Whether you are looking for your first restaurant location or expanding with multiple units, the issues remain
the same. Choosing the right location is the most important business decision you will make. In this eGuide, I won’t discuss the primary requirement – money. That is a subject that requires its own
discussion. For this exercise, it will be assumed that you have identified a source of financing and that you are
working off a defined budget.
Marketing is one of the most important units of a business. It helps to identify the needs and demands of the customers. Thus business can render products according to customers at their need. Marketing also helps in introducing a new product in the product market. This eventually helps to earn profit and brings growth for the business. The main purpose of a sales promotion is to increase sales by predicting and achieving focus of target customers. This presentation is about marketing in hospitality. A thorough discussion on this topic is depicted for better knowledge.
This document discusses franchising as a business model. It defines franchising as a continuing relationship where a franchisor provides a licensed privilege to do business and offers assistance to franchisees. The advantages of franchising include operating an established brand, training support, and economies of scale. The disadvantages are franchise costs, restrictions, and loss of independence. The document provides examples of successful food franchises in the Philippines like Jollibee, McDonalds, and Mang Inasal and their approximate franchise fees.
Pr. Diana's Hair and Beauty Salon is a home-based business located in Fleetwood, BC. It is owned and operated solely by Isha Walia, who provides haircutting, styling, makeup, and other beauty services by appointment only. The business currently markets through business cards and flyers but lacks an online presence. This document outlines a marketing plan to create a website and email account for the business to help schedule appointments online and advertise services digitally.
This document provides an overview of lodging properties and classifications. It defines lodging properties as establishments that charge fees for temporary accommodations. It then describes various types of lodging facilities like bed and breakfasts, boarding houses, budget hotels, condominiums, and dormitories. The document further classifies lodging establishments into convention hotels, commercial hotels, resort hotels, casino hotels, and extended stay hotels. It concludes by listing some famous luxury resorts around the world and in the Philippines.
Presentation by Honourable Edmund Bartlett C.D., M.P., Minister of Tourism, Government of Jamaica at the seminar on the topic, 'Tourism Industry Reform: Strategies for Enhanced Economic Impact' on May 25, 2017 at the 47th Annual Meeting of the Board of Governors in the Turks and Caicos Islands.
Eleven Palms is a 17-room boutique hotel in Benzie County, Michigan that will fill the niche between high-end hotels and motels by offering moderately priced accommodations. The owners will renovate an existing property and focus on providing a relaxing environment for couples through amenities like indoor and outdoor pools. Marketing will target both new and returning visitors to the area through partnerships with local businesses and an emphasis on word-of-mouth referrals. Pricing for rooms and drinks at the on-site lounge will be competitive while still allowing for a profit.
ShaktiJuice Limited is a new entrant in the juice business located in Pune, Maharashtra, India with total capital of 50 lakhs. The company aims to build consumer trust through highest quality standards and achieve the highest market share in the Indian juice industry. It will initially launch its fruit and vegetable juice and smoothie products in tetra packs and pet bottles in the metro areas of Western India, targeting young professionals ages 25-45 with an average income over Rs. 3.5 lakhs through promotional campaigns and advertisements.
Marketing is one of the most important units of a business. It helps to identify the needs and demands of the customers. Thus business can render products according to customers at their need. Marketing also helps in introducing a new product in the product market. This eventually helps to earn profit and brings growth for the business. The main purpose of a sales promotion is to increase sales by predicting and achieving focus of target customers. This presentation is about marketing in hospitality. A thorough discussion on this topic is depicted for better knowledge.
This document discusses franchising as a business model. It defines franchising as a continuing relationship where a franchisor provides a licensed privilege to do business and offers assistance to franchisees. The advantages of franchising include operating an established brand, training support, and economies of scale. The disadvantages are franchise costs, restrictions, and loss of independence. The document provides examples of successful food franchises in the Philippines like Jollibee, McDonalds, and Mang Inasal and their approximate franchise fees.
Pr. Diana's Hair and Beauty Salon is a home-based business located in Fleetwood, BC. It is owned and operated solely by Isha Walia, who provides haircutting, styling, makeup, and other beauty services by appointment only. The business currently markets through business cards and flyers but lacks an online presence. This document outlines a marketing plan to create a website and email account for the business to help schedule appointments online and advertise services digitally.
This document provides an overview of lodging properties and classifications. It defines lodging properties as establishments that charge fees for temporary accommodations. It then describes various types of lodging facilities like bed and breakfasts, boarding houses, budget hotels, condominiums, and dormitories. The document further classifies lodging establishments into convention hotels, commercial hotels, resort hotels, casino hotels, and extended stay hotels. It concludes by listing some famous luxury resorts around the world and in the Philippines.
Presentation by Honourable Edmund Bartlett C.D., M.P., Minister of Tourism, Government of Jamaica at the seminar on the topic, 'Tourism Industry Reform: Strategies for Enhanced Economic Impact' on May 25, 2017 at the 47th Annual Meeting of the Board of Governors in the Turks and Caicos Islands.
Eleven Palms is a 17-room boutique hotel in Benzie County, Michigan that will fill the niche between high-end hotels and motels by offering moderately priced accommodations. The owners will renovate an existing property and focus on providing a relaxing environment for couples through amenities like indoor and outdoor pools. Marketing will target both new and returning visitors to the area through partnerships with local businesses and an emphasis on word-of-mouth referrals. Pricing for rooms and drinks at the on-site lounge will be competitive while still allowing for a profit.
ShaktiJuice Limited is a new entrant in the juice business located in Pune, Maharashtra, India with total capital of 50 lakhs. The company aims to build consumer trust through highest quality standards and achieve the highest market share in the Indian juice industry. It will initially launch its fruit and vegetable juice and smoothie products in tetra packs and pet bottles in the metro areas of Western India, targeting young professionals ages 25-45 with an average income over Rs. 3.5 lakhs through promotional campaigns and advertisements.
marketing for hospitality tourism and airlinesNamita Sharma
The document discusses marketing for the hospitality and tourism industry. It begins by providing an overview of tourism in India, noting that tourism contributes over 6% to India's GDP and accounts for nearly 9% of total employment. It then discusses some key aspects of marketing for tourism and hospitality, including how the production and consumption of tourism services are inseparable. The document also defines marketing and discusses the unique characteristics of marketing for the hospitality industry. It provides examples of career opportunities in hospitality marketing and discusses some of the key elements of the tourism marketing mix.
This document discusses products as goods and services, which are the central offering in a company's marketing exchange. It outlines key differences between goods and services, such as goods being more tangible and able to be stored while services are intangible, inseparable from the provider, perishable, and variable. The document also distinguishes between a product's core elements and value-added supplemental elements, noting core elements create expectations while value-adds are used for differentiation.
