jmelanson capstone mt499 assignment final project
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Business Plan: Capstone ClassTRANSCRIPT
Sock n’ Jocks: Business Plan
Socks n’Jocks: Business Plan
Bachelors Capstone Final Project
Jonathan P. Melanson
MT499-01
Professor Andryce Zurick
Sock n’ Jocks: Business Plan
Table of Contents
Section 1: Executive Summary (Business Description)..................................................................3
Section 2: Code of Conduct.............................................................................................................8
Section 3: Operations.....................................................................................................................11
Section 4: Marketing Plan.............................................................................................................17
Section 5: Information Technology...............................................................................................24
Section 6: Financial Plan...............................................................................................................28
Section 7: Management Summary.................................................................................................32
References......................................................................................................................................37
Appendix........................................................................................................................................41
Sock n’ Jocks: Business Plan
Section 1: Executive Summary (Business Description)
The business we are bringing to you today is named Socks n’Jocks. It is a unique
business as it brings the fun atmosphere of a restaurant/bar together with a Laundromat. The
ideas started back in college at the potential ownership team are now bringing it to the forefront.
Set to be situated in the heavily populated city of Boston, Massachusetts this one of a kind
business plans to take advantage of the college aged individual with one thing they love to do
and another they hate to do. Competitively there are bars and there are Laundromats but none
that combine them. Walking in with $315,000 to get things started the four member team’s feels
very comfortable and confident about this business venture!
In developing a new business and sustaining it, the firm must determine the basic goals
and philosophies that will posture its overarching business strategy (Pearce & Robinson, 2011, p.
21). The proposed business at hand is a sports bar with a twist it’s a Laundromat too. The name
of the business is Socks n’ Jocks: Boston’s First Wash and Grill. How many men out there would
love to be able to get their laundry done on a Sunday afternoon while watching the game? The
demographic area at hand is New England, a region of the United States that is rich is sports
history but at the same time n area that is populated with people (especially college students)
who need to do their laundry.. The Boston Celtics, Bruins, and Red Sox along with the New
England Patriots have spoiled this region over the past 10 years with championships and in many
ways the success of the local sports teams will provide free marketing for the business. .
Vision Statement
Five years from now Socks n’ Jocks will become a successful national bar and
Laundromat by providing quality suds while you drink your buds.
Sock n’ Jocks: Business Plan
The vision is where the business proposes to be and I along with the partners see our idea
reaching new levels as the first business of its kind to hit the open market (Mcintyre,
www.entrpeneur.com). An idea that was thought up on a dorm room couch is coming alive at
the people will come. Boston, Massachusetts is home to 60+ colleges and universities. The
starting point was a strategic choice due to the number of college aged people who would be
attracted to such a venue.
Mission Statement
Socks n’ Jocks is a down to earth bars with a twist that Laundromat, a laundrabar. We
offer competitively priced food, cheap beer specials, and of course top of the line laundry
services. Whether you want to eat while we do you laundry, or do it yourself….We are here to
cater to you and make doing your laundry your most enjoyable weekly experience!
In the development of the mission statement for our business a lot of personal history was
involved (www.articlebase.com). The idea focused on the activities and responsibilities that
come with being a college student and how we could join them together and make one enjoyable
experience. The phrase laundrabar was coined in our past and now it is coming to the forefront
as it really represents the mission of our company Socks n’ Jocks.
Purpose, Values, Goals
Sock n’ Jocks holds two purposes. The first purpose is the consumer as the business is
there to serve them, serve their needs, and also to provide and fun, lively atmosphere (the bar)
when they are doing their laundry. As a business in the service industry the consumer has to be
number one as they represent the business revenue and the individual income for the partners.
The second purpose of the business is to provide for the partners. As the sole means of
Sock n’ Jocks: Business Plan
income for the four partners the reliance on success is of utmost importance for personal support.
The equal partnership allows for equal income distribution among them.
When people think of values they think of wealth, and money, and morals. All of these
things prosper a feeling of growing up and doing the right thing all of the time. At Socks n’
Jocks we have non traditional values, ones that fit the chaotic life of the college student. We
want a fun, loud, and messy atmosphere. If you want to have a beer at 8am we want it to be
normal. Throw out the ideas and ideals that your parents talked about for years and have some
fun while you’re in college, that is the value of Socks n’ Jocks.
Like the purpose of the business the goals are also broken up into two areas. The first
again here is the consumer. If a goal is not to provide the best atmosphere possible, today,
tomorrow and in the future, to do laundry and watch the game then we should not be in business.
Secondly, the next goals are personal goals of the partners. Having a thought and seeing
it grow, and have structure is a satisfying endeavor and if that is combined with success then a
goal is achieved. The business is opening as one but we have a goal to open many and bring
them to college cities across the United States.
Business Structure and Management
Socks n’ Jocks formed a general partnership between four individuals. The reason behind the
partnership were the benefits being shared commitments, it’s easy an inexpensive, and it allows
the skill sets of our partners to be utilized in different areas (www.sba.gov).
The Partners1. Jonathan Melanson 25% Shareholder2. Sam Williams 25% Shareholder3. Travis Ferrante 25% Shareholder4. Kevin Coyne 25% Shareholder
Sock n’ Jocks: Business Plan
All profits, liabilities, and management duties are going to be divided equally among the above
members. Upon financing approval we will be registering with the state of Massachusetts to
obtain our EIN and will also be opening up a business checking account and credit line at Bank
of Boston.
Having these pieces in place allows us now to take the unique skill sets of the partners and
implement them into the business plan (www.realitysandwich.com).
