BUSINESS PLAN Essay Example | Topics and Well Written Essays - 1250 words

BUSINESS PLAN - Essay Example Provides guest house facilities in the area of Manhattan in the big apple, which is New York. The company realizes the important role played by the service industry in providing services to travelers around the world by meeting their lodging needs. In line with this, the service industry has been one of the most growing industries especially in the Manhattan borough following an influx of travelers in this area. Hence, the company realizes the need to fill the gap by providing lodging facilities aimed at travelers from South Korea. The founder and CEO [Insert your name here] currently holds the company’s stock. For many years, South Koreans have been coming to New York, more so to the borough of Manhattan and they have faced numerous problems regarding their lodging needs. As a result, they have been forced to spend a lot of money on boarding or resulted to finding illegal boarding and lodging facilities that did not have operation licenses. In effect, they have experienced in stances of insecurity and Eagle Guest House Ltd wants to change the current state of affairs by providing affordable lodging facilities to this group. ... The company also aims at steadily growing and becoming profitable in the second year of its operation. Industry and Competitor Analysis The service industry in New York has many international and local hostels that meet the needs of different travelers. In the borough of Manhattan, many hotels offer services to clients although most hotels offered discriminative prices on their services. In this case, the hotels were expensive for an ordinary South Korea. On the other hand, various illegal Korean guesthouses faced the prospects of closure due to their illegal operations. Hence, there is a need to fill this gap. Target Customers The company targets customers from South Korea who travel to the United States, and especially to the borough of Manhattan. Due to the elimination of visa requirements for South Koreans to travel to the United States two years ago, there has been an influx in the number of travelers to the country. Hence, this is the clientele that the company targets with for ecasts indicating that more South Koreans are traveling to New York, and especially to the borough of Manhattan. Company Description Eagle Guest House Ltd is a startup. Hence, the company will be starting its operations once it outlines the plans necessary for any startup. However, the specific objective of the company is to meet the demand for affordable boarding and lodging needs for South Koreans who traveled to the United States, and especially to the borough of Manhattan. In line with this, the company’s other objectives are to enhance profitability during the second year of business, which implies that the first year of business will be to establish the company and create a foundation for profit