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The Lounge

The Lounge. Meredith Kendall, Jocelyn Nedumcheril, Tyler O’Regan , Austen Robinson. Mission Statement.

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The Lounge

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  1. The Lounge Meredith Kendall, Jocelyn Nedumcheril, Tyler O’Regan, Austen Robinson

  2. Mission Statement • Our mission is to create a welcoming establishment that will fulfill the nightlife and entertainment needs of the local college population.  We will strive to provide a safe and entertaining venue that can accommodate 18 and older, while also offering a mature bar setting for those of legal drinking age.  Our ultimate goal is to provide a high quality and unique experience for our customers.

  3. The Lounge • Two Floors • Live Music Bar • 18+ on weekends • Specializing in live concerts • Beer Pong Tables • Darts

  4. Special Events • Monday- Amateur Night • Tuesday- Beer Pong Tournament • Thursday- College Special • Friday or Saturday- Live Concerts

  5. Target Market • 3 Distinct Customer Groups • College Underclassman: 18-20 • College Upperclassman: 21+ • Young Professionals

  6. Market Research

  7. Market Research

  8. Market Research

  9. Strategy • Location • Large customer base from local universities • Uniqueness • No similar businesses in the area • Accommodation • 18 to enter on weekends

  10. Operations Strategy • Important to consistently find Bands • Sophisticated Sound System • Bands will set up early in the night • Concerts start at 10:30 • House Music throughout the night

  11. Bar Operations • Order in bulk • Keep costs low • Quick Service • Properly Trained Bartenders

  12. Quality Control • Lean Six Sigma System • -elimination of food services • 5S Practices

  13. Wastes • Waiting- additional staff • Motion/Underutilization- walk thru-tests • Inventory- JIT and daily checks • Defects- managers review supplies, perform tests • Transportation- research suppliers

  14. Implementation • Background check on musical talents • Proper bartender/bouncer training • -wristbands and markers • Bartenders • -produce all kinds of drinks • -limit waste of liquor

  15. Supply Chain Management • Reliable Suppliers -Bryn Mawr Wine and Spirits -Muller, Origlio, Penn beer distributors -US Foods • Periodic Review System • -daily inventory check

  16. Demand Management • Operate at full capacity Thursday-Saturday • Factors: • Certain weekends, weather, sports, special events, school schedules • Separate Entrances • Streamlined • Reduces waiting times • 2 Month Moving Average • Adjust as needed

  17. Costs • Start-up Cost: $400,000 -outfitting the bar, stage, liquor license, etc. • Fixed Cost: • Variable Cost:

  18. Prices • Beer- $3 • Shot- $5 • Well Drinks- $5 • Soda/Redbull- $3 • Cover (under 21)- $10 • Thursday Specials • Beer- $2 • Shot- $3 • Well Drinks- $3 Prices based on 2.5 times cost markup

  19. Revenue off Drinks + Cover

  20. First Year Estimates • Revenue- $596,430 Less Startup Costs- $400,000 Fixed Annual- $171,000 Variable Annual- $107,400 Loss- $81,970

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