The age demographics and average salaries of Bellevue, allow our business an opportunity of growth potential. The largest demographic market living in Bellevue is the young to middle age group of adults. The huge business presence in Bellevue of Google, Microsoft, etc., creates many up and coming professionals who will be needing places to treat their bosses to lunch and dinner, and mingle with other young adults after work or on the weekends. The increasing funds that these young individuals seeking success will have, will increase our success as a restaurant as they look to us as a Page of 6 33
means for spending their increasing wealth. As the age demographic is primarily in the middle age group we will want to maintain our atmosphere and style as closely attributed to the style of this age group at first to be successful. If we appeal to this young- middle age generation first, then we will be able to start off well and be able to expand quickly to add events for nightlife, and older adults so that we meet the needs of all the expanding markets and demographics of Bellevue, Washington. History of the Organization The business idea for Seafood Emporos came based off of the connection that Andrew has with the seafood supplier as a family business. Andrew has direct access to this resource. He notes that the demand for seafood has a large profit margin. The financial resources to open Seafood Emporos will initially come from the savings of the four restaurants owners. In order to be majority owners of Seafood Emporos we will need to invest over 50% of the initial investment. We will find the rest of the finances from small business loans and credit cards. Business Industry and Outlook Seafood Emporos will be a high end restaurant that will look to penetrate the market in Bellevue, Washington. Each year Washington produces revenues of over $10 billion in the food and beverage industry. With Bellevue being one of the ten wealthiest cities in Washington, the introduction of a new restaurant will be supported. Through research it was discovered that nine of ten consumers say they enjoy going to restaurants and two Page of 7 33 Definition of Market
in five consumers say eating out is a part of their lifestyle. With these statistics we are confident that Seafood Emporos will be profitable. Needs of Existing Market With this unique business opportunity of bringing fresh, high quality seafood to customers, Bellevue, Washington seemed like the perfect market for our business. The market in Bellevue will receive this business model well because of the demographics of the area. Bellevue is the fifth largest city in Washington and has one of the highest median incomes in the state. This was a very important aspect that was accessed when deciding where our business would thrive. Since we will be opening a high end restaurant with prestige pricing, it was important to find a market that could sustain this type of business. Bellevue has a population that is predominantly between that ages 25 to 55, and 60% of the population is married. This restaurant will appeal to this age group
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- Winter '20
- Business, Marketing, Seafood Emporos