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Writing a Business Plan
While it may be tempting to put off, creating a business plan is an essential part of starting your own business. Plans and proposals should be put in a clear format making it easy for potential investors to understand. Because every company has a different goal and product or service to offer, there are business plan templates readily available to help you get on the right track. Many of these templates can be adapted for any company. In general, a business plan writing guide will recommend that the following sections be incorporated into your plan.
The executive summary is the first section that business plans open with, but is often the last section to actually be written as it’s the most difficult to write. The executive summary is a summary of the overall plan that highlights the key points and gives the reader an idea of what lies ahead in the document. It should include areas such as the business opportunity, target market, marketing and sales strategy, competition, the summary of the financial plan, staff members and a summary of how the plan will be implemented. This section needs to be extremely clear, concise and engaging as you don’t want the reader to push your hard work aside.
The company description follows the executive summary and should cover all the details about the company itself. For example, if you are writing a business plan for an internet café, you would want to include the name of the company, where the café would be located, who the main team members involved are and why, how large the company is, who the target market for the internet cafe is, what type of business structure the café is, such as LLC, sole proprietorship, partnership, or corporation, what the internet café business mission and vision statements are, and what the business’s short-term objectives are.
Services and Products
This is the exciting part of the plan where you get to explain what new and improved services or products you are offering. On top of describing the product or service itself, include in the plan what is currently in the market in this area, what problems there are in this area and how your product is the solution. For example, in a business plan for a food truck, perhaps there are numerous other food trucks in the area, but they are all fast –food style and unhealthy so, you want to introduce fast food that serves only organic and fresh ingredients every day. This is where you can also list your price points and future products or services you anticipate.
The market analysis section will take time to write and research as a lot of effort and research need to go into it. Here is where you have the opportunity to describe what trends are showing up, what the growth rate in this sector looks like, what the current size of this industry is and who your target audience is. A cleaning business plan, for example, may include how this sector has been growing by 10% every year due to an increase in large businesses being built in the city.
Organization and Management
Marketing and sales are the part of the business plan where you explain how you will attract and retain clients. How are you reaching your target customers and what incentives do you offer that will keep them coming back? For a dry cleaner business plan, perhaps if they refer customers, they will get 10% off their next visit. In addition, you may want to explain what needs to be done in order for the business to be profitable. This is a great way of showing that you are conscious about what clear steps need to be taken to make a business successful.
Financial Projections & Appendix
The financial business plan section can be a tricky one to write as it is based on projections. Usually what is included is the short-term projection, which is a year broken down by month and should include start-up permits, equipment, and licenses that are required. This is followed by a three-year projection broken down by year and many often write a five-year projection, but this does not need to be included in the business plan.
The appendix is the last section and contains all the supporting documents and/or required material. This often includes resumes of those involved in the company, letters of reference, product pictures and credit histories. Keep in mind that your business plan is always in development and should be adjusted regularly as your business grows and changes.
MORE FROM LIFE123.COM
How to Choose a Phone Plan for Your Business
Every company needs an effective phone plan for their business. It’s important for all your employees to be able to communicate with each other. You also need to ensure that you can take phone calls from clients when they need to reach you. There are many office, VoIP and cell plans available, and your choice depends on what’s best for you. Here’s how to choose the best phone plan for your business.
The Types of Business Plan
If you’re looking for the perfect business phone plan, you need to think about which will benefit your organization most. There are loads to choose from and each have their advantages and disadvantages. It’s essential for businesses to have the best communications systems, because without this you’ll lose potential customers. Many people choose systems based on their convenience, but also look at how effective they are, the costs and if the system is up to date.
With so many options, businesses rarely know where to start. However, your primary goals will enable you to find the best phone plan for your business. Do you have a large team and need a strong internal communications system? Is saving money your primary goal? Here are some business phone plans, and their benefits.
Voice Over Internet Protocol (VoIP)
VoIP is taking over the business world, and many companies are ditching their landline service for the internet-based phone solutions. While making international calls on landlines is expensive, VoIP enables you to call anywhere in the world for no extra cost. Phone calls take place over the internet, and you can reach your employees wherever they are.
There are many VoIP solutions, including basic packages, options for mid-sized businesses and high-end solutions. It’s important to think about which solution is best for your business and avoid any hidden costs associated with high-end solutions. VoIP is great for companies and there is a range of technological benefits you won’t find with other providers. Search online to find the best VoIP providers.
Private Branch Exchange (PBX)
PBX uses hardware to route all calls through the office to and from a central connection. It connects all employees and enables easy transfers. PBX has many benefits, including its cost-effective solutions. Employees can make internal calls without the needs of connecting to an external network. This means that businesses can save money on phone calls, which is especially useful for small companies.
There are automatic capabilities, meaning PBX systems can automatically route calls. Basically, PBX offers an all-in-one solution, but it isn’t as technologically convenient as VoIP solutions. It depends on your needs, but remember PBX systems are best if you use over 12 phone lines. Smaller businesses might find that installing and maintaining a PBX system is too expensive.
Small businesses have one thing on their mind; money. They need to find cost-effective solutions to grow their business, but not bankrupt them. Most small companies use manual key-systems to route phone calls. As you add more lines, you’ll find a manual system less convenient and harder to manage.
Key systems are great when businesses are starting out, but if your business is growing then it’s best to choose between a PBX or VoIP solution. There are many positives to manual key systems, and providers are combining technology with the systems to make them better for small business owners to maximize their internal and external communications.
Is the price right? That’s what you should be considering. Many phone providers will offer comprehensive packages for both office and cell use. Combining these will save you money in the long-term and enable you to streamline your communication procedure. The more technology you want, the higher the price. You should weigh up the benefits of cost and convenience when making your decision.
Speak to providers and ask them what bundles they offer. You’ll want to supply your employees with cell phones if they travel out of the office regularly. Choosing a phone system doesn’t have to be complicated if you know what you’re looking for and consider your price limits.
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- Bar Business Plan
2.0 Company Description
3.0 products, 4.0 market analysis, 5.0 marketing strategy and implementation, 6.0 organization and management, 7.0 financial plan, 1.0 executive summary.
The Neighborhood Bar and Grill will be a unique gathering place in the suburbs of Palm Beach County. By providing exemplary service (think of the character Norm from Cheers as he’s warmly greeted each day after work), a vast selection of beer and wines and award winning food in a relaxed comfortable setting, the NB&G will be the premier bar that ‘the locals’ go to in suburban Palm Beach County.
The success of the bar is in its owners – with collectively 30+ years experience in the restaurant and bar industry. They are committed to making this operation a successful one. Employees have been hand selected and share the same views as the owners, that is, keeping the customer happy assures repeat business.
The Neighborhood Bar and Grill has plans to initially capture 2% market share or $334,000 of the $16.7 million of the local market by fiscal Year One, and an additional 2.3% and 2.53% for Years Two and Three respectively. The Neighborhood Bar and Grill will accomplish this through a concerted advertising and marketing campaign, reliance on signage and primarily by word of mouth. Located at a major intersection in Palm Beach County, the site is located in a neighborhood retail centered anchored by a Winn Dixie grocery store. With average traffic counts of 42,000 daily, the site was primarily selected because of its location, the local demographics surrounding the site and reasonable rental rates.
