College life provides a lot of opportunities for a student to stay up late during the night. Oftentimes, being up late is a shared experience that a student has with friends and roommates. When in a social group, it can be common for college students to partake in many fun activites deep into the night. Consequently, this may lead to the desire for a fourth meal or snack, especially if other people in the group are hungry too. Therefore, Trap Mike’s offers a variety of comfort or munchie food to satisfy the cravings of hungry individuals. We understand that during our hours of operations between 10 pm and 4 am, most of our customers will be unwilling or unable to drive to our store to pick up their order, though they still desire that instant gratification of receiving their order quickly. So, in order to guarantee the fastest delivery possible to our customers, Trap Mike’s will have their own fleet of drivers with optimized driving routes, as well as, will utilize third-party delivery services if our drives become backed up.
Trap Mike’s is determined to become a part of the campus life at all of our locations. Therefore, we will connect with Greek life, student organizations, club sports, and D1 athletics in order to increase our brand recognition and to prove to these groups of students that we truly care about their business. Additionally, groups that register with Trap Mike’s will receive incentives when their members use their promo code at checkout. Furthermore, Trap Mike’s plans on sponsoring different campus events, including fraternity parties and other student organization events. When someone orders Trap Mike’s, they aren’t just getting satisfying, late-night grub, they are participating in a quintessential college experience.
Due to recent technological innovation furthered by the Covid-19 pandemic, online ordering for food has become especially prevalent. Customers will be able to order our products through the Trap Mike’s application or website as well as third-party platforms. Ideally, Trap Mike’s wants to funnel orders to its app and website to avoid paying the fees third-party services charge. Trap Mike’s will incentivize customers to use the app by offering the ability to earn loyalty points that can be saved for free items and by simply having lower costs compared to third-party services. Third-parties inflate the menu prices and typically charge a service and delivery fee, which Trap Mike’s will not. In addition, we will have our own fleet of drivers to ensure fast delivery to the customers that order through the Trap Mike’s app.
The Covid-19 pandemic adversely affected the economy as a whole, but the restaurant industry was hit particularly hard. According to Travel + Leisure, in September 2020, ⅙ of restaurants already closed due the pandemic and it is fair to assume that this number is only going to increase. Though the pandemic is clearly a threat to the restaurant industry as a whole, Trap Mike’s views it as an opportunity to exploit the inefficiencies in a struggling market. As many restaurants are struggling to pay for their brick and mortar locations, Trap Mike’s avoids this fixed cost by renting space from a commercial kitchen that is already equipped with the necessary restaurant equipment. This allows the company to avoid an approximately $1 million cost to buy a physical space and purchase the equipment for it. Therefore, the startup cost for a Trap Mike’s location is extremely low compared to the rest of the industry. This allows Trap Mike’s to offer products at affordable prices to customers, which is particularly important in the college market. During this period of economic hardship especially, we are willing to accept lower initial margins in order to incentivize people to try our menu. This will increase our brand recognition and consequently lead to higher profits long-term.
The main environmental factor that will affect Trap Mike’s is the cost of resources. As seen by the Covid-19 pandemic, meat prices with beef, in particular, surged for a prolonged period of time. In order to adjust for increased food prices without sacrificing the quality of our product, we would either marginally increase the menu cost depending on its demand elasticity for as long as it is necessary or find an appropriate substitution for that particular item.
In general, Trap Mike’s does not foresee the country’s political climate affecting our daily operations. Though, due to Covid-19, restaurants have an increased responsibility to their customers. Trap Mike’s will follow the CDC guidelines as well as the recommendations from the Monroe County Health Department in order to guarantee the safety of our customers.
Trap Mike’s is determined to provide a successful working environment, where our employees are able to develop professional and interpersonal skills. Though we will train our employees, our goal is to give them enough autonomy so each person truly feels that they are contributing to the success of our business. Clearly, the company will abide by all Title XII and equal-pay requirements.
In addition, Trap Mike’s is committed to improving campus life. Rather than throwing away the food we did not use at the end of the weekend, we will donate all items that are still fresh to people in need. Also, though in part to increase overall revenue, we will host competitions throughout the year, in which the student organization(s) that spends the most in revenue or donates the most money through Trap Mike’s, will receive a donation from us to their social budget and/or a sponsored social event.