Evaluating the feasibility of creating a viable business of a new Boutique Hotel in Cardiff
Cardiff Metropolitan University
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The aim of this project was to evaluate the feasibility of a business proposal to renovate and repurpose a large Cardiff property as a luxury boutique hotel; The Victorian Townhouse. The business plan is a detailed and thorough analysis of all aspects considered necessary to make the venture a success. A literature review was completed, examining the findings of authoritative academic sources within the tourism, hospitality and events industries. This included an assessment of current economic conditions in the UK and Wales and the state of health of the hotel industry. In addition, the following Business Plan was the result of further extensive research undertaken regarding start-up businesses, identifying the characteristics of entrepreneurship and the relevant skills and knowledge needed to set up such a business. The business plan itself contains considerable information regarding the business goals, reasons they are attainable and plans for achieving them. This includes details of the product/service, structure, market research, promotion and advertising, legislation and financial forecasts. SWOT and PESTEL analyses were conducted in order to give an in-depth assessment of the market conditions and the chances for success. Finally, a detailed analysis and discussion of the business plan was carried out in order to determine the effectiveness of the process, the success of the project in achieving its stated aims and objectives and the overall feasibility of the proposal.
BA Enterprise Project