The Neighborhood Bar and Grill is leasing 1,400 square feet retail space in the shopping center and paying $18.00 per square foot annually NNN lease.
The following business plan summarizes the history of the NB&G, where the business currently resides and its future plans for growth.
1.1 Mission Statement
The Neighborhood Bar and Grill will provide a comfortable place for locals to come and gather for relaxation, striving to be the bar of choice for the locals in the Cresthaven neighborhood and suburban West Palm Beach. The NB&G will be known as the “Cheers Bar” – where everybody knows your name and the business will do this by: providing a relaxed atmosphere encouraging patrons to unwind — specifically targeting professionals between the ages of 30 and 65 making $50,000 annually. The Neighborhood Bar and Grill is based on the guiding principles that life is to be enjoyed and this is reflected in its vast selection of beverages, its delicious food offerings and the professional team members. The Neighborhood Bar and Grill wants to be synonymous with country singer Toby Keith’s song “I Love This Bar”.
1.2 Guiding Principles
The Neighborhood Bar and Grill’s philosophy is simple: enjoy life and treat others as you’d want to be treated. These sound principles apply to all life’s situations, both personal and professional. At the Neighborhood Bar and Grill, these principles are applied to management, employees, customers and suppliers alike.
Life is to be enjoyed! Neighborhood Bar and Grill employees love their jobs and their customers! This is not only reflected in the outstanding service – it is because management personally culls and trains each employee putting them in the position that is ideally suited for them.
Integrity – In the spirit of all great bartenders, treat each customer with utmost respect and professionalism. The Neighborhood Bar and Grill bartenders and wait staff are trained to act professionally in all situations. If a regular patron happens to become disorderly say after a particularly stressful day, the Neighborhood Bar and Grill’s staff is trained to promptly and discreetly order a cab for these individuals. No one wants to work with drunken and disorderly individuals and the patrons do not want to be known as such either.
1.3 Keys to Success
The Neighborhood Bar and Grill’s key to success will be based on:
Outstanding customer services – the NB&G’s goal is be the place “where everyone knows your name”. All team members are hand selected and love what they what do. Customer Satisfaction – By providing a quiet and relaxed environment, where friends can meet and unwind and relax. Provide a vast offering of specialty beer and wine offerings – catering to the public’s increased requirement for variety and sophistication in alcoholic beverages.
The Neighborhood Bar and Grill will be a locally owned neighborhood bar equally owned and operated by Ben Davis, Roberta Gary and Danny Zinn. The Neighborhood Bar and Grill is a C-Corporation.
The NB&G will occupy a 1,400 square foot facility located in a neighborhood shopping center known as the Shoppes at Cresthaven. The property address is 2601 South Military Trail.
The Neighborhood Bar and Grill will provide a soft, quiet environment for its patrons. The furnishings are comprised of leather appointed chairs and small booths throughout the bar. These items were obtained at various local auctions and although not entirely matching, lend an eclectic look to the cocktail lounge area. The walls are adorned with a hodgepodge collection of memorabilia from the local area – many donated by Mr. Davis’ wine bar patrons including two cigar store Indians, an antique bear claw and 1950’s coca cola signs.
The bar will have a small central stage and provide the site for jazz musicians and open mic nights on the weekends.
The NB&G is C-Corporation, owned equally by Ben Davis, Roberta Gary and Danny Zinn.
Mr. Davis has 20+ combined experience years in management and operations. A successful business owner, he currently owns two independent wine bars in West Palm Beach and Boca Raton.
Ms. Gary has 10+ years experience the restaurant and bar industry beginning her career as an Event Coordinator for the Radisson and most she recently managed two nightclubs in exclusive South Beach.
Chef Danny Zinn will oversee the kitchen. He brings to the table 15+ years experience as a formerly trained Culinary Chef. Mr. Zinn and Ms. Gary met while employed at the Radisson.
2.2 Legal Form
The Neighborhood Bar and Grill is a registered C-Corporation, owned equally by Ben Davis, Roberta Gary and Danny Zinn, doing business in the State of Florida.
2.3 Start-Up Summary
Following is a summary of required funds to establish the business:
Tenant improvement costs have been in the form of new heating/air conditioning, electrical, plumbing, painting, carpentry, flooring and smoke detectors.
The owners have spent $38,262 in furnishing and fixtures including leather chairs and small booths throughout the bar. These items were obtained at various local auctions.
The owners are currently remodeling and retrofitting the space to accommodate both a front and back bar along with stools for customers. The back bar was secured from a consignment shop and is ornately decorated English walnut, marble and glass. The front bar will be constructed by Mr. Davis’ brother-in-law who owns a cabinet company.
Additional out of pocket expenses were rent and security deposits.
The owners are seeking a $22,000 working capital loan to meet start-up inventory requirements, and licensing requirements. The loan will be secured by UCC filings on all inventories, and accounts receivables.
Further, the owners are seeking a commercial loan in the amount of $61,000 to purchase kitchen equipment, supplies and bar supplies. The space was formerly a restaurant and the layout is perfect for the proposed kitchen. The commercial loan proceeds will be used to purchase the majority of the kitchen equipment including two stoves and ovens, one walk in refrigerator, a freezer, two microwaves and a deep fryer. The commercial loan will be secured by UCC filings on all furniture fixtures and equipment.
Total starts up costs are $142,512. To date the owners have contributed $59,512 or 42% equity in the business. The source of repayment for both loans will primarily be cash flow from the bar and secondary source of repayment will be recourse to the owners. The tertiary form will be disposal of the assets.
2.4 Location and Facilities
The location was a key component for the NB&G. The owners specifically sought this location because the demographics aligned with their target customer.
The 1,400 square foot Neighborhood Bar and Grill will be located in the Shoppes at Cresthaven located at 2601 South Military Trail in West Palm Beach, Florida. Located on the northwest corner of Military Trail and Cresthaven Boulevard, approximately 42,000 cars pass the site daily. The shopping plaza is anchored by a Winn Dixie grocery store. The area surrounding the NB&G is the Cresthaven neighborhood. The NB&G residents live in this neighborhood and surrounding area.
The bar location specifically meets the needs of the owner’s patron profile – that is professionals between the ages of 30-65 with incomes greater than $50,000. The following table briefly summarizes the population in the 3 and 5 mile radius:
3.1 Products/Services Descriptions
The Neighborhood Bar and Grill will offer a broad and deep variety of specialty beers and wines which will appeal the public’s ever changing and increasingly more sophisticated demands for variety in beer and wine. The bar will also offer a full service liquor bar.
Patrons desiring food will not be disappointed by the bar’s food offerings either. One of the owners is an award winning chef formerly trained at the Florida Culinary Institute and most recently employed by the Fontainebleau in Miami. Chef Danny Zinn will prepare traditional bar foods such as nachos, potato skins, and calamari, along with the local favorites of fish dip and fried grouper sandwiches. Dining patrons will also enjoy his daily specials including freshly caught Atlantic Snapper and Mahi Mahi.
