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Financial Feasibility of Opening A Business

Extracts from this document...

Introduction

Hireable Sports Bar and Restaurant Primary Objective - I intend to research and investigate the financial feasibility of setting up a themed sports bar for sporting events and daytime restaurant in Ballymena. The main point of this study is to see whether it is actually possible for this business to be opened and run successfully. By outlining this objective it can give readers of this project, as well as myself, an idea as to what form this study will take. Secondary Objectives * To conduct secondary research in to the levels of competition for such an idea. This will involve secondary research in to the market share, size and the current market trends. * To conduct secondary research to help me find out what practicalities lay ahead when opening up this new business. Such as the specific laws and licenses that are applicable to such an establishment. * To conduct further primary research into the demand for a venue where people can watch sporting events, either for private functions or for public viewing. * To investigate the levels of cash flow that my business will generate to see if the idea is financially possible. * To find the target area of Ballymena to create this business, the area where there will be more demand and inevitably more scope for utilising the available market. * To find out exactly where I should locate my business in order to maximise my profits. By giving myself strong guidelines to follow, I can assure that my project has a plan to follow. This can help me keep to deadlines as well as allow me to cover all aspects of this feasibility study, ensuring an accurate project. Methodology In this section I will outline my methods that I will use to conduct my secondary objectives. 1. To conduct secondary research in to the levels of competition for such an idea. ...read more.

Middle

This is essential in judging my prices within my business. It also lets me know what kind of prices my competitors charge if this is the amount their customers are spending on one night out. I could aim toward an under pricing strategy to make myself seem like the cheaper option in order to take customer attention away from my competitors. From the graph, we can clearly see that the majority of people voted for the higher amounts spent during a night out. This undermines my idea of a lower pricing idea, since people are willing to spend large amounts of money on a night out. So either I aim to attract the higher spenders with a more upmarket socializing option, or attract people who want to spend large amounts of money, but want more drinks for the money they spend. 6. How many times a week do you visit a restaurant facility in Ballymena? Moving on from the beverage aspect of my business, I decided it was time to find out information to judge the potential size of the market for my restaurant facility. This will determine the potential success of my day to day restaurant facility, the aspect of my business that will generate the majority of the money throughout the week. If the restaurant cannot generate enough revenue to maintain my business, then a bar may not be a suitable business idea. The results did somewhat surprise me, as i didn't expect there to be a lot of repeat custom within a restaurant throughout the week. I thought its business to be one of a more passing trade, but i was proven wrong as the majority of customers opted to eat out in restaurants within Ballymena multiple times per week. 7. Do you think that there is any need for another licensed alcoholic premise in Ballymena? This is a much simpler question to analyse through its results, as there are only two options. ...read more.

Conclusion

It has a large sphere of influence, attracting many people from many surrounding villages and smaller towns, most notable places like Antrim, Randalstown, Portglenone and Rasharkin, to name but a few. It is in direct competition with the likes of Belfast and Derry, already cities, it can easily compete with regards to shopping and transport, alongside an active social life and tourism opportunities. In recent years, Ballymena has attracted even more people to live within its limits, by generating an ever rising number of jobs with the building of places like B&Q, JJB and the new Tesco's. My idea as to the exact location of my business, locating at the site of the old Tesco's. There are many advantages to this, not least the size. It provides ample room for the restaurant facility, with large open floored areas, as well as further large spaces for the bar or nightclub area that I aim to put in alongside. Able to easily cater for 700 or more people, I can assure a large increase in revenue at peak times. However, high rent and rates may be damaging to businesses profits since a large building will inevitably have high costs in these areas. Finally, in conclusion, to ignore the religious tension in Ballymena would be naive of any business aiming to site here. It is important that i situate in a neutral area in order not to show allegiance to one particular group, in the same way that I must distribute my promotion evenly. Hopefully I won't be forced with the same issue as places like The George or The Slemish, two establishments who are wrongly aligned. A unique style is one that will achieve prominence in today's culture. There are already a substantial number of similar businesses, the public house atmosphere. Whereas a business with something different to offer is one geared toward success. My businesses style of offering excellent service, a social atmosphere, a sporting theme and contemporary outlook could be one destined for success. ?? ?? ?? ?? Callum Alexander U6 Mrs. Jameson 1 ...read more.

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