bar industry, alcohol, South County Rhode Island, college, business plan
The Evening Entertainment/Bar Industry in Narragansett is one that is flourishing and has been so for many years. As a college town Narragansett provides students and locals alike with opportunities to spend an evening on the town and enjoy the company of their peers. As a means of service there are a multitude of successful bars in South County that provide customers with just such experiences. The goal of every business venture is to create a positive revenue stream and to maintain this success over the lifetime of the business. In order to do this successfully a business must create a unique appeal to its target market and maintain a balanced relationship between repeat and first time customers. It has become my mission to create just that, a bar that offers a unique entertaining atmosphere that will appeal to a vast demographic that promotes the intermingling of various age groups ranging from 21 to 55. I plan to do so by creating a unique meld of bar genres. A two-story bar in Narragansett that offers the excitement and fast-paced entertainment of a nightclub and the laidback and mature atmosphere of a jazz bar will help me reach my goal. No business can be successful without a thorough and extensive business plan/model. The purpose of my project is to create a business plan that will provide me with the infrastructure to build off of when opening my bar in Narragansett. Within this business plan I will examine a number of key aspects that will provide me with the information necessary to complete a transition into the Evening Entertainment/Bar market. This business plan will include my mission, the keys to success, a market analysis summary, a competitive analysis, a strategy and implementation summary, and a partial financial plan. I will analyze the success of local bars such as Casey’s, Bon View, and Charlie O’s and determine how to draw from their success. Integrating each of these elements is essential to defining a business and by doing so I will be fully prepared to penetrate the market.