Venture Concept No. 2

The opportunity I found in our community is an opportunity for restaurants close to the college campus. Students need restaurants that are within walking distance of campus, because moving cars can almost always be a hassle. I think there have always been opportunities to open restaurants near campus, which is why all of the midtown/downtown restaurants do so well. Students are currently satisfying the need for close food by making use of the restaurants that are already near campus. I do not believe the window of opportunity will ever close because food is a necessity, and close proximity is a great benefit.

I believe that a brunch restaurant would work extremely well in midtown. A lot of college students already go to brunch on the weekends, even the weekdays. Students go to places like The Flying Biscuit or Peach Valley. Each of these places require a vehicle, as they are not a close walk from campus. I genuinely think a brunch restaurant within walking distance of campus would sell itself, especially if prices are fairly reasonable ($8-$14 a plate).

My venture concept is a brunch restaurant called Bacon and Biscuits, a relaxing, fun environment located in Midtown. This will be a place for students (or anyone) to take an hour or two to hang with friends and forget about all the stress of University life. I think that students will choose this restaurant over competitors because students will have the ability to walk from class or home. Competitors are The Flying Biscuit and Peach Valley, I think their weaknesses have to do with proximity and wait times. I have the advantages of lower price points, proximity, and a relaxing environment. Also, hopefully now that there are a few brunch spots to choose from, the lines will be shorter as customers disperse between each. I think the amount of employees I have would depend on the success of the venture to begin with, I would start with a few employees and then add as the customer base increases. I would need chefs, waiters and waitresses, hosts and hostesses, and finance people.

My most important resource will be my knowledge of finance (it is my major) and my culinary background (4 years of classes). With the combination of these, I will better understand multiple aspects of running a successful restaurant. I don’t think it is necessarily hard to copy this, but it will still be an important advantage for me.

I think the next thing I would want to do is add a line of dry ingredients in local grocery stores. I would have things like Bacon and Biscuits Biscuit Mix and Bacon and Biscuits Fritter Mix, etc. I think branching out to grocery stores will really get my brand name out there. For existing customers, buying these mixes will be reminders of the actual store and increase brand loyalty. For new customers, maybe the mixes will entice them to come into the restaurant!

In five years I would love to have many Bacon and Biscuits locations throughout Gainesville, maybe even throughout Florida. Eventually I would love to have many stores throughout the south, just fun relaxing places for families and friends to enjoy time together. This original venture will help me achieve this future vision by helping me get my foot in the door in terms of the restaurant market. Hopefully I will create store and brand loyalty with this original venture.

The feedback I received from my original Venture Concept was all positive, so I do not have much to say I changed. Most of the feedback discussed how great it was that this restaurant would be so close to campus. So, I suppose if I changed anything, I added a lot more about proximity.