Business research plan and methodology

Business Research

In need of research on a variety of items I approached the internet in search of what was needed. The information I was in need of included data concerning; 1) financial needs, 2) regulatory issues, 3) SBA information, 4) offices supplies and equipment, 5) print costs for literature, and 6) current tour offerings.

I discovered that the financial needs for my travel agency would be relative minimal based on the fact that (initially) the company only needed to support one employee (me). A small office space could be rented on a month to month basis for approximately $300 and the office would be supplied with a desk, a cabinet, chair, lamp and desk phone. The office is in a shared space building, which also provides a shared receptionist. A shared receptionist answers the phones for all the offices in order to make it seem as if smaller companies are not quite as small. Broadband Internet service is available for a $50 per month fee, which will be necessary in order to book reservations.

There are a number of regulatory items needed when starting a travel agency. Those items include obtaining an Air Travel Organizers License (ATOL) from the Civil Aviation Authority (CAA). Purchasing a ATOL allows the agency to buy, sell or trade airline tickets and it can be purchased in two different categories. The first category is for agencies planning on selling more than 500 tickets per year, the second category is for agencies planning on selling less than 500 tickets per year. I also discovered that the state in which I live requires that a business be registered and pay a yearly fee of $500. The IRS will provide the business with an Employee Identification Number (EIN) for $55.

The EIN is used to report all income and expenses for the company on a yearly basis. Quarterly reporting is required of some business' depending on the size of the company. Paperwork for the EIN and legal formation of the company will be of little cost since it is available through the IRS and SBA.

The Small Business Administration (SBA) offered a number of guidelines to consider and some helpful tips as well. The SBA emphasized the fact that starting a business requires a plan, and offered suggestions on different items that should be included in the plan. The three items I found most important were to invest in myself, get a successful mentor or coach to help me along, and expand my business networking and social contacts or networks.

Office supplies can be quite expensive if purchased brand new. Since the office I plan on renting includes most of the equipment, I will need to purchase only a few equipment items. Equipment purchases will include a computer, monitor and printer which will cost me approximately $2,000. The supplies I will need include writing tools, paper, stapler and staples, different sized envelopes, stamps, in and out boxes, and printer ink. Total office supplies will be approximately $200.

Expenses for promotional material will be ongoing with initial costs of approximately $475. This will provide me with 1000 four-color glossy brochures. I could rein in these expenses by printing less expensive brochures, ie; black print only would cost me $90, but I wish to make a good impression and 4-color literature can help me in that attempt.

Regarding the different resorts and tours available in Jamaica I found that there are a wide variety of tours at a wide range of pricing available. One of the most popular sites in Jamaica is Dunn River Falls, and it can be visited for little or no cost.