By; Anna Montgomery, Rand Frawley, and Katie Nika
Six Business Activities of the Leprechaun
1. Generating Ideas: Our business is called the Leprechaun and is a food service industry. The Leprechaun will sell all types of irish foods such as pot pie, corned beef and cabbage,soda bread,irish lamb or beef stew and more. It will be in a casual setting where you can feel at home and prop up your feet after a long day. Later in the evening it will be the place to be to meet up with your friends and eat good homemade food. We developed this service by our heredity. Since we all have an irish background with thought it would be neat to create something to showcase it. Also it gives us the capability to see what our ancestors ate and the environment they could be in. We researched the market and saw that there are very few all irish restaurants in the Springfield area but, there is a good amount of irish people in Springfield. The only real competition it would have would be D'arcy's Pint.
2.Raising Capital: The money we would get is from investors, our own money, and maybe even some loans to start our business. I believe that many investors would want to invest capital because, D'arcy's Pint is doing so well. These investors could even be from our parents and friends. When using our own money we could invest where it needs investing instead of having outside help. Once we get the business off the ground bank will be more lenient to loan us a good amount of money to get new equipment and to build a better business.
3. Employee & Training: To recruit employees we will Advertise on Facebook, Twitter, and Instagram. Another way we will recruit people is by putting ads in the Newspaper for employees. We will want people that fit the job well. We will have them fill out an application for the job. The plan is to hire many that are very experienced at being waiter or a waitress then we will have the experienced people train the people that aren’t as experienced. For the cooks they all must be experienced to be back in the kitchen, because the kitchen is a very important role in this business.
4. Buying Goods & Services: When we first start up we will buy or food from GF. As our business gets bigger we plan on buying our food and products from Sam’s Club. Sense this business is a restaurant we plan on getting our tables chairs, lamps and the stuff from Furniture Row. Then we will get our appliances from Lowes and Menards. We also plan to get the money for all of this from fundraisers, and then we also have the rest of the money that we need.
5. Marketing Good and Services: We will put up flyers, go on the radio, and we will make a website. We will be constantly spreading the word verbally. We will go to very touristy areas and put up signs. Then we will make a short and sweet inexpensive commercial. We will tell friends and family to tell their friends, co-workers. or anyone they know to come check out our restaurant.
6. Maintaining Business Records: We will track orders and payments by hiring workers who specialize in that area to keep track of all of it. We will ask workers before they are hired to tell us about themselves and give us a background. We will do background checks and make sure that they are telling the truth. We will hire accountants for our business to take care of all of the expenses, taxes, etc.
We are going to be a Partnership.
- Advantages: Easier to start than a corporation, All owners are responsible for key business decisions and functions
- Disadvantages: Share investments and profits, each is liable for debts if the business fails