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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