The creator of Street Market is Jarred Williams. Jarred Williams is a junior at Wagner College pursuing a degree in Sociology. Ever since a child Jarred has always has the passion to help people in niece When Mr.. Williams came to Wagner College he started exploring New York City a bit more. What stood out to Jarred was the large amount Of street performers he seen in his everyday travels as well as the amount of food carts which seemed to be on every single corner of New York City. With Carrie’s passion for helping people and New York City great assets he created Street Market.
Street Market aims to be in full operation by May I, 2015. The headquarters Of the company Will be opening up on SST Avenue and Broadway. From here Street Market wants to expand to Los Angels, Washington DC, Miami, and Chicago. Street Market currently has a budget of 1 . Smiling dollars. Street Market received a 1 million dollar investment on reality television show Shark Tank and $500,000 of Jarred Williams personal savings, Two investors from Shark Tank invested in Street Market giving them of the company. The ownership tot the company will be: Barbara Corcoran 24. % Diamond John Street Market will have a board consisting of three people, all competent to seceding on business issues. Barbara Corcoran who is a real estate mogul and investor, Diamond John who is the founder of BIJOU and is a branding genius, and Jarred Williams who is the founder of Street Market. Barbara Corcoran responsibility on the board consist of ensuring the financial well being of the company as well as securing real estate properties in different locations for the company. Diamond John is responsible for branding Street Market and innovative ideas for accessories and products to sell to build more revenue.
Jarred Williams responsibility is securing food truck vendors as well as marketing. Our vision at Street Market is to capitalize off of the resources that New York City has available. New York city being a major city attracts different ethnic groups, cultures and customs, Street Market plans to capitalize off of this by having a venue full of culture, from the different types of musical performers to the different food vendors we hue selling food. Street Market is going to be a melting pot of food and music. Demographics Street Market Will be located on 5th Eave.
We at Street Market believe that 5th Eave. Is a perfect location because of the tourist attractions. There is such a strong aorist attractions to 5th avenue because Of the midtown shopping. Stores on 5th avenue include but are not limited too: The Apple store Tiffany and Co. Beresford Goodman Louis Button Pravda Trump Towers World tot Disney Store Cole Han The target audience will be tourist, local employees, and everyday people in New York city looking for a low budget meal and performance. Street Market will TA regret tourist because Street Market is a melting pot.
Tourists can come to our location and be apart Of an audience that is made up of people from across the world, listen to diverse homegrown music, and eat authentic cultural food. Street Market Will also target local employees because they need somewhere to eat lunch and unwind. Instead of going to McDonald’s and putting their headphones to listen to music, workers can come to Street Market and enjoy food and a live performance. The everyday New Yorker will also be attracted. People of all ages from kids who come to hang out after school to the grandpa who likes to eat his lunch listening to music.
The street performance scene is a diverse open community which has the ability to connect people together. Politically, according to a Journal North reporter Kier Hay says in the city of Santa Fee, there was a proposal to ban street performers from the plaza, The public ordinance includes prohibiting sound amplifications and limiting the amount of hours buckers can perform. Other cases include New Orleans City council considering new Noise Ordinance that would reduce sound level to db that would ban music in public spaces (Deco, 2013).
Street Market believes these ordinances will draw attention to the street performance scene and allow for Street Market to target possible donors and politicians, Analysis Strengths Street Market is not only a location but it is an experience. It is not just a place here people can come and hearing a performance and eat but it is a place where you can come dance, network, scout talent, take a date, or even unleash your hidden musical talents that you hide at home. The strengths Of Street Market is the set up and the environment that creates is a free environment allowing for a flexible crowd and a variety Of activities.
Street Market Will be set up by having a main stage. There will be an open space for dancing and observation. Covering the walls of the venue there will be food vendors as well as a liquor vendor, giving Street Market a festival atmosphere. There will also be tables in the back of location to allow for networking. Weakness Street Market is a start up company, meaning the company lacks experience. This could negatively affect the financial status of the company if Street Market is unable to create enough revenue to cover expenses.
As a newly founded company securing donors will he very difficult to obtain, Any time a new location opens you will be met with resistance to businesses that are targeting the same audience, Street Market promoting talents and food truck vendors inside the location can spark controversy and critique. Street Market will be met with hostility from talent agencies and food truck vendors that feel we are taking their clientele. Opportunities Street Market opportunities include expansions into many different fields.