The kitchen will close at 8 pm, but patrons will still have the option of easily prepared foods, that the bartender can microwave or easily throw into the deep fryer.
On Friday and Saturday nights, the NB&G will provide live entertainment performed by local jazz musicians. A cover charge will be applied to patrons to cover the band expenses. The bands will be responsible for setup and tear down of all equipment.
3.2 Competitive Comparison
Within a five mile radius of the subject are six comparables:
Applebee’s Neighborhood Bar and Grill 6706 Forest Hill Blvd West Palm Beach
Cococabana Bar & Grill 2944 S Jog Rd, Lake Worth Florida
Flanigans Seafood Bar & Grill 2401 10th Ave N, Lake Worth, Florida
Franchie’s Bar 3476 2nd Ave N, Lake Worth Road Lake Worth, Florida
Pit Row 4064 Forest Hill Blvd Ste 8 West Palm Beach Florida
Plush Pony 2028 S Military Trail West Palm Beach Florida
3.3 Product/Service Sourcing
The key food suppliers for the business will be Sysco Foods and Treasure Coast Food Service. Having two suppliers assures the NB&G exceptional delivery times, and better overall prices.
Restaurant supplies (pots, pans, cutlery, and cooking utensils) will come from Grover Restaurant Supply.
Alcoholic beverages will be purchased from Gold Coast Beverage Distributors and Florida Distributing Company.
The Neighborhood Bar and Grill will utilize a P-O-S (Point of Sale) touch screen system throughout the bar and restaurant area. These monitors and hand held units will provide point of sale menus, inventory control analysis, credit card sales, and office management.
3.4 Inventory Management
The POS system will be instrumental in the Neighborhood Bar and Grill’s success. Bartender theft and employee theft can quickly be the financial demise of any business. The POS systems will alert the chef when inventory levels are low and the bar manager when to place his order.
3.5 Warehousing and Fulfillment
3.6 future products/services.
The owners of the NB&G realize the customer is the key to the success of the business and will work continually to improve/enhance the patron experience. Comment cards will be available throughout the bar and management will keenly review these comments, making adjustments as needed. For example, the owners might consider open mic nights, creating a Trivia Night or providing other options as deemed acceptable by the customers.
4.1 Industry Analysis
Although people still gather to socialize in bars, just as they have for hundreds of years, other factors have come into play for the industry as well. Problems with driving while intoxicated have changed the drinking patterns of people in United States. The growing concern with health and fitness toward the end of the 20th century took its toll on the bar industry. Keeping tabs on this industry requires a look at the alcoholic beverage industry as a whole–what people buy in the store doesn’t differ much from what they buy in a bar. The distilled spirits industry generates around $100 billion in U.S. economic activity annually. (Distilled Spirits Council)
The US bar and nightclub industry includes about 45,000 establishments (single-location companies and branches of multi-location companies) with combined annual revenue of about $20 billion. No major companies dominate; varying state liquor laws complicate the ability to form large chains. The industry is highly fragmented: the 50 largest companies account for about 5 percent of revenue. (First Research)
Personal income and entertainment needs drive demand. The profitability of individual companies depends on the ability to drive traffic and develop a loyal clientele. Large companies can offer a wide variety of food, drinks, and entertainment, and have scale advantages in purchasing, financing, and marketing. Small companies can compete effectively by serving a local market, offering unique products or entertainment, or providing superior customer service. The industry is labor-intensive: average annual revenue per worker is about $60,000. (First Research)
Major sources of revenue include beer (about 35 % of sales), distilled spirits or hard liquor (30 %), food and non-alcoholic beverages (20 %), and wine (7 %). (First Research)
4.1.1 Market Size
The US bar and nightclub industry includes about 45,000 establishments (single-location companies and branches of multi-location companies) with combined annual revenue of about $20 billion. No major companies dominate; varying state liquor laws complicate the ability to form large chains. The industry is highly fragmented: the 50 largest companies account for about 5% of revenue. (First Research)
4.1.2 Industry Participants
There are few barriers to entry in the neighborhood bar industry, and the capital costs of starting a new neighborhood bar are low. However, competition among bars and taverns is intense due to the large number of bars in the target market. When combined with a small industry growth rate, market share gains by one bar will be at the expense of others.
Competing for the neighborhood bar are other small neighborhood bars and larger chain restaurants with full service bars. Additional competition for the NB&G are other types of bars, for example, sports bars, pubs, coffeehouses, and wine sellers. The slower economy resulted in some patrons purchasing from grocery stores, package stores and convenience stores.
4.1.3 Main Competitors
A recent analysis revealed six bars/restaurants with bars or a $16.7 million market as classified under the NAICS (North American Industry Classification System) code 722410 – bars and nightclubs – within a 5 mile radius of the subject. The following is summary of the comparables:
This 16,500 square foot corporate restaurant and bar was established in 1997. The neighborhood restaurant/bar generates approximately $5.5 million annually and has 55 employees. The Applebee’s target market is not the same as the subject, catering primarily to families and as a restaurant; it will not compete directly with the subject.
Privately owned, this is 3,300 square foot restaurant/bar with 11 employees and generates approximately $1.1 million annually in revenues. The restaurant specializes in Dominican food and drinks. With a focus on black beans and rice and mojitos, the theme is quite different from the subject. However, based on its size, its proximity to the subject and its uniqueness, the NB&G will have to work hard to attract these patrons. Word of mouth and its initial marketing campaign will have to convince these patrons that the NB&G’s food and beverage offerings are superior to this competitor.
Established in 1990, the iconic restaurant and bar is one of twenty-two facilities in the South Florida area. Flannigan’s is well known and has a loyal following. The 9,900 square foot bar and restaurant is privately owned and generates $3.3 million annually. The restaurant and bar has 33 employees. Because of its unique target focus as primarily a restaurant this business, like Applebee’s, this is an indirect competitor.
This freestanding 3,300 square foot bar is privately owned and operated. The bar has 11 employees and generates approximately $1.1 million annually. The bar has a “C” credit rating and does not provide food. The bar is old (its age unknown as it was not filed publicly) and is generally known in the area as a “dive bar”. This bar’s clientele do not typically meet the profile of the subject and will not compete directly with the subject.
With a race ‘pit’ themed bar and menu, Pit Row offers drink specials on NASCAR race days. The neighborhood bar has a sports bar theme. The bar has a pool league and a Texas Hold ‘Em game night. More of a sports bar, the subject will compete indirectly with this competitor. The 1,800 facility is located in a strip center and generates $600,000 annually. The bar has 6 employees. This neighborhood bar is one of three in Palm Beach County that are privately held by the same owner.
This 15,300 square foot bar started in 1995 has a tremendous following. Known as a “dive bar”, the Plush Pony has line dancing and country music. With 51 employees and $5.1 million in annual revenues, this country music bar is an indirect competitor.
