One benefit for renting an expensive site downtown would be that you would get more customers because you are in a busy area where people would see your restaurant more. More customers means more money to pay the rent on the expensive site and more money to pay your staff. One opportunity cost would be that to start out with you would be paying a lot of money because the site is expensive to begin with. One benefit of buying an inexpensive building in a quiet neighborhood would be that to start out with you don't have to spend a lot of money. One opportunity cost would be that because you are in a quiet neighborhood then you will not get as much business than you could have downtown.
With a growing real estate market, investors can expect a good return on their investment. In addition, the industries within the town bring in new residents and potential business income.
While it might seem nice that there's not a house close to the one you're interested in, buying next to vacant land is risky. At some point, a house may go up there and you'll be subjected to many months of construction noise and traffic. Plus, if the lot becomes unattended, it will be an eyesore and attract pests. Also, find out about plans for large tracts of vacant land near the neighborhood. If the home is in a big city, the land might be developed with condos or a shopping center at some time in the
The purpose of gentrification is to take struggling neighborhoods and stabilize them by investing in the neighborhood. Gentrification is “the rehabilitation and settlement of decaying urban areas by middle- and high-income investors.” (The Columbia Encyclopedia). These investors raise the value of the neighborhood by improving facilities and making the neighborhood look better. This doesn’t always benefit everyone since some citizens get displaced. However, the number of people displaced is very minor in
In my dilemma, time represents the concept of scarcity. Due to the scarcity of time a choice must be made. The choice that is made depending on the opportunity cost.
Gentrification brings positive long term effects to communities and cities nationwide. Direct results of gentrification for both the residents and the city are the economical growth, local job opportunities created and a higher tax base available. (Stacey Sutton, Urbanly planning Scholar, defined gentrification as): Gentrification is the process of higher status people renovating lower class urban neighborhoods to satisfy middle-higher class standards (Sutton, 2015). In the process of gentrification throughout the United States, it is positively impacting the economy in more ways than one. One benefit of gentrification is the economical growth residents benefit from.
The gentrification of a neighborhood can bring the neighborhood down as a whole. It changes the neighborhood in a negative way. The many families who were displaced and driven out by the gentrification process took the great qualities which make the neighborhood a whole with them. The feeling of friendliness in the community was driven out with its old residents. You used to be able to walk down the street and see five or six people you knew to have a nice conversation about sports or the weather with turning a five minute trip to the supermarket into a 30 minute trip. This doesn’t happen anymore, the neighborhoods are being filled with more
It has its advantages and disadvantages to franchise the business. It is a careful decision to make for anyone to invest a lot of money into a franchise and everyone should be comparing pros and cons.
The convenience of living in an urban or suburban neighborhood can be appealing to many people. Choosing between areas can sometimes be overwhelming for some individual. People are not only concerned about the safety of a community, but they are also concerned about the environment. Although some neighborhoods might look attractive, people should consider the expense that comes with it, and how commuting will affect them in the long run. Nevertheless, both neighborhoods have their specific advantages and disadvantages. When choosing between an urban or suburban neighborhood, it is important for people to research the community, the expense, and convenience
This cost comes the fee of making the website which is $119 per year. We must also take into consideration the cost of airport advertisement and other costs associated with running the restaurant which up to about $8,000 per month. When you multiply the monthly advertising cost by 12 you will have a yearly cost of approximately $96,000. According to numbers found when conducting an experiment to test effectiveness of online advertisements, 3/10 people say they are influenced by them. By looking at Hartsfield-Jackson airport we found that there are about 125,000 people that pass through each terminal on a daily basis. When you apply the statistic saying that 3/10 people will pay attention to this advertisement, you will have a total of 37,500 potential customers. While this is the maximum potential demographic, if only one percent of the people use the statistic and come to Stix, we will still have 375 customers to serve daily. We take one percent to show that in some of the worst circumstances Stix will still be able to make a profit. Assuming that each customer buys at least one menu item at the average price of $3.99, you will make initial revenue of $1,496.25. If you multiply this by 365 you will have yearly revenue of about $546,131.25. When you subtract your yearly expenses you will have a profit of approximately
Buying a house provides stability forever unless the owner decides to sell or to move into another home in which the owner gains equity for selling. This is still a huge benefit. Owning a home is a very huge security measure. When a person is an actual homeowner and not a renter he or she can control who actually enters his or her home (Map, 2011). It is easier to purchase home alarm systems and everything that goes on in a person’s home is controlled by the owner. As a homeowner the option of what is allowed and what goes on is controlled by the actual homeowner. If an issue comes up and the owner has to move somewhere else then this is a huge benefit. As a seller a person can earn so much money and it can build equity (Media, 2010). Usually homes sell for way more than the purchase prices, especially if the owner has customized the home, in which was discussed earlier (RP Reality, 2011). The selling price could be a huge benefit to any owner who is selling their home and moving. These benefits cannot be earned by an apartment renter.
Everyone says "college is really expensive" but they never tell you how expensive college actually is so, one thing I wish I knew before starting college is how much the college I want to attend cost including room and board. Knowing how much college tuition and expenses cost would prevent me from taking out loans and taking on huge debt. I would also be able to focus more on school and classes knowing that
The strengths of the business would be having knowledgeable, trained, educated, and experienced staff. Lavish décor and great food and prices will add to those strengths. Location that is easily accessible and close to home for most of the guest. The restaurant would offer discounts to the college students and the travelers that are passing through, having a good reputation will be a strength and help build clientele. According to the data there is no other restaurant in the area with the same concept. The weaknesses of the business would be targeting multiple segments and trying to satisfy all of their wants and needs. Another weakness would be trying to keep the restaurant as trendy as possible but would be difficult with the changes in trends, what’s hot today may not be the next. The area is not completely in need of the type of restaurant and lounge in mind, therefore getting people to be open to and supportive of the idea is a concern. Poor reputation among customers by not giving a good first impression or not meeting their expectations would be a weakness for the company. Other weaknesses may include high costs, lack of access to key natural resources and distributors. The opportunity is that because of the current recession it would be the optimum time to open a business that would create jobs. Restaurant space can be negotiable and very
The mixture of buildings of different conditions are necessary to public life because it otherwise would be neither interesting nor fascinating. But the main reasons are because they ensure low rent yields, encouraging the growth of small enterprises. Large swatches of new construction would only prevent income since not many would afford it, and the demand for it would not be as large as it would need to be.
Where I live is one of the greatest neighborhoods in the city to live in; however it does have its draw backs. Importantly it has nearly everything a resident might want, beautiful picturesque scenery, proximity to shopping, and many of the cultural centers. Nevertheless the roads can be some of the most congested in town, and the streets are not safe to walk late at night.
Great food, high-traffic location, and super decor -- all are important to the restaurant business. If you take a close look at what