Executive Summary
Flying Fox LLC consists of three owners as a partnership. They are Jaime Hinckley, Brittani Hinckley, and Jeremy Hartman. Both Brittani and Jaime have years of experience in owning their own businesses, with video production, photography, and baking. They also are experienced in managing coffee shops, working for a company that owns multiple locations and has their own roastery, Bella Latte. Jaime will run operations as he has the most experience in the coffee industry and the most knowledge of any products used. Brittani will run marketing and networking based on her experience in photography and working networking within the wedding industry. Jeremy has experience in business through working in real estate with Keller Williams, and has also been the general manager for an Ace Hardware for years. This experience provides the necessary background to run the financial side of the business.
The expected customer base for the business will be 16-40 years old, with people using the space for mainly social gatherings and as a work space. We are currently working with Clemson SBDC to gather a market analysis fore Greer. The city population is about 31,000 and has grown 63% in the past 6 years compared to a state average of 58%.
The choice of Cartwright Food Hall on Trade St. in Greer, SC is ideal for multiple different reasons. One is the location. Trade St. is the most recently renovated section in Greer making it the most attractive part in the city. Two is the community of the food hall. There will be five or six other restaurants/ food services as a part of this, which will ensure that more foot traffic will occur. Every restaurant will have its own draw, which will then bring people to the same place as the others, providing a space where there will be something for everyone for any part of the day. Also included in this is a spacious second story seating area, which will provide ample amount of seating for any gathering, as well as plenty of space for social distancing in the current world climate. This space was also chosen for the perks. All utilities and payments such as taxes, building upkeep, building insurance, etc. will be included in rent. Marketing will also be included in the rent which will only add to the draw of the food hall and ultimately Flying Fox.
The competitive edge is what Flying Fox prides itself in; Excellent and consistent products, unmatched customer service, and a welcoming environment. It is extremely rare to find a coffee shop that can do all three. Being held accountable to these standards will create an experience that will keep customers coming back on a regular basis. On top of joining the food hall these things together will set Flying Fox apart.
It is expected that only an average of two, maximum of three employees will be required to be on the floor at a time. Jaime Hinckley will act as manager/ supervisor, with a current planned hire as an assistant manager, who has years of experience in the coffee industry, to run the shop while Jaime is not there.
Total funding needed is $40,000 for fully funding the shop which will include the buildout, equipment, general overhead, and two months labor. Maximum will be $52,000 to purchase top of the line equipment and products, minimum will be $30,000 where we would only get bare minimum equipment to operate the shop.
Flying Fox will be successful as a permanent location due to our research. As listed above, the location is prime for a coffee shop with little competition in the area. Jaime and Brittani have worked the coffee and service/ event industries for years, have seen what has worked and what hasn’t worked, and have vast knowledge of all things coffee, equipment, and coffee management which will be applied to running this shop. The current operation for Flying Fox is a mobile cart, which has a positive cash flow, even with an inconsistent location. The average taken per hour of sales has been taken into consideration, and even after lowering that average for planning, a positive cash flow will prove attainable.
Objectives
- Maintain a 40% margin profit
- Average $8,000 profit minimum per month
- Begin Flying Fox Cocktails within 6 months
- Begin second location by the end of 2021
Mission Statement
Flying Fox focuses on three things; Excellent and consistent product, warm and welcoming atmosphere, and unmatched customer service. We believe that if even one of these elements is missing at any given time, we have failed to live up to our name. Every customer should leave with a smile on their face and we should be able to give them that smile.
Company
Company Ownership
Flying Fox is an LLC with three owners. Jaime Hinckley and Brittani Hinckley own 33% each and Jeremy Hartman owns 34%.
Company History
Flying Fox began during a cigar night with Jeremy and Jaime in November of 2019. We have worked together for years in different capacities, from church to a history podcast. One of the many things we have in common is our love for coffee and serving others. After doing some research into the market, something that wasn’t done often was mobile espresso bars, and in December 2019, we began the process of building a mobile cart and lining up events. And then in Spring of 2020, Covid-19 swept the nation, putting all events and our business on hold. However, we did not stop nor give up. We used that time to hone our skills and create the most effective mobile cart we could, all built by our own hands. As restrictions started lifting, the events began picking up and we were officially in business by the end of April. The plan had always been to open a storefront while continuing and ramping up mobile operations, however we did not expect that opportunity to come some soon in the form of Cartwright Food Hall. After applying for a spot competing with at least 30 other potential food services, it was a sure fit and we were accepted to be a part.
