04 Mar Bar and Tavern Business Plan
Foosball Hall is an exciting new gaming and bar that serves the Madison, Wisconsin area. Foosball is also known as table football and originated in Germany in 1920. The game involves up to four people and tests their skill, strategy, as well as willingness to have fun. People, primarily male students, play foosball as an exciting alternative to pool. They are looking to learn a skill-oriented game that they can play in a pub setting. Although there are many foosball bars in Madison there is not one. There is always a foosball game and there is always a demand. You will always find people waiting to play and it is very rare to see a vacant foosball board. Foosball Hall will meet the unmet demand in Madison, Wisconsin with a bar offering beer, food, beverages and plenty of foosball tables for casual play as well as tournaments.
Keys for Success
Foosball Hall believes that three key keys are essential to their success. The first is the need to design and implement strict financial controls. This is especially important in establishments that offer alcohol. Employee theft is one of the most significant drains on any business. Financial controls can help reduce this risk. Second, employees must behave as if each customer were their most important customer. Continuous analysis of the business model will be the last key to success. Management will be responsible for continuously analyzing the business model and looking for ways to increase profitability. Foosball Hall will not assume that this business model is static, rather, they believe that in order to improve it must be dynamic.
Target Market Clients
Foosball Hall identified two target populations. The first segment is casual players of table games. This group loves to play pool or foosball in bars. They love the chance to enjoy a fun game with friends or strangers while also enjoying beverages (alcoholic and non-alcoholic). This segment is expanding at an annual rate 8% and has 54,889 potential customers. The second group that will be targeted is the competitive player segment. These people enjoy foosball as much as the casual players. However they are also competitive. They play foosball with friends to win and to improve their skills. This segment can attract 12,445 potential clients and has an annual growth rate in excess of 7%.
Stan Spinner will be the Foosball Hall's leader. Stan earned his undergraduate degree from the University of Wisconsin-Stevens Point in Philosophy. Stan was a manager of a pool room while in college. Stan’'s first time working in a retail setting, this gave him invaluable experience in tavern management and customer preferences. Stan decided to enroll in the University of Wisconsin's MBA Entrepreneurship Course. Stan completed the two-year program with the aim of opening his own foosball bar after graduation. This goal became Stan's lens through which he viewed all of the new material.
Foosball Hall (foosball hall) is a new gaming (foosball), bar that serves Madison's students. Sales have been forecast to be approximately $200,000 for year two, increasing to approximately $290,000 in year three. In year one, net profit will be negative. It will rise to a positive percentage in years two through three.
1.1 Keys for Success
Foosball Hall identifies several business elements necessary for success in this competitive market.
- Employ strict financial controls. This is especially important for bars, where theft and other financial problems could cause the bar to go bankrupt.
- Treat each customer like they are the most important customer at Foosball Hall.
- Continually seek improvements in your business model, as well as in operating systems.
Foosball Hall has the mission of becoming a top night spot in Madison for locals and students who are interested playing table games and drinking.
Foosball Hall will accomplish this by offering abundant foosball tables, beer, and food at reasonable prices. Foosball Hall in Madison will soon be a favorite because it offers Madison the chance to take part in this growing table game. A sustainable business is only possible if customers are satisfied.
- To be one the most prominent Madison venues offering table games (in this instance foosball), beer, food and drink.
- To develop foosball as a game in Madison.
- Two years later, reach the point of sustainable profitability