Jonathan Melanson: Business Manager: Background in Management and Accounting:Sam Williams: Bar Manager: Former bartender and bar manager.Travis Ferrante: Kitchen Manager: Culinary Arts degreeKevin Coyne: Laundromat Manager: Grew up in the Laundromat business as his family owned a chain back in Maine.The management structure above will allow all areas of the business to be looked over by a
partner with expertise in that particular area.
Leadership and Optimal PerformanceSocks n’ Jocks will have the following leadership structure:Jon Melanson-CEO/Business Manager
Sam Williams-Bar COO/Manager
Travis Ferrante-COO/Kitchen Manager
Kevin Coyne-CFO/Laundromat Manager
Assistant Assistant Manager Assistant Manager Assistant ManagerAccounting Clerk 5 Bartenders 5 Line Cooks 3 Clerks
8 Servers 4 Helpers 2 Washers3 Hostesses 2 Folders
The leadership structure has an aggressive nature as we expect success. Now with the ideas in
place regarding the structure of the business performance needs to be discussed. We estimate 41
employees on staff and will staff those hours from 9am to 2am for the bar and from 7am to 10pm
for the Laundromat. During these hours it becomes hard to estimate what is expected for the
business due to the lack of comparable businesses. But here is what we looked at for a
performance projection:
Sock n’ Jocks: Business Plan
Breakfast Lunch Dinner Breakfast Lunch Dinner Sales
Monday 18 20 21 $9 $13 $22 $884
Tuesday 15 16 17 $9 $13 $22 $717
Wed. 13 17 15 $9 $13 $22 $668
Thursday 22 18 12 $9 $13 $22 $696
Friday 16 32 91 $9 $17 $22 $2690
Saturday 48 78 110 $14 $31 $40 $7490
Sunday 62 108 49 $21 $40 $38 $7484
The above projections would equal out to weekly sales of $20,629 to start which would annually
equal $1,072,078. Now you have to understand these are modest projections. If the business
takes off as expected these numbers could easily double (www.foodservicewarehouse.com).
Sock n’ Jocks: Business Plan
Section 2: Code of Conduct
In the business world today it is important to set expectations and standards that an
employee base should abide by. The expectations and standards should be set to achieve
potential and to also achieve success. At Socks n’ Jocks we view conduct as both a
responsibility and a requirement. Conduct in the service industry comes with great importance
as the consumer is your business and how they feel and assess the business is a reflection of the
conduct seen in the employees.
At the beginning stages of building a Code of Conduct at Socks n’Jocks the management
team feels that expectations need to be relayed to the employee base. In previous jobs the
members of the management team discussed concerns that they never knew what was expected
of them as an employee. It’s a concept that can make an employee a little uneasy as they will
never know if they are completing tasks or completing the job to the satisfaction of the employer.
Having these thoughts in mind the first thing we are going to discuss is the expectations of the
employees. Some may seem arbitrary but at Socks n’Jocks we are going to put it all out there as
we want our employees to know what we want of them.
Expectations:
Smile Every Day: A smile is infectious, it is courteous and it really can go a long way
in the service industry.
Being a little early for a shift is being on time: Having a little time to prepare for work
rather than rushing right into the job is important. It gives one a chance to relax and
adjust to the work atmosphere.
Serve as you would like to be served: Show respect, be courteous, and have fun with
the customers.
Sock n’ Jocks: Business Plan
Sunday Morning Meetings: 9am Weekly meeting are mandatory.
Respect: We all know what it means and how to do it.
The expectations may be simple but in a normal business they are assumed and we feel by
having them know they are more easily adhered to. If the above expectations can be met on a
daily basis then the day-to-day operations should run a bit smoother thus relieving some tension
from the management team as they won’t have to worry about the employee base in some areas.
Now that the expectations have been discussed it is important to move on to the actual
code of conduct. The Code of Conduct is an actual document that is signed by each employees
and it in fact describes what the conduct should and should not be at Socks n’ Jocks. It is also
important to touch upon ethics when it comes to conduct as too many times it has been seen
where unethical choice lead to a conduct detrimental to the work place. It is understandable that
things can happen but at Socks n’Jocks it is important to the management team that expected
conduct is known as it takes questions out of the situation if discipline is needed.
There are three main areas that the code of conduct at Socks n’Jocks will focus on: legal,
ethical, and social. Below the areas will be discussed:
Legal: This area fits in all sectors of business. Abiding by the laws in required and if employees
are unable to comply with this request then they will be terminated. Laws are built for reason
and they are meant to be followed.
A specific area is that employees while working are not expected to be under the
influence of any drugs or alcohol.
Ethical: This area was briefly touched upon above and it starts with respect, decision making,
and integrity. All decision should come with the thoughts of others in mind, the law in mind,
and the company in mind.
Sock n’ Jocks: Business Plan
Discrimination, harassment, dishonest acts and improprieties fall into this area.
Social: Be respectful in the fun atmosphere.
The code of conduct at Socks n”Jocks will be easy to abide by and if you follow the rules
then success is expected at the company. The importance of a well respected and reputable
business is important the management/ownership team as they expect growth in the future and if
further investors are needed they want to see how well the company is run and the level of
expectations that are held within the employee base.
Sock n’ Jocks: Business Plan
Section 3: Operations
Socks n’ Jocks is a one of a kind business opportunity. It takes the tedious process of
doing laundry and combines it with a fun and exciting sports bar & grill. A little history behind
the idea stems from missing the game on Sundays while we were in college because we needed
clothes to wear. The thought was discussed, interrogated, thought through and then finalized
with three of my closest friends whom all had backgrounds that will be crucial to the success of
the business.
