Budget information

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The University of Queensland *

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501

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Management

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Apr 3, 2024

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docx

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Budget information: Name and location of the business Travel the World Travel the World is an easy to remember name that allows for easy association to a travel agent. We will be able book and plan for any trips all over the world. Our placement and choice of 62 queen street is too ensure we get the most free advertisement being on the busiest business street in Brisbane. 1. Funds eligible to borrow https://www.nab.com.au/business/loans-and-finance secured loan amount up to $1 mil variable rates - 2.95% p.a. secured with commercial mortgage - 4.50%p.a. with other security suitable to NAB unsecured loan up to $250,000 variable rate - 4.50% p.a. 2. Outline all variable expenses Any expense that does not change from period to period, such as mortgage or rent payments, utility bills, and loan payments. The amounts may vary slightly, which may be the case with utilities, but you know they are due on a regular basis ● Fuel / public transportation costs ● Parking ● Clothing & shoes (uniform) ● Daycare ● Work lunches & snacks ● Eating out ● Entertainment ● Lottery ● Babysitting ● Sports & recreation, other hobbies ● Magazines / newspapers / books

3. Outline all fixed expenses Variable costs are costs that change as the quantity of the good or service that a business produces changes. Variable costs are the sum of marginal costs over all units produced. They can also be considered normal costs. ● Mortgage(s) ● Rent ● Property taxes (if paying monthly) ● House / tenant insurance ● Utility bills (cable, cell, electricity, water, etc.) ● Lease / car loan payment ● Vehicle insurance (if paying monthly) ● Life / Disability / Extended health (or other) insurance ● Bank fees ● Debt payment s for your debt repayment plan 4. Any other applicable costs The extra expense in a budget may undergo fixed, savings, or variable costs. ● Moving your business to a temporary site while your main location is restored. ● Buying or leasing equipment for your temporary site. ● Paying employees overtime. ● Hiring temporary workers during the transition. 5. Overall costs marketing - start-up: $5,000 - Ongoing: depending on seasonality software - crosscheck 150 monthly internet connection- unlimited data optus ($20 week) phone connection- $50 per month trademark- $240 Designer $220 domain name - Worldstravelbrisbane.com.au- $14.95 accountant fees- outbooks karan - $50 hourly. security systems - adt security - $360 printer- hp laserjet enterprise printer M528DN - $1,888

solicitor fees - bluekey - $3300 (15hrs) car rego- $744.45 6. Registration of the business $87 for 3 years business name registration/ business reg ATAS accredited - $1342 annual. (price to vary on total transaction value, see chart in salaries) 7. Insurance 8. Professional indemnity - 164.35 monthly 9. Workers compensation - 14.63 monthly each

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10. Public liability: 11. Rent for office space

12. Mode of transport - 2016 hyundai accent 13. Salaries

14. Other expenses (ATAS accreditation) Applicants for ATAS accreditation are required to undergo a comprehensive background check conducted by an external agency. This assists AFTA to verify that certain information provided by the applicant is correct. The check must be paid for by the applicant and the cost is approximately $167 per person. The information provided in the check consists of: Bankruptcy, Business Interests, Credit Default, Financial Regulatory, National Police Check. As we have 3 applicants it will cost - 167 x 3 = $ 501 15. Franchise fees and other memberships or subscriptions As we are targeting our Total Transaction Value (TTV) will be 1 to 2 million for 1st year, we have to pay $ 1,342 as AFTA/ATAS Combined Fee.

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Business objective and scope ● Provide a high standard of services suitable for individuals seeking relaxing, comfortable and memorable experiences in the hospitality and tourism industry. ● Provide the tourist market with the quality personnel required by the tourism industry. ● Produce expeditions and memories that would satisfy each and every single of the customers. ● Evaluate current cultural, economic, and social issues affecting the tourism and travel industry. ● Participate in both local and regional community service by providing general lectures, consultation, and training programs. including business financial commitments

Qualifications and previous experience of group members how they relate to the new venture. qualifications - diploma of tourism and travel management previous experience- 5 years as a travel agent These qualifications and experiences relate to the new venture because it shows that all 3 people have had management experiences and thus will be able to handle the pressure of running a new store. it also gives a point of view from a travel agent, tour guide and events managers perspective when making decisions

Business structure details Business structure refers to the legal structure of an organization that is recognized in a given jurisdiction. An organization’s legal structure is a key determinant of the activities that it can undertake, such as raising capital, responsibility for obligations of the business, as well as the amount of taxes that the organization owes to tax agencies. The four main forms of business structures include sole proprietorship, partnership, limited liability company, and corporation. Numerous predictions have been made regarding travel agents' demise as a result of the Internet's impact on the industry. How you will win a “slice of the market” Start with plan for brand awareness of your new name Find reasons for your clients why they should use your new company by giving incentive , discounts Start a loyalty program for them to keep using your services Offer an exclusive service and get to know about each one of your clients Identify your target clients and study the surroundings demographic ( You need to know how old they are , their jobs , average income , their interests , how regular they travel .. ) Prepare a list of all the travel agents available in your area / city / country Do google search and list the best and first 10 travel agents Call each one of those agents and learn about their product , how do they present it , cost of what they offer Have a list of the best tour operators , hotels and cruises they offer Approach those operators , hotels and cruises and sign up a contract to offer them in the market External and internal environmental changes (budget year) internal - - change to plans/ policies - change in financial and marketing resources - corporate image and brand equity

