Source: Hvass and Munar (2012)
Why we think there is a demand or market for our service
We will offer Day Trip, rail trip, private day tour, day bus tour, New Year special tour, and special bike tour to the customers. People in London love traveling. The number of travelers in London is increasing day by day (Hvass and Munar, 2012). But there is a shortage of travelers’ in London. For this reason, our tour will have higher demand in London.
Competitor analysis
Golden Tour, Premium Tours, Viator, and Big Bus London are the competitors of us. They also offer Day Trip, rail trip, private day tour, day bus tour, New Year special tour, and special bike tour to the customers. We will always analyze the competitors and take strategies to run activities.
| Competitors | Evaluation | Intensity |
| Golden Tour | Golden Tour offers a New Year special tour and a special bike tour to the customers. | Primary |
| Premium Tours | Premium Tours offers Day Trip, rail trip, private day tour, etc for the customers. | Primary |
| Viator |
Viator is a TripAdvisor Company that provides various types of travel services to customers.
|
Secondary |
| Big Bus London | Big Bus London provides bus services to travelers. | Tertiary |
Table: Competitor analysis Source: Reporter (2018)
Business Plan: Part 2
2.1: McCarthy’s 4Ps and any other relevant models:
McCarthy’s 4Ps
The 4Ps model is used by a firm for a “marketing mix”. The marketing mix indicates the method of introducing a new product in the market. The marketing mix depends on 4Ps that was suggested by E. J. McCarthy.
Place
Hvass and Munar (2012) said that Place indicates the location of business where the products and services are available. The place is very much an important factor for every business. Place affects the attractiveness and profitability of a business. The place also affects the customers’ buyer behavior. The place should be selected in an area where potential customers can easily connect and take their desirable services. Our Safe Tour is service-oriented in London. That’s why it is situated in the center of London. This place is very much attractive and better place for our potential customers. Customers who are interested to travel can easily get us. Golden Tour, Premium Tours, Viator, and Big Bus London all are tour businesses in the UK. That’s why; they are our competitors. We have been analyzed all situations and take central London as our office place……………..
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