Market Survey
The city of Fort Wayne is one of the largest in Indiana, with a population of approximately 175,000. The proposed business location for Calypso Cafe has a population concentration of approximately 76,000 that may be served by this restaurant. The average area income is $25,129 per household. The median effective buying income per household is $27,744. The effective buying power by group is 53% with households of $18,000 and over. The target age group is 18 to 64. The median age of population is 31 with ages 18 to 24 being 13.8%, age 25 to 24 being 15%, age 35-44 being 15.6%, and ages 45 and older being 27.9%.
Young people are more prone to assimilation. They are more aware of changes that occur in their society as compared to the elderly. Youth prefer to get firsthand experience of something new, most especially when changes are taking place within their surroundings.
A major part of this market survey has been conducted using data for social events such as Jamaican Reggae festivals, African-American festivals, and other cultural events. It has been proven that the majority of people at these events relate their fun in terms of what kind of food and music they enjoy. These events create memories to be shared with friends and family, the significant connection of people, music, and food unique to a culture. Through Josh's recognition by others, for the food he has prepared and served at such gatherings, and by the request of many community members to open a Jamaican restaurant, he has been inspired to pursue this dream.
Josh has already established a market audience for the proposed restaurant. Recently, there have been many people who have come to him inquiring about such a restaurant in the vicinity. He has discovered that an increasing number of people go to a restaurant not necessarily because they are hungry, but because of the desire to experience a new or particular taste.
Josh is confident that this restaurant will be successful to generate big sales and profit. The nearest competition for this kind of restaurant is in Chicago, keeping competition for Jamaican cuisine at a minimum. The proposed business district for this restaurant has already been established and is growing fast. With the opening of a large sports arena nearby, business is growing in Fort Wayne's inner city and surrounding area. The percentage change for the population in 1980-1990 was 1.6%, resulting in an approximated population of 76,000, and a projected requirement for fast food restaurants in the area to average about 15%. Therefore, it is possible to meet the projected sale of $200,000.