4.1.4 Market Segments
Middle class, ‘white collar’ office workers on their way home from work. These are the patrons that will become the bar’s ‘regulars’, patronizing the bar on their way home from work and stopping for a glass of wine paired with some light appetizers and unwinding prior to heading home. Tourists and workers on their lunch hour – the bar is centrally located in Palm Beach County making it an ideal location for both tourists and workers alike. Late night and bar crowd seeking “lighter” late night venues – the NB&G will have live jazz music and acoustic guitar on weekends and some weeknights. The owners of the NB&G are targeting the following individuals for their target market:
Household income of $50,000 Between the ages of 30 and 65 Gender Demographic (75% Male, 25% Female) Lives within a 5 miles radius of the subject location
4.2 Market Tests
The owners specifically targeted this location because of the lack of finer ‘neighborhood bars’ in the suburbs – a bar that is quaint and cozy – but also provides a great option to take out of town guests with finer food and beverage offerings.
While patrons can find similar bars in the trendier downtown and midtown locations, the quieter, smaller bars offering finer foods and jazz venues, are all but overlooked in the suburbs. Experienced in the business, the owners listened to their patrons and created NB&G based on these requested needs.
The local distributors support this business venture as well and based on the area demographics and are anxious tap into this lucrative market.
4.3 Target Market Segment Strategy
The NB&G specifically targets individuals in the local market with incomes greater than $50,000 desiring a quiet neighborhood bar and grille to relax and unwind. The marketing strategy is designed to target this group.
This target group was selected primarily because of
the location of the bar and grille, the setting is designed to appeal to this target market and the current target market does not have any venues comparable to the subject. In fact the closest direct comparables are located eight miles away in downtown – the majority of locals would prefer a spot closer to home.
4.3.1 Market Needs
As the owner of two South Florida wine bars, Mr. Davis was constantly told by his patrons, that while they loved the local taverns, they’d be more interested in trying some finer quality food offerings along with some finer beverage choices, especially when they had guests visiting from out of town.
While still maintaining its image as “the place the locals go”, the owners have added some “class” to this little bar and grille by:
Offering both traditional bar fare, but also offering selections of daily prepared specials from a chef formally employed by the Fontainebleau and trained at the Florida Culinary Institute The bar will provide “light” jazz music and acoustic guitar, filling the vast void in such venues in the ‘burbs’ location.
4.3.2 Market Trends
Recent market trends focus increasingly on healthier lifestyles. Studies have shown that although consumers are drinking less alcohol, their tastes are becoming more discriminating. A greater emphasis on technology (POS) and training (“Star Servers and Bartenders”) resulting in increased productivity and earnings. Upgrades in improvements and interior décor – the days of the dimly lit and dark smoky bar rooms are quickly becoming a thing of the past. The NB&G is designed to embrace these trends. The NB&G will feature a vast assortment of locally crafted and imported beer offerings. The wine selection will be somewhat smaller but just as impressive. Food offerings will consist of standard bar fare along with, finely prepared daily gourmet specials. The owners will rely on POS system for orders, inventory control, accounting functions, time management and other functions. All bartenders will be hand selected and trained to cross sell appetizers or higher margin items. The NB&G’s ‘shabby chic’ interior is designed be a comfortable, sociable and enjoyable environment.
4.3.3 Market Growth
Liquor sales and the bar industry overall is demonstrating improving trends. The following is a summary from the February 2012 U.S. Distilled Spirits Council Report:
Volume / revenue growth at pre-recession levels. Revenue up 6.3% to $20.3 billion Volumes up 2.9% to 196 million 9-liter cases Growth driven by improving economy/consumer confidence, increase in restaurant sales, stable pricing environment and product innovation Improved economy = return of premiumization Sales growth has pushed market share to 34.1% of revenue, 33.8% of volume Future growth dependent upon state of economy (Industry Review Distilled Spirits Council 02/2012)
The NB&G will position itself as the bar and grille of choice for patrons desiring a comfortable and relaxed bar and grille experience. Designed like its competitor’s downtown and midtown, the central location will appeal to suburbanites living in the area who don’t care to travel more than a few minutes from home.
The NB&G will position itself as the bar and grille of choice by providing top notch service, offering a vast selection of beverages, and providing both traditional bar fare as well as daily market specials prepared by its culinary chef. The ambience and décor will be comfortable and relaxing and with the benefit of light jazz in the background, the bar and grille will be a one of a kind experience in the suburbs. The owners and staff are constantly aware of patrons changing likes and dislikes and the bar and grille will act quickly to make changes to meet these needs.
5.1 SWOT Analysis
The following information summarizes the SWOT analysis. SWOT stands for strengths, weaknesses, opportunities and threats. A SWOT analysis is a method for strategic planning that evaluates these four elements as they relate to the business objectives.
Relatively easy entry and low capital outlay. Committed owners with combined 35 years industry experience. The NB&G will be a unique one of a kind experience in its suburban location. Targeted, specific focus on its customers creates a memorable experience for its patrons resulting in repeat business.
Disorderly patrons can potentially harm both business reputations or cause collateral damage. Employee theft can make or break a bar business. Management’s exclusive use of the POS system mitigates this risk. Very specific target market – if the target market was broader the owners could increase market share in the segment that was the strongest. High turnover in bar industry – many bars are here today and gone tomorrow.
Opportunity to obtain a share of a $16.7 million market
Another new entrant could potentially hurt market share; competition is fierce
5.2 Strategy Pyramid
Strategy: Be the neighborhood bar and grille of choice
Tactics: Provide exceptional customer service in a relaxed and inviting environment encouraging patrons to return again
Programs: Extensive and ongoing employee training. Employees will be rewarded financially for providing impeccable service with opportunities to benefit in profit sharing.
All staff are hand selected and share the same core beliefs of the owners; everyone will be trained to be keenly aware of patrons and anticipate their needs before the customer does, for example always offering to promptly show them to their table, graciously asking to hang their coats, and bring them their drinks expediently.
5.3 Unique Selling Proposition (USP)
The NB&G will be a small, casual local bar. The bar features a vast selection of hand crafted beers – both local and imported, as well as an impressive wine selection. The bar features traditional pub fare as well as daily specials prepared by a formally trained culinary chef. With its ‘lighter’ music including live jazz and acoustic guitar performances on weekends and some evenings, the NB&G will be the alternative to its louder more raucous competitors. Although similar bars are located in downtown West Palm Beach, the NB&G is specifically designed to fill the void in the suburbs.
5.4 Competitive Edge
The NB&G specifically caters to its target market and is truly a unique local bar experience. The bar differs in its décor, its extensive beer and wine offerings, culinary choices and music style; the NB&G patrons cannot get this experience in any other bar within a 5 mile radius.
5.5 Marketing Strategy and Positioning
The NB&G is centrally located on the northwest corner of Cresthaven Boulevard and Military Trail. Traffic counts approximate 42,000 daily. In addition to its prime location, the NB&G will rely on:
Advertising – Outdoor Signage – Grand Opening Word of Mouth According to the Bob Johnson with Beverage Management Institute in Clearwater, South Carolina, the only cost-effective way to advertise a bar is word-of-mouth. “When you don’t have word-of-mouth working for you, you are in serious trouble. It’s not necessarily terminal. There are still ways to get some advertising and marketing out there without spending a ton of money. But anytime you reach into your own pocket to buy advertising for a bar, it’s not good.
