The paper "Commercial Feasibility Analysis" is a perfect example of a business assignment. The hospitality business forms one of the indispensable service business sector in any economy. It encompasses areas such as lodging, restaurants, transportation and event planning. An influx of visitors in any area demands that structures ought to be put in place to cater for their accommodation and hotel services. Therefore, for the reasons stated above, the hospitality business forms a business opportunity that any individual with entrepreneurial skills would love to seize and invest much in it. Q 2 Before commencing any business activity, the nature of the market forms a critical aspect that has to be evaluated in detail.
My business is located in an area where there is a large influx of both domestic and international tourists. The hospitality industry offers both catering and lodging services to tourists. For this reason, the market size would be large considering that the tourism and hotel industry go hand-in-hand. The market growth of the firm over the next three years would be gradually increasing. In the beginning, when still operating as a small business enterprise, the firm is bound to attract majorly domestic tourists.
With time and as it is popularized through advertisement and customers positive attributes of the firm, there stands an extraordinarily high chance of this market size to grow gradually and even attract the foreign tourist to form part of the customers. The hospitality business being tourism-dependent experiences periods of booms and recessions. These periods are accurately foreseen making the market stable. Nevertheless, the periods of boom tend to override the recession as tourists from different continents arrive at different time depending on holidays in those regions (http: //www. smallbiz. nsw. gov. au/ideasonline) The sustainability of this business idea is more than eight years.
This exists because the demand for hospitality is on the upward trend and there is no chance of being overtaken by any other sector in the economy. It is there to stay. This business idea has high extensions.
English, J 2010, Discovering New Business Opportunities: ReadHowYouWant.com, UK
Maheshwari R, 1997, Principles of Business Studies: Pitambar Publishing, Australia