Evaluating the potential of a business is crucial before either starting up a business from scratch or purchasing an already existing one. This evaluation gauges as to whether the business will work in your hands. In our case, our investigation on Seanettie’s success should be thorough in identifying benefits and risks of the venture. It is important to review both ends to be able to make an informed decision at the end and create better chances of success with the venture. We can consider factors like market factors, competitive advantage and economics, in evaluating opportunities for yields and returns for Seanettie’s. Also, a good fit only works effectively if both parties are compatible. In this case, if an effective match is met, then the venture will get to move seamlessly.
I. Market Factors.
At Seanettie’s bar and grill, we take pride in making our customers feel right at home with our welcoming environment and friendly staff. Some of the criteria we are using in identifying opportunities in the market include:
Food turns more customers your way or more away from you. The food we provide is of the greatest quality of the bar and grill industry. Through serving clean, delicious and hot meals, we look to develop relationships with our customers, building trust and loyalty among them knowing that they will always prefer our services. We take pride in our food quality, which is a great opportunity for us to focus on.
Happy Hour Strategy
Being a bar and grill business, it can be a great opportunity to offer services at discounts or snackables to the customers who enjoy drinks in their leisure time. This lures customers to spend more, as discounts are available. A certain survey showed that 77 percent of adults surveyed said they’d actually visit a restaurant even during off-peak seasons due to discounted prices.
II. Competitive Advantage
The bar and grill market is a competitive market. It is important to do an analysis of the competitors in the field and the demographics of the business. It is up to the entrepreneur to see and act upon ideas that may give his/her business an edge in the market. Some include:
A visible location to situate the business
A bar and grills is a set up for relaxing and retreating to after a long day. This in mind, the location should be luring and visible. Setting it up in a convenient place with access yet quiet and calm can be an advantage to the business. If it is visible from a far customers will be eager to visit Seanettie’s.
Find an area with few competitors
This can be a master plan in recognizing opportunity where there is one. The main essence of an entrepreneur is supplying what the market needs. By sourcing a location where there are limited bar and grill businesses but the demand is high, Seanettie’s can benefit in terms of sales to their newly found customers.
Identifying strengths of competitors
In such a competitive market, it is wise to always be on the lookout of competitors and what potential moves they make that might cause the business customers from pricing, marketing, customer care, discounting, food quality and the like. By identifying these, Seanettie’s can be able to move in the direction that best fits and equates to more sales and better-satisfied customers as compared to their competitors.
Analyzing the business’s strength and weaknesses
By constantly examining our strong holds and weaknesses and constantly working on them, we can be able to get an edge by providing more of what we are good at and less of what we are weak at while looking to solve the weaknesses. This is a constant work in progress in such an industry. Every day new products hit the market. To maintain a competitive advantage, consistency is required.
The bar and grill business calls for using scarce resources to satisfy customers’ desires on a daily basis. This means diversifying and looking for means and ways to tackle and lure more customers to the establishment. Economics of the business always affect its levels of success.
Seanettie’s may benefit by having different menus during different seasons. What customers will go for during the winter season will not be the same thing they go for during the summer season. This calls for diversification and seeing an opportunity where the restaurant can increase its sales while building customer ties.
Very few industries have intense competition as the restaurant industry. Seanettie’s will never miss competition from different competitors. It is therefore prudent to note the areas, which are strong and work on them, raise their awareness e.g., how great the barbecue is at Seanettie’s and introduce discounts to customers. This gives the business an edge in the market.
Paying attention to the customers
This can be a great source of great opportunity to increase the business and sales. It is wise to listen to what the customers say about the restaurant’s services. This shows the exact direction of the business. If the customers are not quite satisfied with the services, immediate action should be taken to alter that. With the same intensity, if customers appreciate the services, then the actions being taken should be encouraged.
Regarding management, is there a good fit between the entrepreneur and the opportunity?
Identifying opportunity involves skills of technical nature like market research and financial analysis. It also involves creativity, team building, management, leadership and problem solving. The process is quite diverse and not only includes the mechanics but the feel as well. In this case, there is a good fit between the entrepreneur and the opportunity simply because the actions the entrepreneur plans on taking may have significantly great outcomes for the business. The entrepreneur has the whole picture in mind on how all the aspects of the business come together. As the business grows, the management team becomes the backbone of the business. With the developed management that has background on decision-making, promptness to action and ability to work under fluid conditions, the fit is good between the entrepreneur and the opportunity.