english_3880_consulting_report_project

Frankie’s Fun Park Have you had fun today? Prepared for Lane Hoffman, CEO Frankie’s Fun Park Raleigh, NC Prepared by AOJ Consulting Alexis Sanders Olivia Holloway Jarrell Tomlinson East Carolina University April 23, 2012 AOJ Consulting East 5th Street Greenville, NC 27858 April 23, 2012 Lane Hoffman, CEO Frankie’s Fun Park 11190 Fun Park Drive Raleigh, NC Dear Ms Hoffman: Here you will find the report you requested from our consulting firm Enclosed is the necessary information AOJ Consulting deemed beneficial for your company to know before further exploring Greenville as a new potential city to build an amusement park in During our analysis, we researched exactly the same categories that we used to form our criteria Specifically, we investigated location, advertisement, climate, competition and economics With the exception of economics, all categories posted positive outlooks This discovery makes us all the more confident in the possibility that Frankie’s could become a success in Greenville The research we have conducted on your business and the city of Greenville is valid enough to give our recommendation to open a corporate owned facility on the city of Greenville Greenville is ripe with potential and is just waiting for a business to establish itself in the city Greenville would be a good first step towards the company gaining regional success in the southeast Through the use our prescribed advertisement techniques, Frankie’s will become a strong presence in Greenville in due time Our analysis for the report came from a few helpful resources The expertise we gathered from actual Greenville residents who worked with our team was incomparable The feedback we received from Greenville residents definitely facilitated our research on the city Thank you for selecting our firm to conduct this report We have learned a significant amount of information about Frankie’s Fun Park and the city of Greenville If you have any further questions or concerns, please contact our firm at any time (123-456-7890;AOJ@gmail.com) Answering additional questions is included in our initial fee at no additional cost to your company We hope you will seek out our advice again in the future should you ever need council on other business ventures Sincerely, AOJ Consulting i Table of Contents AOJ Consulting i Executive Summary iii Introduction Purpose and Scope Assumptions Methods Limitations Criteria Location Advertisement Employment Legal Restrictions Climate Competition Resident Weekend Activities and Expense Unemployment in Greenville Conclusions and Recommendations Works Cited Appendix 10 List of Illustrations Figure Figure Figure ii Frankie’s Fun Park Have You Had Fun Today? Executive Summary Frankie’s Fun Park should consider moving to the bustling Galleria11 area, which is steadily becoming a hub for emerging businesses in Greenville Galleria 11 is located on Memorial Drive, where many activities are prevalent This makes it a prime location to launch a new business that caters to the youthful vibe Greenville possesses Greenville isn’t the only draw for an established business like Frankie’s Additionally, many nearby cities make up Pitt County as well Therefore Frankie’s presence will not only guarantee revenue from Greenville but also neighboring cities Frankie’s expansion to Greenville would benefit the growing city in many ways The fun park would create an attraction for many residents in Greenville, tourist, and students Greenville currently has no other facility that offers the numerous sorts of activities Frankie’s holds The residents of Greenville would also benefit from the number of employees Frankie’s requires The move to Greenville would create a new and fun atmosphere for the city To ensure a possible move to Greenville, AOJ recommends the following: Launch a business move to the center of Galleria 11 Opening the park would benefit the city by bringing in revenue, jobs for civilians, and create family friendly activities The success of Frankie’s will quickly be shown by the attendance of residents • Build and monopolize the area quickly • Have manager/employee positions filled by local residents of Greenville • Create attention to the park through numerous advertisement techniques Evaluate progress of business after a year’s time • Gather feedback from the locals and city council members • Explore feasibility of expanding into surrounding cities • Measure good will established by Frankie’s since move to Greenville After years, investigate time period when company owned store could become part of the franchise • Judge success on revenue and community reception • Determine if the company is economically stable to sustain this change in ownership iii Introduction Frankie’s Fun Park has asked AOJ Consulting to research and evaluate the feasibility of expanding to Greenville in order to continue the expansion along the east coast AOJ Consulting has investigated information to determine if an opening of Frankie’s in Greenville would be a successful venture Purpose and Scope Frankie’s Fun Park has a total of four locations The Park has expanded to three cities in South Carolina and one in North Carolina Expanding to Greenville would add a second location to North