Whilst we like to approach every project on its own merits and tailor activities accordingly, feasibility studies usually tend to follow a four-stage process, as follows:
Market research: Using a range of mediums from qualitative and quantitative surveys to visitor profile analysis to field competition surveys the market potential of the venture is established.
Concept development: Using the market research information and building on the values of the attraction, the atmosphere and ambience that envelops it and the intrinsic qualities that attract visitors, our consultants begin to formulate concept options, which we present in outline form for discussion. Once a preferred concept has emerged, this is developed more fully to include menu and product range, service style, food production method, optimum seating capacity, opening times and so forth. At this point we work with the design team to develop space and service requirements, schematic designs and budget cost estimates for the catering fit out.
- Financial feasibility: For the financial element of the feasibility study, we concentrate on forecasting spend per head and penetration rates together with outline profit and loss accounts. This valuable information is accompanied by a detailed SWOT analysis and risk assessment.
- Management options: Next, we investigate the catering management options open to the venue and present to the client an expert analysis of the various approaches available.
Finally, we will present a full operational and financial feasibility report gathered from all the assembled information, including clear recommendations for the development of the most appropriate catering service.