Business Research Methodology and Regular Maintenance

Owning a bar in the Hobart City is quite an interesting and a fascinating idea. Since the citizens of the Hobart city are quite extrovert, they usually like to spend their leisure hours in a sophisticated bar with their friends or dear ones. The name of the bar will be â€Å"On the Groove.† The plan is that the bar will be having a club with dance floor accompanying it. It is very important to conduct primary and secondary research so that it turns into a successful venture in the long run. The three important issues which is required to be analysed for the opening of a bar in Hobbit are the Location for the setup of bar, to compete with the prevailing competitors and their innovative ideas and the cost involved for setting up and maintenance in a regular manner (Grapebar.com.au, 2016).   The locations of the bar play a major role in its growth and development throughout its existence. Many a time due to the location of bar it gains popularity and customer’s attention as compared to those which are located in less popular areas. The choice of location will totally depend upon the bar will look, the kind of customers which it expects and the level of its contribution which towards the society. The next step will be to decide whether to purchase the requisite location or to take it up on lease. This decision will be depending upon the level of budget which has been proposed for â€Å"on the groove†. At last, it will depend on the owner of the bar how to sync the concept of the bar with the proposed location in order to achieve the best competitive advantage with respect to location and its services. At times, due to the popularity of location, customers usually gets attracted towards the bar to spend their leisure time and this automatically becomes one of the reason behind significant increase in the level of revenue for the bar. So, by choosing proper location for â€Å"On the Groove† the owner can expect increase the level of revenue and can expect prospective advantages accruing from it (Entrepreneur, 2016). It is very important for a bar to always come up with innovative ideas so that it does not loses its customers and it's quite capable to attract the prospective ones regularly. Like, along with the dance floor you can have a mixture or a combination of Sports Bar and beer bar at the same time. This will attract those kinds of customers who are inclined for the above said specialty. It will also be a one stop destination for those people who want to enjoy the drink along with grooving on the dance floor.   With the growing rapid changes in the needs of the customers, it has turned very important to have innovative ideas and to implement the same in the business from time to time. This will not only increase the number of customers but will also increase the level of prospect for the survival in this kind of industry. Not only this, it will be quite successful in gaining an edge upon its competitors in the market. It is very important for being a successful business owner, to underst and the latest Buzz in the market, to remain alert with the changing needs and wants of the customers and also conscious or proactive towards the environment. If the owner of â€Å"On the Groove† is quite innovative and creative it will be a plus point for him to carry out the concept of bar in the Hobart City (Entrepreneur, 2016). In order to proceed further with the concept of setting up a bar it is very important to analyse the target market in the industry. For this, critical analysis and research is to be conducted by collecting data regarding need of the customers in the form of surveys, the current position of similar bars in the state, level of regular and fixed type of investments by its competitors etc. The first and foremost step involved is the amount required for rent or lease followed by the level of investment in fixtures, various licences, opening stock, utilities, payroll, marketing expenses, legal services, types of insurance, accounting and various other miscellaneous expenses . Just for the purpose of consumption, it would be advisable to have 10% of the total other expenses to be allocated for miscellaneous expenses. This will be referred as total initiation cost for â€Å"on the groove†. Other cost like security terms for safety in order to prevent breakout is another important aspe ct to maintain a bar. From the owners point of you, raising a bar is equivalent to nurturing a child right from giving a name to it, ensuring its smooth functioning, hassle-free, higher revenue earnings   can be compared to the style of parenting having a child who is happy, well assured, adjusted and ready for his adulthood in the coming future.   Proper cash settlement by means of collecting the same from the customers, distributing among the employees in terms of their salaries and keeping aside owners share of profit can to add different setup inside the bar for effective cash management setup. This will be the additional cost for the owner. If the owner of the bar has conducted its cost benefit analysis and have considered the above mentioned cost it would be advisable to move ahead with on the groove. Profitability should be ensured to the owner after adjusting all the above mentioned cost judiciously (Entrepreneur, 2016). The above three factors play a major role in deciding the commercial viability of the bar in the Hobbit City. If all the three factors shows positive response during analysis, it would be quiet beneficial to the owner to have a bar in the City. Being updated with innovative ideas and controlled cost it will be a successful venture (Grapebar.com.au, 2016). Entrepreneur. (2016). How to Start a Bar/Club. [online] Available at: https://www.entrepreneur.com/article/41460 [Accessed 11 Dec. 2016]. Fell, J. (2016). Three Things About Owning a Bar That Might Surprise You. [online] Entrepreneur. Available at: https://www.entrepreneur.com/article/219351 [Accessed 11 Dec. 2016]. Grapebar.com.au. (2016). The Experience Grape – Wine | Food | Bar. [online] Available at: https://grapebar.com.au/the-experience/ [Accessed 11 Dec. 2016].