As stated in the business description the management structure at Socks n’Jocks will be
as follows:
CEO: Jonathan Melanson COO: Sam Williams COO: Travis Ferrante CFO: Kevin Coyne.
It is great to know who is going to run the company, who will make the decisions at the
company, and who will lead the company but the real question should be; how will the company
operate? What laws need to be known and followed? How does insurance work? What day will
be pay day? Are taxes paid monthly, quarterly, or annually? There are many questions that can
be asked when it comes to operating a business and now it is time to explore the operations of
Socks n’ Jocks.
The starting point will be the Laundromat portion of the business, which is run by CFO,
Kevin Coyne. The following will be the areas that are addressed in starting the Laundromat.
Employees: Assistant Manager 3 Clerks 2 Washer 2 Folders
Sock n’ Jocks: Business Plan
The laundry portion of the business will be full service. Meaning we will offer wash/dry/fold for
a cost. We are hoping this to be the lucrative portion of the business and that the bar & grill
portion will entice the consumer to choose this option. Having the Laundromat be attended
allows any issues to be dealt with immediately which is very important necessity for by the
management team.
Equipment:
Nelson and Small a local company that specializes in furnishing equipment for
Laundromats is a “friend” to the business. They have agreed to finance the start-up equipment
for Socks n’Jocks. CFO Kevin Coyne was responsible for negotiating the terms for the
equipment. The equipment purchased was 28 front loading washers and dryers, also a
commercial sized washer and dryer for the wash/dry/fold portion of the business
(www.mrlaundromat.com).
Marketing:
How do you get people to use the Laundromat and not the competitor’s down the street?
See bar & grill next store. The reliance on traffic will be the sports bar and the ability to not
have to do your own laundry. Sit down have a beer watch the game and have someone else do it
for you! The location of the business (Boston, Massachusetts) will also play a role in the
marketing. Having a large population of college students should boast business and word of
mouth among the students is a hope of the management team for some free marketing
(www.mrlaundromat.com).
Bookkeeping:
The financial records of the business are important as the business needs to make money.
CFO Kevin Coyne will be the book keeper for the business for the first few years. The
Sock n’ Jocks: Business Plan
background in accounting along with growing up on the Laundromat business will allow for him
to keep track of all records such as:
Payroll Taxes Insurance Maintenance Retirement Bills Supplies Security
There are probably many more areas that he will need to address when it comes to book keeping
and financial records as well (www.mrlaundromat.com)
Amenities:
Yes, the bar & grill will separate Socks n’ Jocks from other local businesses but there are still
things that need to be present especially when marketing to the college student:
Free Wi-Fi College Discounts Weeknight Specials
Now that there is an understanding on how the Laundromat portion of the business will run it is
time to move on to the bar & grill portion of Socks n’ Jocks (www.mrlaundromat.com)
Financial Management
CFO Kevin Coyne will again be involved with this portion of the business simply due to
experience and educational background. He will handle the payroll, taxes, bills, maintenance
costs, and supplies (www.smallbusiness.chron.com/run-bar-grill).
Health Department
The Massachusetts Health Department sets certain codes and regulations when it comes
to handling food for the consumer. COO and Kitchen Manager, Travis Ferrante will have the
Sock n’ Jocks: Business Plan
responsibility to make sure the kitchen and grill portion of the business are up to code. Cleaning,
food safety, sanitation, etc will all fall under this domain (www.smallbusiness.chron.com/run-
bar-grill).
Employees: COO/Bar Manager: Sam Williams COO/Kitchen Manager: Travis Ferrante 2 Assistant Managers 5 Bartenders 8 Servers 3 Hostesses 5 Line Cooks 4 Helpers
The bar & grill will offer top notch, fun, and interactive staff to adhere to the college student
(www.smallbusiness.chron.com/run-bar-grill).
The Customer:
The client base represents the revenue stream in a business, especially in a restaurant in
the service industry. The training of the staff to treat the customer right should be near the top of
the list when it comes to the business operations (www.smallbusiness.chron.com/run-bar-grill).
Promotional and Marketing Activities:
Their will be competition in the restaurant and service business but again Sock ‘Jocks
offers the unique opportunity to have your laundry done while you enjoy the game with friends.
Pool tables, cheap college nights, pay per view UFC fights, dart leagues will all be offered at the
Socks n’ Jocks bar as promotional activities for the college students.
Now that there is an understanding of how the operations will run at Socks n’ Jocks it is
important to address certain laws and licenses that will be a part of the business:
Liquor License: Bar Manager Sam Williams will go make sure this process is completed.
Sock n’ Jocks: Business Plan
Labor Laws: The management team will need to know minimum wage, at-will
termination, short term disability, etc.
Accounting/Tax Laws: CFO Kevin Coyne will be responsible for this area of the business
as he handles all of the financials.
The laws will come with some cost and they need to be followed as the business wants to be
legal and in compliance with all laws. It would be beneficial to obtain any and all documentation
available and have it at the place of business for employees to view
(www.malegislature.gov/Laws/GeneralLaws/PartI/TitleXXII/Chapter156d).
