As I mentioned last Monday, not reading a blog having to do with market research related on a Monday morning may seem odd. But this is the second week in a row where there is a major conference in the Raleigh-Durham area. During the week, I will be posting shorter blogs related to what I hear about the conferences. Again, my traditional postings will resume next week.
This week, the second annual year Triangle Entrepreneurship Week (TEW) will be held throughout locations in downtown Raleigh and downtown Durham. Throughout the week, the purpose of TEW is to “CONNECT entrepreneurs with local leaders, capital and resources so they may successfully COLLABORATE on current and future business opportunities to CREATE new jobs and economic growth in the state of North Carolina.”
Continue reading “Triangle Entrepreneurship Week 2012 Is Here” »
You all get a treat today, a case study by financial executive, Charles Seeman. Without further ado…
So you have always loved cooking and have always wanted to open a little restaurant or coffee shop. Now you have achieved your dream and are ready to open up a little restaurant how do you ensure your restaurant will be profitable?
Well one thing to think about to ensure that your new venture is profitable is to be mindful of how constraints limit your ability to maximize your earning potential. For example, every restaurant operation suffers from a constraint on the limited number of tables for customers. A second typical constraint of operating a restaurant is the limited number of meals that can prepared at any one-time. Continue reading “Understanding How Constraint Theory Affects Business” »
Tom's Restaurant in Manhattan was made internationally famous by Seinfeld
When a restaurateur has a successful restaurant, they typically want to open up another one. Often times, the owner sets up a new restaurant similar to the previous restaurant. Many times, the new restaurant has a similar type of food, atmosphere, and price range. She may also place it in a similar type of location like in a shopping center.
One of the things that the owner may overlook is the success of the actual location and surrounding populations demographics and psychographics. Here are some things to do some research on when looking at new locations for new locations.
- Get a clear understanding of the trade area: This is the geography that a typical customer will travel to come to your restaurant. Most neighborhood restaurants draw customers from a one to five mile radius of the site. However, unique concepts could draw from much further.
- Match demographics and psychographics to the concept: Make sure that the trade area population can support the restaurant, financially and psychologically.
- Location, location, location: This is always true regardless if you are setting up a new restaurant or buying a home. For a restaurant, being near a strong residential population, a strong retail area with lots of traffic, and strong traffic generators such as movie theaters, hospitals, or a tourist attraction.
Unless you have a very unique concept, the success of most restaurants are heavily determined on its location and the daytime and residential population of the trade area.
–J. Nolfo helps companies understand their market and customers though a variety of market research strategies. He has over ten years of experience of market research for strategic planning purposes. He is the Director of Research at Rhino Market Research. He shares his thoughts about market research and business concepts with his blog “Pensare…Understanding Market Research in Business“. If you would like to discuss this blog or how J. can help you understand your market and customer needs, email him at email@example.com.
My college days that seem so long ago. Back then, I had a professor of mine that I admired greatly tell the class that he was teaching that we should always take advantage of the opportunities to hear influential people speak, even if you disagree with them. His reference at that time was when H. Ross Perot came to speak at campus.
Ever since then, I have actively tried to do what was recommended to me so many years ago. I have seen a number of political figures (all levels of government, including presidential candidates), leaders of businesses, sporting figures, and television journalist. Last night, I had the opportunity to listen to Dan Cathy, COO of the hugely popular burger-alternative fast food restaurant Chick-fil-a. He also is the son of the founder Truett Cathy, the chain’s founder. Continue reading “An Evening with Dan Cathy” »
I always enjoy the opportunity to spread the word of how market research can help any business. Last Friday, I had the opportunity to do it again.
During the conversation I was having, we started to talk about a restaurant that my friend is currently working with that is trying to figure out what kind of food the restaurant should serve. The discussion quickly turned to the conversation of who lives in the area, in other words the demographic profile of the geographic area. Continue reading “Looking Beyond Demographics” »
Want to get nearly 300 business people, executives, and politicians in one place on a Wednesday morning? Do an official “State of the Union” type forum and invite a Senior Director from a tech savvy company,an Executive VP, for a large hospitality group, and a newly appointed Economic Development Manager.
Well, that is exactly what happened yesterday at Downtown Raleigh 2012: An Economic Forum held by Downtown Raleigh Alliance. Continue reading “The State of Downtown Raleigh” »
business, commercial construction, Downtown Raleigh, Downtown Raleigh Alliance, economy, market economics, Raleigh, Real Estate, Red Hat, residential construction, VG Hospitality