MARKET & FEASIBILITY
The Broad Strokes
What is the feasibility of your market for the demographic you are trying to reach with your business, and how feasible is your concept overall? Evaluating your business plan, and identifying the demographic which you want to attract within a market to support your business, is one of the keys to creating and maintaining your business’ identity and future success. The other key that goes hand in hand with the demographic you are trying to reach, is to understand what the demographic of the area surrounding your business actually is, and how feasible it is for that market and demographic to support your business. With all the factors involved with starting a new business, having an extra set of professional eyes to review your concept can help you refine your idea to allow for future success.
The Basics to Consider
Do you have a business plan? What is the desired age of my ideal guest? Is my ideal guest single, married, straight, gay, or any specific ethnicity? How much do I need my ideal guest to spend in my venue? What are their interests? Do I want to cater to families, youth, millennials, an older generation, or some sort of combination? Will my concept attract my desire demographic? Does my desired demographic live in the immediate area of my business, or am I a destination location? How would my desire demographic see my business?
How We Can Help
There are many elements to consider when it comes to any new business. Who you want your ideal demographic to be, what demographic your business will naturally be attracted to, and/or the feasibility of the market to ensure success for your business all go hand in hand – and in the end, not all ideas are good ideas. Whether you are fresh new concept, building on an idea you can make better, creating a venue to attract a specific demographic, or building a venue to suit a specific demographic, you have to look at the entire business objectively to determine the best experience which can be provided. It seems obvious, but a lack of identity can make the task very difficult and impede your business from reaching its maximum potential. Once you understand the best way to attract, and keep, your desired demographic, you can carve out a concept that’s truly original. We can work with you to evaluate your concept, help refine it, and analyze the demographics related to your business and community, to create a clear identity geared towards providing the best guest experience for your guests.