Baby Boomers as the Target Demographic for a Night Club
There is a large amount of baby boomers who are still working in the United States, and their numbers are growing. According to Mark Mather, “The number of Americans ages 65 and older is projected to more than double from 46 million today to over 98 million by 2060” (Mather, 2016). These populations of older people are still making great wages, and are looking for fun ways to spend their money and relieve stress from their long hours of work. In order to fill this hole in the market, a business will be created. Since these older people like to be social, look good, and stay healthy, a special night club called the Boomer Spot will be developed that is exclusive to an older age bracket of customers. In the formation of this small business, the goal is to create a social, entertaining, and relaxing environment for older people, while also creating a profitable small business. It is desired to build this small business into a recognizable brand. Hopefully it can expand to other areas around the country that have high concentrations of baby boomers.
To create a successful business plan to target a certain type of consumer, it is important to consider where that certain type of consumer lives and spends their money. A fairly recent article from AARP states that in the United Sates, the highest concentration of baby boomers lives in Maine (AARP, 2014). For that reason, the night club will be started in Boston, Maine. The customer that will be targeted is anywhere from 50 to 60 years of old, and work in the high-level corporate businesses of Boston. Given this exclusive bracket of desired customers, it is necessary to market the business in specific ways that will be desirable to the baby boomer generation.
By utilizing flyer advertisements, television commercials, and emails the business can be marketed to this range of customers very well. By using these marketing techniques, it will be possible to attract customers from the baby boomer generation, and to inform them of the specific type of crowd that will be attending the Boomer Spot night club. When receiving more details through advertisements, the customers will feel encouraged to attend the night club without fear of trying to fit in with younger crowds that attend the typical night club in town. The Boomer Spot night club will create a whole new environment for the baby boomer generation to come together and socialize, entertain, and dress up for a night out. In giving this older generation their own place to gather in this way, it gives these hardworking boomers an outlet for stress and a break from their long work weeks in the corporate world.
The Boomer Spot night club will provide this older generation with a whole new way to enjoy life in the way that they did in their younger years, and it could inspire new confidence in their ability to interact and feel good about life. Although these older people could attend a regular night club, they would most likely feel out of place and overwhelmed. Instead, with the Boomer Spot, it is intended to provide different types of entertainment and goods that are more desirable to the older generation. Rather than blasting obnoxious hip hop music and elaborate light shows, the Boomer Spot will entertain with music more commonly loved by the baby boomer generation, and serve food and drink that will accomplish the same objective. In offering forms of entertainment from past times, it is hoped that a nostalgic environment can be created in which this older generation can spend evenings or weekend nights after a long day of hard work.
Given that the targeted customer is making a minimum of $100,000 per year, it can be assumed that they are willing to spend some money in order to enjoy their lives outside the workplace. For this reason, the Boomer Spot night club will have a door price of $20 per person. This cost is simply for admission for the night, and does not include any food or beverage costs. However, it does include the entertainment provided by the Boomer Spot night club. To encourage Boomers to attend on a more consistent basis and form more of a community around the business, a monthly membership to the Boomer Spot night club will also be available for purchase by the customer. This monthly membership will cost $100 per month. The monthly membership includes an unlimited amount of attendance tickets every month, along with four meals and drinks included for nights of their choosing. Any additional food or drink must be purchased separately by customers. However, to keep the Boomer Spot night club exclusive to the older generation, Identification will need to be provided upon arrival to ensure that customers fit the age bracket of the night club. When considering the value of the offerings above, these baby boomers will be willing to pay for a product that is in short supply. Hopefully, after the business is established, the demand for such a night club will rise, and present an opportunity for expansion of the business to new places.
There are many different factors to consider when starting a business. However, a very important aspect to consider is the expense of startup. Funding for a business can be tricky to obtain, but there are options. One option to obtain funding for a new small business would be for the owner to take out a personal loan from a bank that would have to be repaid by them personally as the business grows and generates profit. There are also several different ways to obtain federal grants to support small business plans. According to Jackie Zimmermann from NerdWallet, “Government agencies are among the biggest distributors of grants, supporting a range of enterprises from environmental conservation to child care services.
The application process can be intimidating, but the federal grants are great opportunities for small-business owners looking to grow” (Zimmermann, 2018). While the door price and the membership fee may seem low, compiled with the profits from other sale of food, alcoholic beverages, and other offerings, the money brought in will outweigh the costs of operation. The additional offerings that go above and beyond the standard night club will be enough to attract customers in order to keep the business profitable, and give it the ability to expand and hire more employees. This expansion of the business could result in more employment opportunities for the Boston area, and new areas, if the business grows big enough.
While the Boomer Spot night club will breathe new life into the community as a whole, it will also give these baby boomers a new outlet to express themselves socially, and allow them to show off their good looks. The unique idea combined with the nature of a small business, there is a great amount of financial leeway, management flexibility, and creative freedom available to promote the growth of this new business even further. This all new environment could inspire these older folks to express themselves in new ways, and could really improve their self-confidence and happiness in their old age. This could turn out to be a great way for the baby boomers to relieve stress accumulated from their high level corporate positions in the Boston area and beyond.
As the Boomer Spot night club continues to grow, it is hoped that eventually this type of nostalgic, encouraging, and stress relieving environment can be brought to cities all over the country where this therapeutic social gathering is needed in a wealthy corporate setting. The prices are reasonable for baby boomers that make a minimum of $100,000 per year, and are low enough to keep these customers coming back for more of the community offerings of the Boomer Spot night club. If the business is successful in its efforts to attract these customers, expansion will be possible, and it will create a whole new market in the night club industry.
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