“Word-of-mouth advertising is priceless,” he continues. “It means everything is right. Everything is happening. The bar is alive. Your employees love working there. They are talking and saying great things about the place, and that is passed on to your customers. The customers love being there, and they tell other customers. If you can get to that point, it’s just priceless.”
5.5.1 Positioning Statement
The owners have a combined 35 years industry experience in restaurant and bar management and fully support the operation. The NB&G will provide a vast collection of handcrafted beers and wine, provide jazz music and gourmet food, and will strive to be the premier bar ‘where the locals go’ in suburban Palm Beach County. The NB&G will go above and beyond the call of duty making patrons come back and tell everyone they know.
5.5.2 Pricing Strategy
The NB&G’s pricing will be similar to the competitor’s (competition based pricing) initially and management may consider lowering drink prices initially to attract initial patrons. However, near term, when the NB&G captures at least 2% of the local market, management plans to price alcohol and food to be more reflective of acquisition costs.
The menu items are moderately priced. Appetizer range from $8-$12, burger plates and wraps range from $9-$12 and the daily gourmet plates average $17.00.
5.5.3 Promotion and Advertising Strategy
The NB&G’s primary promotion and advertising strategy will be outdoor street signage and word of mouth. Additionally the bar is planning a grand opening in September, 20XX.
The NB&G will open mid August 20XX with a grand opening scheduled for September 20XX. The early opening date will allow the staff to familiarize themselves with operations and customer interfacing.
In addition, the NB&G will participate in select promotions annually. Once the bar is up and running, management will determine which nights need a boost. Historically, bars are busiest Friday and Saturday nights, with Thursdays coming in third place. The NB&G might decide to create an open mic night say on Tuesdays or Wednesday evenings. In addition, the bar will have promotional events on holidays such as Cinco de Mayo and the 4th of July. Management anticipates profit to equate to 3X the cost of advertising the promotion. In order to maintain the high energy levels during the promotions, all prizes will be awarded at the end of the evening. That way, patrons will have to stay all night to see whether or not they’ve won the grand prize.
The NB&G will have website featuring the menu items, phone number, hours of operation, events calendar and map. The website will also have links to its Facebook Page.
5.5.5 Marketing Programs
The owners of the NB&G will rely on a combination of customer feedback / sales reports captured from the POS to determine how well the bar is performing. Customer comment cards will be available tableside and guests will have the option to receive discounts on appetizers when the card is submitted. Additionally, the neighborhood market will utilize a local ‘mystery shopper’ company. All employees will be made aware of the NB&G’s commitment to customer service and this additional tool to be used to evaluate employee performance.
5.6 Sales Strategy
The patrons will be warmly greeted immediately upon entering the bar. The objective at the NB&G is to make everyone feel at home and be the place ‘where everyone knows your name’. Upon finding a comfortable location either at the bar, a cozy booth, or high top table, patrons will be asked for their drink and food order. Employees will be trained to cross sell high margin items. The NB&G truly values its employees and provides them with the very best training – and therefore the best service. Management believes that this investment in its employees ensures satisfied customers and in turn repeat business, leading to increased revenues.
The NB&G will be one of the few places that will truly make people happy. The NB&G staff will make sure patrons are comfortable, offer coffee, and hang coats for them. The owner will come to the table or booth and not just ask is everything okay, but is going to look to see what’s wrong before he/she even comes to the table. Employees will offer samples from the menu at no charge, and make fresh coffee because they know it’s been sitting out for a while.
At the NB&G, the staff goes above and beyond the call of duty which makes patrons come back and tell everyone they know.
5.6.1 Sales Forecast
The following table demonstrates the annual sales forecast:
Table 5.6.1 Annual Sales Forecast
5.6.2 Sales Programs
The NB&G employees will be the primary salespeople and will participate daily in the tip pool. Employees will participate in ongoing training and be compensated for their accomplishments as well. The NB&G has a strong belief that the bar only performs as well its employees.
The NB&G will be a C Corporation recognized in the State of Florida. The bar is currently in the process of obtaining the following licenses: liquor liability license, food service license, sales tax license, and entertainment permit.
The following milestones will guide the NB&G to meet its goals:
Table 5.8 Milestones
Milestone Date Secure space and negotiate lease terms July 20XX Complete Retrofit and Build-Out July 20XX Furnish restaurant and bar area July 20XX Obtain and meet necessary licensing requirements Aug 20XX Purchase inventory, kitchen equipment and POS system Aug 20XX Interview and hire employees Aug 20XX Grand Opening Sep 20XX Hire accountant when revenues exceed $500,000 Year Four
5.9 Exit Strategy
In the event that sales drop more than 5% for more than four consecutive quarters, the bar will have to liquidate. After employee’s compensation, furniture, and equipment will be sold at auction to repay lenders.
The following information provides the organizational components germane to the NB&G.
6.1 Organizational Structure
The NB&G will be owned equally by Ben Davis, Roberta Gary and Danny Zinn each with 33.3% ownership interest.
General duties will include review of daily operations, inventory control, employee training, employee hiring and firing, ordering supplies, and routine maintenance and upkeep of the bar, equipment and facilities management.
Danny Zinn will be head chef and oversee the day kitchen staff personnel, including 1 line and 1 prep cook.
The owners will also hire wait staff and bartenders.
All full time employees will be compensated with benefits including health insurance and education and training. They will have an opportunity to participate in profit sharing.
6.2 Management Team
Mr. Davis, a graduate of Florida Atlantic University left the corporate world of Pratt and Whitney behind over ten years ago to establish two neighborhood-based, independently owned wine bars. These gathering places showcase fine wines with exemplary food offerings. Mr. Davis has over a decade of experience in management, project development, and marketing providing the foundation for his business operations, including site selection, rehabilitation and construction and investor financing. In addition to overseeing the day to day operations (“back end”), Mr. Davis fully enjoys the “front end” of the business as well, by interacting with customers to ensure their experience is constantly improving.
Ms. Roberta Gary brings over ten years business and nightclub experience. A Florida native with a Masters of Business Administration from the University of Florida, Ms. Gary began her career as an Event Coordinator for the Radisson, and then moved to Miami to act as nightclub manager for two South Beach bars. Ms. Gray is a keen talent scout and will screen local acts for live performances.
Chef Danny Zinn was formally trained at the Florida Culinary Institute and has over fifteen years’ experience in the restaurant industry. Most recently he was employed at Miami’s famous Fontainebleau. Mr. Zinn will prepare traditional both traditional bar fare along with local specialties such as fresh Atlantic Grouper and Mahi Mahi. Mr. Zinn, a colleague of Ms. Gary, met her while they were both employed at the Radisson.
6.3 Management Team Gaps
Until the NB&G reaches $500,000 in annual revenues, they will utilize a part time bookkeeper to assist in payroll and income tax preparation (Reference legal and accounting line item on income statement).
6.4 Personnel Plan
The following chart shows employee salaries over the next three year period:
Table 6.4 Personnel Plan
*While the salaries appear low, these employees all benefit from the daily tip pool. Average take home pay is $60,000 and compares favorably with industry peers.