Outsourcing can be a very popular option in the business world as the cost saving
availability can drastically increase a profit margin. In restaurant/Laundromat business
outsourcing doesn’t represent the best option for the business. Socks n ‘Jocks is meant to be a
local business with its heart in the college setting of Boston, Massachusetts. Moving it to another
country wouldn’t fit the proposed business model (www.bilshrink.com)
Why do businesses outsource? Here are the top twelve reasons a business will outsource:
1. Lower Wages
2. Lower Regulatory Costs
3. Tax Benefits
4. Ability to downsize at Will
5. Improved Performance
6. Free up Resources
7. Risk Management
8. Quick turnaround time
9. Politics
Sock n’ Jocks: Business Plan
10. Accelerated time to market
11. Commoditization
12. Contract Certainty
As these are listed then it is easy to see cost benefits outweigh the most through the tax benefits,
lower wages and freeing up of resources. The economy of the current market and the outsourced
market are what makes the difference. A struggling economic area means “cheap” for a business
and cheap means dollar signs in the eyes of a management team. Why can also be answered
from a political sense. Does the management see a government without a purpose or a goal that
could eventually hurt the business? Sending it across sees can take politics right out of the
equation (www.billshrink.com)
In the end outsourcing really is a preference as it is good for the business but can hurt the
economic value of the area the business currently resides. How does your business see its value
here versus there is the question that needs to be answered?
Sock n’ Jocks: Business Plan
Section 4: Marketing Plan
Marketing Strategy
In all cases where a business is to startup it is important to have a grasp on the market climate?
Can this type of business survive here? Who will the customer’s be? How do we price our product? Could we price out a major share of the market?
Questions could go on and on, some relevant, some not but the point is know what you are
getting into before you dive in!
Socks n’ Jocks is bringing the sports bar to the Laundromat or vice versa! A unique
setting that has three favorite needs of the college aged student: Beer, Food, and Laundry.
Boston, Massachusetts has a market that is home to some 60 colleges, some big, some small but
none-the-less a home to the college aged individual (Allen, 2013)!
The management team at Socks n’ Jocks will initially be looking for market growth. A
startup business is in a situation where they need some immediate cash flow and immediate
success. The market is going to dictate this success and this will be the strategy to start.
Market Growth
When it comes to the college aged individual how do you reach them? How do you get
their attention? How do you get them to come to your business and more importantly how do
you get them to become a “regular” at your place of business?
In society today reaching out to the college aged individual has become rather easy due to
technological advances and social media.
Facebook Twitter LinkedIn Email
Sock n’ Jocks: Business Plan
Smartphone’s Tablets Wi-Fi
The above are all areas that Sock n’Jocks plan to take advantage of in their marketing strategy.
Facebook, Twitter, and LinkedIn pages will be setup and email blasts will be sent out to the
surrounding colleges and universities. College student’s talk and “word of mouth” can be a piece
of free marketing that can be unrivaled.
Cost can be a concern when it comes to marketing especially in a startup business. The
word of mouth route and social media sites are essentially very cheap. Here are the expected
costs in our marketing strategy:
Laptops: (4) @ $1000= $4000
Cell Phones: $1249 onetime cost, $495 per month (www.att.com, 2013)
Internet: $150/month broadband/wifi (www.attt.com, 2013)
Website Startup: $3500 (www.flyte.biz, 2013)
Total Cost: $9000 initial, $665 Annual
Above there is a lot of information, ideas and thoughts but no process to make it work.
When we are looking at our Marketing Strategy we will implement it in four stages:
Stage 1: Observe
Essentially in this stage we are looking at our environment, the surroundings, the people,
and other businesses. Are there competitors? Is out market available in this area? Can our
business work in these surroundings? These are really all questions that can be answered from
just watching, observing, and taking note of what is happening (www.marketingprofs.com.
2013).
Step 2: Orient
Sock n’ Jocks: Business Plan
At this stage we are finding direction in our strategy. We know that the college aged
individual is around. We know our business, which offers a sports bar and a Laundromat is a
necessity to that demographic group and that it should be an attraction for them. The next step
will be getting them there (www.marketingprofs.com, 2013).
Step 3: Decide
As is stated above the advances in technology today have made reaching out to be
virtually effortless. It will be important for the Sock n’Jocks to decide what methods of this
technology they want to use. Will it just be the social media pages or will they have an
application that can be used on smart phones and tablets for the college aged individual (“Mike,”
2013)?
Step 4: Act
The “put your money where your mouth is stage”! Can you put all of your thoughts,
ideas, and strategies into action so that Socks n’Jocks can become a successful business in the
college communities of Boston, Massachusetts?
The marketing strategy of the business is simple and unique just like the business. Is it
fool proof, probably not? But if all things fall into place it will help Socks n’Jocks reached a
liquid state at a more rapid pace, contain a strong customer base, and hopefully put some money
in the pockets of the four owners (www.marketingprofs.com, 2013).
Marketing Plan
A marketing plan is a key piece and a key tool to any business as it helps a business
recognize their market, their profitability, and their potential. When it comes to the plan there are
many different roads you can take but in the case of Socks n’Jocks we are going to look at an e-
Sock n’ Jocks: Business Plan
marketing plan as it plays into the technological pieces purchased for the management team and
it also offers some free areas where the business can be seen.
The e-marketing plan will be implemented using the following six steps:
Step 1: Narrow the market Focus. When looking at a market you need to know who the
target is and where the majority of the profit base will be. In our case we have identified
the college communities in Boston, Massachusetts as our target and specifically the
college student (Bly, 2013).
Step 2: Position the Business. Knowing that the target group is college students you
need to know what they want and more importantly what cost they can afford. Socks n’
Jocks is going to offer a sports bar, restaurant, and full service laundry. What college
student doesn’t see these three things as a necessity on a week-to-week, or even a day-to-
day basis? Delivering the message to the college age student that there is a great
atmosphere, cheap prices, and laundry to boot is very important. At Sock n’Jocks our
plan is to reach great revenue with cheaper prices and mass quantity. The 60 plus
colleges in the Boston, Massachusetts area will provide the quantity that we need
(www.entrepeneur.com, 2013).