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- issues with equipment - labour management - business relationships external- - natural disasters - economical changes - customers - competition changes - input and suppliers - recessions Choose and contract with tour operators with the best solid reputation and most well known in the market Choose tour operators with the highest commission Initiate contract airline who offers best commission to travel agents Initiate contract with hotels and cruises who can offer high commission and incentives for travel agents keep costs under control Start working from home if not relying on walking in customers to avoid overheads of Lease and utilities bills Start with minimum staff required but most experienced ones Recruit staff with minimum basic salary and compensate with high incentive package Income and other assumptions The goal of the sales strategy is to build long-term connections with clients by providing exceptional service. The intention is to start with the most important customer segment. This category includes people who have purchased or are planning to purchase a tour. Other assumptions table: Plan month 1 2 3

Current interest rate 10% 10% 10% Long term interest rate 10% 10% 10% Tax rate 25.42% 25% 25.42% Other 0 0 0 Contingency plans Sources of information (reason for their selection) Process to communicate the draft budget paper 1. Concentrate on how the budget contributes to the organization's mission and objectives. 2. Talk about the factors that affect your budget. 3. Make an effort to be transparent. We should send an email out with the proposed draft budget and afterwards have a meeting to allow everyone to ask questions and bring up any concerns that might have. process to assess any suggested improvements to the draft budget 1. Be flexible with your budgeting and forecasting. 2. Create and use rolling forecasts and budgets. 3. Stick to your budget. 4. Communicate frequently and early. 5. Get Your Whole Team Involved... 6. Be specific about your objectives. 7. Prepare for a variety of scenarios.

Start-up costs Cash flow budget to manage the business over a 12-month period Profit & loss budget to manage the business over a 12-month period Notes explaining assumptions.

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Reference “62 Queen Street, Brisbane City, QLD 4000 - Shop & Retail Property for Lease - Realcommercial.” Www.realcommercial.com.au , www.realcommercial.com.au/for-lease/property-62-queen-street-brisbane-city- qld-4000-503587674. Accessed 3 June 2021. “AAMI Business Insurance.” Aami.com.au , 2019, business.aami.com.au/quote- summary. “Business Name Fees and Payment Options | ASIC - Australian Securities and Investments Commission.” Asic.gov.au , 2019, asic.gov.au/for-business/payments-fees-and-invoices/payment-options/business- name-fees-and-payment-options/. “New & Used Car Dealers in Brisbane | Motorama.” Www.motorama.com.au , www.motorama.com.au/. “P.A.C.T Home -.” Fairwork.gov.au , 2019, calculate.fairwork.gov.au/CheckPay/Summary. “Vision, Mission & Objectives - Cervantes Travel Agency Tourism.” Sites.google.com , sites.google.com/site/cervantestravelagencytourism/vision- mission-objectives. “What Are Fixed, Savings, and Variable Costs and Expenses and How Will They Help Me Learn How to Budget My Money Properly? | My Money Coach.” Mymoneycoach.ca , 2000, www.mymoneycoach.ca/blog/what-are-fixed-savings- variable-costs-expenses-and-learn-to-budget-money.html. www.wisdom.com.au. “Schedule of Fees.” Www.afta.com.au , 1 Apr. 2018, www.afta.com.au/atas/apply-or-renew/schedule-of-fees. Accessed 27 May 2021.

“schedule of fees” https://www.afta.com.au/atas/apply-or-renew/schedule-of-fees Accessed 01 june 2021 printers https://www.officeworks.com.au/shop/officeworks/c/technology/printers/ business-printers-photocopiers car registration https://www.qld.gov.au/transport/registration/fees/cost ADT security https://www.adtsecurity.com.au/contact/general-security-enquiry- thank-you/ outbooks https://outbooks.com.au/thank-you/ bluekey https://www.bluekeylawyers.com.au/thank-you/?form=2 trademark https://www.trademarksonline.com.au/pricing? utm_source=adwords&utm_campaign=&utm_medium=ppc&utm_term=%2Btrademark %20%2Blogo %20%2Baustralia&hsa_src=g&hsa_net=adwords&hsa_ad=463085404943&hsa_tgt=kw d-501633499432&hsa_grp=45362027030&hsa_kw=%2Btrademark%20%2Blogo %20%2Baustralia&hsa_acc=3189120477&hsa_cam=795220767&hsa_mt=b&hsa_ver= 3&utm_source=adwords&utm_campaign=Trademarksonline.com.au&utm_medium=ppc &utm_term=%2Btrademark%20%2Blogo %20%2Baustralia&hsa_src=g&hsa_net=adwords&hsa_ad=463085404943&hsa_tgt=kw d-501633499432&hsa_grp=45362027030&hsa_kw=%2Btrademark%20%2Blogo %20%2Baustralia&hsa_acc=3189120477&hsa_cam=795220767&hsa_mt=b&hsa_ver= 3&gclid=Cj0KCQjw2NyFBhDoARIsAMtHtZ4YypX7SYInMI1aFlxsigqD4sd_nllmEqUugsN 7u7hjpuQSfCoOD1waAhzjEALw_wcB

Budget information

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