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Sample essay topic, essay writing: Business Plan For A Night Club - 2325 words
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Prepared By:Anthony DiGiacomoOmar LindoNicole TerryRachel BuckleyChris TribbleJeff OwensTable of Contents Topic Page # Executive Summary 4 Mission Statement 8 Description of the Venue 10Company Summary 11 Start-up Summary 12 Business Description 15 Market Analysis 16 Market Analysis Summary 17 Market Segmentation 18 Chart 1 - Total UCONN Enrollment 19 Demographic Statistics 20 Target Market Segment Strategy 23 Service Business Analysis 26 Main Competitors 27Strategy and Implementation Strategy 30 Marketing Plan 32 Marketing Strategy 33 Operations Plan 35 Personal Plan 36 Management Summary 40 Management Team 40 Financial Plan 44 Income Statement 2002 46 Income Statement 2003 47 Income Statement 2004 48 Appendices 49 Advertisements 50 VIP Passes 51Executive SummaryThe Mecca Nightclub will be a premier, high-energy, theme dance and nightclub located in Mansfield/Storrs, Connecticut. Our goal is to provide college students with the best nightclub experience with quality service at a reasonable price. The atmosphere of high energy, light and sound systems mixed with interactive theme nights will give club goers exceptional entertainment. Our objective is to establish a brand of entertainment and service that is unique and adds more value than any other alternative. Based on our investigations not many businesses will compete against us, thus giving our product the upper hand in our market niche.Our operating motto: MECCA - Make Every Customer Come Again, and leave a lasting impression in our customer's minds. The Mecca is a partnership business owned by six entrepreneurs: Anthony DiGiacomo - Co-President/Operations Manager Omar Lindo - Co-President/Operations Manager Rachel Buckley - Human Resource Manager Nicole Terry - Finance Manager Jeff Owens - Beverage/Maintenance Manager Christine Tribble - Marketing ManagerEach of the six entrepreneurs has generated $40,000 to start-up the business.
A loan of $500,000.00 will be required to cover the initial expenses. Initially The Mecca will seek the help of the Small Business Administration (SBA) as well as the Connecticut Development Authority (CDA) to obtain financing for the business. R. Vaughan Newcombe (Professional Accountant) will audit the financial reports.The main objectives of the development of this new venture are: Capitalize on excellent location opportunity with swift commitment to our local college universities. To launch the venue with a highly publicized grand opening event in the fall of 2002. To maintain tight control of costs, operations, and cash flow through diligent management and automated computer control. To maintain a total beverage cost below 25% of beverage revenue
To exceed $3 million in net profit by the third year of plan implementation. The keys to success in achieving our goals are: Provide exceptional service that leaves an impression. Consistent entertainment atmosphere and product quality. Managing our internal finances and cash flow to enable upward capital growth. Strict control of all costs at all times, without exception.Mission Statement Premier, high-energy, theme dance-club in Connecticut who will remain a step ahead of the competition through commitment to exceptional customer service. The Mecca will provide more video and electronic technology than anyone in the area while also providing a simple, yet unique, theme schedule and atmosphere.
Our operating credo is: MECCA Make Every Customer Come AgainCompany SummaryThe key elements of the Nightclub's concept are as follows:1. Entertainment and dance based themes -- The Mecca will focus on themes that have mass appeal. 2. Distinctive design features -- The Mecca will be characterized by the elaborate dance club situated in a spectator setting, which comfortably accommodates 1500 guests. The area will also offer three private VIP rooms, which can be combined for use in a conference or private party setting. These rooms are intended for special events and daily use. A live DJ will coordinate the events and entertain the patrons with music and games during music breaks and off-times. 3.
