What areas are we failing to capture available revenues

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Reference no: EM131058938

Narrative

Project team number three has chosen to research the viability of the Iron Horse Pub expanding their business in two phases. Phase One focuses on the bolstering of their current pub into a fully operational restaurant. Phase two explores the potential of starting Iron Horse Restaurants in other cities based off the prototype here in Ellensburg, WA. Currently, Team Three is in the process of beginning research on Phase One of our business expansion proposal.

Problem Statement:

As a brewery we are failing to attract the "restaurant-goers" customer by only focusing on beer leaving revenue streams untapped.

Purpose Statement:

The purpose of this report is to explore the short and long run viability of expanding into the restaurant industry. This two fold expansion seeks to explore new revenue streams for the existing establishment that utilize a restaurant model and in the long run seek to launch additional restaurants in other geographical locations based off the local prototype.

Research Questions:

1. How many of our loyal & general customers would approve of our change? (PRIMARY)

Simmons, J., Alothman, A., & Brewer, C. (2016, May 12). Iron Horse Expansion Survey [Potential clientele survey]. CWU, Ellensburg, WA.

2. What are the startup costs associated with starting a full time restaurant? (SECONDARY)

Industry Survey: How Much Does it Cost to Open a Restaurant? (2010). Retrieved May 12, 2016, from https://www.restaurantowner.com/public/How-Much-Does-it-Cost-to-Open-a-Restaurant.cfm

3. What does the restaurant market look like right now in our current economy? I.E: Should we wait longer before jumping in? Should we get it in sooner? (SECONDARY)

PARPAL, M. (2015, July 15). Scheduling Your Restaurant's Opening Day | FSW. Retrieved May 12, 2016, from https://www.foodservicewarehouse.com/blog/scheduling-restaurants-opening-day/

4. In what areas are we failing to capture available revenues? (PRIMARY)

Simmons, J., Alothman, A., & Brewer, C. (2016, May 12). Iron Horse Expansion Study [Research focused on the aspects of Iron Horse Brewery that are not capturing accessible streams of revenue]. CWU, Ellensburg, WA.

5. What can we alter/add to our business to attract more customers? (SECONDARY)

Fergison, L. (2015). 18 Affordable Marketing Tactics Restaurants Can Use to Bring in More Customers - Bplans Blog. Retrieved May 12, 2016, from https://articles.bplans.com/18-affordable-marketing-tactics-restaurants-can-use-to-bring-in-more-customers/

6. With alterations to our establishment, how much can we increase revenue? (PRIMARY)

Simmons, J., Alothman, A., & Brewer, C. (2016, May 12). Iron Horse Expansion Study [Sales Projection Data]. CWU, Ellensburg, WA.

7. Based off these augmentations, what are revenues projected for the next five years and will they allow for expansion? (PRIMARY)

Simmons, J., Alothman, A., & Brewer, C. (2016, May 12). Iron Horse Expansion Study [Revenue growth projection data]. CWU, Ellensburg, WA.

Reference no: EM131058938

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