HomeMy WebLinkAboutHOPE's 2 PAGE SUMMARY HOPE October 2015.pdf
Contact: Hope E. Rich 416 Kleinwoods Road, Ithaca, NY 14850
hopeerich@gmail.com 607 351-5893
THE PROJECT
Hope Rich’s new venture, Hope’s
Events & Catering, featuring
catering, culinary arts classes and
HMRs (freshly-prepared entrees
delivered to the home) - all with a
personalized level of service . After
honoring her 4-year non-compete
agreement and from her new
location at the Community Corners,
Hope is reentering the market with
the same winning formula that
made “Hope’s Way” a 16 year
success.
PROVEN TRACK RECORD
During the final eight years of
Hope’s Way, the catering sales
alone averaged @$1 million.
FUTURE SUCCESS
By the 2nd quarter of 2016, sales
revenues will again be at this pace
while profitability and cash flow will
be optimized as there will be little
or no indirect, fixed, labor burden to
be borne.
FINANCING COMPLETE
The project has financing is fully
funded and has been completed
without debt.
USE OF PROCEEDS
The proceeds will be used to
purchase and install kitchen
equipment, make leasehold
improvements at the new location,
and cover initial start-up costs and
early-stage working capital needs.
START-UP DATE
A late Q4-2015/early Q1-2016
opening is planned, well in advance
of the busy June graduation and
alumni events and the start of
summer weddings. There are
already events on the books for this
period.
EXECUTIVE SUMMARY
THE BUSINESS & MARKET
Hope’s Events & Catering will
provide the highest quality off-
premises catering services, home
meal replacements and culinary
arts classes for Ithaca and its
surrounding communities. The
catering will be divided into four key
segments - Cornell, Corporate,
Weddings and Private Events.
The Culinary arts classes will be for
all ages - kids, college aged
students, adults and seniors.
Classes will be taught by Hope, as
well as guest chefs. Based on the
past success of Hope’s Way,
known as the best caterer in Ithaca,
this new enterprise will be
extremely successful.
THE CUSTOMERS’ WANTS
The Ithaca community longs for the
return of the highest quality, well
planned and organized, most
efficient and well executed culinary
solutions for catered events and
HMRs.
HOPE’S SOLUTION
Hope’s Events and Catering will
offer its outstanding menu choices
for catered events and home meal
replacements that Hope’s Way was
famous for. Additionally, there is no
one in Ithaca that knows more
about all the facets of the business
than Hope Rich.
BUSINESS MODEL
The additional products and
services offered here (Culinary Art
Classes and HMR) generate
additional revenues with no
incremental investment needed
and will assist in marketing the
catering services offered.
One of the keys to the success of
this business will be that work is
only done when products/services
are requested and paid for. (i.e.
“The Guaranteed Sale”). This is
much
different than a Hope’s Way-like
retail model where there is no
guarantee what volume of sales will
be generated each day. The new
model also avoids the costs
associated with highly perishable
products on hand in the face of
possible low sales volumes at
certain times of the year, or due to
weather and other unknowns.
LOCATION
The location chosen in Community
Corners is highly visible and very
easy to access. Parking is
extremely convenient and
customers can park in front of our
storefront. Community Corners
hosts a variety of small businesses
that will complement and enhance
our products/services. The location
is very close to Cornell which is our
largest catering segment for easy
access when delivering.
OPERATIONS (more on HMR)
Seasoned and mature staffing will
be used only at the time an event is
prepared and produced to optimize
control of labor costs. In terms of
HMRs, freshly prepared entrees
will be delivered twice a week.
(Mondays and Thursdays). Menus
will be available on line and clients
can order there or call in orders,
depending on the specifics/size of
orders. There are three main
market segments that will be
accessing the HMR meals. The
first is “DINKS”, dual income no
kids. These couples are driven,
hardworking and may not have
time for shopping/cooking. What
they do want is good, healthy food,
prepared well that can be
delivered. Another market
segment is “Empty Nesters”.
These couples have recently sent
their last child off to college and are
cooking for only one or two at
home. Again, they want quality
products, convenient to access.
The last HMR
OPERATIONS cont’d
market segment is retirees. This
age group (65 – 85) miss home
cooked meals, but find it hard
cooking for only two. They enjoy
the fact they do not have to shop,
prep and clean up meals, but can
still have a fantastic meal at the
end of the day!
COMPETITION
Hope is very familiar with the
competition in Ithaca and attained a
reputation in the community as the
best caterer in Ithaca with her
Business, “Hope’s Way”. As for the
caterers that have been here for
over 20 years, Ithaca Bakery, The
Heights, Cornell Catering, to new
comers such as Serendipity, H & J
Hospitality, Dinosaur BBQ and
Agava, they are all “Off Premise
Caters”. There are also services
offered by Wegmans and Panera
Bread for pick-up or simple
deliveries/drop off services. There
has already been a significant
positive reaction to the possibility of
this start up and there is no doubt
of regaining the best client base
and strong market share.
IMPORTANT FACTS
Seating - for the new operation will consist of 12 seats inside and 16 seats outside.
Business Hours - will be from 7:00 AM to 2:00PM.
MILESTONES
1994 – Opening of Hope’s Way
· Immediate success
· Added 16 seats
1995 – Chamber of Commerce
· Hope is New Business Person of the Year.
1997 – Expanded business 2X
· Added 50 new seats
· Doubled square footage
2000 – Sales reach $1,000,000
2008 – Sales reach $2,000,000
· 1,200 person event at Lab of Ornithology
2010 – Sold Hope’s Way
· Hope signed a four-year non-compete agreement
2014 – Hope’s Events and Catering Conceptualized
2015 - Jan 2015 – Business Plan Developed
August 2015 – Facility Leased. Architectural Work Complete. Equipment Specified.
September 2015 – Funding in Place
Q4 2015 – Facility Completed and Equipment Installed - Soft Opening
Q4 2015 (late) or Q1 2016 (early) – Official Opening