Starting and growing a concession stand business requires strategic insights from those who’ve been in the trenches. From selecting the right location to differentiating with location and products, here are four key strategies shared by experienced CEOs and business managers on how to successfully launch and expand your concession venture.
Select the Right Location
Starting and growing a concession stand business involves multiple steps, but one key strategy that is crucial for success is selecting the right location. The location of your concession stand can dramatically influence foot traffic, sales volume, and ultimately, profitability.
For example, positioning your concession stand near high-traffic areas such as sports arenas, busy parks, or popular local attractions ensures a steady flow of potential customers. Additionally, it’s important to consider the types of events or demographics frequenting these areas to tailor your offerings accordingly. If you’re near a sports venue, quick snacks like hot dogs and nachos might be popular. Conversely, if you’re near a park with lots of families and children, ice cream and healthy snacks could be better options.
Securing a prime spot often requires negotiation with venue managers or local authorities, and sometimes there might be a waiting list or a competitive selection process. Therefore, it’s essential to prepare a compelling business proposal that highlights how your concession stand will add value to the location or event, ensuring you stand out as the best choice among applicants. This strategic focus on location not only maximizes initial sales potential but also lays a solid foundation for scaling up operations as your business gains popularity.
Bruno Gavino, Founder and CEO, CodeDesign
Craft a Unique Menu
As the CEO of Startup House, I would advise anyone looking to start and grow a concession-stand business to focus on creating a unique and irresistible menu. One key strategy or step to take is to research your target market and competitors to understand what sets you apart.
By offering a menu that stands out and caters to the preferences of your customers, you can attract and retain a loyal customer base that will help your business thrive. Remember, the key to success is in the taste buds of your customers!
Alex Stasiak, CEO and Founder, Startup House
Prioritize Quality and Uniqueness
To successfully start and grow a concession stand business, it’s crucial to focus on quality and uniqueness. One key strategy is to research your target market thoroughly to understand their preferences and tailor your menu accordingly.
Offering a signature item or a unique twist on popular snacks can set you apart and attract more customers. Additionally, prioritize excellent customer service to build a loyal customer base and encourage repeat business.
Dhari Alabdulhadi, CTO and Founder, Ubuy New Zealand
Differentiate with Location and Products
To successfully start and grow a concession stand business, it’s crucial to focus on location and product differentiation. Conduct thorough market research to identify high-traffic areas with a demand for your products.
Once you’ve secured a prime location, differentiate your offerings by providing unique and high-quality food or beverage options that appeal to your target audience, setting you apart from competitors.
Madison T, E-Commerce Manager, My Supplement Store
Conclusion
Successfully starting and growing a concession stand business can be a dream come true! However it takes creativity and hard work to have your concessions business break through and become the go-to stand. Great products and excellent service are the foundations for any business, and for your concession stand, make it the pillars that make you successful.