Company Location and Facilities
Cartwright Food Hall is located at 215 Trade Street, Greer, SC in what was one of the first buildings built in downtown and was originally a carriage dealer. The building will have all restaurants and some seating on the first floor while the entire second floor will be seating. The inside will maintain it’s old time atmosphere which is closely related to Flying Fox’s branding and atmosphere approach. It is located on the most recently updated part of town which was a multi-million dollar project. There are multiple parks within walking distance which makes it an easy place to come and go with coffee or spend time working or relaxing inside. It is right off Highway 29 and about ten minutes away from Highway 85. Less than five minutes away sits BMW, the largest BMW plant in the world, as well as countless other production facilities and business centers. Greer is located equally between Greenville and Spartanburg, two of the fastest growing cities in the country.
Product(s)/Service(s)
The majority of products sold will be coffee beverages. This includes anything from traditional lattes and cappuccinos to modern and creative coffee mocktails. Although you can find similar items on other coffee shop menus, extra care will be taken to ensure the highest quality ingredients available will always be used. In addition to coffee drinks, the plan is to sell locally sourced baked goods, retail bags of coffee beans, and Flying Fox merchandise.
Description of Product/Service
- Coffee Drinks – Freshly brewed hot and iced coffee.
- Espresso Drinks – Lattes, Cappuccinos, Americanos, etc.
- Teas – Hot teas, Matcha, Chai Tea
- Mocktails – Seasonally rotating cocktail styled drinks made with our delicious coffee and espresso.
- Cocktails - Mixed drinks, coffee related and not
- Baked Good – Locally sourced baked goods such as bagels and scones.
- Retail Coffee Beans – The same coffee beans we brew in the shop available for purchase.
- Flying Fox Merchandise – Shirts, mugs, hats, etc. for our customers to purchase and spread brand awareness.
Customer Service
Our current operating hours are set for 7a-4p seven days a week. The customer should always feel like they are a part of the Flying Fox family. Whether they are a coffee afficionado or are trying it for the first time, our customers will be valued above everything else. Between specialty and unique drink options, as well as working with customers to build our menu, the customer will be a vital part of everything we do. Our menu will always adapt based on what the population wants, and will offer drinks they never thought possible to broaden the interest and excitement already surrounding coffee. If the customer is not satisfied, it is not a reflection of them, it is a reflection of Flying Fox.
Market Analysis
Industry Analysis
Currently, the biggest factor affecting the coffee business is Covid-19. While Greer is not as damaged as other major cities throughout the country, any time there is something outside our control it will change the purchase behavior of the consumer. However, currently there are no major coffee shops who are in danger of shutting down for good. Coffee, unlike food, is easily consumed whether you sit in the shop or are drinking on the go, which creates an ideal situation as Covid-19 continues to challenge all business.
Market Forecast/Target Market
*We a currently working with Clemson SBDC to finalize current and projected market analysis*
Competition
- Barista Alley. They are the closest in style in product to what we will be offering. Their business has remained steady in current conditions because they are the only place currently like it in Greer. Their strengths are good tasting product and crepes. Their weakness is ownership. Unfortunately a circle has been created that distances anyone who is on the outside. While their product is good, their customer service will not match ours. Our goal is that no one will feel out of place coming up to our counter. Something we have learned from them is their creativity in the creation of their drinks.
- Stomping Grounds. They are a coffee/ sandwich/ milkshake/ other product shop. Their business has steadily been declining for years now. They have gone through multiple different owners in the past few years and don’t have a true identity of what they want to focus on. Their strengths are having a place to hang out while enjoying their products. Their weaknesses are brand identity, quality, and overall store visibility. We have learned how not to operate as shop owners when dealing with customer service and employee relations. Our operations will provide superior customer service and product, bringing in a larger and more diverse clientele.
- Starbucks. They are a nationwide coffee shop company. Their business has remained steady in current conditions because of brand recognition and resources as a large corporation. Their strengths are creating a consistent environment throughout all stores and has mainstreamed the coffee shop experience as well as great merchandising. Their weakness is poor quality products because of the need to mass produce their experience. Also, inconsistency in their product is a weakness because every barista has their own understanding of how each product must turn out. We will beat them out in quality in product because we will only use the best we can find and never waiver. Our process for each cup is meticulously measured and protected to where any person making a cup of coffee is the exact same, from the water used, the beans being ground, to the amount of syrups used for each recipe.
These are the only competitors we face in the Greer area.
