Wholesale Food Business Plan
Justin Seafood Market has been providing customers with the finest quality seafood for five years. The business is primarily wholesale to area restaurants. We purchase seafood directly from local fishermen and contacts all along the Florida panhandle. This allows us to pick from the finest selection of seafood available anywhere. Currently, we sell to over sixty restaurants. This a 10% increase over last year and we estimate that we will have additional restaurants as customers next year.
Justin Seafood Market plans to expand our storefront and sell direct to the public. In our expanded market, we will bring our commitment of quality, freshness and great prices to the public. By purchasing in large quantities we are able to pass the savings on to our customer.
The planned renovation will cost $150,000. Additional service staff will be hired to assist customers. Bill Justin, owner of Justin Seafood Market, will invest $50,000 in the expansion and also secure a $100,000 short-term loan.
- Establish Justin Seafood Market as the leader in selling fresh seafood to the public.
- Increase the number of customers buying from Justin Seafood Market by 10% over the next two years.
- Establish a Seafood Discount Club for customers that will build customer loyalty.
The mission of Justin Seafood Market is to offer customers the best seafood prices on the highest quality seafood.
1.3 Keys to Success
- Superior products will promote customer loyalty.
- A location that will assure walk-in traffic.
- A program that will create customer loyalty.
Justin Seafood Market is primarily a wholesaler to area restaurants. Bill Justin, owner of Justin Seafood Market, has utilized his wholesale background, his experience in the restaurant industry, and his contacts with the area’s fishermen to build a loyal customer base.
Bill wants to open a seafood market to the public by renovating the building’s storefront to accommodate the public.
2.1 Company Ownership
Bill Justin is the owner of Justin Seafood Market.
2.2 Company History
Bill Justin started Justin Seafood Market in response to the dramatic growth of the Florida panhandle. Over the past five years, the population has increased by 30% in communities along the panhandle. But most importantly, tourists have returned to the area. Last year tourists spent over 400 million dollars with panhandle businesses. A significant portion of those sales were with the area’s loyalty. Currently, there are over 1,350 restaurants but that number grows by 15% annually.
Against this backdrop of growth, Bill Justin launched his market. Starting with ten customers Justin Seafood Market now serves sixty restaurants.
2.3 Company Locations and Facilities
Justin Seafood Market is located at 3456 Main Street, Tallahassee, Florida. After renovation, the market will have an additional 5,000 ft. of floor space that will be used for the new retail operation.
Justin Seafood Market currently provides numerous seafood products to restaurants in the Florida panhandle. The market’s new public retail outlet will focus on popular seafood selections that will bring customers into the store.
Justin Seafood Market will have the following retail products:
- Jumbo Fresh Gulf Shrimp;
- Alaskan King Crab;
- Florida Lobster;
- Sea Scallops;
- Fresh Gulf Fish Filets;
- Yellowfin Tuna;
Market Analysis Summary
Tallahassee has a population of over 160,000 residents but the area receives thousands of day tourists each year. Justin Seafood Market is located in the busiest commercial section of Tallahassee with excellent foot traffic. Expanding the market’s storefront by 5,000 ft. will create an inviting environment for the public. The market’s interior design will focus on the motif of an open air fish market. We will advertise the market as a place where the public can get quality seafood at wholesale prices.
4.1 Market Segmentation
Justin Seafood Market is focused on two customer groups:
- Urban professional working downtown.
- Day tourists.