Executive Summary
Jack Rabbit Slim's Restaurant is a 1950s themed restaurant with a 20 seat lounge and bar. Its specialty is fine American cuisines accompanied by a travel back in time to the 1950s pop culture. The restraint will be located in the entertainment city of the world Las Vegas in the main street. Las Vegas has and is expected to grow in terms of tourism, entertainment, and fine-dining industry. Las Vegas is also home to several themed restaurants, but lacks a thrill of back in the good old days. Jack Rabbit Slim's Restaurant is designed with the famous elements of the 1950s. It will feature paintings and lookalikes of popular stars of the 1950s. Classic automobiles will be designed as booths for dining and relaxation. The restraint will be opened seven days a week and on every public holiday. Our main customers include professionals, students, tourists, and happy couples aged between 18 and 60 years. Sales are expected to come from the restraint basic sales, bar sales, and events. Our marketing strategy is based on an online campaign to brand Jack Rabbit Slim's Restaurant with our signature slogan “The Next Big Thing is a Time Machine”. The restaurant anticipates collecting annual sales totaling to approximately $60,000 and a net profit of $1,000,000 yearly. The startup budget will be facilitated through a bank loan of approximately $385,000.
Mission
Jack Rabbit Slim's Restaurant is a thrilling place to eat and enjoy a drink with a unique atmosphere that takes one back to the 1950s. The mission is not only great tasting food, but exceptional and excellent service with a real sensation that guarantees a travel back in time. Jack Rabbit will add value and taste to dining and the entertainment experience by combining a themed concept, ambience, great food, and friendly staff. Above all, the restraint will ensure there is value for the consumer, employees, and the stake holders.
Objectives
Jack Rabbit Slim's Restaurant objectives for the first year in operation include:
- Increasing customer base by 20% on a monthly basis.
- Expand marketing and advertising to other cities.
- Keep food prices below 30% revenue.
- Maintain exceptional food and service.
- Achieve 12% profit on investment.
Company Summary
Jack Rabbit Slim's Restaurant will feature an outstanding 1950s themed concept that takes first priority to influence the food, menu, music, architecture, and the overall sensation of the restaurant. It will feature on casual banqueting, with mainstream American cuisines such as pasta, shrimp, chicken, salads, beverages, and mainstream dishes of the 1950s (Lynn, 2009). The restraint also features a bar area that only serves alcoholic drinks to adults. It will open seven days a week and on every holiday. Basic menus will be available always except for signature dishes, which will be prepared after ordering.
The interior design will feature paintings inspired by the popular culture of 1950s. It will feature paintings of great stars of the 1950s such as Mamie Van Doren, Marilyn Monroe, and James Dean. Walls will have natural stone finishes to create a cozy and upscale atmosphere. There will be booths molded out of classic cars. Moreover, there will be slot car race tracks to keep our guests entertained. A dance floor will be designed in the middle of the restaurant with a time to time band of the greatest classic music of the 1950s. The comfortable neon light classically themed bar will feature a diverse wine list and numerous favorite drinks and beverages. Waiters will be dressed as the 1950s star look alike. Every weekend will feature an entertaining night with classical musical performances from a live band and a unique dance for one couple every night.
Pricing and Profitability
Our pieces are set to be competitive like other themed restaurants in the area. However, Jack Rabbit Slim’s will offer a perception of higher value to customers with its classical 1950s theme design. Additionally, we intend to increase the customer’s value in the food, entertainment, and service.
Market Analysis
Jack Rabbit Slim's Restaurant focuses on young couples thrilled by the 1990s pop culture and older adults seeking a great feeling of the classical times. It will target people looking to enjoy their food or drinks in a themed restaurant. The restaurant will be located in the great city of Las Vegas so as to thrill the many tourists. Las Vegas is a mecca of entertainment and tourists and has many themed restaurants from NASCAR to Star Trek. The city of Las Vegas is a globally renowned resort city known for fine dining, entertainment, gambling and shopping. Jack Rabbit will add to the rich diversity of themed restaurants. The city has over 500,000 residents, 200,000 homes, and 100,000 families. Demographics indicate that teens between the ages of 18 to 24 make up 34% of the population followed by 25 to 44 years occupying 21% of the population. The median income for a family is an estimated $58,000 while that of a home is $53,000. Key economic drivers include gaming, tourism, and conventions that support the restaurant and retail industries. Las Vegas is an already established market that lacks a 1950s themed restaurant.
