Learning Outcomes:
A. Know the legal and financial considerations that affect the start-up of small hospitality businesses
B. Be able to produce an outline hospitality business enterprise proposal
C. Be able to plan and set up a hospitality business
D. Be able to evaluate a hospitality business enterprise
Assignment Purpose: This assignment will help learners to gain knowledge of legal and financial considerations affecting hospitality businesses start-up and gain skills to produce a proposal, plan, set up and evaluate a hospitality business
Scenario:
You are a young entrepreneur, who would like to start a new business. You are investigating different ideas and current trends, thinking about creativity and innovation - what might work as an idea for the current market. But fist you need to get ready to start your business and make a research about the legal and financial considerations that affect the start-up of small hospitality businesses; produce an outline hospitality business enterprise proposal and decide on funding, as well as evaluate your new hospitality business enterprise.
Assessment Task 1: Legal and Financial Considerations that Affect the Start-up of Small Hospitality Businesses and a Hospitality Business Enterprise Proposal.
You have to produce a report on your new Hospitality Business Enterprise.
Your report should include:
P1 - legal and financial aspects that will affect the start-up of a business enterprise.
Legal considerations: legal status - sole trader, partnership, limited company, franchise, cooperative; legal liabilities; national/ local laws; regulations; health and safety; fire regulations; licensing.
Financial considerations: start-up costs - cost of premises, market research, equipment, fixtures; running costs - rent, bills, salaries, materials and supplies, maintenance; assets and liabilities; personal survival budget; pricing policy.
For M1, learners also need to assess the impact of the different legal and financial considerations.
After that you need to provide an outline business enterprise proposal (P2) - the type of business, its unique selling points, any external influences (eg location) and so on. You should discuss the development of the ideas, consider legal and financial aspects that are relevant to the proposal.
The evidence for M2 must show that you are capable of using a degree of initiative and demonstrate unaided competence in the formulation of sound business ideas and how they relate to the target market.
Assessment Task 2 - Evaluation of a hospitality business enterprise
You carry on in your role as new entrepreneurs and evaluate the hospitality business enterprise.
Now you should assess the planning and operation of the business (P4) that you have planned, in order to measure success against the evaluation criteria.
How you can measure the performance of your business? Review the evaluation and feedback types.
- Feedback types - event statistics, financial data, oral, written, formal, informal; customers, guests, delegates, colleagues, line manager, supervisor.
- Evaluation - achieving objectives of the plan; use of working procedures; use of resources; meeting financial targets; customer satisfaction; quality of service and products.
To meet the M3 criterion, learners must demonstrate an understanding of why particular financial, legal and other aspects needed to be considered in order to operate the enterprise.
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