6.5 Board of Directors
The financial plan will cover the following:
Required Cost of Start-Up Profit and Loss Cash Flow Balance Sheet Financial Ratios
7.1 Important Assumptions
All 6 employees will be hired from day one of operations (the analysis does not assume employee growth during the initial three years of operations) Zero growth in employees’ salaries over the first three years, then after initial three years, employees will have opportunity for profit sharing. Management salaries remain constant as well – $7,500 monthly over the initial three years of operations Average drink sales price: $5.45 Average appetizer sales price: $10.00 Average meal sales price: $12.00 Annual sales allow economic cyclicality.
7.2 Start-Up Costs
Tenant (leasehold) improvement costs consist of new heating/air conditioning, electrical, plumbing, and painting, carpentry, flooring and smoke detectors.
Equipment consists of two stoves and ovens, one walk in refrigerator, a freezer, two microwaves and a deep fryer.
Furniture and fixtures consist of leather chairs, stools and small booths along with a front and back bar. The back bar was secured from a consignment shop. The front bar will be constructed by Mr. Davis’ brother-in-law who owns a cabinet company.
To date, the owners have invested almost $60,000 out of pocket (42% equity) to meet these startup costs including payment of rent and security deposit.
The owners are seeking a $22,000 working capital loan to meet start-up inventory requirements and, licensing requirements. The loan will be secured by UCC filings on all inventories and receivables.
They are seeking a commercial loan in the amount of $61,000 to purchase kitchen equipment, supplies and bar supplies.
Total start up costs a$142,512.
Table 7.2 Start-Up Costs
7.3 Source and Use of Funds
The following table demonstrates the proposed sources and uses of funds: To date the owners have contributed approximately $60,000 or 40% of the total cost to start the business.
Table 7.3 Source and Use of Funds
7.4 Break-Even Analysis
Total fixed costs are estimated to be $174,026. The variable cost (overhead) is estimated to be $4.60 per unit. Units are assumed to be: the combined average of: the average drink, the average appetizer, and the average meal. Based on the assumption of $9.15 as the average sales price per unit, the breakeven revenue then is $350,214 or 38,275 units. This is further depicted in the Table Below and the Graph that follow:
Table 7.4 Break-Even Analysis
7.4.1 Projected Profit and Loss
The NB&G’s estimated profit and loss for the initial three years of operations is reflected below:
Table 7.5.1 Pro Forma Profit and Loss
7.4.2 Projected Cash Flow
The statement of cash flow shows the incoming and outgoing cash of the business.
Table 7.4.2 Pro Forma Cash Flow
7.4.3 Projected Balance Sheet
The following chart depicts the proforma balance sheet:
Table 7.4.3 Pro Forma Balance Sheet
7.5 business ratios.
The following ratios are based on the Standard Industrial Classification (SIC) code 5183 and the North American Industry Classification System (NAICS) code 722410 – bars and nightclubs. The ratio analysis compares the subject to industry peers based on similar asset size and revenues.
Table 7.5 Ratio Analysis
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Step By Step Guide To Write A Bar Business Plan
Opening a new bar requires grit and determination - as well as a fantastic bar business plan to act as your roadmap. This document can determine the future success of your new venture, so it’s essential to make it as comprehensive as possible.
But for first-time bar owners, figuring out where to start can be challenging. Our step-by-step guide to writing a business plan will help you pinpoint the finer details to consider when building a thriving bar business.
How to Write a Bar Business Plan in 9 Steps
1. bar overview.
The first step in writing a bar business plan is to establish an overview of the type of bar you want to open. You need a concept and location to shape your business model and create an executive summary for your new venture:
One of the defining aspects of your establishment is its concept and theme, which you’ll need to describe clearly in your business plan. Whether it’s a simple sports bar, speakeasy, or high-end nightclub, have a fully developed idea of what your venue will be and what purpose it will serve.
You also need to consider how to meet market needs. If you’re following trending concepts, you’ll know that roof-top bars and lounges are popular now. Or, perhaps you want your venue to be an activity-based bar that offers an art gallery, board games, or mini-golf?
Part of your business plan also includes setting your mission statement and goals. These should outline your vision and will influence who invests in your bar. Your mission statement should be a comprehensive statement that details what sets you apart from other bars and should include your company’s values.
It’s important to link your statement to your business concept. You should consider how your values and goals are influenced by what makes your bar unique - including your overall purpose.
Next, you need to propose a location for your bar. Venues close to stores, shopping, centers, and tourist attractions, typically get good visibility and attract a lot of foot traffic. Because of the number of people moving through these areas daily, they also usually offer a decent level of security for your customers.
Another consideration for location is to avoid suburban areas where neighbors might lodge noise complaints. Should this happen, it can mean regulations stipulate earlier closing times for your venue so as not to disturb the peace.
Finally, look for a space where there’s low competition, and your business can shine. There are plenty of strips crowded with bars and nightclubs. While these might attract a decent amount of foot traffic, you’ll need to work much harder to draw people into your place if one establishment has already made a name for itself.
For this reason, aim to secure a spot with little competition. It could mean having a unique concept bar that overshadows the competition. Or it could mean selecting a space where your type of bar doesn’t yet exist.
Ease of Accessibility
Potential customers need to be able to access your bar easily, or they will go elsewhere. They might drive, take public transport, or use a ridesharing company to travel to your venue. It’s up to you to ensure there are ways and means to get them conveniently to the front door.
Here, you should be looking for a venue where you can offer parking to your patrons. It should also be accessible to ride-hailing services and close to public transport.
2. Customer Overview
No bar establishment would be successful without its customers. As part of your bar business plan, include a profile of the type of customer you hope to attract. Consider who your target market is and how it aligns with your bar concept.
You should also outline your demographic's age, income, and interests. You’ll need this information later when developing marketing strategies for your business.
3. Management Overview
The next step in your bar business plan is building a team structure. Your crafty bar concept requires talented people to execute it properly.
Your bartenders are the face of your establishment. Essentially, they can make or break your customer’s impression of your venue. When going through the hiring process, you’ll need to consider each individual’s personality, qualifications, experience, and skills.
Ideally, you want at least one experienced bartender who knows the ropes and can help set up operations, deal with bar management, and train the team. They will also be able to help streamline any teething issues that come up as a result of starting a new business.
From the get-go, outline your bartending teams’ possible responsibilities and the duties they’ll need to undertake. This can help set expectations ahead of advertising jobs and interviewing potential candidates.
Bar-backs don’t need as much experience as bartenders or servers as they aren’t in the customer eye as much. But they must be willing and eager to learn. They are essential to keeping everything running smoothly and work closely with the bartender as an assistant.
For this reason, they need a solid foundational knowledge of the industry, ingredients, and barware in general.
Depending on your business concept and operational model, you may or may not need to employ servers. Some high-end venues have servers to reduce the crowd around the bar and deliver drinks to the table. Additionally, you’ll need to hire servers if you offer any food.
When building out your staffing plan, you’ll need to determine where your establishment lands with that requirement. Make a note here to look for bar industry candidates with alcohol training who know how to serve alcohol safely and legally.
