Business PlanOrder DescriptionYou remember me ? i just want you do again, please!i want to pass.Refer to the Business Plan Writing Timeline and start working with your group on the sections under Week 1, namely:Company DescriptionProduct or ServiceLocation and InfrastructureFirst and foremost the task is todevelop a business idea for a new, small fictional business within thehospitality or tourism industry (e.g small hotel/hostel, restaurant, bar,wedding agency……).The idea is that you develop and evaluate a new business idea. After scanningthe macro environment you will then conduct some market research and acompetitor analysis. You assess demand levels.From here you develop your product/service, formulate a strategy and marketingconcept. You will assess location criteria and infrastructure requirements anddecide on the legal form of your business. You design your organisationalstructure and define your personnel requirements. You will analyse risks anddevelop contingency plans accordingly.Your financial planning will include looking at start-up costs and your budget,break-even analysis, cash flow, sales forecast and opening balance sheet. Herethe focus will be less on the figures itself than you demonstrating yourunderstanding of the different financial frameworks in general.Part of the task is also to not only conduct secondary research but primaryresearch (surveys, observation, interviews).Theory also needs to be applied in more depth and backed up with evidence whichis to be referenced accordingly.Your course work presented me with a business plan of an existing business,UPS, outside of the hospitality / tourism sector and no primary research wasconducted. The application of theory was rather generic and required muchelaboration. References were mostly missing. Most sections required muchelaboration.