Executive Summary
The purpose of this business plan is to secure $100,000 in investment for the creation of Lucky Bar and Grill, a bar & grill restaurant to be located in West Palm Beach, Florida. The Lucky Bar and Grill was founded by Gareth Gamble. Lucky Bar and Grill is a prime location and unique niche targeting will allow for the successful foundation and continuation of a strong restaurant business.
Management Team
Gareth Gamble
Gareth Gamble has more than 3 years of bartending and restaurant experience. Gareth decided to strike out on his own after sensing a strong business opportunity in the town of West Palm Beach, Florida. Prior to founding Lucky Bar and Grill, Gareth worked in a fast paced bar and grill called Scooters, where he
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learned processes and intricacies of managing a restaurant. Products and Services Lucky Bar and Grill will provide an original spin on common bar food, and specialty drinks and cocktails. Lucky Bar and Grill menu will be conceived by an award-winning chef in Florida, and Gareth Gamble will bring his few years of bartending experience to serve up alcoholic drink mixtures of his own. This business plan will go into further detail in later chapters. Customers Lucky Bar and Grill customers will span form all age groups, appealing to both families with children and single adults.
We will target a medium radius around the West Palm Beach area, as customers in Florida are more willing to drive a long distance to experience a great bar scene. We anticipate our main customers will be between ages 21-35.
Marketing and Sales
Marketing for Lucky Bar and Grill will rely on a mix of broadcasting through targeted social media channels, participation in local West Palm Beach events and charity drives, and billboard advertising. Gareth Gamble is going in talks with local radio stations to promote its opening.
Financial Forecast
Lucky Bar and Grill anticipates making a profit of $30,000 in its first year due to a combination of excellent location, local competition, and a strong advertising campaign. We predict sales of $10,000 Year 1 Month 1, and over $22,000 by the end of Year 1 Month 12, representing a 120% increase in profits over the year.
Required Funds
Lucky Bar and Grill will require an investment or loan of $100,000 USD to cover the look, legal and accounting, furniture, fixtures, equipment, training, and any other costs associated with opening a bar and grill. $70,000 of these costs will be needed to fund the startup costs, and $30,000 will be the cash required to keep the company cash positive when paying for salaries and other first year
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costs. Business Description Mission Statement Lucky Bar and Grill: The only place to escape and relax. Company Overview Lucky Bar and Grill is a Limited Liability Company (LLC) based in West Palm Beach. It was founded in August of 2015, and will be located Downtown of West palm beach. Gareth Gamble conceived of the restaurant when he recognized the potential for a new bar located in a recently opened business plaza of west Palm Beach. Strategy and Implementation Milestones • Y1 M1: Alcohol sale and kitchen licenses authorized and received • Y2 M12: Pay off loan completely • Y3 M12: Net income reaches over $140,000/y Products and Services Competitive Edge Location: Downtown location, servicing distant but affluent neighborhoods. Food quality: Great food quality for reasonable prices. Drink prices: Similarly priced to our competitors to ensure customers view The Haven as a fair deal. Aesthetics: design and atmosphere will be conducive to a feeling of comfort, belonging, and revelry. Food Menu Lucky Bar and Grill will offer an assortment of food items common to bars and grills across the USA. These will include: • 5 varieties of burgers • Fried chicken • Fish and chips • Buffalo wings • 3 varieties of pasta • Salads • Steak Alcoholic Drink Menu Lucky Bar and Grill will offer all common brands of alcoholic drinks. A Great cocktail menu will be offered, including all America favorites. Beer samplers featuring products from local breweries will be offered. Gareth Gamble will also be introducing his own cocktail specialties. Soft Drink Menu Lucky Bar and Grill will partner with Coke-a-Cola and offer all related Coke-a-Cola products. Food Sourcing Food will be provided by Hope Foods, a corporation that helps restaurants nationally. Gareth Gamble will negotiated reasonable terms with the company, with the expectation that after 5 years of good business, Lucky Bar and Grill can negotiate more favorable terms in return for customer loyalty. Alcohol Sourcing Alcohol will be sourced from. Red Wagon: Will supply all big brand alcohol names, including wines, beer, and liquor. Services • Pool (game) • Pinball • music-Friday and Saturdays nights 6-12pm ( local Bands) • Dance floor • Rent the back or side room for party’s or events Marketing Plan Overview Lucky Bar and Grill will market itself through social media, radio promotions, billboards, and a “Daily Deals” promotion for different menu items for each day of the week. Lucky Bar and Grill aims to create excellent tasting food at a reasonable price, and provide a welcoming and fun atmosphere for late night customers. Lucky Bar and Grill will not be an average West Palm Beach bar — it will be heavily decorated and atmospheric to give the impression of a safe haven, a place where troubles can be forgotten, and revelry can be enjoyed. Lucky Bar and Grill food prices will be slightly higher than average, and drink prices will be on par with other local bars. Positioning Lucky Bar and Grill will be offering a bar and grill experience unique to the West Palm Beach area.
Lucky Bar and Grill aims to position itself as the premiere spot in the downtown to meet your friends, meet new people, and have a good time. During daytime hours, it will aim to compete with other bars and restaurants by offering a menu conceived of by an award-winning chef. The menu combines a unique spin on common bar foods with economically priced ingredients. We believe that the quality of our food and the comfortable aesthetic will quickly create a strong base of loyal customers who will give great word-of-mouth recommendations.
Pricing
Food
To create Lucky Bar and Grill original twist on common bar food, its menu items require higher quality ingredients, spices, and flavoring. Our menu items will require a slightly higher than average cost for a similar meal made by our direct competition. Moreover, Lucky Bar and Grill location will suited to service these newer, richer residents. We believe that a slight increase in food prices for a higher quality product will appeal to this demographic.
Drinks
Pricing of drinks will be on par with our direct competitors. I believe that bar customers are most sensitive to alcohol prices, so in order to create a customer base, we feel that keeping alcohol income margins lower will be a better long term business strategy. Given the economic income of our customers, we believe that pricing alcohol the same as our competitors would be a
good business strategy. Promotion Lucky Bar and Grill will promote itself heavily upon opening through several media channels. West Palm Beach residents are heavy consumers of radio, so Gareth Gamble will be in talks with radio stations to heavily promote Lucky Bar and Grill opening day. Additional social media promotions will be forthcoming. Distribution All products will be distributed within the bar and grill. Hours of operation will be from 11:00AM-4:00AM.
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They have promotional activities to increase how many people come to the restaurant and how many people will come again
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It will provide entrepreneurs with a competitive edge that will prove invaluable in helping them seek the opportunity in this unexplored area of business. Through this research project one can study the opportunities and potential for Fast Food Restaurant Services in India. Since not too much of research is carried on in this area in India, there is a huge scope for this market and it could be useful for any budding entrepreneur who is interested in this industry.