Step 3: Create the Market Materials. Is the Facebook page, the Twitter feed, the email
blasts, and the website updated with the specials and the atmosphere the business
represents? If you want the market then you need to create the place that they want to be,
the message needs to be what they want, where they want it, and when they want it.
Crowds will create revenue for Sock n’Jocks on both the bar and the Laundromat sides
(www.entrepeneur.com, 2013).
Sock n’ Jocks: Business Plan
Step 4: Earn Media Attention. Now some may think that the business is getting ink in
the paper or the local reporter is coming down to do an interview. That’s not the case
here. The market for Socks n’Jocks is the college crowd and the media attention we are
looking to stir up is social media. The word travels fast once it hits the internet and that
is the attention that we want (www.entrepeneur.com, 2013).
Step 5: Referrals. This stage essentially comes down to word of mouth. When we reach
the projected environment that we want then people will talk and when people talk more
people come. It really is a simple concept, a very inexpensive concept, and it may be our
best marketing tool (www.entrepeneur.com, 2013).
Step 6: Take Action. It all comes down to this step in business. Everyone can talk the
talk but only some can walk the walk. The marketing plan can be great, it can be the best
and it can be unrivaled but unless you can put it to use then it mean nothing. The
management team at Socks n’Jocks all went to college together and they know what they
wanted when they were in college. It is this experience which will help put the plan into
play (www.entrepeneur.com, 2013)
When looking at market research it is important to understand the value it can haven when
opening a business. From the perspective of Sock’s n’Jocks it also set us as close to ease as we
could be during the opening process. The following are the benefits we recognized for our
business:
Potential Opportunity: Is there a similar business to Sock n’Jocks in the area is the first
questions to be asked? Well from the above discussion and the previous writing we
know that we have no “exact” competition to the business that we are opening
(www.smallbusinessnotes.com, 2013).
Sock n’ Jocks: Business Plan
Risk Assessment and Minimization: When looking at different demographic areas and
different venues for Socks n’Jocks risk is assessed. Is this place to big, too small, in the
right area? Is it close to a train stop? Is there another bar or Laundromat next door?
When looking at risk we view it as a “loss of success” rather than a failure and this is the
attitude or motto we have taken at Socks n’Jocks and it will help minimize our risk in the
long run (www.smallbusinessnotes.com, 2013).
Problems and Solutions: Life would be easy if problems were not encountered but we
all know in reality that is not the case. When putting the marketing plan together it is
important to actually understand the market. It’s a simple concept but if completed it will
help. Markets change due to external factors such as construction, demolition, road work
etc. When assessing a start-up market it is important to seek out these problems and then
avoid a start-up in these areas (www.smallbusinessnotes.com, 2013).
Benchmarks: A benchmark represents in simplistic terms represents an industry goal
that is established over a certain metrics. Market research in many ways allows for
benchmarks to be established (www.smallbusinessnotes.com, 2013).
Self-Evaluation: Are the expectations being met? Are the benchmarks being reached?
These are questions that can be answered with information that was gathered during the
market research process (www.smallbusinessnotes.com, 2013).
When it comes to business there are certain tools that are simple on paper but can have an
immense impact upon completion. One of those tools is a, S.W.O.T Analysis. The acronym
represents strength, weakness, opportunity, and threat. Below is the completed SWOT for Socks
n’Jocks:
Sock n’ Jocks: Business Plan
Strength: Ownership Drive, Ownership Involvement, Market, Potential, Unique
Business
Weakness: No experience in the ownership realm, Capital, Unique Business
Opportunity: Customer Traffic, Unique Business
Threat: Competition, Inexperience, Costs, Profitability
Looking at the above areas it is only about Socks n’ Jocks as it should be. It is the business at
hand and the business that is being opened. But there is one important element and in many
ways the most important element, that has yet to be discussed. The Four P’s of marketing are
essential, needed, and valuable tools to grasp when opening a business:
1. Product/Service: At Socks n’Jocks we are offering both a product and service. The
sports bar/Laundromat is full service on both sides. Individually there are needs for the
consumer at opposite ends of the spectrum. But when combined into the same place they
offer a unique opportunity to relax at the bar while someone else is doing your laundry
(www.mindtools.com, 2013).
2. Place: Here again is two opposite environments combined into one element
(www.mindtools.com, 2013).
3. Price: The college market of Boston, Massachusetts is the target and the prices will be
affordable and will borderline cheap. We are looking to maximize profit on quantity as
the amount of college aged students in Boston is immense (www.mindtools.com, 2013).
4. Promotion: Promotion to the college aged individual can be very simplistic. The idea is
to promote the atmosphere that involves something they love to do while something they
hate to do is being done by another (www.mindtools.com, 2013).
Sock n’ Jocks: Business Plan
Section 5: Information Technology
Society today is a world that is revolves around technology and also is evolving with
technology. Technology in many ways can brew a competitive market, it can put a business out
of the market, and it can bring you to the head of the market. As far as the availability of
technology it really is endless as long as the business checkbook is endless that is.
Sock n’Jocks is a specialty business, a bar/Laundromat located in the busy New England
city of Boston, Massachusetts. Both sections of the business sit in the “service sector” of the
business market but both also will find the need for information technology to stay efficient. The
management team at Socks n’Jocks; Jonathan Melanson, Travis Ferrante, Sam Williams, and
Kevin Coyne have grown up in the ever evolving world of technology therefore they are looking
to create an efficient and profitable business. The upfront costs are expected and budgeted for
and they believe the return on investment will be threefold.
