A feasibility study into the take over and operation of a country inn on Exmoor, Somerset.
Cardiff Metropolitan University
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This report considers the feasibility of operating a country Inn in Porlock, Exmoor. In order to achieve this, five objectives were set; these were to; a. Carry out a range of primary and secondary research to define the sector and market, ensuring that demand is sufficient b, Perform a literature review, establishing the business start up procedure and current economic climate c. Completion of a suitable business plan d. Carry out a financial feasibility study e. Identify whether the required qualities of an entrepreneur are visible within the author The literature review establishes the under-pinning framework of the project placing the Pub trade in context. It includes an identification of the industry's history, past, present and future trends, including its reaction to the current economic downturn and the effects of legislation and campaigns. Additionally the process of business start up and its link to entrepreneurship is reviewed, creating a wealth of knowledge which is subsequently employed during the production of the business plan. Chapter three presents the business plan for Culbone Stables Inn; the highest Inn on Exmoor. This chapter explores the business ideas of the author with the aim of establishing the financial viability of the venture. Culbone Stables Inn has a number of unique features; these include a free mini-bus service, addressing the Inn's social responsibility towards drink driving whilst rewarding the community for their loyalty and making it accessible to a wider audience. An open kitchen will add character to the bar area, and the provision of mountain bike hire and tours will attract both a younger clientele - identified by primary research as being the gap in the market - as well as families. The financial sensitivity analysis supported the financial viability of the venture, demonstrating that even in the worst economic situation (simulated by increasing expenses and decreasing sales) the business will make a profit by its second year. Furthermore, ceteris paribus, the financial forecasts predict that even within the current economic climate a surplus will be made in the first year with a significant surplus in the third. An in depth S.W.O.T analysis highlighted the location and USPs of the Inn as strengths, while weaknesses tended to be focused upon issues out of the entrepreneur’s control, such as rising taxes, recession, legislation and natural disasters. However, it was noted that these issues will affect the whole industry; the author therefore suggests that the management of these impacts will determine the severity of the effects upon profits and competitiveness. In summary, having met the initial aims and objectives, it became apparent that the take over and operation of a country pub in Porlock, Exmoor was indeed feasible, and that with hard work and dedication it has a significant chance of success.
BA (Hons) Hospitality Management & Events
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