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Starting a New Business

Starting a New Business. Two Key Questions: What is it like out there? How can we be successful?.

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Starting a New Business

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  1. Starting a New Business Two Key Questions: What is it like out there? How can we be successful?

  2. Confucius: “May We Live in Interesting Times”Unemployment remains high at 9.4%, above 19% for 18-30 Home prices remain depressed; American homes have lost $9 Trillion since 2006. Foreclosures at all time high

  3. Summary High unemployment and collapsing home values have shaken consumer confidence People have cut back spending, looking for value and the necessities There is no quick turnaround

  4. How can we be successful? Sound Business Plan is the Key • Clearly define who your customers are, as well as their wants and needs. • Ensure business concept or idea addresses customer needs • Define concept against the competition Customer Concept Competition

  5. The Process of Understanding How do customers feel about my business? How do customers uniquely use my business? -Be specific -Look for 2-3 word clarity and insight How can we be successful?

  6. How can we be successful? McDonald’s uncovered: Hostage Moms

  7. How McDonald’s Became Successful McDonald’s Tactics • Wholesome platform • Fresh Salads • Whole white meat vs. mystery meat • Healthy Kids meals (Apple Dippers/Milk) • Ronald McDonald promotes exercise & fun • High impact store design • McCafe • Gourmet Coffee • Upgraded Ambiance • McCafe: Create Mom’s space in the store

  8. How can we be successful? Competitive Mapping • Understand your competitive set and determine how you are different • Get your team out into the marketplace • Examine and analyze the competition (menus, store layouts, pricing, promos, their customers) • Understand how your concept is or can be different

  9. Define Your Business Shakey’sUncovered: Family gathering place

  10. Define Your Business Shakey’s Concept: Family Fast Casual • Quality branded experience for adults & fun place for kids Food first Entertainment second

  11. Define Your Business Shakey’s Business Statement For today’s families who love pizza and want something special for the kids, Shakey’s is the gathering place where everyone has fun.

  12. Define Your Business Who: • Time pressed families, especially with tweeners, ages 5 -11 • Groups, sports teams, schools, birthday parties • Adults on the go

  13. Define Your Business Why: • Customers want to carve out a comfortable, fun time in a stress-free environment • Place for good value for the whole family • Escape + Unwind • Spontaneous family dining • Kids can be kids • Desiring connection i.e. community dining

  14. Define Your Business When: • Weekday or Weekend Indoor Picnic • Celebrate, Events • Spontaneous • After school • After the game

  15. Define Your Business Where/How: • Away from home, but neighborhood destination • How: Dine-in

  16. Integration: Creating Business Drivers What: Shakey’s Pizza Parlor is Family Fast Casual Menu Layout Logo Gourmet Pizza Fresh Tossed Salads

  17. Integration: Creating Business Drivers What: Shakey’s Pizza Parlor is Family Fast Casual Uniforms Store Design Service System Games

  18. Wrap Up Clearly define your business in a way that is meaningful to the customer -Who -Why -When -Where/How -Then What • Key to Success:

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