• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month
Page
  1. 1
    1
  2. 2
    2
  3. 3
    3
  4. 4
    4
  5. 5
    5
  6. 6
    6
  7. 7
    7
  8. 8
    8
  9. 9
    9
  10. 10
    10
  11. 11
    11
  12. 12
    12
  13. 13
    13
  14. 14
    14
  15. 15
    15
  16. 16
    16
  17. 17
    17
  18. 18
    18
  19. 19
    19
  20. 20
    20
  21. 21
    21
  22. 22
    22
  23. 23
    23
  24. 24
    24
  25. 25
    25
  26. 26
    26
  27. 27
    27
  28. 28
    28
  29. 29
    29
  30. 30
    30
  31. 31
    31
  32. 32
    32
  33. 33
    33
  34. 34
    34
  35. 35
    35
  36. 36
    36
  37. 37
    37
  38. 38
    38
  39. 39
    39
  40. 40
    40
  41. 41
    41
  42. 42
    42
  43. 43
    43
  44. 44
    44
  45. 45
    45
  46. 46
    46
  47. 47
    47
  48. 48
    48
  49. 49
    49
  50. 50
    50
  51. 51
    51
  52. 52
    52
  53. 53
    53
  54. 54
    54
  55. 55
    55
  56. 56
    56
  57. 57
    57
  58. 58
    58
  59. 59
    59
  60. 60
    60

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.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our AS and A Level Case Studies and Analysis section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related AS and A Level Case Studies and Analysis essays

  1. Marked by a teacher

    Skills and Knowledge Needed to Work In A Business Environment

    5 star(s)

    The company uses most of the information it collects for company use, if by any means that the company or any other related company needs to use the information it is classified so the company would have to ask the person if they can use this persons details.

  2. Marked by a teacher

    There are two main types of customer in the travel and tourism industry. These ...

    3 star(s)

    Local hotels will have a the very basics as they are trying to earn a living but can't afford to make it a desirable hotel. These normally are very cheap and are bed and breakfast orientated. Student (backpackers) Students are looking for cheap accommodation such as hostels as they are just looking for a night stay in a place.

  1. (P4) Describe the Functional Activities and the Independencies of Tesco Plc and Coleraine Borough ...

    the quality of recreational bathing water by introducing a sampling programme which will consist of testing a minimum number of 198 samples * Perform assessments and provide advising on the environmental impact of planning applications * Contribute in a joint initiative with PSNI, Coleraine Borough Council Community Safety and District

  2. Unit 9: Marketing Strategy

    match exactly what consumers desire, this will generate greater customer loyalty and higher profits. Age I predict that the age groups using my business are people in their 30s and those above retirement age. This is due people over the age of 65 having more spare time on their hands

  1. Microsoft Case Study. Objectives, structure and marketing.

    It is when the product is researched and made. Introduction The need for immediate profit is not a pressure. The product is promoted to create awareness. If the product has no or few competitors, a skimming price strategy is employed.

  2. PESTLE and SWOT analysis for Tesco.

    clear information about the business it self, which means that the PESTLE does not give the business enough information about how the business is doing in term of strength and threat etc. Also the PESTLE analysis don't really help Tesco, that is because the PESTLE analysis look at the business

  1. Business Plan window cleaning

    In addition, life insurance for me will be approximately �30 per month and will be pay by cash on each month. Expensed equipment includes water fed poles, water tank and bike. All this equipment will be depreciated over three years.

  2. Unit 32 P3 Explain how developments in the consumer market have impacted on food ...

    Also those who have specialist diets will be those from the high affluence category where they are purchasing the high end quality products which are included in their diet and will look for products which have low calories and less chemicals in order to help their specialist diet to progress.

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work