Foosball Hall is an exciting new gaming and bar that serves the Madison, Wisconsin area. Foosball (or table soccer) is an exciting table game that dates back to 1920’s Germany. Foosball involves two to four people playing in an exciting match that tests skills, strategy, and willingness for fun. Foosball is a fun alternative to pool and is played mainly by male students. They are looking for skill oriented game that they can play in the social setting of a bar. There are many pool hall bars in Madison. However, there are not any foosball bars despite the high demand. There is always a foosball game and there is always a demand. Every foosball game is a hot topic. There are always people in line waiting to play. It is rare to find a foosball room empty. 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 identifies three key elements that are crucial to their success. First, financial controls must be in place. This is especially important in establishments that offer alcohol. Employee theft is one of the most significant drains on any business. This risk can be minimized by financial controls. The second key is the attitude of employees towards customers. Every customer must be treated as if he or she were Foosball Hall’s most important customer. The final key to success is continuous analysis of the business model. Management will be responsible for continuously analyzing the business model and looking for ways to increase profitability. Foosball Hall doesn’t believe this business model can be fixed.
Target Market Users
Foosball Hall identifies two populations as its target segment. The first segment is casual players of table games. This group enjoys playing pool or foosball in a bar. They enjoy the opportunity to socialize with strangers and have fun playing a game. This group has 54,889 customers and is on the rise at an average annual rate of 8.8%. The second segment of the population that will be targeted is competitive players. These people appreciate foosball for the same reasons as the casual players, however, this group is also quite competitive. They play foosball with friends to win and to improve their skills. This segment sees an annual growth rate between 7% and 12,445 customers.
Stan Spinner is the Foosball Hall leader. Stan received his undergraduate degree in Philosophy from University of Wisconsin-Stevens Point. Stan ran a pool hall during college. Stan’’s first time working in a retail setting, this gave him invaluable experience in tavern management and customer preferences. Stan knew he wanted to start his own business but felt uncomfortable with his insufficient skills. So he enrolled at the University of Wisconsinâ€™s MBA Entrepreneurship Programme. Stan began the program with the intent of opening a foosball shop after graduation. It was quite helpful for Stan to have this goal in his mind while he was taking the course work.
Foosball Hall (foosball hall) is a new gaming (foosball), bar that serves Madison’s students. Forecasted sales of $200,000 in year two and an additional $290,000. in year three are the projections. 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 identifies several business elements necessary for success in this competitive market.
- Employ strict financial controls. This is especially important for bars, where theft and other financial problems could cause the bar to go bankrupt.
- Treat every customer as if they were the most important customer of Foosball Hall.
- Continually strive to improve the business model as also operating systems.
Foosball Hall is determined to become Madison’s premier night spot for students and residents who enjoy drinking and table games.
Foosball hall will achieve this goal by providing affordable foosball tables and beer as well as food at reasonable prices. Foosball Hall, which offers the Madison market an opportunity to play the increasingly popular table game Foosball, will quickly become a Madison hit. Customers who are happy will make the business a sustainable one.
- To be the best Madison venue that offers table games, in this case foosball), beer, and food.
- To grow the game of foosball in Madison, adding legitimacy to the game and increasing the number and participation levels of the tournaments.
- Reach the point of sustainable profitability by year two.