Make it make money first!

CONCEPT DEVELOPMENT

Creating a new concept is fun and exciting. You have an idea that you think will resonate with your target audience and you seek to bring it to market. Our first step is to create a financial model that explains how much your concept will cost to bring to life and then how it will perform once it is open. A big chunk of concept development occurs during the financial modeling phase but there are plenty of things to consider.

Creating a concept by linking together steps in sequential order is short sighted. It doesn’t balance the brand offering or allow for adjustments. Adjusting one element will affect the other elements…like a mobile that goes off balance when one of it’s charms is altered. Opening a full service burger restaurant in Texas, for instance, might make sense…until you decide you’d rather to go to Montana where there is no tip credit, forcing your labor model higher and torpedoing the presumed profits. Does it mean you need to stay in Texas? No, you just need to adjust the model for, say, fast casual… stripping away table service… which affects your menu, management, hours of operations, size and location assumptions.

We work with you to understand what your concept needs to do for you and then collaborate to create the business of your dreams while ensuring that it delivers your expectation.