whether you buy current start from scratch or franchise now it is time to complete your financial plan for your selected venture building on your preliminary financial plan complete the plan

You have investigated the financial side of starting a hospitality business ,whether you buy current start from scratch or franchise. Now it is time to complete your financial plan for your selected venture. Building on your preliminary financial plan, complete the plan.

You should Include:

• Development and Start Up Costs
  • Startup Expenses and Capital Outlay Projection
    • Building or remodeling cost projections including contractors, permits
    • Furniture and fixtures
    • Office, landscaping
    • Products and materials (hotel, restaurant, shop, spa, or other)
  • Purchase of property
  • Parking, decking, pool
  • Total initial funds needed
• Projected Income
  • Lodging
  • Dining
  • Other services
  • Total revenue
• Profit and Loss Projections
• Projected Routine Expenses (mortgage or rent, utilities, phone, advertising, IT, insurance, payroll, operations, food, fees, etc)

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In order to complete this task:

1. Investigate the infographic comparing buying a franchise to starting your own business at http://payments.intuit.com/buying-franchise-starting-small-business/
   1. What are the pros and cons of each
   2. What are the major differences
2. To buy or not to buy:
   1. 10 Reasons to buy a franchise http://www.entrepreneur.com/article/203504
   2. 10 Reasons not to do it http://www.nolo.com/legal-encyclopedia/dont-buy-franchise-reasons-29512.html
3. Study Buying a Franchise, Guidelines http://www.business.ftc.gov/documents/inv05-buying-franchise-consumer-guide
   • I. The Benefits and Responsibilities of Franchise Ownership
   • II. Advance Work: Before You Select a Franchise System
   • III. Selecting a Franchise
   • IV. Finding the Right Opportunity
   • V. Investigating Before You Invest VI. Before You Sign the Franchise Agreement
   • VI. Before You Sign the Franchise Agreement
4. Work through the tutorial on franchising http://business.tutsplus.com/tutorials/what-you-need-to-know-about-franchises–cms-21476
5. Watch Hospitality Franchising:

1. 1. Gecko HospitalityPlay Video
   2. Franchising RestaurantsPlay Video
   3. Subway StoryPlay Video
   4. Why Franchises Have Discovered Food Trucks

 

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