When it comes to information technology there are different ideas that come to mind, the
internet, computer, laptops, and easy communication. All three of which can create an efficient
environment for a Socks n’Jocks which should equate to profit. Below are the initial hardware
pieces that Socks n’Jocks will address when it comes to information technology:
1. Laptops: We will purchase four Dell Latitude Computers for Jon, Kevin, Sam, and Travis
2. Touch Screen PC/Cash Register/Printer: There will be three purchased for the restaurant bar and then two more for the Laundromat.
3. Software Packages: Point of Sale (POS) software to be purchased for each portion of the business.
4. Software Packages: QuickBooks, Microsoft Professional, Norton Antivirus5. Printers: Two Cannon Laser/Monochrome: Printer, Scanner and Fax Machine
(www.cannon.com, 2013)
In a business setting, especially a service business, it is very important that the above pieces are
purchased and used effectively to create the efficient environment. The software packages that
Sock n’ Jocks: Business Plan
are being installed are very common and easy to install, allowing Socks n’Jocks to complete all
the initial setups internally.
It is also very important to understand what the software packages are going to bring to
the business.
Let’s first start by discussing the point of sale (POS) software which will be installed on
the touch screen PC/Cash Register/Printer. The POS software will have the menu uploaded, it
will act as the timekeeping for the staff, and it will also keep daily records of sales. The
communication piece is the PC reaching the printer in the kitchen so orders are able to begin
immediately.
Next we will discuss Microsoft Professional and Norton Antivirus. The professional
package is really no secret at all. Most all of us are familiar with the personal versions Microsoft
has put forth. The will allow documents and spreadsheets to be built and they will also allow
email addresses to be used and stored through Outlook.
Now that we have discussed the hardware pieces that will be involved in the business it is
important to discuss the development of the website, www.socksjocks.com. A website represents
a necessity in the business world today with the evolution of the smart phone and the tablet. The
website will be able to provide specials for food, the marketing of special events. Knowing that
the target market is the college aged individual the website really becomes the marketing tool as
all college students are surfing the internet and some point during the day.
When it comes to technology, more specifically technology within a business questions
about communications can arise. How does this PC use that printer? How is the POS system
communicating with the Laundromat? How is the email working and how are the actual email
addresses formed? At Sock n’Jocks the internal network is essential to business success. If
Sock n’ Jocks: Business Plan
certain hardware pieces are unable to communicate then it will be a detriment to the business.
Due to the ownership of the business growing up in a world of technology Sock n’Jocks is going
to implement the cloud based technology. It is cost effective, efficient, and can handle an
abundance of traffic. It can also allow access remotely which will be good for ownership to
track the business when they are not on site. The cloud technology can also allow for a “backup”
if the onsite system crashed. Having the cloud back up is a few clicks away from getting the
business back up and running. The “cloud” is the disaster recovery plan for Sock n’Jocks.
Information technology is not the be-all-end-all when it comes to business. Technology is
evolving therefore it is not a perfect science at this time and there are flaws. In a service based
business there will be consumer information transferring in and out of the system with the POS
software. In today’s world compliance issues play a major role when it comes to businesses.
Making sure the proper measures are taken to protect the consumer is of utmost importance. The
management piece of information is going to gall on the ownership team as this is their business
and they want to be involved from open to close to make sure Sock n’Jocks gets off on the right
foot.
Is any business perfect? Absolutely not, but they do strive to be. This is the attitude that
will be recognized at Socks n’Jocks as it is understood the weaknesses will be found in process.
The biggest weakness that comes to mind in the information technology world really comes
down to reliance. Will everything work? Computer can break, a bad email can be sent, and a
card could be charged the wrong amount. These issues will happen in business and as long as
they are addressed immediately and with respect things should be fine.
Sock n’ Jocks: Business Plan
Up until now we have yet to discuss any sort of cost when it comes to information
technology. The pieces have been talked about but when it comes to a startup accounting for
every penny spent is important.
Purchases:
o Laptops: 4 @ $547 (www.dell.com, 2013)
o POS Systems: 5 @ $1495 (www.pos-lighthouse.com, 2013)
o Business Management Software: 5 @ $199 (www.ebay.com, 2013)
o Microsoft Professional: 4 @ $189.99 (www.amazon.com. 2013)
o Norton Antivirus: 4 @ $79.99 (www.google.com, 2013)
o QuickBooks: 4 @ $180 (www.amazon.com. 2013)
o Cloud Server: $184/Month (www.liquidweb.com, 2013)
o Website Design: $2500.00
Total Initial Cost: $14,046.92
The business world is not cheap and just getting things running in the world of information
technology is going to be costly for Socks n’Jocks.
Sock n’ Jocks: Business Plan
Section 6: Financial Plan
Part 1: Financial Analysis
In the business world today there are many people who have great ideas for businesses
but do not have the wherewithal to follow through with their idea and put it into play. Ideas
usually don’t come with money and that is what is needed to start a business. In many ways this
is how we started our thought process. Sock n’ Jocks was once an idea or maybe it as even a
dream but it has since evolved into an actual reality. Four college friends are actually now going
to become business owners. In the following paragraphs we are going to look at the startup
process and how the business eventually evolves through the eyes of the financial statements.
The business that we are discussing today is Socks n’Jocks is a unique business that
involves a restaurant, a sports bar, and a Laundromat. The trifecta in the business world for the
ultimate sportsman. The unique business will also come with varying costs for the startup of the
business. Starting this discussion I believe it is important to understand what the company is
initially working with for money:
Business Investment: Each of the four owners will invest $10,000 each.