This document discusses who buys cruises and how to become a successful cruise sales agent. It identifies the six main segments that purchase cruises, ranging from restless and enthusiastic baby boomers to luxury cruisers and ship buffs. It then outlines the nine key steps to becoming a certified cruise agent, including evaluating your passion for cruising, gaining sales experience, demonstrating strong customer service skills, and working on commission only.
Cultural Awareness in Tourism & HospitalityMonte Christo
This document discusses cultural awareness in hospitality and tourism. It defines culture diversity as valuing differences between people. Cultural awareness involves understanding one's own cultural values and how others may differ. Multicultural education aims to reduce divisions and help citizens participate in society. The document recommends offering cultural awareness training in hospitality/tourism programs. It also provides seven practices workplaces can implement to increase cultural awareness, such as cultural training, celebrating holidays, observing others, and achieving awareness through community activities. Several Filipino hotels promoting cultural identity are highlighted.
A FARM começou como um pequeno stand em uma feira de moda no Rio de Janeiro e cresceu para se tornar uma rede varejista de sucesso com lojas em todo o Brasil. No entanto, para continuar crescendo, a FARM precisa melhorar sua presença online, oferecer mais promoções e eventos regionais para clientes em todo o país, e unificar seus preços entre lojas.
LESSON 1 (FLO) FUNDAMENTALS OF LODGING OPERATIONS.pptxMarvinBuensuceso1
The document discusses the role of housekeeping in hotels. Housekeeping ensures guest comfort, cleanliness, and safety. It covers cleaning tasks like guest rooms, hallways, and other areas. There are two types - domestic for homes and institutional for commercial properties like hotels. Institutional housekeeping has specific responsibilities across different areas. An ideal standard of housekeeping includes cleanliness, orderliness, sanitation, guest comfort, and eye appeal.
The document discusses the importance of marketing in the hospitality industry. It notes that marketing is critical for building brand awareness, attracting new customers, and maintaining customer loyalty. Marketing efforts in hospitality typically include print and digital campaigns targeting both former and new guests. A key challenge is ensuring brand awareness so that customers use services repeatedly, as repeat customers provide a major source of revenue. Therefore, marketing strategies must focus on both retaining past customers and attracting new ones.
The document provides guidance on creating a business plan, including templates for key sections such as the executive summary, general company description, products and services, and marketing plan. It emphasizes that the process of researching and planning is most valuable, as it helps systematically think through the business idea to avoid costly mistakes. The document is a generic model that should be modified for each specific business type and circumstances.
The document discusses the Tourism Act of 2009 (RA 9593) which reorganized the Department of Tourism in the Philippines. Key points:
- It declared tourism a national priority and strengthened DOT and its attached agencies to better promote and develop the tourism industry.
- Major changes included establishing new agencies like Tourism Infrastructure and Enterprise Zone Authority (TIEZA) and Tourism Promotions Board (TPB), and reassigning functions of existing ones.
- The law aimed to make the tourism industry more globally competitive by requiring accreditation standards and promoting infrastructure projects. It also supported local tourism development plans.
- Several years after implementation, infrastructure projects were ongoing across regions to improve facilities, though some issues around
Eric West is an experienced real estate broker who specializes in luxury properties including farms, ranches, and homes. He has a designation focused on agricultural land and has completed many multi-million dollar transactions. West works with Sotheby's International Realty and leverages their global marketing network and services to provide maximum exposure for high-end listings. He currently has listings in Colorado and Hawaii ranging from estates to ranches.
Market segmentation in resorts purpose and typesAMALDASKH
Market segmentation in the resort industry involves dividing the market into distinct groups based on characteristics like demographics, behaviors, and geography. There are several types of market segmentation used in resorts including demographic segmentation based on variables like age, income, and gender. Market segments must be identifiable, accessible, substantial, and durable to be profitable. An example of demographic segmentation identifies a segment of "Golf Best Customers" based on their average age, gender, education, income, number of rounds played, and years playing golf. Segmentation allows resorts to better understand customer groups and tailor products and marketing to build loyalty.
Micro Perspective on Tourism and Hospitality IndustryRubie Clavel
This course will cover the workings, operations and the integrative activities of major stakeholders in the Tourism and Hospitality Industry. The student will also gain knowledge on managing and marketing a service-oriented business organization. Apart from the scope and structure of travel organizations and planning of specific business of the nature and distinctive characteristics of each sector of the entire tourism industry, focusing on management, organization and planning of specific business strategies for the various entities in the local setting. This will also involve the analysis of the possible impacts of external factors and trends on the different tourism industry sectors and specific types of business. It will also look into client profiling such as travel motivations and influences as it relates to aligning strategic and tactical solutions to the business. The course also identifies the employment opportunities available in each sector and the corresponding qualifications for the jobs.
Burger King aims to enter the Philippine market by appealing to Filipinos' admiration for American culture. Its strategy focuses on communicating its authentic American flavors through social media ads featuring singer Bruno Mars, who has Filipino heritage. The tagline "So Authentic. So American" and message "America's favorite meal now in Philippines" will be used to promote Burger King's burgers to young professionals as delivering the real American taste. Traditional media like newspapers and TV will also be used as secondary communication channels.
Marketing and Promotions of Food and BeverageCris dela Peña
This document discusses various types of food and beverage promotions. It describes internally controlled promotions like daily specials and happy hours that are planned solely by the hotel. Promotions with other travel partners that involve investment from multiple companies, like food festivals, are also outlined. Full destination promotions where an entire city promotes tourism are mentioned. Benefits of promotions include generating publicity, increasing awareness, improving staff morale, and solving multiple problems at a relatively low cost.
The hospitality industry has evolved significantly over time and is now a major global industry worth $3.5 trillion. It originated from basic lodging provided to travelers and has expanded to include hotels, restaurants, and other services. Early forms of accommodation were basic and often unsanitary. The development of transportation infrastructure improved travel, and the industrial revolution led to more commercialized inns and the growth of modern hotels catering to different customer types and budgets. Major developments included grand tour hotels in Europe and the rise of large hotels in the US in the 18th-19th centuries, as well as more recent concepts like motels and international hotel chains. The industry continues to innovate with new hotel concepts and amenities.
St. Luke's 10 step marketing plan aims to position itself as the affordable option for quality healthcare. It targets customers who can pay and offers regular checkups and services at a lower price than competitors. St. Luke's expands its facilities, promotes its latest technology and prices that are 30-40% cheaper through TV, radio and print ads. It uses a strategy of best price and best product to attract customers to its two locations in Taguig and Quezon City.
There are many types of accommodation options that range from basic to luxurious. Hotels provide private rooms and amenities but can be more expensive, while hostels and capsule hotels provide basic shared accommodations for lower costs. Other options include bed and breakfasts, guesthouses, motels, homestays, serviced apartments, holiday resorts, camping, vacation rentals, and even more exotic locations like cave, tree, cliffside, ice, and underwater hotels. The document encourages considering advantages and disadvantages of each type to determine the best option.
