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3. HOT DOG RESTAURANT BUSINESS PLAN

DEC.26, 2017
 Hot Dog Restaurant Business
Plan
(3 votes, average: 4.00 out of 5)

ARTICLE

SHARE:

1 Do you want to start own hot dog restaurant business?

2 Executive Summary

3 Company Summary
4 Services for customers

5 Marketing Analysis of hot dog restaurant business

6 Strategy

7 Personnel plan

8 Financial Plan

Marketing Analysis of hot dog

restaurant business
As for a general trend, the market demand for hot dog business is on the rise.
According to The National Hot Dog and Sausage Council, Americans consume more
than 20 billion hot dogs every year. Hot dogs are one of the most popular American fast
foods that’s why the number of hot dog stands as well as established restaurants have
been increasing during the last few decades. You can even start a small hot dog stand
with a very low investment and it will yield profits in thousands. But before you do that
you will have to prepare a hot dog stand business plan as well.

As with other plans, marketing analysis is the most important component of a hot dog
business plan. A good business has always an effective strategy which can only be
developed after an accurate marketing analysis. Jeff obtained the services of experts to
carry out an accurate marketing analysis of the current market demands especially in
the neighborhood of New York City where we will be located.

The success or failure a startup totally depends upon how they market themselves to
target their specific customer groups. A successful marketing strategy can only be
developed after knowing the target audience and potential customers. Jeff has carried
out an extensive research with marketing experts to know their target customers and
focus their marketing strategy towards them before developing the hot dog restaurant
business plan.

5.1 Marketing Segmentation:

Our marketing experts have identified following type of target audience which can
become the potential customers of our restaurant.

The detailed marketing segmentation comprising of the company’s target audience is as

follows:

5.1.1 Local Residents:

The first and the most numerous group of our customers will be the community residing
in the vicinity of our restaurant. The teens love to eat fast foods as many times a day as
possible so we hope to have a lot of sales due to them. Not only teens, sometimes the
adults, as well as older people, also like to have lighter snacks such as hot dogs for
their food. This customer group will drive the most number of sales so our marketing
strategy will be specifically built to attract this group towards us. Initially, we will also
offer various promotional packages.

5.1.2 Working Class:

The second category includes the workers and employees who work in the businesses
or offices located in the vicinity of our restaurant. Most of these workers live singly and
depends on restaurants like us for their daily food needs. Usually, they have a tight
budget so cannot afford expensive food that’s why our economic hot dogs will be the
best option for these singles struggling with their financial lives.

Majority of working class people have a tight routine and they prefer to eat something as
fast as they can without compromising on their busy schedule. Our take away service is
specifically designed while keeping such busy people in mind. Our hot dogs will always
be ready for these people to pick up while on their way to their respective companies
and offices.
5.1.3 Passers-by:
The third category includes those people who do not live or work near our restaurant but
have come to the area for any business purpose or commercial activity. We also hope
to attract these passers-by with our economical and tasty hot dogs.
The detailed market analysis of our potential customers is given in the following table:

Market
Analysis

Potential
Growt YEAR YEAR YEAR YEAR YEAR
Customer CAGR
h 1 2 3 4 5
s

Local
11,43 13,34 16,55 18,74 13.43
Resident 45% 20,545
3 4 3 5 %
s

Working 22,33 32,34 43,66 52,54 10.00

38% 66,432
Class 4 4 5 4 %

Passers- 10,65 12,86 15.32

17% 8,322 9,455 14,433
By 5 7 %

42,08 55,14 70,87 84,15 101,41

Total 100% 9.54%
9 3 3 6 0

5.2 Business Target

Our business target is to become the best hot dog restaurant in the New York city within
just 6 years of our launch and to recover the initial investment within next 2 years of
launch.

5.3 Product Pricing

Our hot dogs will be nearly 7% cheaper as compared to our competitors while the prices
of other snacks and beverages will be in the similar ranges as of theirs.

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