Investor Capital: Babson Capital Management: $275,000.
o Rate: 9 %, Term: 120 Months
Obtaining money from an investor can be a challenging process as investors are not in the
business to lose money. They want to see value in the business and more importantly a return on
their investment. We must have met with multiple investors and hedge fund managers who one
after the other turned us down. Our last meeting ended up being with the Babson Capital
Management Group and we caught some luck. We actually had an in that we didn’t know about.
An old college buddy of ours was one of their people who sat in on the meeting and he loved our
Sock n’ Jocks: Business Plan
idea and the fact that it was going to sit in Boston where there is an excess amount of college
student. It was actually our friend who got them to hand over the $275,000 investment.
An initial startup fund of $315,000 is a very nice sum to work with. But it is during the
start-up that the business may incur the most costs and moving forward we will look at the
spending the business will have to do to get its doors open. The $40,000 initial investment by
the owners is what each of them had in savings so this business venture represents all or nothing
for them.
The initial costs to find space for the business and furnishing the business are a necessity
and are easily thought of but as you move forward there is listening and insurance costs that you
really don’t think of. In the end the after all the startup costs the business is going to end up with
about $76,000 in an emergency fund.
The financials for Socks n’ Jocks (see excel document) are strong for the first three years
in existence as by year three the restaurants has income of almost 1.3 million dollars. Babson
Capital Management made money on their investment and now Jon, Kevin, Sam, and Travis are
off as business owner with only their own hard earned money. They are able to pay them
employees, pay the bills, and they are even doing well individually. The owners have made the
choice to not take more than enough money to live off for the first few years as they want the
business to reach a high liquid level in hopes of using some of that money to open a second
location.
Part II: Cash Flow Analysis
When looking at a cash flow analysis for a business you are essentially looking at the
operating, investing, and finance activities on cash for a given accounting period. In the analysis
the hope is that you will get answers to the following questions:
Sock n’ Jocks: Business Plan
1. Where does the cash come from and how is it spent?
2. Is there a difference between net income and cash? Why?
3. Is there enough cash to stay in business?
4. Is there enough cash to cover incurred debt and investment?
5. Is there enough cash for growth?
Let’s now look at the individual categories for the cash flow statements:
Operating Activities: These are the active day-to-day activities at a business. In the case of
Sock n’Jocks it would be the food service, bar service, and laundry services.
Cash Intake: Revenue generated from the sale and service of food, alcohol, laundry and
dry cleaning services. Interest derived from debt instruments, and dividends from
investments.
Cash Outflow: Payment to suppliers, government, investors, landlord, expenses, and also
the payroll.
Investing Activities: What money has been invested into fixed assets such as the washers and
the dryers, the televisions, all restaurant furniture, the kitchen equipment, the bar equipment etc.
Cash Intake: In the case of Sock n’Jocks in the first three years of existence they
have no investing cash flow coming in,
Cash Outflow: The purchase of all the equipment during the business startup.
Financing Activities: The start-up of Socks’n Jocks did not involve a lot of financing as the
initial investment from Babson Capital Management was the only money received.
The Cash Flow Analysis itself is very important to a business. The phrase “Cash is
King” holds very true to the health of a business. If you don’t know how much cash you are
Sock n’ Jocks: Business Plan
working with then how are you expected to meet expectations, pay for bills, invest in the future
of the business, etc. Our in house accountant Kevin Coyne will handle all of these things for us.
Benefits:
Meeting Payroll
Paying the bills
Investor or Stockholder Confidence
Ability to grow and purchase items
Problems:
Attempted survival off of credit
Bankruptcy
Employee Moral (not being paid)
It becomes obvious to the lay person that the inability to complete a cash flow analysis can lead
to the failure of one’s business. Businesses are created as a means of making income and if an
ownership team or a management team is unable to tell who the cash that the business has
available then it may be the management team that represents the problem rather than not
completing a cash flow analysis. At Socks n’Jocks the plan will be to take any and all measure
which will lead to a successful business. The cash flow analysis for the business will be of
utmost importance especially with the business being a startup. The room for error is at its
highest when we are in the beginning stages so cutting corners will not be an option.
Sock n’ Jocks: Business Plan
Section 7: Management Summary
As we move forward toward a complete business plan we have looked at marketing,
financials, business structure, and what the actual business to be opened represents. The
business that I am proposing to open is Socks n’Jocks. A unique combination of both a
bar/restaurant and a Laundromat, which I believe to be the first of its kind, and it, will be set in
the highly populated city of Boston, Massachusetts. Through the process of learning what the
business is about, the staffing it needs, and the money that needs to be invested there really is one
important piece that we have left out. In the initial business idea we touched upon the
management team for the business but we really have yet to elaborate or provide any detail on
how they plan to run the business. In the following paragraphs we will examine management,
consulting, and other professional services needed to run the business.
Management
CEO: Jonathan Melanson
o The job will consist of overseeing the company as a whole on both the
bar/restaurant and Laundromat portions of the business. Jon will also hand the
marketing and advertising for the business while receiving advisement from a
marketing firm. His final duties will be that of compliance and human resources
for the business.
COO: Sam Williams
o The job will consist of running the bar. Hiring/firing, ordering, payroll for the bar
employees.
COO: Travis Ferrante
Sock n’ Jocks: Business Plan
o The job will consist of running the kitchen/restaurant staff, hiring/firing, and
payroll for the restaurant staff.
CFO: Kevin Coyne
o Kevin is going to wear two hats as he will run the Laundromat and he will also
handle the financials for both companies.
All together these four individuals form the management team for Socks n’Jocks at least
from the beginning. As cost saver the four members of the management team are handling
duties that would normally be assigned to employees that are not yet present within the company.
If the business does take off and grow to a profitable level then the idea of expanding the
management team in the following positions will be discussed: HR Manager, Supply Manager,
and Accounting Manager.
