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Welcome to Unit 8 Review of Units 6-9. Unit 6. Money Matters. One of the most important matters that can affect every business is money- Where it comes from (income), Where it goes (expenses), and How much do you need to stay in business. Where does the money come from?.

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unit 6

Unit 6

Money Matters

slide3

One of the most important matters that can affect every business is money-

  • Where it comes from (income),
  • Where it goes (expenses), and
  • How much do you need to stay in business.
where does the money come from
Where does the money come from?

Income can come from:

  • Commissions from suppliers
  • Service charges
  • Fees from clients
what can be a business expense
What can be a business expense?

Every business has

  • Fixed,
  • Variable and
  • Semi-variable or mixed expenses.
fixed expense
Fixed Expense
  • Rent
  • Insurance premiums
  • Salaries
  • Subscriptions to trade publications
  • Professional memberships fees
  • Office furniture
variable expense
Variable Expense

Variable are expenses that change proportionately to a change in business.

  • Part-time salaries
  • Commissions to salespeople
  • Familiarization trips
  • Corporate dividends
mixed expenses
Mixed Expenses

Expenses that change with business volume but not to a great extent.

  • Utilities such as electricity
  • Advertising
  • Telephone
  • Office supplies
slide10

The income statement tells you how much money came in and from where;

  • How much money went out and to where;
  • Whether there is a net loss or net gain. A gain indicates a profit was made.
an income statement is basically
An income statement is basically:
  • Total Revenues: a list of income for the month and where it came from; all monies that have been brought into the business.
  • Total Expenses: a list of all monies that went out and where they went.
slide13

A balance sheet is a financial statement detailing a company’s assets, liabilities and owner’s equity.

slide15

Assets are office supplies owned by the company, money in a bank account, or money owed to the company.

  • Liabilities are monies that are being paid out such as salaries and taxes, a business car payment, or ARC payments. (weekly accounting of sales of airline tickets)
slide16

Owner’s equity would be the amount of money that owners would receive if they sold all of a firms assets and paid all of its liabilities. This could come from shares of stock and dividends in larger corporations.

A balance sheet shows a company’s financial condition at one point in time.

slide17

A balance sheet will tell if a company has enough money on hand to pay bills and if the assets are used efficiently, if there is cash to meet liabilities and how profitable the company is.

unit 7

Unit 7

Home-Based Agents

what are some issues and concerns in owning your own business
What are some issues and concerns in owning your own business?
  • Lack of socialization or interaction with others.
  • Support from other departments such as advertising, accounting or tech support.
what might be some benefits of a home based business
What might be some benefits of a home-based business?
  • Cost-cutting of expenses such as rent, utilities, salaries, benefits, and other payroll related requirements such as social security and worker’s comp insurance.
  • The internet has made it possible to conduct business from just about any location.
slide21

No commute time, business clothes (unless meeting a customer) and no gas for a car!

  • Can be home more with the family.
there are three different home based categories
There are three different home-based categories:
  • Employees that are hired from a home office but do their work from home.
  • Independent contractors, full or part-time that are not hired by an agency
  • Travel counselors that own and operate their own agency
slide23

While working from home an agent must be able to have relationships with others in the industry in order to conduct business transactions.

two support groups
Two Support Groups

NACTA (National Association of Commissioned Agents)

OSSN (Outside Sales Support Network)

  • Both of these organizations provide numerous information and benefits to members. You can see the benefits on page 349 of the text.
the business plan
The Business Plan

No matter what business a person opens it is helpful to have a business plan.

information provided on a business plan includes
Information provided on a business plan includes:
  • Your business expectations. These should be detailed and thorough and include your expected income or salary, how long do you expect before the business will generate the income, number of employees, part-time or full-time, their salaries and benefits.
slide27

2. The business concept- what is the niche, who is your competition, concerns for seasonality or a slow market and how you will handle these issues.

3. The mission statement. This is the purpose of the business.

slide28

Objectives of the business- what are the goals of the business and what are your expectations for long term goals.

5. Income projections-do you need funding from a bank such as a loan. What are the 1 year and 3 year business incomes? Other expenses?

slide29

6. The business name. You will have to make sure the name is free to use and not held by another company.

legal or accounting requirements
Legal or Accounting Requirements

A lawyer or accountant can help to set up corporation papers or other legal documents for a business.

What are some of these documents?

office supplies and equipment
Office Supplies and Equipment

Office space must be set aside and used completely for business in order to take as a tax deduction. If you work off your dining-room table this won’t be considered as an office.

office furniture
Office Furniture

Desk and chair

File cabinet

Shelves for travel related books.

equipment
Equipment
  • Business telephone with a business number; don’t use your home number.
  • An 800 number might be necessary if you plan to have clients outside of your local calling area.
slide34

Have an answering machine or voice mail with a professional sounding message.

  • A good computer with fax capabilities
slide35

An Internet provider.

  • Computer software for an accounting program or web design if you plan to handle these yourself are also necessary.
unit 8

Unit 8

Finding a Job

slide37

The purpose of this lesson is to begin the process of targeting your job search.

The purpose of a successful job search is more than just deciding on what your ideal job is.

the text identifies three different categories in the travel industry
The text identifies three different categories in the travel industry:
  • Non-personal phone work.
  • Personal Intermediary of services.
  • In-person supplier of services.
non personal phone work
Non-personal phone work

A job such as a reservationists or sales represented that primarily does work over the phone.

You do not meet the customer directly however, you must still have a pleasing personality and voice in order to make the sale.

personal intermediary of services
Personal Intermediary of Services

This job involves contact with the customer and could be the travel counselor, a food and beverage manager at a hotel, or a convention manager.

in person supplier of services
In-person supplier of services

This job is one directly involved with the customer as they travel and deal with customers face to face.

These are hotel desk clerk, tour guide, ticket agents, flight attendants to name a few.

the first job
The First Job

Often a person has big expectations for a first job; but, this job is one that you use as a stepping stone to other possibilities.

Some things to think about are:

slide43

What experience will you gain? Use this job to learn more about your field of interest.

  • How will this job benefit your career?
  • What is the salary?
  • Is it competitive with other similar businesses?
  • What are the benefits?
  • Where is the location?
the main purpose of a resume is to get you an interview
The main purpose of a resume is to get you an interview!

It is a summary of your "occupational self" on paper.

standard resume categories are
Standard resume categories are:
  • Personal Data
  • Career Objective
  • Education
  • Work Experience
  • Skills
  • Professional Organizations/Awards
  • Certifications/License
  • For the travel industry personal travel should be included.
who should you use for a reference
Who should you use for a reference???
  • Supervisor or foreman
  • Plant superintendent
  • Assistant manager or manager
  • Pastor, banker, or lawyer
  • Co-worker or civic contact
  • Life-long family friend
personal data
Personal Data
  • First name, middle initial, and last name.
  • If you prefer to be known by another name, put it in parenthesis. For example,

Wilbur (Bill)Street addressCity, State (spelled out), and zip code(Area code) and telephone number

objective
Objective
  • A statement of your search intentions.
  • In an objective, be specific! Use two or three lines maximum! Avoid being too general--it would be better to not have one.
work experience or work history
Work Experience or Work History
  • Start with the most recent first and work back.
  • List the job title, employer's name, city and state, and dates of employment.
education and training
Education and Training
  • List the most recent first and work your way back.
  • Begin the entry with the name of the completed degree or certificate. Following that, list the formal name of the school, the city it is located in or branch campus you attended, and the state.
activities organizations and community service
Activities, Organizations, and Community Service

Examples:

Active in Local Church Activities.Member and Vice-President, County Daycare Center Active in Local United Way Annual Fund DriveMember, Forsyth Chamber of Commerce

professional affiliations associations and military
Professional Affiliations, Associations, and Military

Examples:

Member, National Restaurant Association, 1987 to Present

University of Missouri-Columbia Alumni Association, Member

Parent Teacher Association, Greentop Public Schools, 1992 to 1995

slide54

Use bullet statements.

  • Never use pronouns (such as I, me, my, mine, etc.).
  • Begin each statement with an action verb.
  • Quantify and add value whenever possible.
  • Eliminate as many prepositions as possible (such as if, a, and the).
example
Example
  • Responsible for managing sales and training operations.
  • Developed unique group travel events.
  • Improved employee retention by 10%.
the job search
The Job Search

Where are some places to begin to look for a job?

slide57

Newspaper employment ads.

  • College placement resources.
  • Specialty publications produced by professional associations.
  • Networking.
the cover letter
The Cover Letter
  • Keep it simple but include important information.
slide59

The first paragraph tells the reader the purpose of the letter and states the position you are looking interested in applying.

  • The second paragraph refers to your resume as it relates to the position.
  • You may mention two or three qualifications but usually keep this short for the third paragraph.
unit 9
Unit 9

The purpose of this unit is to prepare you to move forward and focus on your future career goals.

Building a Career

the action plan
The action plan
  • assess needs and preferences
  • research job requirements
  • research opportunities
  • consider whether goal is appropriate
  • begin job search
  • develop resume
  • network
  • apply for jobs
  • start a job
  • consider possible training needs for advancement
develop skills such as
Develop skills such as:
  • Business communication skills
  • Organization skills
  • Time management
  • Negotiating skills
  • Understand trends and what customers want.
slide63

Develop planning and crisis management skills.

  • Embrace cultural diversity
  • Be able to manage change
career options
Career Options
  • Travel agencies and home based offices specializing in a niche.

Air travel:

  • ticket agent customer service, flight attendant, training instructor.
slide65

Ground travel such as

  • car rental
  • rail travel
slide66

Tourism and destination management:

  • convention bureaus
  • government tourists offices
slide67

Hotel industry:

  • Lodging
  • Gambling
  • Spa resorts
slide68

Online agencies and e-careers

Cruise travel

  • Land based personnel specializing in sales
  • Onboard hotel or food service areas offering opportunities on the ship.
slide69

Tours

  • Tour guide
slide70

And of course there is food service both commercial and non-commercial foods.

Do you know the difference?

food service
Food Service
  • Commercial is food establishments that make money such as restaurants and concessions.
  • Non-commercial is a secondary business to the specific business of a location:

Hospital, schools, prisons, business and industry cafeterias

ethics
Ethics

Following principles of proper conduct, professionalism, honesty, and integrity.

ethical areas
Ethical Areas
  • confidentiality
  • travel benefits
  • misrepresentation particularly in advertising
  • ticketing
  • reservations
  • selecting suppliers
  • fiduciary; this involves how the client’s money is handled once it is in your possession.
slide75

In many cases it is not against the law unless it also involved a violation of civic law such as stealing or identity theft.

Page 391 of the text has a code of ethics for members of ASTA.