Developing a Restaurant Concept from Scratch, A Special Report by Bill MainBill Main & Associates
The document outlines a 10-phase process for developing a new restaurant concept from scratch. It discusses strategic planning, concept identification, site selection and feasibility studies, design development, construction specifications, management structure, operating systems, training programs, marketing plans, and grand opening preparations. The goal of this comprehensive concept development outline is to coordinate the entire project, keep it on track, on budget, and aligned with its purpose from initial planning through post-opening operations. Following this process helps frame the scope, timeline, costs, and resources needed to successfully develop a new restaurant prototype.
O documento descreve a história da manicure e pedicure ao longo dos tempos. As civilizações antigas como a babilônica, chinesa e egípcia já praticavam cuidados com as unhas há milhares de anos, usando materiais como ouro, hena e misturas naturais. Na China e no Egito antigo, as cores das unhas indicavam status social. Somente membros da realeza podiam usar certas cores vibrantes. Os romanos também cuidavam das unhas, polindo-as para ficarem brilhantes.
This document provides an introduction to revenue management. It discusses the history of revenue management in industries like airlines, car rentals, and hotels. It defines common terms like selling the right product to the right customer at the right time and price. It also discusses what revenue management is and is not, such as it is about maximizing revenue through business mix decisions rather than finance or reservations. The document shows how a hotel can optimize its business mix across customer segments to improve profits and cites a study finding hotels with revenue managers earn 4% more revenue on average. It encourages hiring a dedicated revenue manager to boost a hotel's bottom line.
The document discusses parameters for a famous five-star hotel to consider when launching a new fast food restaurant chain in major Indian cities. It identifies key factors such as conducting market research to understand customer preferences and industry best practices, developing a unique concept to differentiate from competitors, carefully selecting location and menu options that offer good value, and creating a comprehensive marketing strategy including advertising and promotions. Attention to these critical success factors will help ensure the new fast food venture is successfully launched and positioned for growth.
The document discusses parameters for a famous five-star hotel to consider when launching a new fast food restaurant chain in major Indian cities. It identifies several key factors: selecting an appealing concept that fits the target market; understanding customer preferences through research; focusing on convenience; differentiating the concept from competitors; designing an appealing yet profitable menu; choosing prime locations near complimentary businesses; and developing a comprehensive marketing plan including various forms of advertising. Attention to these critical parameters will help ensure success for the new fast food venture.
marketing for hospitality tourism and airlinesNamita Sharma
The document discusses marketing for the hospitality and tourism industry. It begins by providing an overview of tourism in India, noting that tourism contributes over 6% to India's GDP and accounts for nearly 9% of total employment. It then discusses some key aspects of marketing for tourism and hospitality, including how the production and consumption of tourism services are inseparable. The document also defines marketing and discusses the unique characteristics of marketing for the hospitality industry. It provides examples of career opportunities in hospitality marketing and discusses some of the key elements of the tourism marketing mix.
This document discusses products as goods and services, which are the central offering in a company's marketing exchange. It outlines key differences between goods and services, such as goods being more tangible and able to be stored while services are intangible, inseparable from the provider, perishable, and variable. The document also distinguishes between a product's core elements and value-added supplemental elements, noting core elements create expectations while value-adds are used for differentiation.
This document discusses who buys cruises and how to become a successful cruise sales agent. It identifies the six main segments that purchase cruises, ranging from restless and enthusiastic baby boomers to luxury cruisers and ship buffs. It then outlines the nine key steps to becoming a certified cruise agent, including evaluating your passion for cruising, gaining sales experience, demonstrating strong customer service skills, and working on commission only.
Cultural Awareness in Tourism & HospitalityMonte Christo
This document discusses cultural awareness in hospitality and tourism. It defines culture diversity as valuing differences between people. Cultural awareness involves understanding one's own cultural values and how others may differ. Multicultural education aims to reduce divisions and help citizens participate in society. The document recommends offering cultural awareness training in hospitality/tourism programs. It also provides seven practices workplaces can implement to increase cultural awareness, such as cultural training, celebrating holidays, observing others, and achieving awareness through community activities. Several Filipino hotels promoting cultural identity are highlighted.
A FARM começou como um pequeno stand em uma feira de moda no Rio de Janeiro e cresceu para se tornar uma rede varejista de sucesso com lojas em todo o Brasil. No entanto, para continuar crescendo, a FARM precisa melhorar sua presença online, oferecer mais promoções e eventos regionais para clientes em todo o país, e unificar seus preços entre lojas.
LESSON 1 (FLO) FUNDAMENTALS OF LODGING OPERATIONS.pptxMarvinBuensuceso1
The document discusses the role of housekeeping in hotels. Housekeeping ensures guest comfort, cleanliness, and safety. It covers cleaning tasks like guest rooms, hallways, and other areas. There are two types - domestic for homes and institutional for commercial properties like hotels. Institutional housekeeping has specific responsibilities across different areas. An ideal standard of housekeeping includes cleanliness, orderliness, sanitation, guest comfort, and eye appeal.
The document discusses the importance of marketing in the hospitality industry. It notes that marketing is critical for building brand awareness, attracting new customers, and maintaining customer loyalty. Marketing efforts in hospitality typically include print and digital campaigns targeting both former and new guests. A key challenge is ensuring brand awareness so that customers use services repeatedly, as repeat customers provide a major source of revenue. Therefore, marketing strategies must focus on both retaining past customers and attracting new ones.
The document provides guidance on creating a business plan, including templates for key sections such as the executive summary, general company description, products and services, and marketing plan. It emphasizes that the process of researching and planning is most valuable, as it helps systematically think through the business idea to avoid costly mistakes. The document is a generic model that should be modified for each specific business type and circumstances.
The document discusses the Tourism Act of 2009 (RA 9593) which reorganized the Department of Tourism in the Philippines. Key points:
- It declared tourism a national priority and strengthened DOT and its attached agencies to better promote and develop the tourism industry.
- Major changes included establishing new agencies like Tourism Infrastructure and Enterprise Zone Authority (TIEZA) and Tourism Promotions Board (TPB), and reassigning functions of existing ones.
- The law aimed to make the tourism industry more globally competitive by requiring accreditation standards and promoting infrastructure projects. It also supported local tourism development plans.
- Several years after implementation, infrastructure projects were ongoing across regions to improve facilities, though some issues around
Eric West is an experienced real estate broker who specializes in luxury properties including farms, ranches, and homes. He has a designation focused on agricultural land and has completed many multi-million dollar transactions. West works with Sotheby's International Realty and leverages their global marketing network and services to provide maximum exposure for high-end listings. He currently has listings in Colorado and Hawaii ranging from estates to ranches.