4. Drinks Menu Plan
Your drinks menu is your bar’s product. To be successful, it’s essential to get this offering right.
While your beverage list will undoubtedly change over time, don’t neglect to include a sample menu in your business plan. This will give potential investors an idea of what’s in store and possibly help you secure funding.
Your drinks menu is the selling point of your bar business and the star of the show. If you can excite and entice patrons with promises of wonderful flavors, you’ll be onto a gold mine.
So, it’s important to include product descriptions in your menu, particularly for signature drinks. Each listing should detail the ingredients of individual drinks, any garnishes they may come with, and add-ons your customers can choose from.
A successful bar is only as strong as its product. So, aligning your drinks with your bar’s brand and concept is important. Get together with a mixologist to create one or several signature drinks that will be uniquely your own. Give these drinks names that play to the overall theme of your business.
Many establishments lean on particular products as their claim to fame. For example, you might want to be known as a French wine bistro, local brewery, or craft cocktail spot. Decide what you wish your unique story to be and reflect this in your plan for product sourcing.
Of course, sourcing locally is the most sustainable way to go. You can also build relationships with vendors in your community, which can help bring people into your venue.
It’s essential to do your research and stay abreast of industry trends. Note what these are in your business plan, as this will help keep customers walking through your doors.
For example, one of the most popular cocktail trends in the bar scene is smoke-infused or smoked cocktails. Some mixologists may also use smoke bubbles to infuse the cocktail with a smoky aroma. This trend has gained fame in the last few years and adds a new twist to the cocktail-drinking experience.
Small Food Menu (Small Bites)
Food and beverages go hand in hand. If you plan a small menu with, say, tapas or easy eats, you can increase your revenue. It will prevent your guests from leaving to find something to eat.
Suppose you don’t want the hassle of food storage and preparation. In that case, consider formulating a partnership with a local eatery or small food business that can deliver a menu of select freshly-made items to your establishment.
It’s key to plan out your business licenses carefully. If you don’t have the right ones in place, you won’t be able to operate.
When putting together your bar business plan, it’s important to research whether you need a tavern license. It’s a government-issued license for restaurants, bars, or businesses with more than 50% liquor sales.
Beer and Wine License
If you’re planning on starting a beerhouse or wine lounge, you may only need to apply for a beer and wine license. This will restrict your sales to wine and malt beverages, as you won’t be able to sell hard liquors like spirits. Whether you need to apply for this license depends on your bar's concept.
Health/Food Service License
With a small food menu, you’ll likely need to note on your restaurant and bar business plan to apply for a food service license. It’s a requirement to serve any type of food within your establishment. To obtain a food service license, you’ll need to ensure that your bar follows strict rules and regulations laid out by the U.S. Food and Drug Administration .
Music is one of the key elements of creating ambiance in a venue. But did you know that streaming music from your digital subscription with Spotify or Deezer is not actually operating within the law? This is true even if you’re playing music through a TV or radio.
The right way to go about this is to pay a Performance Rights Organization (PRO) or music service that will send royalties to the relevant artists. For the most part, this doesn’t apply to bands or performers who play live at your venue.
6. Market Research
Performing market research as part of your bar business plan is key to understanding your opportunities and how to capitalize on them.
Part of your research should be to determine the market size you can potentially snag. Look at other bars already operating in the area, consider the industry as a whole, and determine what trends are driving it forward.
What needs will your bar solve for your target market? You can find out who they are and what they want by considering the local neighborhood and bar type.
It’s also an idea to look at census data to see how many potential customers within a certain demographic live within a reachable radius of your proposed location.
Market Share and Price Point
When doing your market analysis, consider similar bar businesses that have come before you. What do their successes and failures look like? Why did they crash and burn, or soar to new heights? Take these lessons and figure out how to apply them so your business can succeed.
Furthermore, what will your entry into the market mean for the local community? Are you creating new job opportunities? Or are you going to bring in an unruly crowd of patrons they hope to avoid? Knowing this information will help you be accepted and create connections rather than catastrophes.
Lastly, consider what your ‘competitors’ or other similar industry businesses are charging for their drinks and services. Run a competitive analysis in the area to determine your potential price point and how you can stand out.
7. Bar Marketing
Utilizing a marketing plan in the right way helps you take measured steps to get your establishment in front of potential customers. Here are the strategies to get started:
Create a Brand
The key to starting a successful business - and keeping it open - is to create a memorable brand identity. Your toolbox for promoting your brand should include your logo, colors, and ‘personality.’ Use these in a way that becomes synonymous with your bar, no matter where people interact with it.
Besides developing your brand identity, consider the channels you can market on to attract customers. At the very least, it should include your social channels, website, and media influencers.
8. Other Avenues to Increase Revenue
Besides being a bar and welcoming guests who come in with reservations or foot traffic, there are other avenues to increase your revenue.
Hosting events such as karaoke nights, wine tastings, or live music is an excellent way to attract larger crowds to your bar. You are guaranteed certain sales, can charge a cover fee, and get new people walking through the door.
If you go this route, we recommend using event management software to keep everything on track and work effortlessly with your team.
It’s no surprise that all businesses go through an ebb and flow of customer traffic. A great way to increase cash flow during slower periods is to introduce ideas like drink specials and happy hour discounts.
When you’re writing up a business plan, don’t forget to brainstorm ideas for a pre-opening promotion as a way to test the market. This can be as simple as a soft launch or as elaborate as a grand-opening celebration.
An important aspect of your business plan is to outline your potential start-up costs. These, along with the costs of day-to-day business operations, and financial projections, will attract or deter potential investors.
Your business plan should also highlight possible funding options like loans and investment opportunities you have available. Additionally, you’ll need to draw up a break-even analysis to determine how much revenue it will take to turn profits.
Realizing your dream of owning the hottest bar in town starts with a great business plan. It will need to cover everything from your mission statement to your concept and drinks menu. This will help you build a sturdy management team, hire great employees, and attract people to your venue.
Want to know more about Perfect Venue for event management? Try it free to find out how it can be a fit for your new business.
Have thoughts on the article? Feel free to email us at [email protected] - we'd love to hear from you!
Bar Pub Grill Business Plan
Designing products and managing cash flow are just a few of the lessons taught by this free, printable business plan for bars, pubs and grills within the restaurant and customer service sectors.
Sample text from Bar Pub Grill Business Plan:
1.0 Executive Summary
COMPANY NAME will be located in INSERT NAME subdivisions of INSERT LOCATION. The restaurant will provide a moderately priced, quick-casual style restaurant serving fresh food. It is this Company's intent to become the leading quick-casual restaurant in this area.
To do so, INSERT NAME is applying for $545,000 in grant money, to support its plan to purchase real estate start-up equipment for both the kitchen and the dining room as well as to cover legal expenses, permits, design and engineering costs. INSERT NAME also intends to take out a loan in order to cover the cost of purchasing the land and construction costs for building the restaurant & surrounding campus. The Company is projecting annual sales to exceed $2.5 million by the end of the third year.