Location, location, location -- One of the major advantages that The Mecca will have over its competition will be its location in relation to the surrounding Universities. The Mecca will be located one mile from the University of Connecticut on Route 195 in Mansfield/Storrs, CT.4. Exceptional service -- In order to reach and maintain a unique image of quality, The Mecca will provide attentive and friendly service through a high ratio of service personnel to customers, and will also invest in the training and supervision of its employees.Start-up Summary:The Mecca is asking for a loan to start business for our new entertainment venue.Funds needed to accomplish goals stated above will be $500,000.General Start-up CostsFirst Month Rent $6,000Electrical Modifications $10,000Bar Renovations $30,000Patio Construction $50,000 (Wooden Deck)Patio Furnishings $5,000Interior Furniture $10,0002 fire exits $2,0002 Glass washers $4,000 2 showcase coolers $3,000 Main cooler $5,000Bathroom Plumbing $10,000 Lights And Sound $15,000Phone $150.00Sign $3,000 Insurance $2,000 monthly Legal Fees $5,000Building Permit $2,000Engineer $1,000 Liquor License $1500.00 Promo Advertising $5,000Paving parking lot $40,000Glassware $1,000Initial Beer $5,500Bar Brands $4,000Misc. Liquor $1,000Misc. Supplies $1,000 Ice Machine $4,000 Soft Drink Dispensers $2,000Coffee Machine $200.00Microwave $300.00Administration Systems $9,200 Internet Web Site $5,000Initial Working Capital $40,000Total = $292,850.00Not included in start-up costs- Staff wages- Liquor Tax- Sales Tax- Any additional state or provincial taxesBusiness DescriptionThe emergence of a need for a place to have fun in the Mansfield/Storrs area represents a unique opportunity for a high-energy, dance-theme venue. The Mecca's central location, demographics, and lack of direct competition are major advantages to this project.
The proposed venue will provide a local solution to the lack of social atmosphere. It will be a live entertainment venue that will be geared primarily toward the 18-35 age group in the Greater Hartford area.The Mecca will specialize in high-energy themes, and will offer beer, wine and an array of liquors and mixed drinks. In addition, the venue will sell non-alcoholic beverages such as soft drinks, juices and bottled water. The initial hours of operation will be 8:00 P.M. to 1:00 A.M. Wednesday and Thursday, 8:00 P.M.
to 2:00 A.M Friday and Saturday. The establishment will draw primarily from the Mansfield/Storrs market while attracting guests from other surrounding cities and towns in the Greater Hartford area.Market Analysis SummaryThe concept and management of The Mecca has been well received, and has been offered key placement at the center of Mansfield/Storrs and the University of Connecticut development. This commercial property spans 138 acres and promises an immediate primary trade population of 332,000 people with a secondary population of 164,000 people.The Nightclub will be a 15,000 square foot unit, which will also house the company's corporate business office. The dance club and bar will accommodate 1500 people. With Mansfield/Storrs rapidly growing population, the variety of the Mecca would create mass appeal for all of our customers.
The Mecca will be equipped with state-of-the-art audio and video systems like none other found in Mansfield/Storrs area. It will serve the need for a true nightclub in Mansfield/Storrs. The general appearance will be clean, open, and pleasing to the customer. The demographics are favorable, with minimal competition from other dance-theme venues and bars.Market SegmentationWe see the Mecca as appealing to two major market segments. Fortunately, the long, late night hours of operation help the Mecca lend itself to multiple segment appeal. Our market segmentation scheme allows some room for estimates and nonspecific definitions.1.
Young Professionals--Due to our proximity to surrounding local universities we must appeal to single adults and young couples whom come into or reside in the area. This group will be especially important to our growth during the off peak season. Whether it is a group of friends or a couple out to see a movie together, these people need a place to socialize/drink either before and/or after a night out on the town. These customers will range in age from 18 to 35. The Mecca will appeal to this category by switching the tempo and entertainment to be more appealing to adults on certain nights and during the off peak season.
We also anticipate a 5% annual growth rate in tandem with the growth rate of Mansfield/Storrs and through increased popularity. 2. College Students--By creating an environment that is appealing to college students, we secure a natural progression between the high school student and the young professional. Through word of mouth, the Mecca expects to realize an increase of five percent annually from this segment. This will be our main target market due close proximity to the University of Connecticut as well as Eastern Connecticut State University.The University of Connecticut is the largest public university in Connecticut.
The amount of faculty and students at the university is quite large. Since the entire student body is our target market the enormous size is very encouraging. Undergraduate students are the majority and they represent 13,017 of the student body. Storrs campus is 17,521 people (refer to chart).Many people are under the misconception that Storrs campus is dead in the summer months, but it is simply not true. In the past years the university campus was relatively quiet in the summer but recently there has been a revival in the population during the summer "break" with the addition of the Hilltop Apartment Community.