Market segmentation in resorts purpose and typesAMALDASKH
Market segmentation in the resort industry involves dividing the market into distinct groups based on characteristics like demographics, behaviors, and geography. There are several types of market segmentation used in resorts including demographic segmentation based on variables like age, income, and gender. Market segments must be identifiable, accessible, substantial, and durable to be profitable. An example of demographic segmentation identifies a segment of "Golf Best Customers" based on their average age, gender, education, income, number of rounds played, and years playing golf. Segmentation allows resorts to better understand customer groups and tailor products and marketing to build loyalty.
Micro Perspective on Tourism and Hospitality IndustryRubie Clavel
This course will cover the workings, operations and the integrative activities of major stakeholders in the Tourism and Hospitality Industry. The student will also gain knowledge on managing and marketing a service-oriented business organization. Apart from the scope and structure of travel organizations and planning of specific business of the nature and distinctive characteristics of each sector of the entire tourism industry, focusing on management, organization and planning of specific business strategies for the various entities in the local setting. This will also involve the analysis of the possible impacts of external factors and trends on the different tourism industry sectors and specific types of business. It will also look into client profiling such as travel motivations and influences as it relates to aligning strategic and tactical solutions to the business. The course also identifies the employment opportunities available in each sector and the corresponding qualifications for the jobs.
Burger King aims to enter the Philippine market by appealing to Filipinos' admiration for American culture. Its strategy focuses on communicating its authentic American flavors through social media ads featuring singer Bruno Mars, who has Filipino heritage. The tagline "So Authentic. So American" and message "America's favorite meal now in Philippines" will be used to promote Burger King's burgers to young professionals as delivering the real American taste. Traditional media like newspapers and TV will also be used as secondary communication channels.
Marketing and Promotions of Food and BeverageCris dela Peña
This document discusses various types of food and beverage promotions. It describes internally controlled promotions like daily specials and happy hours that are planned solely by the hotel. Promotions with other travel partners that involve investment from multiple companies, like food festivals, are also outlined. Full destination promotions where an entire city promotes tourism are mentioned. Benefits of promotions include generating publicity, increasing awareness, improving staff morale, and solving multiple problems at a relatively low cost.
The hospitality industry has evolved significantly over time and is now a major global industry worth $3.5 trillion. It originated from basic lodging provided to travelers and has expanded to include hotels, restaurants, and other services. Early forms of accommodation were basic and often unsanitary. The development of transportation infrastructure improved travel, and the industrial revolution led to more commercialized inns and the growth of modern hotels catering to different customer types and budgets. Major developments included grand tour hotels in Europe and the rise of large hotels in the US in the 18th-19th centuries, as well as more recent concepts like motels and international hotel chains. The industry continues to innovate with new hotel concepts and amenities.
St. Luke's 10 step marketing plan aims to position itself as the affordable option for quality healthcare. It targets customers who can pay and offers regular checkups and services at a lower price than competitors. St. Luke's expands its facilities, promotes its latest technology and prices that are 30-40% cheaper through TV, radio and print ads. It uses a strategy of best price and best product to attract customers to its two locations in Taguig and Quezon City.
There are many types of accommodation options that range from basic to luxurious. Hotels provide private rooms and amenities but can be more expensive, while hostels and capsule hotels provide basic shared accommodations for lower costs. Other options include bed and breakfasts, guesthouses, motels, homestays, serviced apartments, holiday resorts, camping, vacation rentals, and even more exotic locations like cave, tree, cliffside, ice, and underwater hotels. The document encourages considering advantages and disadvantages of each type to determine the best option.
Developing a Restaurant Concept from Scratch, A Special Report by Bill MainBill Main & Associates
The document outlines a 10-phase process for developing a new restaurant concept from scratch. It discusses strategic planning, concept identification, site selection and feasibility studies, design development, construction specifications, management structure, operating systems, training programs, marketing plans, and grand opening preparations. The goal of this comprehensive concept development outline is to coordinate the entire project, keep it on track, on budget, and aligned with its purpose from initial planning through post-opening operations. Following this process helps frame the scope, timeline, costs, and resources needed to successfully develop a new restaurant prototype.
O documento descreve a história da manicure e pedicure ao longo dos tempos. As civilizações antigas como a babilônica, chinesa e egípcia já praticavam cuidados com as unhas há milhares de anos, usando materiais como ouro, hena e misturas naturais. Na China e no Egito antigo, as cores das unhas indicavam status social. Somente membros da realeza podiam usar certas cores vibrantes. Os romanos também cuidavam das unhas, polindo-as para ficarem brilhantes.
This document provides an introduction to revenue management. It discusses the history of revenue management in industries like airlines, car rentals, and hotels. It defines common terms like selling the right product to the right customer at the right time and price. It also discusses what revenue management is and is not, such as it is about maximizing revenue through business mix decisions rather than finance or reservations. The document shows how a hotel can optimize its business mix across customer segments to improve profits and cites a study finding hotels with revenue managers earn 4% more revenue on average. It encourages hiring a dedicated revenue manager to boost a hotel's bottom line.
The document discusses parameters for a famous five-star hotel to consider when launching a new fast food restaurant chain in major Indian cities. It identifies key factors such as conducting market research to understand customer preferences and industry best practices, developing a unique concept to differentiate from competitors, carefully selecting location and menu options that offer good value, and creating a comprehensive marketing strategy including advertising and promotions. Attention to these critical success factors will help ensure the new fast food venture is successfully launched and positioned for growth.
The document discusses parameters for a famous five-star hotel to consider when launching a new fast food restaurant chain in major Indian cities. It identifies several key factors: selecting an appealing concept that fits the target market; understanding customer preferences through research; focusing on convenience; differentiating the concept from competitors; designing an appealing yet profitable menu; choosing prime locations near complimentary businesses; and developing a comprehensive marketing plan including various forms of advertising. Attention to these critical parameters will help ensure success for the new fast food venture.
This document discusses changes in the food market and opportunities for street food businesses. It notes that consumers now seek fast food with nutritional value beyond just convenience. Statistics show the snack food and takeaway market has grown significantly. Street food offers opportunities to serve diverse cuisines in communal settings and has influenced consumers' openness to new flavors. Research found consumers enjoy street food for its variety and affordability. The document advises street food businesses consider franchising, mobile units, or fixed locations to expand. It emphasizes how technology like mobile apps have transformed the industry through improved ordering and operations. The document concludes with recommendations to benchmark key performance metrics against competitors to identify areas for improvement.
This module explores the current market situation for Street Food. It also touches on how you as an entrepreneur can use technology to maximise your business ideas, bench-marking and gives real life case studies of Street Food businesses in action.
