Michael Brandi AGB 450 Business Plan Bobcats Tavern Mission Statement: To provide UC Merced and Merced JC students affordable alcoholic beverages, in a fun, outgoing, enjoyable environment. We want fair profit for the owners, and a rewarding place to work for the employees. Legal Issues: The legal form of the business will be a partnership; the owners will consist of James Kirk and myself. This plan is prepared to obtain personal financing for the initial launch of this concept. The financing is required to begin work on bar design, architectural plans, site selection, equipment purchases, and to cover expenses in the first year of business.
The financing, in addition to the capital contributions from the owners, will allow Bobcats Tavern to successfully open and maintain operations through year one. Industry Analysis: The drinking establishment industry is subject to seasonality factors just as any other agricultural business. My business will see less activity in the summer months when school is on break. However, this situation will also be a factor amongst my competition. The SIC code for the drinking establishment industry is 5810. The industry results can be seen on page 5.
The results shown are not an exact representative sample of my specific industry, but they give some idea of volume. Target Market: The market segment to be targeted are the young UC and JC Merced students who are tired of the! ^0 same old stuff! +/- when going out on the town. The California University of Merced estimated enrollments are as follows: 2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11 Undergrads 900 1801 2519 3238 3957 4675 5394 Graduate students 104 208 291 374 457 539 622 Total 1004 2009 2810 3612 4414 5214 6016 Merced Junior College fall enrollment showed a total of 10, 165 students, an increase of 4. 4 percent from last year. Competitive Analysis: Bobcats Tavern purpose is to provide its customers with a value driven, entertaining nightlife experience. A unique, mid-scale, innovative environment is required to provide the customers with an atmosphere that will induce both university and junior college students to come have a good time and socialize.
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I want patrons to have the total experience when visiting Bobcats Tavern. Not only will our guests receive a great drink at a low price, they will also be provided with a fun atmosphere. We will be doing unique things that will set us apart from the competition. Some ideas include free rides home from the Tavern (Merced, Atwater, and Winton city limits only @ 1: 00 and 2: 00 am), a unique indoor smoking room, and quarter beer night on Thursdays.
Market Share: When it comes to value relatively few competitors exist. The surrounding bars and pubs currently retail their drinks on the upper end of the spectrum, simply because of the low to no competition in the area. Bobcats Tavern will to retail its drinks around the $2. 50 to $3. 50 range like its competitors, but we will offer student discounts to those with proper ID which will entitle them to a substantial discount (This figure will be calculated in the financial section of the plan).
This will open up a huge target market for us, because college students love great value for their money. Our strategy is simple, we intend to succeed by giving people a combination of great drink values, and an environment that attracts college students like a magnet. Implementation isn’t simple, but that’s in the doing of it, not in the plan. College students will be our main focus.
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Hence the name! ^0 Bobcats Tavern! +/- matches the universities mascot, the Bobcat. In order to attract college students we will have to keep prices low, and we must stick to that concept. Of course we are in the business to make money, but low prices will be our trademark and that is what we are going to be know for. Public advertising will be kept to a minimum, not only will it attract non-college students, but the best advertisement is word of mouth.
This is not to say that Bobcats Tavern will turn away non-college students! I have lived in this area and understand that college students need a place to get away, while not being hassled by older people. This is why student discounts will be given on a daily basis. Attached to this document on pages 7 and 8 are Merced county census data reports. These reports were attached to show the percent changes in different areas, particularly in respect to the rest of the state. Future Competition: The success of the new university plays a major role in the success of the business. If the estimated enrollment figures are correct then a good time for opening day would be sometime in 2011.
I believe it is going to take a while for the university to gain students because of its location and its non-existent reputation. Typically a school has to be known for strengths in different areas in order to attract students from surrounding areas. The popularity of the university will impact Bobcats Tavern dramatically. A list of existing competitors in a three-mile radius has been gathered.
Distance from Name Campus Address City Gummy! s Bar 1. 1 miles 2603 Shaffer Rd. Atwater, CA Mackessys Sports and Sprits 1. 1 miles 2610 1 st St. Atwater, CA Perry! s Pub and Spirits 1.
2 miles 575 Bellevue Rd. Atwater, CA Margarita O! Briefs 2. 0 miles 161 Atwater Blvd Atwater, CA Studio Lounge 2. 3 miles 1513 Broadway Ave. Atwater, CA Outpost 2. 3 miles 6598 Winton Way Winton, CA Pit Stop 2.
3 miles 1034 Sierra Vista St. Atwater, CA Harold’s Club 2. 5 miles 6924 N. Winton Way Winton, CA Chi kita Banana 2. 5 miles 6923 N. Winton Way Winton, CA Barrel Room 3.
6 miles 2316 Franklin Rd. Merced, CA (Phone numbers also available) As you can see, there are only four bars located within a 2-mile radius of campus. It will be essential for Bobcats Tavern to be located as close to the campus as possible, due to the future high demand of entertaining nightlife in the area. I would estimate that once the university is established others will enter into the drinking establishment market. This is why it is vital to enter the market relatively early to gain customer loyalty.
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A map of the area can be found on page 6 of this document. The! (R) star! on the map indicates the campus location, which is located on the old Castle Air Force Base. Major Competitors Recently my friend James and I took a trip up to the Atwater and Winton area in order to get to know our competition more thoroughly. It didn! t take us too long to find out which bars Bobcats would be competing against.
The majority of the bars on my list had a very distinct Mexican American patronage makeup. Some of these bars looked very intimidating from the outside and even more intimidating at the door. As a result we didn! t look at all the bars within a three mile radius of UC Merced, but the bars that college students would be interested in, did get an evaluation from us (these results can be seen in the appendices).
The major competitors of Bobcats Tavern are: 1.
Perry! s Pub and Spirits 2. Mackessys Sports and Sprits 3. The Outpost Comparison Strengths and weaknesses of competitors Executive Summary The proposed business is a! (R) start up! bar / tavern in Atwater California. The business will be set up as a partnership with four investors providing a substantial amount of the start up capital.
The objective of the business will be to provide consumers with an alternative to the other bars in the area. The potential target markets are the college students from UC Merced and Merced Junior College, professionals around the proposed business venture, and the people from around the surrounding community. The ambiance of Bobcats Tavern will be the central differentiating factor that separates it from its competition. The enjoyable, casual atmosphere will encourage people from different ages to congregate and socialize. Funding The funding for Bobcats Tavern will be comprised of 30% debt and 70% profit. The amount needed to get our operation off the ground will be $163, 000 (including average operating expenses for the first three months).
The business will be structured as a closely held, non-publicly traded company. Most of the money borrowed will be from private sources (family, friends, and personal investors).
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The four co-owners will obtain funding through financial institutions against their personal collateral and credit worthiness. Since this is a relatively small business with no great expansion plans in the immediate future, the partners will keep control of most of the ownership in the first two to three years. Sharing part of the ownership of the business will be considered when large investment capital is needed for the expansion and / or franchising (after the first two to three years).
Loan Allocation Start-up Assets Licenses/Permits $3, 000 Renovations of the building Audio Equipment (One big screen TV and six other TV! s) $12, 500 Painting, Lighting $6, 000 Deposit on building $2, 000 Total $23, 500 Working Capital Grand Opening $10, 000 Initial hiring costs $1, 000 Miscellaneous start up costs $3, 000 Total $14, 000 Average operating expenses First three months (42, 000 x! s 3) $126, 000 Loan Total $163, 500.
