The industry you are in
We are planning to go into the food industry. Our bar will serve drinks and food from a small bar menu. The service industry is a hard, demanding and risky business but a person can have great success in it. It has been around for a long time dating back to the early centuries. The industry had a fall when alcohol became illegal, making the industries popularity and profit dropping. Currently in this economy most restaurants are down 10% in revenue. But new, innovative affordable restaurants are becoming increasingly more popular. The future of the industry is bright. People always like to go out and enjoy themselves, and it is not suspected to change anytime soon.
Background of your company
A partnership joined between two friends who wanted to venture into the business world. We chose to do a partnership/dual-ownership for the company and then hope to franchise it. We chose this because then we are both responsible and we feel like in the service industry it is the best option. We both also have different skills that we are good at, and combining those skills would make a knockout team. We want to provide people with the service of a fun bar/ restaurant that they can go to and be able to enjoy themselves.
We chose self-employment because we want to be able to make decisions that we want to make and not be heavily forced by anyone. We also feel like this is the way were we can make the most profit. There is also nothing really like what we are trying to do, and to some it might be considered a risky idea, making it the best choice for us to venture into it ourselves.
Description of your product or service
We are planning to build and interactive bar with cheap drinks and cheap food. The drinks will be innovative, trendy and good. The food will be on a small bar menu with a new twist on traditional bar food. There will be nightly performances by our staff, a mechanical bull and lots of exciting.