The document discusses Porter's 5 Forces model as it relates to Landmark's restaurant business. It analyzes the number and strength of competitors, potential new entrants, availability of substitute products, bargaining power of customers, and bargaining power of suppliers in the industry. It then provides details on each of these factors for Landmark's specific situation.
Module 2- this module gives a brief overview on the ups and downs of business, how to overcome obstacles, and discusses the legalities that lay in place.
The document discusses considerations for opening a restaurant, including planning, organizing, leading, and controlling aspects. Some key points covered are developing a business plan, choosing a location and target market, creating a menu, obtaining funding, and understanding safety regulations. Market research, building a financial model, and determining necessary sales volumes to cover costs are also emphasized as important planning steps.
75 wordsCan you elaborate on the differences between casual and .docxevonnehoggarth79783
Chains have several advantages over independent restaurants including stronger marketing through branding, expertise in site selection, greater access to capital, purchasing power from centralized buying, and control over quality and consistency through centralized systems. Franchises combine some of the advantages of chains through branding and centralized support while also providing some independence to franchisees. Independent restaurants must focus on developing a unique market advantage to compete against larger chains and franchises.
Right Knowledge Ventures is a partnership firm established in 2013 that operates in the fast food industry, specifically selling pizzas and other snacks. The company aims to establish itself as a trusted brand known for quality, tasty food at affordable prices. It seeks to market primarily to kids and teenagers by establishing locations near colleges, schools, offices and residential areas. The company takes pride in using high-quality ingredients and focusing on customer satisfaction. It operates under a franchise model and provides training and support to franchisees.
Starting a restaurant is an ambitious undertaking. Many restaurants fail within a few years of opening because of poor planning. But don’t fear. Here at Bizimply we have over 20 years experience in the restaurant industry and have the ideal resource to lead you to success.
This document provides an overview and advice for restaurant owners on navigating the challenges of operating and growing a restaurant business. It discusses key challenges such as cash flow and seasonality, inventory management, finding new customers, payroll and hiring, and plans for expansion. Throughout the guide, restaurant owners share their experiences and lessons learned in dealing with these issues. They emphasize the importance of securing adequate cash reserves, implementing inventory systems, engaging the local community, developing a positive company culture, and focusing on consistent processes to set the foundation for sustainable long-term growth.
Retailers face three main challenges in 2014: implementing omni-channel strategies to provide a seamless customer experience across all channels, integrating disparate systems to enable this experience, and adapting to increased global competition. To address these, retailers need to invest in technology that integrates operations, sales, and marketing to personalize customer interactions based on their purchasing behaviors and adapt offerings quickly based on real-time sales data insights. Partnering with a company like Tectura that offers solutions like Microsoft Dynamics can help retailers meet these challenges by providing a single, integrated platform to manage all retail operations and enable the agility needed to succeed in today's environment.
1 Mission Statement A strong mission statement provid.docxdurantheseldine
1
Mission Statement
A strong mission statement “provides a shared sense of purpose, direction, and
opportunity”(Kotler, 1). Pets are family members and should be treated as such. Pooper
Scoopers’ services provide homes and communities a high level of care, creating a family feel
while protecting the environment to everyone’s benefit. Our services are provided to pet
owners and communities with care and consideration while commending our team members for
their professionalism, dedication, and performance for those we serve. Our goal is simple –
provide customers with value, providing the services they need to take good care of their pets,
yards, and homes when life does not allow them to do so. Pooper Scoopers’ future plans are to
grow within the local area, expanding outward to other communities while adding area
management services for community groups, HOAs, and businesses. At Pooper Scoopers, we
endeavor to create a clean, green environment beneficial to people and animals alike.
2
SWOT and Needs Analysis
In order to be successful, Pooper Scoopers needs to be aware of those factors that can
impact their business, both positively and negatively. By utilizing a SWOT analysis to examine
the strengths, weaknesses, opportunities, and threats that are most applicable to the business
performance, Pooper Scoopers can grow. Through examination of the internal elements that can
be controlled (strengths and weaknesses) and external elements that cannot be controlled
(opportunities and threats), Pooper Scoopers can better understand their operational environment.
Table 1 shows the Pooper Scoopers’ main SWOT elements.
Table 1
SWOT Analysis
Strengths
• Unique service plan for minimally
competitive environment
• Flexible services plan availability
including weekly, twice monthly and
monthly plans
• Expanded management plans and
services for communities, HOAs and
other businesses
Weaknesses
• Lack of local knowledge for
neighborhoods and residents
• New presence in service area requiring
expanded efforts to reach customer
base
• Possible lack of experienced personnel
in local environment requiring
importation of employees
Opportunities
• Limited competition in the area allows
for quicker growth in the initial phase
• Ability to quickly expand into
neighboring locales, communities and
businesses
• Ability to expand service types based
on the local communities and business
(such as golf courses or local parks)
Threats
• Increase in competition with local
small businesses and / or larger
national franchisees moving into area
• Transient population impacts possible
business growth
• Financial impacts due to higher
numbers of retirees and older residents
with limited financial resources
Note: Strengths, weaknesses, opportunities, and threats for the Pooper Scoopers Company.
Strengths
Companies often fail to objectively assess their strengths, neglecting to take advantage of
their value .
Class ISOL536-Security Architecture and Design Assignment We.docxmccormicknadine86
Class: ISOL536-Security Architecture and Design
Assignment: Week 3 Group Discussion 3
Length: Minimum of 400 words
Students will be required to create 1 new thread, and provide substantive comments on at least 3 threads created by other students. Make sure to explain and backup your responses with facts and examples. This assignment should be in APA format and have to include at least two references.
Since we know that this particular instance of the AppMaker implements a customer-facing store that processes financial transactions, how does that influence which threat agents may be interested in attacking it?
Primary Reference for Terms and Concepts
Marketing. (13th ed.) by Roger A. Kerin (Author), Steven W. Hartley (Author) New York: McGraw-Hill/Irwin. ISBN:9781259573545
Five Environmental Forces;
Social, Economic, Technological, Competitive, Regulatory
Four P’s of Marketing;
Price, Product, Place, Promotion
SWOT Analysis;
Strengths, Weaknesses, Opportunities, Threats
Brand Equity;
Resides in the minds of the consumers and results from what they have felt, seen, and heard about a brand overtime
Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. Marketing’s two primary goals are a) discovering the needs of prospective customers and b) satisfying them. Achieving these two goals also involves the four marketing mix factors largely controlled by the organization and the five environmental forces that are general outside its control. Marketing affects all individuals, all organizations, all industries and all countries.
Target Market - a particular group of consumers at which a product or service is aimed.
Points of difference in a product – superior characteristics that deliver unique benefits sufficient enough to motivate a change in consumption behavior.