Carolina, which would allow Frankie’s chain of business to grow and become more successful This report will address location, climate, legal restrictions, competition, and economics We will not include information about the construction of the site Assumptions Our recommendation is based on the assumption that Frankie’s Fun Park will be a successful business move since the competition is small We can also assume a move by Frankie’s to Greenville will become popular with local residents in a short amount of time Frankie’s popularity depends on the resident’s knowledge of expanding the franchise Although, we are confident advertisement will remedy this problem Frankie’s increasing popularity in its current locations leads us to believe a move to Greenville will be successful Methods The bulk of information came from online We used the Internet to find out some background information on Frankie’s We researched its history and a little about its overall outlook as a business The Internet also proved to be useful when we used it to determine a potential area in the city for Frankie’s to move to The Internet made it possible to research the surrounding area and see the new businesses beginning to emerge We also gathered information based on a survey we conducted We selected 30 participants at random and asked them roughly five questions to gauge their receptiveness to the idea of a possible move by Frankie’s to Greenville For convenience, we converted the results into graphs to make them easier to understand Our own knowledge of Greenville’s landscape also went to good use During our time in the city, we have become very familiar with the area we feel has the most potential as a location for Frankie’s We have seen how we can strategically advertise the company We observed East Carolina University houses the majority of the target audience Frankie’s fun Park would appeal to, which are young adults Therefore, we intend to make it the center of our advertisement efforts with the help of television, The East Carolinian, social networking sites, and “word of mouth.” During our report, it also came to our attention that there are many other good vantage points to advertise the franchises from within the city, such as major roads and local highways Limitations The information for this report was limited to the information located on the Internet, so figures and estimates were often unavailable for public use In addition, local libraries only provided resources with information on how to make decisions on opening a business and none pertaining to Frankie’s Fun Park AOJ Consulting has a total of three members with only one member being in the business major The remaining members have less knowledge about the business world and what contributes to a business investment Criteria AOJ Consulting considered location, advertisement, climate, competition, and economics as factors to help decide the feasibility of a move by Frankie’s Fun Park to Greenville Due to their importance, AOJ Consulting made these factors part of our report to serve as the criteria for the project In order for us to give a positive recommendation, most of the factors from our established criteria had to prove favorable Location Currently, we are looking at an area on Galleria Drive called 11 Galleria Shopping Center as a suitable location to build a Frankie’s Fun Park Various department stores and restaurants that are enjoyed by many surround the property Among them are Red Lobster, Lowes Home Improvement, Kohl’s, The Fresh Market, and Ruby Tuesday’s The area is booming with business and will provide a lucrative hub in the city of Greenville for Frankie’s to start a franchise According to Greenville Residents, 11 Galleria Shopping Center is becoming a new power center in the city (City-Data) The area is also preparing to open other business chains such as Bonefish Grill and Dick’s Sporting Goods in the coming fall (Two Tenants) We believe this would be the best location for Frankie’s to open a franchise in Greenville because the area is fairly new and still growing Figure 1: Galleria 11 Drive Advertisement In order to promote Frankie’s adequately, advertisement would be necessary to reach the residents of Greenville and the surrounding cities AOJ Consulting has researched and devised ways to make local residents aware of the potential opening of Frankie’s Fun Park We plan to implement various forms of media to help advertise Frankie’s Fun Park in the city Local newspapers such as The Daily Reflector and The East Carolinian will serve as tools to keep the community updated on the progress of Frankie’s possible move to Greenville The cost for placing an advertisement in the newspaper would be thirteen dollars per ad Billboards will also serve and be beneficial to this end Billboards would be strategically placed on the 264 Highway, which is located on the way into the city Billboard cost range from 700 dollars to 2500 dollars Greenville Boulevard would also help advertise Frankie’s because Greenville Blvd happens to be a main road in the city and is on the way to preferred location AOJ Consulting would also make use of the power of television Commercials advertising the potential opening of Frankie’s would be placed on the channels