Royal Spice | Application Preview
Royal Spice is seeking government grants to fund the renovation of their store, which includes adding a bar following the acquisition of a bar license. Their comprehensive business plan outlines several growth initiatives:
1. The primary focus will be on renovating the store to attract a younger clientele, particularly near the University of Maryland, Baltimore County (UMBC).
2. They plan to enhance their catering services, targeting the local Nepali and Indian community for weddings. They aim to hire additional temporary workers to manage increased demand during the wedding season, which could generate between $150,000 to $200,000 in revenue.
3. Royal Spice has engaged a media and advertising team to boost their online presence and attract more customers.
4. After completing renovations at their current location, they intend to utilize county loans and grants to establish a second store in Anne Arundel County.
The business emphasizes its appeal as a family-owned establishment committed to quality and customer service. Since taking over, they have successfully grown sales from $300,000 to approximately $850,000, with expectations to surpass $1 million this year. Their competitive advantages include stellar customer service backed by the owners' active involvement in daily operations and efficient supply sourcing to maintain healthy profit margins.
Competitors include Royal Taj, The Mint Room, and Kabab and Curry, but Royal Spice believes they stand out through exceptional customer experiences and efficiency.
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General Information
Business Registration Number: 852006633
Location: Linthicum Heights, MD, United States
Length of Operation: 1-5
Number of Employees: 1-10 Employees
Annual Gross Income: $500k to $1M
Annual Gross Expense: $500k to $1M
Open to Loans: NO
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Funding Usage
We are renovating out store to upgrade the inside and add a bar since we have acquired a bar license.
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Business Plan
We will grow in the following order: 1. Renovate and attract younger crowds near UMBC. 2. Focus more on our catering business. We have a huge Nepali/Indian community which have started to cater from us for wedding. We want to hire more temp workers and focus on catering during wedding season. This will bring in around 150-200K. 3. We have hired a media/ad team to increase out media presence. We will continue to increase our online presence and attract more customers. 4. Once our 1st location is done with renovations we plan to work on out other business plan to start another store in Anne Arundel county using the countys loans/grants resources. We are a family owned business. We work hard in our craft and make sure our best product is being presented to the customer. We have been able to grow sales from 300k when we took over to now about 850k. We have had healthy profit margins and we expect to do 1m+ this year.
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Self Identified Competition
- Royal Taj - The Mint Room - Kabab and Curry We have exceptional customer service. We have all owners working at the store to ensure we give customers the best possible experience. We also have the partners shop for supplies which insure out cost stay low and out margins are healthy.
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Contact Applicant
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