Bull Sports Bar Franchise - Business Plan Example

Sports Bar Business Running Head: BULL SPORTS BAR FRANCHISE BUSINESS PLAN Bull Sports Bar Franchise Business Plan Sports Bar Business 2 Abstract This study intends to present the business plan of Bull Sports Bar, its mission and objectives, as well as its strategic keys to success. The menu and services description is also a significant part of this work, being fully aware that foods offered in a restaurant is one vital factor of a company’s success. This report states its intended market, including its planned methods and approach on how to persuade its target market. The change with its company image is also given emphasis, recognizing the fact that sports bar are generally deemed as a male-buddies place. The work aims to illustrate the business, its significant aspects---factors that participate in the complete realization of the objectives. Sports Bar Business 3 Executive Summary Bull Sports bar is a 50 seat casual fine-dining restaurant that offers wide variety of menu. What makes it different from other sports bars is that it aims to cater to a wider market---having a wholesome image that greatly appeals to the whole family. The place has comfortable couches that will allow the customers to have a relaxed viewing of their favorite players in wide Plasma television screens. It also came up with a kids’ area where kids can actually play in a nontoxic place---amuse themselves with other children while parents watch their preferred teams while sipping wine or while enjoying their sizzling, steamy choice of steaks. The bar will be open seven days a week, operating for 14 hours per day. However, the company will be closed on holidays. Sports Bar Business 4 Company Menu The bar will serve a variety of soups, salads, wraps, steaks, pastas, chicken meals, burgers and wines. The establishment ensures that each are prepared and served following standardized recipes to make certain that consistent quality is achieved. The Bull Sports bar has pleasant, well-trained food attendants and waiters to give assistance to the customer’s requests and needs. Each will be assigned to not more than 3 tables to ensure that guests are given adequate attention, since prompt service is extremely important for the company. Company Ownership Bull Sports bar is a general partnership, understanding fully its advantages and disadvantages, after giving these issues certain consideration, the company believes that the benefits outweigh its drawbacks. Significant issues were taken into account before it had been decided that general partnership was the one suitable for the company. “Whether you are going it alone or with another person, it is best to consult a lawyer to determine which form of business organization will be best for you. Your choices and the benefits of each form are essentially as follows: Sole Proprietorship: A sole proprietorship is one person alone. He or she will have unlimited liability for all debts of the business, and the income or loss from the business will be reported on his or her personal income tax return along with all other income and expense he or she normally reports. Although proprietorship avoids the expense of forming a partnership or Sports Bar Business 5 Corporation; many start businesses this way because they are unfamiliar with the other forms of organizations. Limited Partnership: With a limited partnership, each of the general partners has unlimited liability for the debts of the partnership, but the limited partners exposure to the debts of the partnership is limited to the contribution each has made to the partnership. With certain minor exceptions, the reporting for tax purposes is the same as for a general partnership. Corporation: A corporation provides limited liability for the investors. Except as indicated below, none of the shareholders in a corporation is obligated for the debts of the corporation; creditors can look only to the corporations assets for payment. The corporation files its own tax return and pays taxes on its income. If the corporation distributes some of its earnings in the form of dividends, it does not deduct the dividend in computing its taxes, but the shareholder recipients must pay taxes on those dividends even though the corporation has paid taxes on its earnings. A corporation has some tax benefits such as deductibility of health insurance premiums.” General Partnership: In a general partnership, each of the two or more partners will have unlimited liability for the debts of the business. Here are some of the arguments against having a partner: You will have to share the rewards if the business is successful; you will lose total control over the business, particularly if you and your partner have difficulty in making decisions. You run the risk of a falling out and perhaps the necessity of one partner buying the other out if dissention arises.”(My Own Business, 2007). Sports Bar Business 5 The bar---after figuring out the partnership’s downsides---is assured that those can be managed effectively. It is therefore convinced that having two owners---or general partnership is the most suitable type of business organization, not having to comply with too many partners or stockholders means minimizing unpleasant issues that may one day arise. Working in a global environment is not easy; it is continually developing, changing from time to time. It strongly affects certain issues, specifically legal concerns---there have been concerns of child labor, this is said to take place in some countries; while some intentionally refuse to comply with laws and other code of conducts. Legal concerns also vary, depending on the country or state the business is in. It influences the establishment’s decision making and one has to be able to adapt to those. What makes it difficult, regardless of the business organization is, are the issues of having different nations, having different cultures. Most corporations find it hard to keep or maintain their privacy, where members are extremely active and upbeat. These are just some of the issues that one has to deal with in a global environment. Bull Sports bar takes these factors into deliberation. It knows too well that to recognize significant issues is to be able to be one step ahead. One’s awareness is an excellent means to guard against its threats and to utilize its potentials. Market Analysis Sports bar is usually reckoned as a place where male buddies meet to watch their favored teams while having beers and liquors. However, the company has recognized the need to maximize the potential market, aimed to increase the possible revenue. This is the reason why the management has decided to come up with new concepts---new representation that will help Sports Bar Business 6 establish a more hearty image. The purpose of this new image is to create a family-oriented theme, to make the place a perfect venue for family gatherings. Market Segmentation Friends or Buddies – the sports bar is a casual fine-dining place where friends can meet and enjoy quick serving but quality meals while viewing their favorite sports show. Kids – the bar came up with a concept of having a place especially created for the children, where they can safely have fun and meet new friends. Parents – the company understands how important family is. That was why Bull Sports Bar cropped up with the idea of bringing the couples to spend quality time together whereas children will not be left at home. Tourists – the sports bar will be a cozy but fun experience for guests who actually came from different places, giving them the chance to experience something out-of-the-ordinary and remarkable. To be able to perceive the target market’s interest, the establishment has also created a space especially for the kids. This was done to let the customers know that family bonding is indeed, valued by the company. References My Own Business: Business Organization. Retrieved Sept. 16, 2008 from http://www.myownbusiness.org/s4/#1. Read More