Bar Executive Summary
Gray Wolf Bar is a new bar located in New Orleans, Louisiana. Gray Wolf will be located in the French Quarter where it will be surrounded by numerous other bars, restaurants, and attractions. The French Quarter attracts locals, college students, and tourists visiting the city wanting to experience the unique and fun culture only found in New Orleans.
Owned by bar enthusiast and entrepreneur Abraham Smith, Gray Wolf Bar is poised to become New Orleans newest, trendiest bar. Gray Wolf’s beverage program will consist of boutique wine, craft beer, and exquisitely crafted cocktails. The wine list will be seasonal by the glass and bottle options. The beer list will consist of a large assortment of beers on draft and bottled. The decor will be rooted in New Orleans French Quarter motif and will be accompanied by popular jazz music to add to the perfect New Orleans ambiance. Gray Wolf Bar is scheduled to open within the next six months.
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The following are the products to be offered by Gray Wolf Bar:
- Domestic beer
- Craft beer
- Wines by the bottle and glass
- Cocktail drinks served with a variety of liquors
Gray Wolf Bar will target adult men and women between the ages of 21 – 65 with disposable income in New Orleans. This demographic will consist of local college students, young professionals, millennials, and tourists visiting the city looking to embark in New Orleans nightlife.
Gray Wolf Bar is solely owned and operated by local entrepreneur and bar enthusiast Abraham Smith. He will develop the beer, wine, and cocktail menus as well as hire and train all staff. Abraham will be in charge of alcohol inventory, dealing with alcohol distributors, and be in charge of marketing on social media. He will work in conjunction with the marketing company as well as local accounting firm to ensure compliance with tax regulations, permitting, and budgeting/forecasting for cash flow purposes.
The following success factors will set Gray Wolf Bar apart from the competition:
- Elegantly crafted cocktails made with the finest spirits.
- Craft beer list that will attract the trendiest beer enthusiast.
- Wine menu that is cultivated to satisfy all wine palates.
- Trendy, modern, yet welcoming ambiance with a touch of the French Quarter vibe.
- Non-pretentious pricing to welcome all income levels and backgrounds.
Gray Wolf Bar is seeking $205,000 in debt financing to open its start-up bar. The funding will be dedicated for the build-out and design of the bar and lounge, as well as bar supplies, working capital, three months worth of payroll expenses and opening inventory. The breakout of the funding is below:
- Bar Build-Out and Design – $140,000
- Bar supplies – $20,000
- Opening inventory – $15,000
- Working capital (to include 3 months of overhead expenses) – $15,000
- Marketing (advertising agency) – $5,000
- Accounting firm (3 months worth and establishment/permitting of business) – $10,000
The following graph outlines the pro forma financial projections for Gray Wolf Bar: