In Part One this Week you will submit an excel spreadsheet with your Gross Sales Revenue. Profit and Loss Projections-1.xlsx Download Profit and Loss Projections-1.xlsxAfter having discussions regarding hot dogs with your fellow students, you have decided that operating your own small business might be a good way to satisfy a market niche. Since you have limited capital available, you have come up with an approach that uses your new found knowledge. Using this knowledge, along with your academic, and personal skills. you have decided on a Hot Dog Truck that will service exclusively the Lee Campus of FSW. You have approached the college leadership, and they love the idea of having this service located on campus. They do however want to review with you some key aspects of your business strategy prior to their approval. In Module 2, you shared with the class what you thought your price would be for a combo meal of hot dog, drink and chips. The class submitted prices with ranging widely from a low of $3.00 to a high of $8.00 per average ticket price. However, since this business model is exclusively hot dogs, you may want to rethink what you will be charging for a hot dog, drink and chips. It is this revenue alone that will be needed to pay for all your operating expenses.Using your revised average ticket price, estimate what your monthly sales will be. You will need to estimate the total amount of customers you expect to serve daily, and multiply that amount by your average ticket price. (Amount of customers multiplied by your average ticket price will give you your average daily sales.) With this information you can calculate your Projected Gross Monthly Sales Figures. (Note: No need to compute the 35% Cost of Sales. The formula is already calcula
ted for you in the spreadsheet. Example: If I estimated my average ticket price to be $2.00 for the meal, and projected serving 50 customers a day, my sales would be $100.00 a day. Taking that $100.00 a day times 30 days in a month, my monthly sales projections would be $3,000.00 ($100×30 =$3,000 monthly sales)Part One: Determine your estimated monthly gross sales for the year. The Steps below will help you calculate your assumptions.1 What is your revised estimated price for a meal that will be accepted by your customer base at FSW.2. How many customers do you expect to serve on average daily?3. What is your projected daily sales? (line 1 X line 2 above)4. Now that you know your daily sales figure, what do you expect your gross sales to be in January, your first month of operation.5. Discuss your revenue assumptions throughout the calendar year. This info will be entered into the excel spreadsheet below. (Keep in mind how the seasonality of the college will impact your annual sales projections)Part Two: 1. Chapter six discusses Marketing Mix. Describe your Hot Dog Truck’s “Marketing Mix” ———————————————————————————————————————————————————————————————————-Further Instructions: For each month just fill in the top row with your projected monthly gross sales in the spreadsheet. Once you enter your Gross Sales, the formula will give you your net income before operating expenses.. (DO NOT ADD IN ANY OF THE OPERATING EXPENSE ITEMS, WE’LL GET TO THEM IN ANOTHER ASSIGNMENT) Download Excel Spread sheet below: (Note: Excel is included in your free version of Office 365)Profit and Loss Projections-1.xlsx Download Profit and Loss Projections-1.xlsx I will send all resources for chapter 6