This community currently resides 943 students. The campus is very active with numerous soccer, basketball, and baseball camps generating a demand for a nightly entertainment venue option. It is clear through summer camps and the Hilltop Apartment Community, Storrs will be quite active and sales should hold up just fine. The following are the current demographics of this area:Demographic StatisticsTotal Tolland County Population: 128,699Total Males: 64,297Total Females: 64,402Age Breakdown For: 18 To 20 Years: 10,021 21 To 24 Years: 10,830 24 To 44Years: 44,158 Total Population of Tolland County Area: 128,699Total Males: 29,668Total Females: 29,986Total Population: 64,000Age Breakdown For:18 To 20 Years: 36,437 21 To 24 Years: 51,860 24 To 44 Years: 282,465 Population of Major Cities/Counties averaging half an hour from The Mansfield-Town Area: Hartford 121,578 Manchester 54,740 Willimantic 15,823 Vernon : 28,063 Total Audience Mansfield and Area Wide : 240,924 Actual Target Audience : 79,801Target Market Segment StrategyOur strategy is based on serving our niche markets exceptionally well. The nightclub enthusiast, the college crowd, the local nightclub crowd, the local service industry as well as groups going out together, the can all enjoy the ultimate nightclub experience at the Mecca.The marketing strategy is essential to the main strategy: Emphasize exceptional service. Create awareness of the Mecca's unique features.
Focus on our target markets.Advertising budgets and event promotion are ongoing process of management geared to promote the brand name and keep The Mecca at the forefront of the dance theme establishments in the Mansfield/Storrs marketing area.We depend on radio advertising as our main way to reach new customers. Our strategies and practices will remain constant; as will the way we promote ourselves: Advertising - we'll be developing a core positioning message Grand Opening - we will concentrate a substantial portion of our early advertising budget towards the "Grand Opening Event" Direct Marketing - we'll directly market to local universities, surrounding towns.The Mecca will create an identity-oriented marketing strategy with executions particularly in radio media, alongside print ads, and in-store promotions.A grand opening event will be held to launch The Mecca in the fall of 2002. A radio-advertising blitz will proceed for one month, with teasers such as an "event like no other" in the Mansfield/Storrs history and the forthcoming opening date. Contests will be held on the target radio stations giving away VIP passes to the event while at the same time, creating excitement about the opening. We will leverage our relationship with HOT 97 out of New York and have world wide known DJ Funk Master Flex on the night of the grand opening.
The opening date is tentative at this point and dependent upon construction completion. The budget of the event will be $20,000 and the milestone date will parallel the available opening date, currently set for September 1st, 2002.Achievement of the following campaigns will be measured by the polling of customers as to how they heard of The Mecca for the first ninety days of operation. Budget adjustments will be made as the results dictate.We will be running regular local radio and newspaper ads to create brand awareness. Our radio ads will be concentrated strongly on Hot 93.7, Connecticut's hot new radio station among our target market segments. Through commercial repetition, a teaser campaign, and the use of catchy phrases, we hope to obtain intellectual ownership of our target market segments; when they think dance club and bar they'll have to think of The Mecca. Drink specials will also be staples of our radio advertising in order to bring people in.Ads will go into the college newspaper The Daily Campus for more brand awareness.
We will also have ads in The Chronicle, located in Willimantic, CT.We must charge appropriately for the high-end and high-quality service that we offer. Our revenue structure has to match our cost structure, so that the wages we pay and the training we provide will insure superior quality and service must be balanced by the fees we charge. This is important especially due to the high appeal of the college crowd, which is our greatest target market.Service Business AnalysisHigh energy and dance theme venues have significantly impacted cities from coast to coast in the nineties. Los Angeles' Hollywood, New York's Times Square, and Seattle's Pioneer Square are just a few examples. Entrancing their audiences with high-powered lights, sound, music, and interactive entertainment, these venues are still one of the highest cash flow businesses in the world.
Our localized studies have shown that the average person will spend three to four hours per weekend in this type of an environment and will spend an average of twenty to fifty dollars in that time frame. The typical venue of our style is open from 8:00 P.M. to 2:00 A.M., and within this time frame, the venue can achieve gross revenues anywhere from $3,500 to $25,000, nightly. The primary sources of revenue in a venue of this type are high volume traffic, coupled with comparably nominal spending. In addition to alcohol revenues, admission fees will range between five and ten dollars per admit.The nightclub and bar industry is shifting towards a more entertainment-oriented concept. Guests of these venues are not only offered a dynamic place to gather and mingle, but also a place to participate in the entertainment through interactive contests, theme nights, and other events.
We intend to heavily utilize entertainment-oriented marketing in an effort to withstand the perpetu ...
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