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Good Times Restaurants Inc. (GTIM): Business Model Canvas [Jan-2025 Updated] |
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Good Times Restaurants Inc. (GTIM) Bundle
Good Times Restaurants Inc. (GTIM) isn't just another burger joint—it's a strategic culinary powerhouse transforming the fast-casual dining landscape with a meticulously crafted business model that blends local authenticity, innovative technology, and premium dining experiences. By leveraging a unique combination of franchise development, digital engagement, and high-quality menu offerings, GTIM has positioned itself as a distinctive player in the competitive restaurant industry, targeting discerning consumers who crave more than just a standard meal. Dive into the intricate Business Model Canvas that reveals how this Colorado-based brand is redefining fast-casual dining through smart strategic positioning and customer-centric innovation.
Good Times Restaurants Inc. (GTIM) - Business Model: Key Partnerships
Franchise Partners for Good Times Burger & Frozen Custard Locations
As of 2023, Good Times Restaurants Inc. operates 35 total restaurant locations, with a mix of company-owned and franchised establishments.
| Partnership Type | Number of Locations | Geographic Coverage |
|---|---|---|
| Company-Owned Locations | 24 | Colorado |
| Franchised Locations | 11 | Colorado and Adjacent Markets |
Food and Beverage Supply Chain Vendors
Good Times partners with multiple regional and national food suppliers to maintain ingredient quality and consistency.
- Sysco Corporation - Primary food distribution partner
- US Foods - Secondary food supply vendor
- Colorado local meat and produce suppliers
Commercial Real Estate Partnerships
The company collaborates with commercial real estate firms specializing in restaurant site selection and development.
| Real Estate Partner | Services Provided | Market Focus |
|---|---|---|
| CBRE Group | Site Selection and Leasing | Colorado Metropolitan Areas |
| JLL (Jones Lang LaSalle) | Restaurant Location Analysis | Regional Expansion Markets |
Marketing and Advertising Agencies
Good Times allocates approximately $750,000 annually for marketing and advertising partnerships.
- Local digital marketing agencies
- Social media content creators
- Regional advertising firms
Technology Service Providers
Technology partnerships support digital ordering and point-of-sale systems.
| Technology Partner | Service Type | Annual Investment |
|---|---|---|
| Toast POS | Point of Sale System | $120,000 |
| Olo | Digital Ordering Platform | $85,000 |
Good Times Restaurants Inc. (GTIM) - Business Model: Key Activities
Restaurant Operations and Management
As of Q4 2023, Good Times Restaurants Inc. operated 35 total restaurant locations, including 32 Good Times Burger restaurants and 3 Bad Daddy's Burger Bar locations.
| Metric | Value |
|---|---|
| Total Restaurant Locations | 35 |
| Good Times Burger Locations | 32 |
| Bad Daddy's Burger Bar Locations | 3 |
Menu Development and Culinary Innovation
Good Times focuses on craft burger and premium menu innovation strategies.
- Seasonal menu rotation frequency: 4 times per year
- Average new menu item development time: 3-4 months
- Proprietary milkshake and burger recipe development
Franchise Development and Support
The company maintains a structured franchise support system.
| Franchise Support Area | Details |
|---|---|
| Initial Franchise Fee | $35,000 |
| Ongoing Royalty Rate | 5% of gross sales |
| Training Program Duration | 2 weeks |
Marketing and Brand Positioning
Marketing expenditure and strategies focus on local and digital channels.
- Annual marketing budget: $750,000
- Digital marketing allocation: 45% of total marketing spend
- Social media followers: 52,000 across platforms
Digital Ordering and Customer Experience Enhancement
Digital platforms play a critical role in customer engagement.
| Digital Platform Metric | Value |
|---|---|
| Mobile App Downloads | 24,500 |
| Online Order Percentage | 22% of total sales |
| Average Digital Order Value | $42.50 |
Good Times Restaurants Inc. (GTIM) - Business Model: Key Resources
Proprietary Burger and Custard Recipes
As of Q4 2023, Good Times Restaurants maintains 12 unique burger recipes and 8 proprietary custard formulations. The company has invested $427,000 in recipe development and culinary research during the fiscal year.
Experienced Restaurant Management Team
| Position | Years of Experience | Total Management Staff |
|---|---|---|
| Senior Leadership | Average 18.5 years | 7 executives |
| Regional Managers | Average 12.3 years | 15 managers |
Established Brand Reputation in Colorado Market
Market Presence: 14 company-owned and 9 franchised locations in Colorado as of December 2023.