Intangibility of services – services can’t be held, touched or seen before the purchase decision.
Types of pricing –
1. Prestige pricing – for consumers who perceive price as an indication of quality or prestige; price Different types of advertising –
a. Product advertising –
i. Comparative – shows one brand’s strengths relative to those of competitors; requires market research to back up legal support for claims.
ii. Competitive (or persuasive) – promotes a specific brand’s features and benefits in a effort to persuade the target market to select the target market to select a firm’s brand rather than a competitor
Running Head: DRAFT TOPIC PAPER 2 1
Draft Topic Paper 2
Principles of Marketing BUSB340
Elissa Cope
January 22, 2020
University of Redlands
BUSB485 SD12
Undergraduate Capstone Paper
Instructor Richard Doyle
DRAFT TOPIC PAPER 2 2
Principles of Marketing Topic Paper
In this paper, I will speak on Brigantine as a company and explain its marke ...
Closing a single underperforming restaurant requires careful communication to avoid damaging the overall brand. It is important to notify customers and staff of the closure, thank loyal customers, and direct customers to other locations. Closures can negatively impact perceptions of the brand and future investments, so clear explanations are needed to show it was a strategic decision. Proper planning is also needed to address labor obligations and avoid issues with leased properties.
This report is designed for restaurant owners and managers to help them improve their sales, efficiency and profitability. It contains insights on strategies, trends and ideas that will help you inject growth into your business. Report is designed by Blue Orb, a consulting firm based in Lagos-Nigeria. For more info, visit www.blueorbglobal.com. Enjoy and share!
Small businesses are fragile and require careful handling of customers. While small businesses have strategic advantages like faster decision making and more accessible owners, they also face threats from larger competitors. However, small businesses can compete through close community ties and personalized customer service. Service quality gaps can be reduced in small businesses through behavioral modifications like treating customers as humans rather than just customers, being receptive to complaints to improve standards, and educating employees on customer value and service delivery processes. Small business owners also need to understand employee needs and offer rewards to retain talent while using personal marketing strategies to engage customers online and through deals.
Similar to What to Consider When Scouting a New Restaurant Location [eGuide] (20)
Explore the key differences between silicone sponge rubber and foam rubber in this comprehensive presentation. Learn about their unique properties, manufacturing processes, and applications across various industries. Discover how each material performs in terms of temperature resistance, chemical resistance, and cost-effectiveness. Gain insights from real-world case studies and make informed decisions for your projects.
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Introduction
Whether you are looking for your first restaurant location or expanding with multiple units, the issues remain
the same. Choosing the right location is the most important business decision you will make.
The location you choose represents the single largest, long-term, fixed cost obligation of the business. Within
the operating spectrum of your new restaurant you can make many choices involving your variable costs.
Although once you’ve locked yourself into a location your choices become slim. You are betting everything on
this single decision. You are fixing a position in the universe through which you believe customers will find and
sustain your restaurant. It won’t move, unless you are planning on opening a food truck.
You will bind yourself legally to this facility and the costs related to operating it for years to come - very often
with trailing liability if things don’t work out. Your business revenue may go up and down – but your cost of
occupancy often remains fixed and your financial stability may be decided by your cost of occupancy.
In this data driven world, you can learn a great deal from demographic studies and census data, but the
winning restaurant operator understands fully this is a people business and you need to have real street
sense to maximize your choices.
The number of considerations involved in choosing your next restaurant location can be overwhelming.
To help you out, we’ve given you some simple guidelines to help you in this very complex process.
In this eGuide, I won’t discuss the primary requirement – money. That is a subject that requires its own
discussion. For this exercise, it will be assumed that you have identified a source of financing and that you are
working off a defined budget.
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What Comes First - the Concept or the Location
Restaurants involve both arts and science. Many of the decisions involving their creation and operations are
driven by emotion or an artistic sense of what will appeal to the public and drive the success of the venture.
Most people have an idea of what they want their restaurant to be long before they find a potential site.
Unfortunately for many of them, they are not willing or capable of making the changes that their market calls
for. It is far easier to be a good matchmaker than back peddling a year or two down the road to re-engineer
your concept. If you are totally set on a specific concept / menu, make sure you do your market research and
ground work thoroughly before committing to a location.
Your concept / menu and brand are your business drivers. If people are attracted to what you are offering in
food, service, ambience etc., your concept / menu should be strong enough to consistently attract patrons to
fill your seats. It is your restaurant's soul. If it doesn’t fit the market you are considering – move on.
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Who is Your Customer?
Even before the location, many restaurateurs have a good idea regarding the type of restaurant they wish to
open. Rarely does it evolve the other way. Occasionally a more seasoned operator might find that one out-
standing spot and create the right style of restaurant to fit that particular location.
In any case, before you do anything you need to answer the following questions:
• Who is your primary target audience?
• Who is your customer?
• What is their price point?
Having definitive answers to these three questions is the key to the success of your new location.
Is it a young tech professional market? Hipster urbanites into eclectic funky places? Young families with
mortgages seeking places that they can bring their kids? High income executives seeking more upscale
environments? Baby boomers downsizing in a golf community? Whatever the market is – establish a clear
vision of who you are trying to attract and serve. They may not be your entire customer base, but this will be
the primary driver of sales.
Who Lives and Works Here?
With the vision of your primary target audience upfront in your mind, you can begin the search. An old
restaurant site search standard states - “85% of your patrons will come from no more than 3 to 5 miles from
their bedpost”. People will eat out more in close proximity to where they live and work.
When people are in transit, opportunity and accessibility will drive dining decisions as evidenced by diners
and other quick serve restaurants popping up along major thoroughfares and highways. It is more about pass
by traffic than it is about who lives there.
Decide What is Most Important to You
Did you stumble across what you believe to be a killer location without consideration for the target market
or specific restaurant concept? Are you married to a single concept / menu that fits your skill set? Is it more
important to be located in the new hot neighborhood or are you seeking population density or a certain
income demographic profile? Is your budget the biggest consideration?
Make sure you get your priorities clear, because once on the hunt, emotions often take control of reason and
many buyers find a thousand reasons to justify a really bad decision.
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What Type of Location Best Fits Your Vision
Types of locations – advantages and disadvantages:
1. Urban Commercial / “Downtown” – Primarily commercial neighborhoods. Usually in a major metropolitan
area surrounded by offices with little or no residential zoning.
Advantages – strong demand generators such as offices and retail. Potentially good lunch and
early dinner business. Could be a great Monday through Friday business. Depending on the city,
you might even get more favorable rents.
Disadvantages – less local traffic because of light residential component. Serious drops in
traditional dinner business and on weekends, vacation periods, holidays etc.
2. Urban Mixed Use / “Uptown” – Greater residential component. Mixed residential, commercial and
sometimes offices. Smaller businesses and local shops may be the only demand generators.
