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  • Plan your new tourism & hospitality enterprise

    Get planning header

    Get planning and research your new tourism and hospitality enterprise.

    When you have started your research and planning, put together a business plan for your own use or for seeking funding.

    Many business owners avoid preparing a business plan because the task seems too onerous or time consuming. This is a mistake and one of the most common causes of business failure is poor planning. There is no pretence that preparing a plan for your business is going to be an entirely painless activity, but it is a vital one in terms of maximising your chances for success.

    Do I need a business plan? This is a valid question asked by all operators when planning to establish a small business and it is vital from the very outset that you see the importance of preparing a business plan, no matter how small your proposed venture is. The four most important reasons for having a plan are: it’s your roadmap; it’s necessary for funding; it helps track progress and it tests the feasibility of your business idea.

    Why plan graphic

    For most small businesses, the plan does not have to be an overly complicated document, although at the same time, you should understand that it will take you time and effort to put it together and that certain information is required to make the plan worthwhile.

    There are many options for structuring your plan and the 14-heading format in the develop a business plan online guide has been aligned with the helpsheet prepared by the Consultative Committee of Accountancy Bodies - Ireland (CCAB-I) and the Irish Banking Federation as to what a good business plan should entail. In that sense, by following this framework, you will be meeting the requirements of most financial institutions as regards what they expect to see in a business plan.