Start your own business Essays - Kent Hrbek, Target Field

Start your own business Essays - Kent Hrbek, Target Field Start your own business Entrepreneurship Capstone Project Hrbek?s Hideout Sports Bar Jesse Christopher 1711 49th St S Fargo, ND 58103 December 15, 2009 Executive Summary A. Introduction Welcome to Hrbek?s Hideout, Minneapolis, MN?s newest sports bar. With all of the sports arenas in downtown Minneapolis area they can always use a new bar to serve the sports fans in the area. Hrbek?s will use its competitive pricing and location to gain a foothold on the market. To set up a unique experience for its customers, Hrbek?s will have a lot of sports memorabilia and Kent Hrbek as the silent partner. Jesse Christopher will manage the business and everyday operations. Jesse Christopher will graduate with a major in Business Management in May of 2010. While working for 4 years at Legends Night Club Jesse?s experiences as a bartender, bouncer, and assistant manager taught him all of the financial, communication, and human relation skills needed to run a successful bar. B. Trading Area Analysis Hrbek?s Hideout will be located in Minneapolis, MN. Minneapolis is located on the eastern side of the state. The Minneapolis/St Paul area is the home of 2,370,000 people as well as many tourist and sports fans that come to the city on a regular basis. Hrbek?s will be located across the street from the new home of the Twins Target Field. The new Twins stadium will host at least 83 MLB games a year and hold around 40,000 people. Also the nearby Metrodome will host at least 8 Minnesota Vikings games a season with the average attendance of 48,000 people a game. With all of the sporting events in the area there will be plenty of people looking for a good time after the games. C. Customer Analysis The primary target market will be sports fans over the age of 21 years old. With close proximity to Target Field and the Metrodome Hrbek?s will be able to focus their marketing strategies and promotional activities to potential customers. Hrbek?s will emphasize a nearby, convenient location, and a sports fan friendly environment. The secondary target market of Hrbek?s will be the local residents. Since there is not a sports event in the area everyday Hrbek?s will also want to attract a portion of the thousands of residents and workers in the area. All bars/restaurant businesses need their regular patrons that come in to enjoy the friendly experience. Because of the sports arenas in the area Hrbek?s will have over 50 competitors. Hrbek?s will set itself apart by being open from noon-2a.m. everyday as well as offer 2 for 1 drinks all day everyday. Most businesses in that area do not offer specials because there is almost always enough patrons to keep busy. D. Analysis of the Location Hrbek?s Hideout will be operating in an area that currently has multiple bars. Hrbek?s will be located across the street from Target Field and 5 blocks away from the Metrodome. A building will be purchased for around $1 million. It will be located within view of thousands of people going in and coming out of Target Field. E. Proposed Organization Hrbek?s Hideout will be a partnership between Jesse Christopher and Kent Hrbek. Kent will own 60% of the business and be a silent partner. Jesse will own 40% of the business and take care of the everyday operations. The partners created the steps involved in opening the bar. They include the following phases: ?Market research ?Find a Location ?Research Fixed costs ?Research Supplies and equipment manufacturers ?Create a business plan ?Begin Renovation the facility ?Set up agreements with suppliers ?Get equipment for the business ?Get business licenses, liquor licenses, and food permits ?Create a promotional mix for our primary and secondary markets Hrbek?s Hideout will operate with one owner as the manager, an assistant manager, and 4 supervisors. In addition Hrbek?s will have 12 fulltime employees and 10 part time employees. The employees are vital to our business and create a friendly atmosphere. Hrbek?s will train their employees in customer service, efficiency, and how to deal with unruly customers. The employees will also have to go to bartending school. The bar will be open from noon-2 a.m. everyday to accommodate all fans as well as the regular customers. The facility will be approximately 6000 sq feet and have a 350 person maximum capacity. Proposed Marketing/Promotion Plan A. Proposed Product or Service Hrbek?s will be purchasing all