Market Segmentation
Jack Rabbit Slim's Restaurant intends to accommodate diverse people. It expects to satisfy every customer through the best food, service, and entertainment in a thrilling cozy atmosphere. Our first target segment of consumers is tourists. The city of Las Vegas attracts numerous tourists of the rich diversity in culture, ethnicity, gender, and most of all their preferences in terms of entertainment. Jack Rabbit will be a haven for those looking to enjoy a meal, drink or entertainment in a classic themed environment. Another target customer is happy couples. Couples can enjoy the exhilarating, sophisticated environment. Again, business men and professionals seeking a relaxing and inspiring spot to cool their minds. The target market segmentation are people aged between 20 to 60 years with an annual income of approximately $30,000. They are a combination of local residents, local tourists, students, and international tourists.
Strategy and Implementation
Our strategy is simply, introducing a fresh and unique spot for enjoying interesting and quality foods in an environment that takes one back to the good old days. We will focus on ensuring that the time spent in the restaurant is worth it by providing high quality service with an outstanding feeling of the 1950s, and the best food and wine available in the markets. The main focus is building a unique and powerful brand and identity that will give the customer and the business value. The marketing strategy is ensuring the restaurant is known, and has strong brand recognition in Las Vegas and eventually the surrounding states. Jack Rabbits intends to be the main attraction in Las Vegas by providing a distinctively inspired atmosphere backed by good tasting food and excellent service and entertainment.
Competitive Edge
Our main competitive edge is our theme of the 1950s. The wall will have paintings and pictures of famous stars of the 1950s. The lights will be designed to reflect old lights providing a full package of that takes any visitor back to the 1990s. The stars are not only from America, but all around the world. All employees will be required to know more than one language to ensure efficiency in serving all manner of clients. It will also feature the unique use of classic car fashioned as eating and relaxing booths. Go carts will revive the racing legends and thrill of the classic moments in the 20th century. To spice up our classic good old feeling, the wine list will include some of the oldest wine collections from around the world.
Main Competitors
Then main competitors are three famous themed restaurants in Las Vegas. Planet Hollywood tops the list as one of the major restaurants that has a concept based on a Hollywood concept (McKenzie, n.d). It attracts most celebrities visiting Las Vegas, and we intended to intrigue such celebrities for a uniquely exciting experience of the 1990s. The second competitor is Hard Rock Café, which is the oldest themed restaurant in Las Vegas and appeals for most rock music lovers of all generations (McKenzie, n.d). We intend to highlight or use celebrities in all musical genres to attract a diverse group of customers. To compete with the café, Jack Rabbit will also collect some of the best classic cars from the 19950s to be used as booths. The third competitor is the Harry Davidson Café, which is designed to appeal to bike lovers (McKenzie, n.d). Jack Rabbit will confidently focus on the 1950s theme design and in making it feel real and delightful for all our customers.
Marketing Strategy
With most of our target customers being below 35 years, we intend to use the internet as our key marketing strategy. The restaurant will first launch a website that must feature the main slogan “The Next Big Thing is a Time Machine”. This gives the viewers an inquisitive perception that will definitely be an eye catcher, and branding strategy. Secondly, social media marketing will also be to access the over 1 billion users daily on the internet. For brand recognition, the restaurant will be featured in major tourism, travel, entertainment, and restaurant blogs such as Trip Advisor, Travel Guides, and everything everywhere. Additionally, YouTube will also be used to post creative and amazing videos and reviews of the restraint. The online marketing strategy is very cheap, efficient, and effective than traditional advertising or marketing methods. Lastly, the restaurant will also be hosting events such as music concerts, parties, go cart racing challenges and most of all paying tributes to the stars of the 1950s. The restraint will be launched in a grand opening ceremony in an open place that will feature a 1950s theme.
Financial Plan
We expect a gross sales figure of approximately $68,186. Profits are also expected to grow at a 20% rate for the first two years. These forecasts are based on the assumptions that the economy will experience a slow-growth without a main recession. Another assumption is that financing and investments will be adequate to fulfill and maintain the financial plan. Additionally, if the restraint fails to achieve the forecasts, there will be no need for support as it is catered for in the financial plan.
References
Lindsay, (2011). Jack Rabbit Slim’s Restaurant from “Pulp Fiction”. Retrieved from http://www.iamnotastalker.com/2011/03/10/jack-rabbit-slims-restaurant-from-pulp-fiction/
Lynn, J., (2009). Start Your Own Restaurant Business and More: Pizzeria, Coffeehouse, Deli, Bakery, Catering Business. Irvine: Entrepreneur Press.
McKenzie, K., (n.d). Restaurants: Themed Restaurants. Retrieved from http://www.vegas.com/restaurant/themedrestaurants.html