that are most frequented by Greenville residents The average cost for a television commercial is 350,000 dollars (“Resources for Entrepreneurs”) Transportation will be used as a means to advertise Frankie’s in Greenville The buses used by the East Carolina University students and Greenville residents will make it possible to advertise the franchise The local busing system travels throughout the city of Greenville, thus making the buses a great way to advertise Frankie’s to the public Employment AOJ Consulting believes that a small security team would be beneficial for Frankie’s because many small children will be at the facility throughout the day Only a small amount of security would be needed because Frankie’s is such a family-oriented place Parents are required to chaperone their children if they are under the age of 18 after pm Staff will be working and associating with people of all ages, including small children They will need to be appropriately trained by Frankie’s managers Staff can be found all over the city East Carolina University would be a popular place to find young, energetic, employees Staff should be active and outgoing since this job requires them to interact with children and families the entire day Employees would also need to be trained on how to operate indoor games, outdoor rides and attractions also Frankie’s would need waiters and waitresses to work in its restaurant Legal Restrictions Before opening this franchise, Frankie’s would need to follow the following steps to register this business: Finance your business Determine the legal structure of your business Register the business name Tax Identification number Register for state and local taxes Obtain necessary business license and permits Understand employer responsibilities (“Follow these 10 Steps”) After finding a location for Frankie’s Fun Park, other legal restrictions must be taken care of In the city of Greenville, to open the franchise, Frankie’s must receive a certificate of Zoning Compliance This must be done at the City of Greenville Planning Department Frankie’s would also need to obtain a certificate of Occupancy for permission to build on the property A proper Health Permit would also be needed from the Pitt County Health Department (“How to Start a Business in Pitt County”) Frankie’s would also need the appropriate insurance that covers liability claims An insurance company such as State Farm or a company that specializes in theme or amusement parks would need to be contacted Also Frankie’s would need to register the park with state and local agencies before starting this business To keep claims at a minimum by keeping the outdoor park area upto-date with local laws concerning safety A review of safety and claims would also need to be done of contractors before hire (“How to Insure”) Climate Greenville provides a suitable climate for a franchise like Frankie’s Fun Park Greenville is not only home to East Carolina University but Pitt Community College as well As a college town, many young adults make residence in Greenville as they pursue academic success throughout the year However, Greenville doesn’t really provide them with many alternatives to going to local clubs, house parties, and the movies AOJ Consulting is very confident that the students of both universities would meet a move by Frankie’s to Greenville with open arms Frankie’s would provide a cost efficient yet thrilling alternative to the usual night of drinking at the bar and parties for local students as well Given the near infinite amount of activities to at Frankie’s at such competitive prices, a move by Frankie’s to the city of Greenville will most likely receive positive reception Young Adults aren’t the only age group that would enjoy a Frankie’s Fun Park franchise in Greenville Many people who make up various ethnic groups call the city of Greenville home These same people have children, who may or may not have anything to a given night when they have free time Frankie’s is an establishment that caters heavily to families and young children with a family atmosphere and family friendly image Frankie’s also provides wholesome fun for the whole family to enjoy Another reason the city of Greenville has a good climate to accommodate a franchise like Frankie’s is its steady growth in recent years The area AOJ Consulting has been investigating as a possible location to move Frankie’s is becoming a hub for business in the city of Greenville New developing business is appearing all the time near Greenville Boulevard AOJ Consulting is a fairly save the area will prove to be a lucrative business venture for Frankie’s if the organization moves to Greenville There are other open lots that could also serve as good locations for their franchise if it was to moves to Greenville The city of Greenville is ripe with potential and possibilities All that’s missing is a franchise that is willing to put the effort in to establish itself in Greenville Competition Greenville has currently been a steadily growing city with many businesses opening their stores all over town The city is full of various clothing and sports departments along with several shops and restaurants The city also houses two main movie theatres, an ice rink and shopping