My personal comments:
This group project is simulation to operate a small B&B (Bed & Breakfast). Which located near Woodbury Common Premium Outlets. The reason why we choose to open a B&B near this area because this is biggest Outlets in East of United States. It will bring a lot of shopper come to this area. My inn is a luxury style, expected to cost around 250 USD for each guest rooms. We have 6 rooms for guest. It is a family style and include free three course breakfast(which is most competitive in this area), we also provide free drinks for guests. The niche is target to shoppers. This Outlets is in 498 Red Apple Ct, Central Valley, NY 10917. You may need to find out the tax, electric charge, water rate, insurance price for this small Inn in The State of New York.
This project length at least 17 pages. If you have any question just send me a email: firstname.lastname@example.org
A. Complete a location evaluation.
1.What is the site you have chosen? It should include a detailed evaluation of the property to be purchased or converted to a B&B. Include a complete review of the real-estate listing for either the existing inn or for the building and site to be converted to an inn.
2.What is the current concept of the inn and what is your proposed concept?
3.Identify at least three major tourism draws for the area.
B. Discuss the results of this evaluation in detail. Discuss the problems (i.e. weaknesses and
opportunities) that are apparent from the analysis of your building and site. Is this a truly viable location for a small lodging property? Why or why not?
1.What are the annual earning potentials based on room rate, season and competitive set?
2.Calculate and include breakeven point both in $$$ and in units.
3.What is the business trend for the location of your proposed inn? This discussion could include: tax records, population increases, new economic activity in the area, any regular events e.g., sporting, fishing, or municipal events i.e. River-fire.
C. Provide a preliminary design for the property. Diagrams of the floor designs must be provided. Include at least all the following spaces:
1. Space for owner(s)/family to live (innkeepers’ quarters).
2. Bedrooms/suites for guests
3. Bathrooms for guests (individual vs. shared,
4. Bathroom in common area for guest use – optional
5. Indoor common/lounging area for guests
6. Kitchen for breakfast preparation
8. Dining area
9. Outdoor lounging/eating area/recreational area
II.Identify and discuss the permits needed to renovate or operate a small lodging property at the chosen location.
3.Occupancy or room license
4.If you employ people what do you need both Federal, state and local?
III.Zoning & Building Codes
Please note which city you used Provide a link to the zoning and/or planning code requirements. Relate the rules to your plan. Evaluate any problems your group might have with the location chosen.
A. Parking – Number of required spaces, street parking
B. Signage – Limitations on size, lighting, height above ground?
C. Number of rooms
1. Upper limit on number of rooms?
2. Private bathrooms required?
3. Other restrictions?
D. Owner living on site required?
E. Kitchen – Venting, Grease Traps, Fire suppression, etc. Additional requirements under state health code.
F. Life Safety issues (under state Fire Regulations). Cover at least the following:
4. Emergency Lighting
G. Requirements under the Americans with Disabilities Act
H. Regulations related to a historic building, historic preservation, historic district or specific B&B limitations?
IV.List the Insurance needed
What types of business-related insurance are needed for a small lodging property? Estimate the annual costs (your textbook list the basics)
V.Product & Service Design
1.Services provided – describe in some detail.
2.Amenities provided – describe in some detail.
3.Operating Policies – describe all key operating policies briefly. (Suggestion: in addition to your text, check several B&B web sites for ideas and wording.)
4.Outline and define any services for non-guests. (are you planning to be open to the public)
Prepare a budget of all up-front costs, including initial marketing costs, and investment and renovation costs that you are likely to encounter. You may use data from your texts or $150-$250 per square foot as a basis for estimating renovation costs.
A. List of jobs to be filled, both part-time, full-time, seasonal, along with a brief description of duties.
B. Which jobs will you and your partner fill? Calculate weekly hours for each.
C. Provide typical weekly and daily work schedules for a peak season. This is only for the B&B part of the property including breakfast and other built-in food (e.g. high tea, evening snacks, etc.) You do NOT need to show staffing or a schedule for a separate restaurant (if added).
Show how your prices (rack rates) are calculated. This analysis might include costs of operation, use of industry rules of thumb, profits expected, your own salary (i.e. draw), competitors’ rates, etc. What seasonal changes in rates will you have, if any? Explain why. Provide price ranges for each room or type of room. Show some competitive rates also. Two-four analyses are needed.
A. Breakfast – Describe your menu, hours of operation and staffing.
B. Other foodservice for guests – Describe what will be done and pricing (if provided).
C. Foodservice for non-guests (if provided)
A. Name your property. Discuss why you picked the name.
B. Image & Niche – What image do you want your property to have? Is there a specific market niche you are targeting? Creating a destination- discuss why anyone would visit you.
C. Partnerships that will create more business for you.
D. Outline two specials or packages to generate business.
E. Web site. You do NOT need to actually design it but discuss what items should be included on it (Suggestion: review other B&Bs’ websites). List specific, actual local links that you will include to restaurants, activities, services, etc.
F. What is the plan of managing electronic word-of-mouth (e-wom)? You must have a well-defined plan.
XI.Income & Expense Projections (Use Pro-forma template)
A.Forecast sales revenues based upon realistic occupancy levels.
B.List and briefly describe your expected annual expenses. Estimate an amount for each item.