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Hooter's Business Plan

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Henry Scavone

on 30 October 2014

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Transcript of Hooter's Business Plan

Hooter's Business Plan
Scavone and Pomerance Incorporated

Our group (Henry Scavone, and Ilan Pomerance) are trying to decide which restaurant franchise that does not currently exist in Fairfield County would have the greatest chance of success
As students we will understand how to conduct benefit analysis to reach a decision in business
Our group name is Scavone and Pomerance Incorporated, and we have chosen Jack In The Box, Jimmy John’s Gourmet Sandwich Shop, and Hooters
Based off of the costs and benefits and which franchise we would most likely profit off of, we have decided on Hooters.
With a little money spent in the beginning to maximize our profit and with as little use of resources as possible, it will only take a month or two until we become operational.
Company Information

Hooters of America, is a privately held corporation it is an Atlanta-based operator
Has 416 Hooters locations in 26 countries
Founders: Lynn D. Stewart, Gil DiGiannantonio, Ed Droste, Billy Ranieri, Ken Wimmer and Dennis Johnson
The first Hooters opened October 4, 1983, in Clearwater, Florida.
Hooter's concepts has remained true to its roots with the current logo, uniform, menu and ambiance are all very similar to what existed in the original store
The casual beach-themed establishments feature music, sports on large flat screens, and a menu that includes seafood, sandwiches, burgers, salads, and of course, Hooters original chicken wings

Image by goodtextures: http://fav.me/d2he3r8
Thank you! The End

Works Cited:
https://www.hooters.com/Home/Default.aspx
http://en.wikipedia.org/wiki/Hooters

Future Plans

Hooters Adds New COO and Vice President of Franchise Development

Hooters announced the appointment of Jim Parrish as chief operations officer, and Mark Whittle as vice president of North American franchise development

Going to help lead the company’s remodeling and expansion initiatives with more than 150 new locations planned within the next five years.
Products/Services

World-renowned Chicken Wings

Burgers

Seafood

Full time bar

"Exceptional Service"
Growth Highlights

The Hooters Casino Hotel was opened February 2, 2006, off the Las Vegas Strip in Paradise, Nevada, US.

Hooters has actively supported charities through its Hooters Community Endowment Fund, also known as HOO.C.E.F
Partnered with the V Foundation for Cancer Research and established a $2 Million Breast Cancer Research Grant
Partnered with Operation Homefront to establish The Valentine Fund in honor of fallen heros
Quantity of Chicken Wings
Supply
Demand
Mission Statement

Our mission is to provide a family of hospitality and services that achieves excellence and enhances lifestyles of all who come in contact with the Hooters brand

We are committed to providing an environment of employee growth and development so that we can provide every guest a unique, entertaining dining experience in a fun and casual atmosphere delivered by attractive, vivacious Hooters Girls while making positive contributions to the communities in which we live.
The point is, we’re proud of who we are. Yes, we have a pretty face. And sex appeal is part of our thing, but it’s not the only thing.
Supply
Financial Projections

Through calculations that we have done, we have concluded how long it would take for us to gain a profit, recover our investment. It will measure to about one year for Hooters.

For Hooters with an average $20 per person, including alcohol, and an average 75 people per day for a year, it will be making $547,500 per year.

Funding Request

The Franchise Fee is $75,000 and is paid upon execution of the Franchise Agreement

The initial term of the Franchise Agreement is twenty (20) years. The agreement is renewable for two (2) additional ten (10) year terms.

The royalty rate is 5% of gross sales, exclusive of sales tax, and is paid every four (4) weeks.

For domestic restaurants, the royalty rate is 5% of gross sales, exclusive of sales tax, and is paid every four (4) weeks. For international restaurants, the royalty rate is 6% of gross sales, exclusive of sales tax, and is paid every four (4) weeks
Marketing/Market Analysis

The current advertising contribution is 2% of gross sales for domestic restaurants, and .5% for international restaurants.

These funds are utilized for the creative development of our menu, photography, video for commercials, product development and testing, PR firm services, and in the United States is deployed in the actual purchase of media in most markets.

Our marketing strategy is mainly focused on the male market, seeing as how we promote our Hooter Girls
Developmental Costs

Hooters would be $1,000,000.00 for the brand name, staff training, equipment and remodeling, and $750,000.00 for the land and parking lot itself.

Opening a Hooters would cost approximately $1,750,000.00 not including operational costs and capital investments.

Estimated Initial Investment:
Maximum: $2,465,000.00
Minimum: $845,500.00
Average: $1,655,250.00
Operational Costs

Operational Costs consist of personnel and electricity as Hooters takes care of staff training.

Personnel costs would be approximately $22,000.00 for bartenders, wait staff, and cooks per month. Electricity, water, and gas for a Hooters would cost approximately $10,000.00 per month, leaving a total cost of $32,000.00 per month to operate it.
Full transcript