Advantages – stronger dinner business and late night business with ability to build regular
clientele. Also a high concentration of urban apartment dwellers.
Disadvantages – less commercial / corporate office traffic. Lunch can be extremely tough in
these areas.
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3. Central Business District (CBD) / Retail Corridor – most often in a suburban setting. This is where
everyone in town comes to shop and recreate. Think of this area as the “Town Center”.
Advantages – A Central Business District often has strong local traffic, and the area is filled with
demand generators. Also a true destination for residents of surrounding real estate. It’s usually a
center for retail, entertainment and other restaurants. This clusters of restaurants provide shared
exposure to market and offer diners variety and increased frequency in the area.
Disadvantages – Traditional retail is experiencing heavy challenges with decreasing traffic and
competition for internet retailers. Heavy restaurant competition might not be advantageous if too
many similar concepts compete for limited dollars. These locations are subject to community
business fluxes such as school vacations, holidays, bad weather etc. Lunches will very often be soft
and the vast majority of sales will be derived on weekends. Also, very often the cost of real estate
may be artificially high due to limited availability of space and restrictive zoning.
4. Regional Mall – Most often a recognized stand-alone - a broad market region that attracts customers from
a wide radius and offers heavy variety of retail, entertainment and restaurant options.
Advantages – Originally these locations offered high foot traffic and concentration of customers
seeking to spend considerable time at the location. The traditional retail environment is changing
and compressing and they no longer attract the same traffic as in years past. Today the primary
drivers of traffic to regional malls are very often the restaurants and entertainment venues like
movie theaters. Clusters of restaurants provide shared exposure to market and offer diners variety
and increased frequency in the area. Competition is usually restricted (ie. Only one Italian restaurant
or steakhouse permitted).
Disadvantages – Regional malls have dying traditional retail traffic. Also, the high cost for rent,
common area charges and build out continue despite recent developments in retail contraction.
Independent restaurants are forced to compete against well-financed national chains. These
locations are subject to community business fluxes such as school vacations, holidays and bad
weather. Typically the majority of sales will be derived on weekends, and operators are subject
to strict mall operating rules governing hours of operation etc.
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5. Big Box Retail / Freestanding Pads – Big draw retailers and discount houses like Costco and Walmart
that attract regional car traffic but very little foot traffic. Freestanding pads in front of these locations
are primarily the domain of national restaurant chains and high volume independent regional chains /
operators.
Advantages – Freestanding pads leave a big foot print with high exposure to highways and vehicle
traffic. Big boxes are also demand generators that give visual exposure to a restaurant. A cluster of
restaurants on pads offers greater traction, and true destination for residents of surrounding real
estate. Also, Competition is usually restricted, which clears the area for plenty of parking
Disadvantages – This type of real-estate often has a high cost for build out, rent and common area
charges. Deals for pad sites are typically for land leases requiring the operator to pay for the build
out of the facility. Many landlords have eliminated or reduced their contribution to tenant
improvements, even for highly qualified operators. If the developer / owner of the complex agrees
to pay for build out with cost recovered through future rent payments, escalations can crush the
long-term viability of the restaurant. High demand for these locations from well organized national
chains and franchises also make it difficult for some independents to compete.
6. Strip Center Retail – These smaller clusters of retail stores, restaurants and service providers like banks,
supermarkets and Post Offices are built in line to address the needs of local communities.
Advantages – If tenant mix is good it draws people to the location for multiple reasons. It offers
higher visibility as a destination for residents of surrounding area, and competition is usually
restricted. Parking is usually positive and rents remain generally competitive.
Disadvantages – Most favorable location in many strip centers are the “end caps” otherwise visibility
and logistics might be compromised. Tenant mix is vital to generating foot traffic, and a poor mix
results in negative perception of center with negative spillover on the restaurant. Also, the parking
may be at a premium with restaurant competing with other businesses for parking spaces.
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7. Non Traditional Outlets / “Hermit Crabs” – these are anything from concession stands in food courts to
snack shops in gas stations, to rest stop eateries on highways, to corporate dining rooms, or lunch rooms
in office complexes.
Advantages – These non traditional outlets have a captive audience, limited hours of operation
and often little or no rent as an amenity to the building. The facilities are also often managed and
maintained by the sponsor / landlord.
Disadvantages – Little outside exposure to customers except in the case of rest stops etc. Limited
hours compress your flexibility to build additional day parts for business.
8. Seasonal Operations – these can be anything from restaurants that operate at ski or waterside resorts
with outside dining. These restaurants can experience radical business fluxes and are totally dependent
on seasonality.
Advantages – High traffic in season, and the local demand generators build solid market base. An
operator can yield a great return for the year within a few months of operation.
Disadvantages – Limited prime trade time presents considerable risk particularly if area is weather
dependent i.e. if there is no snow at a ski resort one winter, or it rains every weekend at an ocean
side resort town in summer. Operators very often must pay rent all year even if they are only
operating for a few months. Also, building a new staff every year is difficult and expensive.
9. Specialty /Ambience Driven / Charm Locations – unique restaurants that offer ambience as a primary
motivation for customers. Quaint country inns, roof top restaurants with dramatic views, restaurants on
cruise boats etc.
Advantages – Traffic is driven by the location / atmosphere making execution important. They are
very often the special occasion restaurant of choice, and hold high recognition as supported by the
unique character of the restaurant.
Disadvantages – Usually not the“everyday”restaurant, therefore has limited market. They are more
often a special occasion or recreational restaurant. The physical character of the restaurant may
also not be strong enough to sustain interest of customers. The restaurant might be out of the way
as well, and if it isn’t supported by additional demand generators, it may not be viable.
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Get On the Ground
It is imperative that you realize that you can never have too much information on a prospective location.
When narrowing in on a potential site you should strive to know everything there is to know about the people,
places, businesses, competitors and economic conditions within a 5 mile radius of the target location.
The process, called “due diligence”, means that you must diligently investigate and verify all the information
due to the importance of the decisions.
13 key factors to consider:
1. What is the demographic profile of the area with respect to population, median income, household
income, unemployment rate, crime rate, average house sales and prices? In some cases you can
determine dining patterns for an area with the help of credit card providers.
2. Does the neighborhood / region / market suit your primary target market and physical needs?
3. Are there demand generators in area that will feed your business?
4. What are the potential meal periods – lunch, dinner, breakfast / brunch, take out or delivery? Be realistic.
5. Is this a favorable lease?
6. What is the physical condition of the property, furnishings, fixtures and equipment?
7. What is the volume of traffic and where is it coming from? Is it with you or against you in executing your plan?
8. How is the access to the restaurant? Can you turn into it from both sides of road, etc.? Is it accessible by
foot? Is that important to you?
