Foosball Hall in Madison is a brand new gaming hall and bar. Foosball or table soccer is an exciting table game originating from 1920’s Germany. Foosball involves two to four people playing in an exciting match that tests skills, strategy, and willingness for fun. Folosball is an alternative to pool that appeals to male students. They are looking for a game that is skill-oriented and can be played in a bar setting. While there are many different pool hall bars in Madison, there are no foosball bars even though the demand is quite apparent. Demand can be witnessed anywhere there is a foosball table. 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 has identified three critical keys to their success. The first is the necessity to create and implement strict financial controls. This is especially important if you have establishments that sell alcohol. Employee theft is the greatest drain on your business. Financial controls will reduce the risk. 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. It will be management’s task to continually analyze the business model looking for ways that it can be adjusted to increase profitability for the business. Foosball Hall is not going to assume that the business model is static. Instead, they believe that it must be dynamic in order for it to grow.
Target Market Customer
Foosball Hall identified two target populations. The first segment is casual gamers of table games. This segment is a casual player of table games like foosball and pool in a bar setting. They appreciate the opportunity to play a fun game while they consume beverages (alcoholic or not) and socialize with friends or strangers. This group has 54,889 customers and is on the rise at an average annual rate of 8.8%. The second group that will be targeted is the competitive player segment. These people enjoy foosball as much as the casual players. However they are also competitive. They play foosball in order to win with their friends, or in tournaments. And they continue to work hard to improve their skills. This segment can attract 12,445 potential clients and has an annual growth rate in excess of 7%.
Management
Stan Spinner is the Foosball Hall leader. Stan earned his undergraduate degree in Philosophy at the University of Wisconsin Stevens Point. Stan worked in a pool hall while at college. Stan’s first experience working in a retail establishment gave him invaluable insight into customer preferences and habits. Stan decided that he would like to own his own business one day, but was not confident with his limited skills. He enrolled in the University of Wisconsin’s MBA Entrepreneurship program. Stan went through the two year program with the intention of opening a foosball bar upon graduation. Having this goal in his head while taking the course work proved to be quite valuable as it became a lens through which Stan studied all the new material.
Foosball Hall (foosball hall) is a new gaming (foosball), bar that serves Madison’s students. Sales have been forecast to be approximately $200,000 for year two, increasing to approximately $290,000 in year three. Net profit will be negative in year one, rising to a positive % in years two and three.
1.1 Keys for Success
Foosball Hall identified several business components that are necessary to be successful in this highly competitive market.
- Employ strict financial controls. This is especially important in bars where the possibility of theft by employees can lead to bankruptcy.
- Treat every customer as though they are the most important customer to Foosball Hall.
- Continually look for improvements in the business model as well as operating systems.
1.2 Mission
It is Foosball Hall’s mission to become a premier night spot for Madison students and locals who are interested in playing table games and drinking.
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. The business will be operated on the premise that satisfied customers are imperative to a sustainable business.
1.3 Objectives
- To be one of Madison’s most popular venues that offer table games, specifically 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.
- Attain sustainable profitability in year 2.