Assignment Task

The Budget for the Implementation of the New Offering at Babylonstoren

According to Christian Mutombo (2023), it is expected to invest between R700,000 and R1.000,000 on average to operate a cocktail bar. If you want to buy an established bar, it will be less expensive, as low as R500,000. The size and location of a cocktail room are two important factors that affect its cost to construct and open. Creating a new cocktail room requires a significant financial commitment. It could take months before you start making a profit, and it could take years to make up the initial investment

Note that our cocktail room offering and some material needed to operate efficiently will cost R1.000,000. As a result, an appropriate budget preparation is important to complete the task with minimal income overflow.

The costs associated with opening a cocktail bar take into consideration: building, being one of the most expensive fees you may encounter. Licenses, permits, and insurance are all necessary, but in this instance will not be required. Inventory and equipment, which is necessary to gather all items that will be required ahead of time. Cocktail and bartending equipment, refrigerators, and other small goods such as glass racks and blenders are also required. As it is intended to set up music, it will need some equipment for that as well. Technology and software to run the place successfully are also needed, which require more investment. Marketing and advertising, which according to Mathias Food Service (2021), require a lot of investment money to get the word out about the forthcoming bar and attract customers.
Good information provided, in a table form allocate how each element will be funded.

The timeline for this project will go up to 3 months (Christian Mutombo 2023). According to the constructor, the foundation takes 2 weeks in order to get a nice and strong foundation, and then after this stage in Stage 3, the company will focus on the floor, which is going to last for a week. Also, the rest of the tasks are going to take 2 months and one week for the company in charge to complete the job and put everything in place for operation.
Note that each company works differently according to the agreement between the two parties, and in this particular case, the company chosen will provide everything we need in order to make the new project operational.