In a business setting it is also important for the leadership to adopt a philosophy as it
creates the atmosphere of the business and it can also set the expectations within the employee
base. It will be no different at Socks n’Jocks as the management team expects a hardworking,
fun, and competitive atmosphere. The athletic backgrounds of the ownership team really plays
into the philosophy of the business and the actuality of what the business is. Also within the
athletic background is teamwork and this also will be adopted by Socks n’Jocks. There are three
main areas of the business: The Bar, The Restaurant, and the Laundromat. It makes sense that
we have three teams at the business as well. Team work can make processes easier, it can build
morale, and it can build trust all three of which are essential pieces of our business being
successful. If each member of the group does their piece then the dynamic is met and the job is
complete. A mantra at our business will be one person is good; two people are better but a team
is the best.
Sock n’ Jocks: Business Plan
In the interim the plan for the business will be to use consultants and advisors if we run
into any issues. In reality though the cost will come in very low for the business as the personal
contacts of the management team are going to be used to the advantage of Socks n’Jocks.
Personal Advisors (Pro Bono)
Vincent Coyne: Former owner of Coyne’s Laundromat (Portland, Maine) and he is also
the father of our CFO, Kevin Coyne. He will be used to advise us in the operations of
our Laundromat and in the purchasing of our startup equipment as well as future
Laundromat purchases.
Bob Napolitano: Owner Bruno’s Restaurant and Tavern (Portland, Maine). Bob is a
friend of Jonathan Melanson’s family and has been a bar/restaurant owner for over 25
years. He has offered his services for any questions we may have on our bar restaurant
side of the business.
Consultants
In the case of consultants Jon plans to use them for ideas and concepts in marketing and
advertising. There really are no contacts for this part of the business so we were left search the
Boston Area for a firm that we felt comfortable with. After a fairly extensive search we decided
on the following firms:
DC Associates: They are a firm that specializes in restaurant marketing and we feel they
will be a good fit for us now and in the future as we grow (www.dcassociates.com, 2013).
451 Marketing: They specialize in internet and social media marketing which will play
very well into the consumer base we are targeting (www.451marketing.com, 2013).
The use of the consulting firms will hopefully add to the success that we predict for the
company.
Sock n’ Jocks: Business Plan
Scenarios:
In any and every business there are going to be issues that arise as no business is perfect.
The character of the business and its individuals is built upon how the issues are handled and
how they are put behind and the business is able to move forward. We are going to look at three
different scenarios and how a management team would handle them:
Scenario 1: Your manufacturer has a labor strike that may last for 6 months
This is an interesting scenario and I am going to have to answer it from the hip as it really
would not apply to Socks n’ Jocks. If I was a manager or executive in a manufacturing type of
business or a business that relied on a manufacturer then the initial key is not to panic. The hire
you are in a company the more important your reaction is. If you react calm your employees
should follow suit. The next step would be to take an inventory of the product on hand and look
for a time frame before panic would set in. As an executive it would be naïve to think that your
manufacturer is the only one around so getting on the phone would also be a necessary step as
you may find a new manufacturer rather quickly and move on with business as if nothing
happened.
Scenario 2: Three more competitors emerge who are now in direct competition with your
company in product quality and price.
Competition in my mind is never a bad thing as it keeps your thoughts and reactions
fresh. I would welcome competition as I believe I would be the best manager in a competitive
environment. From a leadership and management perspective I would expect added effort from
my employees and also a keen focus to the task at hand. Competition has the ability to bring out
the best in most but it also has the ability to end a business. Competition can take customer and
Sock n’ Jocks: Business Plan
product sales away and then the health of a business can fall. There are a few things that can be
recommended when competitors come into the market:
Be Prepared: Expect competition and you won’t be caught off guard when it arrives.
Be humble: Don’t put all the effort into beating the competition, remember to keep the
effort of your business being the most successful.
Motivate: For the lacking of a better term, Winning is getting the most out of the
employee base and it take motivation to do this.
Scenario 3: You have had to layoff half your employees and the rest are disheartened as a result.
Layoffs in many ways are part of the business world and they represent the economic
health of the business. The most important step for a leader to take is this case is honesty. Don’t
surprise people, don’t hide it from people….just let them know the truth. They may not react
well at first but eventually they will respect the decision that needs to be made. In terms of the
disheartened employees the honesty will show that you truly care about the employee base and
the layoff was simply part of business and nothing personal. Business decisions are hard, there is
no doubt about it and they need to be made with decisiveness and respect. As a leader in a
business it is important not to fault the employee for a disheartened reaction but be open to
conversation and a possible future reunion.
Sock n’ Jocks: Business Plan
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Sock n’ Jocks: Business Plan
Appendix
Jon Melanson-CEO/Business Manager
Sam Williams-Bar COO/Manager
Travis Ferrante-COO/Kitchen Manager
Kevin Coyne-CFO/Laundromat Manager
Assistant Assistant Manager Assistant Manager Assistant ManagerAccounting Clerk 5 Bartenders 5 Line Cooks 3 Clerks
8 Servers 4 Helpers 2 Washers3 Hostesses 2 Folders
Breakfast Lunch Dinner Breakfast Lunch Dinner Sales
Monday 18 20 21 $9 $13 $22 $884
Tuesday 15 16 17 $9 $13 $22 $717
Wed. 13 17 15 $9 $13 $22 $668
Thursday 22 18 12 $9 $13 $22 $696
Friday 16 32 91 $9 $17 $22 $2690
Saturday 48 78 110 $14 $31 $40 $7490
Sunday 62 108 49 $21 $40 $38 $7484