Street Market will look into expanding into the talent agency business. Street Market Will also expand its food truck opportunities to prominent food truck vendors such as the Milk Truck, II Loomed, Spousal’s GAR, Calicle, Gorilla BBC as well as a host of other vendor. This will bring together several fan bases at one location. Opportunities also include advocacy for the homeless, and other social ell being issues. Opportunities also include partnering with local high schools and elementary schools and having a student performance day or hour.
Street Market will also have the opportunity to rent out its space to people that want to run a performance. Threats Threats for Street Market include finding enough street performers to perform at Street Market. Street Market will need a variety of performances and performers for 7 days out of the week, Threats also include food truck vendors effectively producing to avoid long lines. Objectives Street Market will look to market in several different ways. Street will have a visual presentation on Youth in which we will show performers and have the audience connect on a personal level.
As well a promotional use for the grand opening there will be weekly updates on our youth channel that will connect with all social medias (Backbone & Twitter), Street Market will also have a Street promotional team in which a team of interns will be recruiting street performers throughout all 5 boroughs. Financial The goal financially is to increase net income on a yearly basis, The first year’s income will be used to further promote sales and promotion for the following ear. Street Market will create revenue by charging vendors rent as well as collecting 7% of all sales.
Street Market will also have donation plates going around as performance are being conducted. The amount Of money Will be evenly distributed amongst performers with Street Market collecting 10%. Admission to Street Market Will be $5 if you are not purchasing a meal. Street Market will build a website so that consumers are able to access information about the company quickly and efficiently, The website will include Street Markets mission, food truck vendors and their menu, past performers, action and hours of service, online shopping of Street Market accessories, who is a member of the company and contact.
Also, we will have a comment page to allow customers to speak on the experience they had at our store. On the website, there will be a member login. People can sign up to receive emails and promotions about performances coming up. The aim is to have 1 ,OHO members within months of opening. To entice people to sign up, a free meal voucher will be offered if you refer the website and member login to five friends. Passbook, Twitter, and Youth will be used, however social media will not be the only marketing tool.
Backbone will have the basic information about the company such as the mission statement, hours of service and location, and a link to the official website Of Street Marker _ Backbone Will be used to show videos Of performances, pictures of food, any reviews from magazines and other websites, interviews With the audience members, celebrities spotted in Street Marker While Backbone will send much of the same information that the email to members sends, only members will receive special discounts. Hopefully this will prompt people to becoming member.
Since Street Market is such a diverse community we will use social medias outlets to reach our target audience. Twitter updates will be given on who is performing. Youth will he updated weekly and show highlights from performances. We believe this will effectively promote the business. To further advertise the company, Street Market will approach organizations such as Undercover New York and offer to give them an advertisement space in Street Market for exchange in promoting Street Market We will also collaborate with Daemon Johns company (For By us). V-JIBE will make t-shirts and tats with Street Market on it expanding our revenue.
Internship Opportunities Street Market Will Offer unpaid internships to college students pursuing a degree in marketing, business or public relations. College Students will have the ability to get hands on experience marketing in one Of the busiest cities in the worlds. Marketing Process 1. Barbara Corcoran will secure a warehouse in Midtown for the Street Market location. Jarred Williams will secure 6 food truck vendors to be located inside of the Street Market location. 3. Full time recruiter along with team of interns will start contacting newspapers, Gaines, ground promotion to secure performers and advertisement space. . Grand Opening of Street Market. Two-year Calendar First Year 13 The first year, the company will heavily focus on putting the name out into the public and cementing itself in the culture of street performances. Events that will take place in the first year are as follows: 1. An exclusive night of performances to show celebrities and potential investors how Street Market Will be operated. 2. A day where all proceeds go to an organization helping the homeless. 3. Collaboration With undercover New York. 4.
Creating a management information system by collecting data from the member we gather on the website, store questionnaires and online questionnaires. Second Year 1. Expand variety of food truck vendors based on revenue the original vendors brought 14 2. Open up in Los Angels where they have the largest food truck population. 3. Introduce the food truck vendor competition. Street Market will host a competition of all food truck vendors. The vendor who wins the competition will be guaranteed a spot inside of Street Market for months with other incentives. 4. Street Market will host a part/ annually to thank its donors.