Keys to Success
Food Hall Community
Being a part of a food hall, one of the fastest growing restaurant trends, comes with many benefits. Each restaurant comes with their own following and clientele, bring more opportunity for discovery and business for each vendor. There is also a level of support and advertisement, from the food hall business itself, and each individual vendor. This gets our name out to a wider range of customers. It also brings in the strength of each vendor, where one might not excel in a certain area or product, there others will. Having a working relationship with each will provide a larger service for each customer that walks in.
Quality of products will only be the best based on research and experimentation
Each drink/ pastry we provide goes through an intricate process of determining whether or not the product will be sold. First it begins with the experimentation stage where we create different and unique products based on flavors, product quality, and customer interest. Next we conduct and small case study with random customers to see if it something that is received well from people outside the business. Lastly, we do a short term sale to the broader public. This takes place for seasonal and long term products.
SWOT Analysis
Strengths of the company
- We are obsessed with perfection and excellence in all aspects of the company. We will not be settled until everything is the very best that can be provided. Even then we will continue to see what can be done better.
- Coffee is one of the most widely accepted form of drink and business to create quality community.
- With three owners, each personality works to balance and strengthen the others so if there are any weaknesses, one of the others can step up.
Weaknesses of the company
- New to the game. Being our first brick and mortar location, there are bound to be issues that arise which we may not foresee due to lack of experience in owning a coffee shop.
Opportunities of the company
- With mobile operations continuing, having both that and a brick and mortar will be used as advertisement for each other.
- Being a part of a community of restaurants will open doors to partner with events and future endeavors.
- A future branch of the company will be Flying Fox Cocktails as it is very closely related to specialty espresso drinks.
- We are in communications with a new food hall coming to Greenville about setting up our cocktail operations there.
Threats to the company
- Coming into an already competitive market will force us to be on the top of our game.
- Covid-19 is still creating chaos and uncertainty in the United States, which will cause us to be able to adapt when necessary and be okay with changing our game plan.
- Copycat competition. Any time you create something that is the best in the market, others will come in to emulate in attempt to cash in on the success.
Business Strategy and Implementation
- Advertising/marketing/promotion
Social Media: Instagram and Facebook will be maintained as way for people to discover Flying Fox and to interact with us. Paid promotions and giveaways are relatively easy and inexpensive and have the potential to reach thousands of new customers.
Events: Cartwright Food Hall will have planned events that we will be a part of and be used as an event hall. We will also have our own events such as tastings, networking, and parties as we introduce new products.
Marketing: The food hall will have their own team of marketers that will bring traffic in which includes news articles, press releases, and community recognition.
Networking: We will get in front of any company that consumes coffee, has meetings, has events, or has any need we can fulfill. This will create partnerships and bring us in front of people who might not hear about us or are looking for an easy way to provide great coffee to their employees and customers.
Once the first news press release goes live, we will begin publicly announcing our plans for the food hall. Riding that wave of publicity, we will be launching paid ads on social media and speaking to local bloggers, food critics, and influencers. This will create a surge of new customers that we will look to turn into return customers.
We have found that the most effective tool we have to build our customer base is word of mouth and social media marketing. We plan to engage our customer base on social platforms by regularly advertising new products as well as running promotional campaigns.
Strategic Alliances
Cooperative Coffee Roasters: Not only are they the best coffee suppliers we have found, they offer free barista training so we can always make sure all of our baristas are the best in the industry.
First to Last Films: We will have access to free promotional video and photography.
Cartwright ownership: Opening multiple locations together
Organization
Name and Position | Background | Skills
Jaime Hinckley | Wedding industry and coffee management | Research, planning, quality control, customer service
Brittani Hinckley | Wedding Industry and coffee management | Customer service, promotions
Jeremy Hartman | Real Estate, church ministry, retail management | System management, finance
| |
There are areas in which we do not have much experience that we would need to hire outside sources. Some of these areas include legal and some finance work.
Financial Analysis
The projected financial statements for the first three years of operation are located in the appendix.
Financial Assumptions
These numbers are included in a separate form to be included.
Start-Up Costs and Capitalization
In order to begin setting up at Cartwright Food Hall, Flying Fox needs $40,000. The list of needed purchases will be included on a separate form.
Future Plans
The current goal to pay off all loaned money is two years. This should prove easily attainable and will allow Flying Fox to move into numerous different growth opportunities. As stated before, Flying Fox Cocktails will be a 5p-10p operation as a specialty drink option. This will grow into our identity as we look to always provide new and unique drinks to our customers, marrying the two branches, coffee and cocktails into one. With planned growth as we build upon this identity, we will look to opening a second location as mentioned above. With our partnership with the food hall ownership, there are plans beginning next year to open a new food hall each year in different cities.