October 1, 2012 – Sports bars, a $22 billion industry, are no longer just the hangout for guys seeking some down time after leaving the workplace. Sports bars are now becoming the destination of choice for the family unit. “It’s an amazing paradigm shift that sees sports bar operators overhauling their business philosophies and models seemingly overnight to fit the needs of the family unit”, says Joe Ferriolo of Wise Business Plans.
“Now, a component of the model will always be geared towards the male segment of the market as they are the consumers that are most likely to frequent these establishments. But on the whole, we are seeing business owners who are becoming more and more flexible in their offerings from a product, service and general environment perspective”, says Mr. Ferriolo.
Sports bars and bars in general are projected to drive $22.0 billion in 2012 with a five year growth average of 2.6%. These are both healthy projections that point to an industry that has a great deal of potential and long-term viability. “I think the term sports while it still applies in most cases have in years past limited the potential of this segment. The term was typically taken to mean that only men were allowed in and this was not necessarily true. Now that the barriers attached to this term have been for all intents and purposes been removed or reduced, establishments in this industry have seen a rejuvenation of sorts. This bodes well for operators and if they are able to remain attuned to the needs of the market, the potential for success is nothing short of exceptional”, says Mr. Ferriolo. Wise Business Plans has developed projects for sports bars throughout the nation. All business plans for this segment developed by Wise Business Plans include the following:
- Menu: Menu is an important factor in the success or failure of a sports bar. “Operators have to be truly connected to their audience and introduce menu items that meet their needs. A balanced menu that includes sports bar staples such as fries and wings as well as healthy options will place the business in the best possible position for long-term success”, says Mr. Ferriolo.
- Price: Price is a major consideration that operators must integrate into their operations mix. “With this segment becoming more and more family-oriented, the need for price points that meet the budgetary constraints of the typical household budgets are a must”, says Mr. Ferriolo.
- Environment: The environment has always been a consideration for the sports bar. In years past, the male segment was the only consumer group that needed to be catered to. Now that these establishments have begun serving the entire family unit, the environment has to be molded to fit their demands. “It’s no longer just about the boys; it’s about the boys, girls and the little ones too”, says Mr. Ferriolo.
Sports bars have become a staple in the fabric of American culture with families now frequenting them at several points throughout the week. When the time comes to make your mark in this segment, let the professionals at Wise Business Plans guide your entry process!
About Wise Business Plans
Wise Business Plans is a professional business plan writing company that creates custom sports bar business plans. The firm is committed to increasing the fundability and growth rate of businesses through strategic planning. To learn more, visit http://wisebusinessplans.comor call 1-800-496-1056 to schedule a consultation.