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Transcript

THE

KARAOKE BAR

Presented by :

Omar Weli

LBA 1

2017-2018

Part 1 :

The Introduction

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS

The Karaoke Bar will be

  • located in Gammarth.
  • It will be devised in 4 private rooms and an open space.
  • Offer uncountable nights full of fun and joy where craziness will be waiting for young people.
  • Serve a large variety of drinks and meals.
  • People will sing till the morning comes.

FORM OF BUSINESS OWNERSHIP

The business will grow with three primary partners. In fact, our complementary skills will make this growth an executable task.

IDEAL CUSTOMER

Our ideal customers are those who believe that singing and drinking form a perfect match.

IDEAL CUSTOMER

COMPANY ADVANTAGES

Customers can feel free about choosing their songs in their private rooms, all in drinking and eating.

They can also join the open space where they will find a perfect atmosphere waiting for them.

The Karaoke Bar will be also the first in Tunisia.

Part 2 :

The company

and management team

Mission Statement

Our mission statement

Our company aims:

  • To maintain karaoke machines to avoid any technical problems.
  • To organize private rooms to avoid organization problems.
  • To serve fresh drinks from virgin cocktails to alcohol.
  • To serve delicious food that meets the highest standards of quality.
  • To be professional in order to provide our customers with impeccable service.
  • To have every customer who comes through our doors leave impressed by the karaoke bar and excited to come back again.
  • To provide a fantastic environment to encourage workers to work harder.

Ethical issues

We will:

  • Ensure that our food and drink meet the highest standards of quality and freshness before and after they are prepared.
  • Ensure a good match between quality and price.
  • Ensure that our employees are well treated at all times. • Ensure a good connection between customers and workers.

Social Responsability

We aren’t only creating a bar we are creating a brand. The Karaoke Bar will sponsor events to promote crazy night lifestyles. We will also encourage young bands all over Tunisia to perform on our stage in the open space.

Industy Description

The bar sector is in the Services industry. Nowadays, there are many types of bars fighting for the same potential customer base. Alcohol, bands, meals and lights are all a necessity to make a successful business in bars sector.

Additionally, known bars are all potential threats to our customer base.

The Karaoke Bar will accept the general rule of bars such as tasty drinks, delicious meals, qualified bands and original decoration. But it will offer a spicy new concept in Tunisia to rich another level of the nightlife.

SWOT

STRENGTHS

Foremost, we have a highly motivated staff with a good experience in bars. Second, we will provide our customers with karaoke machines so they can enjoy their stay and sing their favorite songs. In addition, we have private rooms which offer intimacy and guarantee more fun between friends.

Weaknesses

  • Parking facilities
  • Maintaining image
  • Limited business life
  • Operating Costs

OPPORTUNITIES

Gammarth is a night destination for all young people who are looking for fun. So the localization of our Karaoke Bar is strategic.

Also, the opportunity exists to expand our current customer base thanks to our originality.

THREATS

  • There are some possible threats including customer choices.
  • An economic issue affecting prices is another possible threat. Sometimes, fights can be affecting the image of the bar too.

Anticipated challenges and Planned responses

Anticipated challenges

We have two major anticipated challenges:

  • We must obtain sufficient funds to start fresh.
  • We must gain a good position between our competitors.

Planned responses

  • As partners, we are planning to personally contribute all the anticipated funds needed to start our business. In addition, we will look for good occasions to buy used equipment. All this will help us drive down the level of our initial funding requirements.
  • The existence of many known bars in the area of gammarth will initially hurt us. But we are confident that we can win over customers with our new touch: The karaoke.

The Management Team

Part 3 :

Marketing

Market Analysis

Market Research

The Karaoke Bar will have two markets.

  • The first target market is the young community. These individuals are looking for fun in a crazy night atmosphere. All they want is to lose themselves under the neon light and the perfect deep of the loud music.
  • The second target market is the karaoke lover community. What characterizes this community is the pleasure that they find in singing.

Assessment of the competition

Several competitors exist in the area, ranging from Billionaire Gammarth to other places like yuka, solar…

The Karaoke Bar sees itself well positioned thanks to the originality offered.

The service

Service features and benifits

The bar’s featured service will be the karaoke. In seperate rooms, groups can sing and dance in their private area.

For those who are not fans of karaoke, we will offer an open space to dance, eat and drink with friends.

Service Differentiation

It's the Karaoke thing .

and we will pay close attention to ensure our wait staff is well trained, customer focused, clean, and friendly.

Pricing

Our pricing strategy is fairly simple. We plan to rent private rooms per hour. In addition our menu will offer drinks and food with prices reflecting our quality products.

Sales and Promotion

Place issues

Gammarth is a perfect festive area to maintain a business like ours. It offers the type of customer base we are looking for. We foresee no issues.

Advertising

  • Social networks.
  • An official site on the Internet.
  • Creating events on Facebook and Instagram.

Promotions

  • free drink to all our customers who will rent a room for karaoke night.
  • When a group of customers rent a room for 2 hours will get a promotion of 10 minutes.
  • Having promotions during summer to build attention. Because it’s known that this period attracts visitors from the entire world.

Part 4 :

The Financials

Expected Revenues

  • Daily revenue : 2840TND
  • Yearly revenues of approximately 817,920TND
  • Closed on Fridays, Eid Festivals , and Religious Festivals.

Cost of doing business

  • Monthly : 11,400
  • Yearly :136,800

Startup Costs

127,000TND

  • 100,000TND for building renovation
  • 25,000TND for decorations
  • 2,000TND for initial stocking costs

Financing

The three managers will each put a total of 25,000TND into the startup of this business. The remaining 52,000TND is the amount that we are requesting for bank financing.

12 Months Income Statement

Balance Sheet

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