Short Summary
Eric and I are ready for a new adventure. We moved to Salem, MA almost 6 years ago, and are ready to combine Eric's strong background in the food and service industry and my business sense to move forward with the creation of a restaurant.
The Broken Compass is
envisioned as a bar and eatery open for lunch and dinner, opening for the lunch
crowd and closing at the same time as other drinking establishments, 11am-1am most days. We envision a price point average of $15-$20
for a dish and $10 for a cocktail. Dishes may include item such as a Lobster Bisque Trencher, Cheesy Cannonballs, Pork Pie, or Buccaneer Brisket. We are confident that this establishment will appeal to a
range of customers from tourists to locals, as the décor and menu will focus on
New England sea-faring history with a modern, steampunk (futuristic Victorian)
feel. We are interested in including live
music of a more acoustic nature.
Eric has been working in the food service industry since 1995. He has worked as a server, been a bartender, managed bars and eateries, and has been integral in the start-up process on more than one occasion. He has worked as a consultant, and has used his expertise to assist in the creation of menus, drink lists, and wine offerings. He has worked in multiple settings, from catering, to a martini bar, to a taqueria. In every community Eric has worked in, he has created a following. Salem is no different. He is poised to serve a hungry clientele that appreciate his delivery, and is well situated to staff an eatery.
I began bookkeeping for others in 1997 after an introduction to finance through employment in the banking industry. I went on to wear many money-making hats, including sole proprietorship of a plant nursery/florist shop, and a studio for the arts. In addition to understanding the ins and outs of business finance, I also ran my own advertising campaigns, partially remodeled two buildings to suit the needs of my businesses, and oversaw staff at both locations. Eventually, I went back to school to earn a degree in education, with a concentration in math. I relocated to the East Coast where I became involved in an NSF grant that afforded me the opportunity to design promotional materials. Most recently, in addition to teaching in the community, I am involved with North Shore Aquaponics, a group dedicated to creating sustainable urban farming solutions through the marriage of hydroponics and aquaculture.
Combining our experience will be integral to the survival of our new venture. We anticipate being 100% involved in our project. Several steps have already been taken. We have an awesome broker securing the perfect location. We have begun recruiting staff. We have have created a projected profit and loss for the business. We have consulted with renowned chef Charity Teague on a mock-menu presentation. We have artists working on logos and artwork for the restaurant.
What we are looking for now is financing. Unfortunately, financing a food venture through conventional venues is difficult, especially for someone just starting out. We do have potential investors in the project, and we think that more of you may be interested in helping out. In an effort to avoid as much debt as possible, we are seeking contributors to a campaign that would provide some working capital.
What We Need & What You Get
We are asking for $100,000. There are many expenses involved in the start up of a restaurant. Some of the things that we are looking at are updating kitchen appliances, installing wood flooring, repainting, purchasing furniture, upgrading a bar, designing and purchasing signage, and installing new lighting. We are also looking to have a cushion for the first few months of operation. Bills will still need to get paid as we get on the ground and running. Finally, we are hoping to earn enough to ensure an impactful promotional campaign. We feel that we have an exciting, unique dining experience to offer, and we want people to know about it!
We have worked hard to design one of a kind merchandise and offers to thank you for your contributions. The Broken Compass t-shirts, stickers, coasters, bar stools engraved with your name, and invitations to exclusive tastings and get-togethers are some of the goodies we have cooked up for you.
Even if we do not reach the goal set here of $100,000, you will get your contribution perk, and we will move forward with our project.
The Impact
The opening of this restaurant would be a marriage of my and Eric's talents and interests. Our children are interested and invested in being a part of the business as well.
We are hopeful that this venture would benefit from our creativity and that we in turn could make an impact on our community. We are vested in farm/water to table concepts. We are consulting with an agent that is a specialist in "green" kitchens. I am also a member of the newly formed North Shore Aquaponics, a group that supports the melding of hydroponics (growing plants in a circulating water system) and aquaculture (cultivating aquatic life in a controlled setting). We are eager to exploit the possibilities of fresh fish and fresh greens on our tables.
As Salem business owners, we hope to contribute to the local economy. We are proud, involved members of our community, and hope to leverage for positive impact.
Eric has had a positive influence on every business that he was a part of, giving of himself to better the business and serve the customer. I have a positive track record of building a business from scratch to become a contributor to the surrounding community.
Risks & Challenges
Going into the restaurant business is risky. Additional challenges in the Northeast include the weather, and loss of clientele in the Winter season.
We are hopeful that because we are solid, involved citizens, our business will be respected. Eric has the advantage of clientele that are interested and invested in him as a bartender and server. He is also well poised to recruit staff for our venture, with a reputation for professionalism and leadership. Having a head for business, and having been a sole proprietor in the past gives me a head start on getting a grasp on a new venture.
We are confident that we can make this business a success.
Other Ways You Can Help
If you are a chef, cook, server, bar tender, interior architect, artist, printer, restauranteur, or an investor and would like to help out, LET US KNOW! There are many ways we could use assistance as we move forward.
Also, SPREAD THE WORD! Even if you're not able to help out financially or with advice, it would mean a lot to us if you pass our link along. You never know who might be interested in taking part!