mall Although these businesses pertain to the resident’s daily wants and needs, the city lacks any type of amusement for children, teens or adults The city focuses on the colleges and the sports participated by many Residents who are uninvolved in sports often find very little to within the city other than the normal movie night out Currently Greenville’s Fun Park has little if any business It is located in an area often unnoticed by the residents The park consists of a go-cart track and a few other outdoor activities With little to no knowledge of the park it poses little competition for Frankie’s Frankie’s not only provides attractions outside but offers numerous activities indoors, creating yearlong fun for everyone to enjoy With the location being in a more busy part of town along with Frankie’s many offered attractions, the park will face little setbacks AOJ Consulting is confident Frankie’s Fun Park will have no problem becoming one of Greenville’s most enjoyed places Resident Weekend Activities and Expense Frankie’s Fun Park would benefit from expanding into Greenville insisted upon the results from the anonymous survey given to residents of the city Figure shows the activities often partaken by people on a night out on the town Going to the movies and out to dinner are the top activities shared by most on their weekends The residents’ answers questions about how they spend their free time on the weekend and what they enjoy doing Thirty residents were surveyed and 83% were in favor of opening a Frankie’s Fun Park in Greenville 19% spend 20-50 dollars on average when going out and 12% said they spent less than $20 AOJ Consulting insist that Greenville will benefit from opening Frankie’s due to the amount of affording activities that are offered at the park A night out spent at Frankie’s caters to the price range residents spend on average The survey also asked about people’s opinion of the Greenville Fun Park that currently exists The residents’ responses showed that many never went or they had never heard of the fun park entirely This lack of knowledge favors Frankie’s, as it will bring excitement to the new modern atmosphere Frankie’s also offers many of the activities residents enjoy such as bowling and mini golf With the expansion to Greenville, customers will have the chance to enjoy several activities at one place instead of having to drive to several locations Figure 2: Survey results on weekend activities and average amount spent Unemployment in Greenville According to the U.S Bureau of Labor Statistics, Greenville has an unemployment rate of 9.8% since February 2012 Although these rates have recently lowered, expanding Frankie’s Fun Park to Greenville would benefit Greenville residents as well as the company Frankie’s would easily provide 50 to 100 jobs for employees Not only will Frankie’s need staff for the facility, they would also need many construction workers and contractors for building (“U.S Department of Labor”) Figure 3: Unemployment rate broken down by month and year Conclusions and Recommendations AOJ Consulting is confident that Greenville’s location, climate, small competition, and progressively growing businesses will ensure a successful expansion for Frankie’s With the population steadily on the rise, we believe Frankie’s will prosper with opening a franchise in Greenville We recommend the following: Launch a business move to the center to Galleria 11 Opening the park would benefit the city by bringing in revenue, jobs for civilians, and create family friendly activities The success of Frankie’s will quickly be shown by the attendance of residents • Build and monopolize the area quickly • Have manager/employee positions filled by local residents of Greenville • Create attention to the park through numerous advertisement techniques Evaluate progress of business after a year’s time • Gather feedback from the locals and city council members • Explore feasibility of expanding into surrounding cities • Measure good will established by Frankie’s since move to Greenville After years, investigate time period when company owned store could become part of the franchise • Judge success on revenue and community reception Determine if the company is economically stable to sustain this change in ownership Works Cited "Billboard Advertising." Resources for Entrepeneurs Gaebler Ventures, n.d Web 20 Apr 2012 "Economy at a Glance." U.S Department of Labor U.S Bureau of Statistics, 04/13/2012 Web 15 Apr 2012 "FAQ." Frankie's N.p., n.d Web 20 Apr 2012 "Follow these 10 Steps to Starting a business." SBA.gov N.p., n.d Web 20 Apr 2012 "How Much Television Ads Cost?." Resources for Entrepeneurs Gaebler Ventures, n.d Web 20 Apr 2012 "How to Insure a Theme Park." eHow Money Demand Media, Inc., n.d Web 20 Apr 2012 "Locate in Carolina." How to Start a Business in Pitt County Pitt County Development Commission , n.d Web 21 Apr 2012 "TWO TENANTS LEASE RETAIL SPACE AT 11 GALLERIA." Rebusiness Online France Publications, INC., March 14, 2012 Web 20 Apr 2012 "Pitt County, North Carolina." State and County Quick Facts U.S Census Bureau, 01/31/2012 Web 15 Apr 2012 "Print Advertising Cost." Resources for Entrepeneurs Gaebler Ventures, n.d Web 20 Apr 2012 Appendix Expenses 6% 36% $50 58% 10