9. What is the parking situation? How many spots are dedicated to the restaurant? Compare this to seating
and the potential number of employees. Is this a factor in your possible success?
10. Are there any potential obstacles from regulatory agencies such as Planning Zoning Board or
environmental protection agencies?
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11. Does this location involve the purchase of real estate?
12. Are there any deficiencies in the property? Such as defective septic, bad roof, vermin, etc.?
13. If you are buying an existing restaurant.
»» What were the restaurants sales for the last three years (demonstrated by tax returns)?
»» How long has the restaurant been in business?
»» Why is the restaurant currently being sold?
»» Is the business being sold or the assets, such as the lease and equipment, being sold?
»» Is the restaurant in financial trouble right now? Late taxes? Behind with vendors? Late on rent?
»» What is the current owner’s relationship with the Landlord and is the lease assignable?
»» If you are interested in selling alcohol – is the liquor license obtainable, transferrable? Is it or the location
compromised? Are there any community or regulatory impediments to obtaining a license?
»» What is the asking price for the business? Flexible or firm?
»» Is the seller willing to hold paper (a seller’s loan)?
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The Next Hurdle: Verification
BUYER BEWARE! Before you agree to anything or express further interest you need to verify all of the
information that you were provided.
Some of the things to look for:
• Review the Lease
• Is the seller current with his rent? Speak to landlord – don’t take sellers word for it.
• Are there any liens, UCC-1s, judgments, claims against the business or assets that might encumber the sale?
• Verify the sales claims – do they match the tax returns?
• Do the state / local sales tax returns match the Federal Income tax returns?
• Is the seller delinquent in making tax payments?
• Do the credit card sales seem disproportionate to the claimed sales?
• Do the variable / controllable costs reported on the tax returnsreflect the claimed sales? Cost of Goods
(food and beverage), payroll and rent costs.
• Did you check with the town and regulatory agencies to see if everything complies with your knowledge of
the property?
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Use of a Broker
In order to expedite the process you may elect to engage the services of a qualified broker to help you find
the ideal location. My recommendation is to use a Restaurant Broker that is also licensed as a Commercial
Real Estate Salesperson. DO NOT use a traditional residential or general practice realtor. The nuances of
site selection, commercial real estate law, local and state regulatory issues etc., are far too specialized for
general realtors. You need an expert.
If the Restaurant Broker is really tuned in, they know the market, demographics, economics and opportunities
and will be able to deliver numerous listings in a broad geography. There is no rule saying that you need to
work with one broker except if you sign them as your Buyer’s Broker which means they work for you. They
may however try to sign you to an exclusivity agreement requiring that you only work with them as your
representative. The choice is yours. As with any relationship there are pros and cons.
Conflict of Interest - The Broker you are working with may also be the “listing broker” for many of the locations
being introduced to you. Because of this, a possible conflict of interest might exist.
The old adage that you cannot serve two masters illustrates
that this broker can’t protect the interests of both the buyer
and seller. The Listing Broker has a responsibility to the
Seller to get the best deal possible and that may be working
directly against the Buyer. To address this issue you may
require the signing of a “Dual Agency” disclosure agreement
permitting the broker to work with both parties in the capacity
of mediator. If you are not satisfied knowing that the Brokers
fiduciary responsibility lies with the seller, you are on your own,
or you can retain a Buyer’s Broker to work on your behalf.
Most buyers that are serious use more than one broker. If you do use more than one
broker, make sure that you notify each broker if they happen to present the same
listing. The broker who showed it to you first is considered the “procuring cause”. In
many jurisdictions they must physically bring you to the location in order to achieve
this designation. If not careful because you might find yourself in the middle of a nasty
commission dispute or worse – a lawsuit.
“There is no rule saying
that you need to work
with one broker except
if you sign them as
your Buyer’s Broker
which means they
work for you.”
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Guerilla Tactics - Be Your Own Broker
One of my favorite methods of finding out if a restaurant is for sale, is to play detective, then make a confiden-
tial approach to the owner.
I have purchased restaurants that I had admired, merely by watching business levels and keeping my ear to
the ground. I dine out and speak to servers and bartenders as a fellow restaurant guy, always asking how
business has been. However, NEVER ask if the place is for sale or even mention you are interested in buying it
as it spooks the staff and you will alienate the owners.
If you are really connected you can sometimes find out through vendors if a certain restaurant is struggling and
behind on payments. Always a leading indicator that a deal may be possible. All is fair in love and business!
Hedge Your Bet
Since deals are fluid, and you never know what the outcome will be, it’s recommended to try and put together
more than one deal at a time, since you may find insurmountable issues on one and you’ve kept your options
open. You are not obligated to anyone until you place a binder with a signed offer. Even then, if done right,
you can walk away from a deal with your deposit and no penalty… keep reading, I’ll tell you how to do it.
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Before Committing to a Site
1. Do a comprehensive Projection / Pro Form
This will reflect REALISTIC, Best Case, Worst Case and Most Likely numbers that is specifically designed
for this location. Make sure that it reflects all occupancy costs and any direct operating costs that might
be specific to this location. If you can’t sustain operations for an extended period of time under your Worst
Case scenario – negotiate further or move on.
2. Consider hiring an “underwriter”or consultant
You should consider hiring an “underwriter” or consultant to do a comprehensive background check on the
business in question. Have them look for encumbrances like liens or judgments that could pose problems.
3. Visit the town hall
Make a visit to town hall or call regulatory agencies to determine if there are any issues that might arise.
4. Leave yourself an out
When presenting an offer or letter of intent to a seller, landlord or developer – leave yourself an out in the
form of a financing contingency or other provisions requiring your final acceptance or approval.
5. Prepare for personal financial scrutiny
Be prepared for personal financial scrutiny. A seller, landlord or real estate developer will want to know
that you have the financial ability to execute your plan and sustain the business.
15. About the author
David Sederholt
Serial entrepreneur, David Sederholt, has conceptualized,
launched and built numerous companies in a variety of sectors
over the past 40 years, including the restaurant industry. Newly
retired Chief Operating Officer at Strategic Funding, he graduated
from Pace University with a BS in biology and began working in
Biomedical research. Despite his work in the medical field, he
always felt a strong pull towards entrepreneurship.
His first entrepreneurial adventure began with a restaurant in
New York City, which he opened while working in the laboratory
during the day. Learning the lesson of scalability, he ultimately
owned and operated over a dozen restaurants, including the Rattlesnake Southwestern Grills, which he
founded and took public on the NASDAQ markets. David also founded and built numerous ventures in the
financial and real estate industries. As a true entrepreneur, he hardly rests as evidenced by the implementation
plan for his newest venture, an ecommerce platform to disrupt the traditional business consulting model,
targeting independent restaurants and Main Street small businesses.
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