Foosball Hall serves Madison, Wisconsin as a gaming hall and bar. Foosball is also known as table football and originated in Germany in 1920. It involves two to four players in an exciting, competitive match that tests skill and strategy as well as a willingness to have some fun. Folosball is an alternative to pool that appeals to male students. They want to play a skill-oriented sport that they can enjoy in the relaxed atmosphere of a bar. Although there are many bars that offer pool, foosball isn’t available in Madison. There is always a foosball game and there is always a demand. Foosball tables are in high demand. You can expect to see lines of people waiting to get on the table. Foosball Hall in Madison, Wisconsin will provide beer, food and beverages as well as a variety of foosball tables that can be used for tournament play.
Keys to Success
Foosball Hall identified three key factors that will ensure their success. The first is to implement tight financial controls. This is especially important for establishments that serve alcohol as theft is the biggest drain on these types of businesses. The financial controls will help minimize this risk. The second key is the behavior of all employees toward customers – that each customer is treated as if they were the most important customer of Foosball Hall. Continuous analysis of the business model will be the last key to success. Management will have to constantly analyze the business model in order to find ways to improve its profitability. Foosball Hall does not believe this business model should be static. They believe it is essential to constantly improve the business model.
Target Market Customers
Foosball Hall identifies two populations as its target segment. The casual player of table games is the first segment. This segment enjoys playing table games such as foosball or pool in a bar setting. They love the chance to enjoy a fun game with friends or strangers while also enjoying beverages (alcoholic and non-alcoholic). With 54,889 potential clients, this group is increasing at an annual rate of 8%. Competitive players will be the second target segment. They enjoy foosball the same way as casual players but are more competitive. They play foosball in order to win with their friends, or in tournaments. And they continue to work hard to improve their skills. This segment has an annual growth rate of 7% and 12,445 potential customers.
Management
Stan Spinner is the Foosball Hall leader. Stan earned his undergraduate degree in Philosophy at the University of Wisconsin Stevens Point. Stan worked in a pool hall while at college. This was Stan’s first experience in a retail establishment and provided him with invaluable experience in tavern operations, as well as insight into customer habits and preferences. Stan knew he wanted to start his own business but felt uncomfortable with his insufficient skills. So he enrolled at the University of Wisconsin’s MBA Entrepreneurship Programme. Stan enrolled in the University of Wisconsin’s MBA Entrepreneurship Program for two years with the goal of opening a foosball club upon his graduation. Having this goal in his head while taking the course work proved to be quite valuable as it became a lens through which Stan studied all the new material.
Foosball Hall is a start-up gaming (foosball) bar primarily serving the students of Madison. For year two, sales are expected to reach approximately $200,000, with an increase of approximately $290,000. In year three, sales will reach approximately $290,000. The net profit in year one will be negative, but it will increase to a positive % by years two and three.
1. Keys to Success
Foosball Hall has identified several business elements that must be implemented in order to succeed in this competitive market.
- Employ strict financial controls. This is especially important for a bar where, without financial controls, employ theft could bring the business to bankruptcy.
- Treat every customer as if they were the most important customer of Foosball Hall.
- Continue to improve the business model and operating systems.
1.2 Mission
Foosball Hall’s goal is to be a popular night spot for Madison students as well as locals interested in drinking and playing table games.
Foosball Hall is able to achieve this by offering affordable foosball tables, beer and good food at reasonable rates. Foosball Hall will be a Madison staple by giving the Madison market the opportunity to enjoy this ever-popular table game. The business will be operated on the premise that satisfied customers are imperative to a sustainable business.
1.3 Objectives
- To be the best Madison venue that offers table games, in this case foosball), beer, and food.
- To develop foosball as a game in Madison.
- Attain sustainable profitability in year 2.
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