Sample Business Plans -> Sports Bar and Grill
"Sports Bar and Grill" Business Plan:
1.0 Executive Summary
Business Ideas applicable for this business plan:
This business plan was originally published
4.0 Strategy and Implementation Summary
Our strategy is based on serving our niche markets well. The sports enthusiast, the business entertainer and traveler, the local night crowd, as well as families dining out all can enjoy the Take Five experience.
What begins as a customized version of a standard product, tailored to the needs of a local clientele, can become a niche product that will fill similar needs in similar markets across the Southeast.
We are building our infrastructure so that we can replicate the product, the experience, and the environment across broader geographic lines. Concentration will be on maintaining quality and establishing a strong identity in each local market. The identity becomes the source of "critical mass" upon which expansion efforts are based. Not only does it add marketing muscle but it also becomes the framework for further expansion using both company owned and franchised store locations. Franchises will first be marketed in late 1997 or early 1998.
4.1 Marketing Strategy
A combination of local media and event marketing will be utilized at each location. Radio is most effective, followed by local print media. As soon as a concentration of stores is established in a market, then broader media will be employed.
The strategy of live broadcasting and pro sports tie-ins has been most effective in generating free publicity for the flagship location which has been more effective than any advertising that could have been purchased.
4.1.1 Pricing Strategy
All menu items are moderately priced. An average customer ticket is between $10 and $20 including food and drink. Tickets are considerably larger for game day visitors. Our average customer spends more than the industry average for moderately priced establishments. We tend to believe that this is due to our creating an atmosphere that encourages longer stays and more spending but still allows adequate table turns due to extended hours of appeal.
4.1.2 Promotion Strategy
We promote sports, sports, and more sports. The universal appeal of sports and sports marketing has never been higher. A high growth area such as Anytown has an annual influx of new residents from many other parts of the country. This trend is true in the Sunbelt in general.
Many new residents and many existing ones are fans of teams in other markets. Take Five is a place for all. Each patron can watch his or her game of interest. The enabling technology is the benchmark for Take Five.
Advertising budgets and sports event promotion is an on-going process of management geared to promote the brand name and keep Take Five at the forefront of sports theme establishments in each local marketing area.
In addition, funds are budgeted to launch franchise sales activity and lead generation. These funds amount to 20% of projected franchise sales.
5.1.3 Marketing Programs
Take Five will create an "identity" oriented marketing strategy with executions particularly in local media. Radio spots, print ads, and in-store promotions are designed for transplantation to other markets. A portion of the ad and promo budget is set aside to develop these programs.
5.2 Sales Strategy
The sales strategy is to build and open new locations on schedule in order to increase revenue. Each individual location will continue to build its local customer base over the first three years of operation. The goal is $3 to $5 million in annual sales per unit. A unit will be considered mature once it has passed the $3.5 million mark in annual sales.
The following sections illustrate the combined sales forecast:
4.2.1 Sales Forecast
The following chart and table shows the rapid sales ramp-up for our first location in only its first twelve months of operation.
The two million dollar sales volume represents somewhat less than 50% of the revenue potential of the location.
All sales forecasts and projections have this first year as their basis for each new store.
The following table lists important milestones, with projected dates, management, and budget responsibility. The milestone schedule indicates our emphasis on planning for implementation.