COMPANY NAME will operate in an established area of INSERT LOCATION implementing its past experience within this Industry (currently operating the number one restaurant out of 13 franchises), Our plans are to take advantage of an opportunity to capture a large market in this under served area of town. COMPANY NAME competitive edge lies in the quality of the food it produces, which goes hand in hand with the professional service it offers. INSERT NAME plans to expand so that he can fulfill the needs and desires of its guests, at a high level, while still paying attention to the details that will provide patrons with a fun and family friendly dining experience.
COMPANY NAME is a land purchase with new restaurant development. The Company has several objectives, which are:
1. Secure the property.
2. Complete drawings, obtain permits and all necessary licenses.
3. Construct the building and therefore stimulate and fuel neighborhood growth.
4. Complete construction and be operating within 6 months.
5. Create the leading fast-casual restaurant in this community
6. Improve & support these communities.
COMPANY NAME will establish itself as the premier casual dining restaurant in this area while maintaining uncompromising principles as the Company continues to grow its restaurant business. The six following guiding principles will help to measure the appropriateness of its decisions:
1. Provide a fun and friendly work environment, treating the Company's employees with dignity and respect.
2. Embrace diversity as an essential component in the way that it conducts business
3. Apply standards of excellence to the food production, preparation, and service to its guests.
4. Build lasting relationships with the restaurant's employees and guests.
5. Contribute positively to communities and the environment.
6. Recognize that profitability is essential to future success.
1.3 Keys to Success
COMPANY NAME has several keys to success. They are as follows:-
1. Good leadership skills with 6 years of experience leading the number Berryhill1 franchise restaurant in annual sales.
2. Good location with minimal competition in this established community in [CITY], [STATE].
3. Strong network team at existing location in the [CITY] Heights.
4. Quality food offered at affordable prices.
5. Atmosphere - COMPANY NAME is a casual & exciting dining experience.
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Sports Bar Business Plan
Start your own sports bar business plan
Take Five Sports Bar and Grill
Executive summary executive summary is a brief introduction to your business plan. it describes your business, the problem that it solves, your target market, and financial highlights.">, opportunity.
Watching sports is a group activity. Going to each other’s houses get tedious. People need a place to go to watch, to cheer, to eat their favorite game foods, and get their favorite drinks. After, a night of enjoyment, they happily go home
Take Five Sports Bar and Grill strives to be the premier sports theme restaurant in the Southeast Region. Our goal is to be a step ahead of the competition. We want our customers to have more fun during their leisure time. We provide more televisions with more sporting events than anywhere else in the region. We provide state-of-the-art table-top audio control at each table so the customer can listen to the selected program of his or her choice without interference from background noise. We combine menu selection, atmosphere, ambiance, and service to create a sense of "place" in order to reach our goal of overall value in a dining/entertainment experience.
Bars and Taverns are local gathering places where customers can eat bar food and drink alcohol-based and non-alcoholic drinks. Historically, bars and taverns are places that could have a relationship with certain vendors or suppliers to market or increase awareness of specific brands. Bars and taverns are casual environments generally containing bar stools and tables. There can be entertainment which includes; music, bands, comedy shows and dancing.
Specials may be offered to increase attendance or draw certain audiences. There are cocktail bars which generally serve light h’orderves or snacks. It can be attached to a restaurant or hotel. Wine bars cater to individuals that like upscale wines. Martini bars cater to individuals with a penchant for martinis. There are biker bars, gay bars, lesbian bars, alternate bars, singles bars, and college bars. Generally, the specific adjective describes the type of person associated with the type of person, who attends. Minors can have restricted access based on time of day or individual the person is accompanied by. Most municipalities regulate hours of operation and zoning laws.
According to Technomic’s BarTAB (Trends in Adult Beverage) report, the 2013 Top 100 Nightclub & Bar venues generated $1.5 billion in total revenue. More than two-thirds (68.2%) of operators surveyed experienced revenue growth in 2012, and nearly two-thirds of them (31.4%) reported revenue growth in excess of 10%. Once again, the top nightclub and bar venues outperformed the industry overall. The bar and nightclub segment grew 3.9% in 2012. Through 2015, the industry is projected to continue experiencing competition from non-industry establishments such as restaurants as well as from people opting to drink at home.
While the distilled spirits industry has been lucrative, Federal and state excise taxes play a significant role in the industry. In 2005, The National Center for Policy Analysis (NCPA) reported that thirteen states sought increases in taxes and related fees on alcoholic beverages. Further, taxes on distilled spirits were about $0.21 per ounce of alcohol. According to the Distilled Spirits Council (DSC) of the United States, "distilled spirits are one of the most heavily taxed consumer products in the United States. More than half of the price that consumers spend on a typical bottle of distilled spirits goes toward a tax of some kind." The resulting effect on the entire hospitality industry is wide-reaching, as the DSC goes on to say "When beverage alcohol taxes are increased, it creates a devastating ripple effect on jobs throughout the entire hospitality industry."
Distilled Spirits Council reported that supplier sales were up 4 percent in 2014 to $23.1 billion, and total U.S. volume growth increased 2.2% to 210 million cases. It is estimated that overall retail sales of distilled spirits in the U.S. market is nearly $70 billion, supporting hundreds of thousands of jobs in the hospitality industry and producing over $20 billion in tax revenues for all levels of government.
Despite the excise tax, the U.S. Department of Commerce reported that adjusted alcohol sales were up 5.2 percent to nearly $9.2 billion in June of 2008 over the same period a year earlier. Also, according to the NCPA, the total amount of Federal excise tax collected from the distilled spirits category for 2006 was $4.4 billion, from the beer category for $3.6 billion, from the wine category for $800 million. Additionally, state taxes during that same time reached nearly $5 billion.
Of the total 58,829 establishments in 2009, 20.2 percent were classified broadly as drinking places, which accounted for 11,502 establishments and $4.1 billion in 2009 revenues. Of the 71.7 percent of places classified as bars and lounges, 6.2 percent fell under the general classification with 3,523 firms and $858.9 million 2009 revenues; 31.2 percent were classified as taverns with 17,732 establishments$3.7 billion in 2009 revenues; 20.4 percent were classified as bars with 11,569 establishments and $3.11 billion in 2009 revenues; 11.6 were classified as cocktail lounges with 6,599 establishments and $1.61 billion in revenues. Smaller portions of this segment were made up of saloons, beer gardens, and wine bars. Finally, night clubs, cabarets, and discotheques combined for an 8 percent market share, or 4,541 establishments, and combined 2009 revenues of $1.89 billion.
Take Five Sports Bar and Grill strives to be the premier sports theme restaurant in the Southeast Region. Our goal is to be a step ahead of the competition. We want our customers to have more fun during their leisure time. We provide more televisions with more sporting events than anywhere else in the region. We provide state-of-the-art table-top audio control at each table so the customer can listen to the selected program of his or her choice without interference from background noise. We combine menu selection, atmosphere, ambiance, and service to create a sense of "place" in order to reach our goal of over-all value in a dining/entertainment experience.
First year operations will produce a net profit of $445,000. Since 10 months of operations have already been completed the confidence level for final first year numbers is extremely high. The first 10 months of start-up costs, sales revenues, and operating expenses are actual.
Financial Highlights by Year
We will be using $625000.
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