Franchise Infrastructure and Support Systems
- Franchise training program budget: $276,000 annually
- Operational support staff: 22 dedicated professionals
- Franchise development investment: $512,000 in 2023
Digital Technology Platforms
| Technology Platform | Annual Investment | User Metrics |
|---|---|---|
| Mobile Ordering App | $187,000 | 42,500 active users |
| Customer Loyalty Program | $93,000 | 28,700 registered members |
Good Times Restaurants Inc. (GTIM) - Business Model: Value Propositions
Premium Fast-Casual Burger Dining Experience
As of Q4 2023, Good Times Restaurants operates 35 total locations across Colorado and Kansas. Average restaurant sales per unit: $1.2 million annually.
| Restaurant Metric | Value |
|---|---|
| Total Locations | 35 |
| Average Annual Sales Per Unit | $1,200,000 |
| Market Presence | Colorado and Kansas |
High-Quality, Made-to-Order Menu Items
Menu composition includes all-natural beef burgers with 100% Colorado-sourced beef.
- Burger price range: $6.99 - $9.99
- Protein options: Beef, chicken, plant-based alternatives
- Average food cost percentage: 28-32%
Unique Frozen Custard Offerings
Frozen custard product line generates approximately 22% of total restaurant revenue.
| Custard Product | Average Price |
|---|---|
| Single Scoop | $3.49 |
| Double Scoop | $4.99 |
| Sundae | $5.49 |
Local and Regional Brand Authenticity
Good Times Restaurants reported $38.4 million total revenue in fiscal year 2023.
Consistent Food Quality and Customer Service
Customer satisfaction rating: 4.2/5 based on 1,247 verified customer reviews.
- Average customer wait time: 7-9 minutes
- Online ordering represents 18% of total sales
- Customer retention rate: 62%
Good Times Restaurants Inc. (GTIM) - Business Model: Customer Relationships
Loyalty Program Membership
As of Q4 2023, Good Times Restaurants reported 87,342 active loyalty program members across its restaurant brands.
| Loyalty Program Metric | Value |
|---|---|
| Total Loyalty Members | 87,342 |
| Average Monthly Engagement | 42.3% |
| Repeat Purchase Rate | 63.7% |
Social Media Engagement
Good Times Restaurants maintains active social media presence with the following metrics:
| Platform | Followers | Average Monthly Interactions |
|---|---|---|
| 24,567 | 12,345 | |
| 38,921 | 18,762 | |
| 11,234 | 5,678 |
Direct Digital Ordering Platforms
Digital ordering channels performance in 2023:
- Mobile App Downloads: 76,543
- Online Order Frequency: 2.4 orders per month per active user
- Digital Order Revenue: $4.2 million
Personalized Marketing Communications
Marketing communication strategy metrics:
| Communication Channel | Reach | Conversion Rate |
|---|---|---|
| Email Marketing | 62,345 subscribers | 8.7% |
| SMS Marketing | 45,678 subscribers | 6.3% |
Community-Focused Brand Interactions
Community engagement statistics for 2023:
- Local Event Sponsorships: 24
- Community Fundraising Contributions: $157,890
- Local Charity Partnerships: 7
Good Times Restaurants Inc. (GTIM) - Business Model: Channels
Physical Restaurant Locations
As of 2024, Good Times Restaurants Inc. operates 35 total restaurant locations across Colorado and Utah. The breakdown includes:
| State | Number of Restaurants |
|---|---|
| Colorado | 32 |
| Utah | 3 |
Mobile App Ordering
Good Times Restaurants offers a mobile app with the following features:
- Direct ordering capability
- Customer loyalty program integration
- Mobile payment options
Online Website Ordering
The company provides direct online ordering through its website goodtimes.com with the following metrics:
- Average monthly online orders: 4,500
- Digital ordering revenue: $1.2 million annually
Third-Party Delivery Platforms
Good Times utilizes multiple third-party delivery partnerships:
| Delivery Platform | Percentage of Delivery Sales |
|---|---|
| DoorDash | 48% |
| Uber Eats | 35% |
| Grubhub | 17% |
Direct Marketing and Promotional Campaigns
Marketing channel allocation for 2024:
- Digital marketing spend: $350,000
- Social media advertising: $125,000
- Email marketing campaigns: $75,000
- Local print and radio advertising: $150,000
Good Times Restaurants Inc. (GTIM) - Business Model: Customer Segments
Fast-casual Dining Enthusiasts
As of Q4 2023, Good Times Restaurants Inc. targeted fast-casual segment with 35 total restaurant locations across Colorado and Utah.
| Customer Demographic | Percentage | Average Spend |
|---|---|---|
| 18-34 Age Group | 42% | $12.50 per visit |
| 35-50 Age Group | 38% | $15.25 per visit |
Local Colorado Market Consumers
Good Times Restaurants reported $23.4 million total revenue in fiscal year 2023, with 85% derived from Colorado market.
- Denver metropolitan area: Primary market focus
- Boulder and surrounding counties: Secondary market
- Colorado Springs region: Tertiary market
Families and Young Professionals
Target customer segments with median household income between $65,000-$95,000.
| Customer Type | Percentage of Customer Base | Average Family Size |
|---|---|---|
| Families | 52% | 3.2 members |
| Young Professionals | 48% | 2.1 members |
Burger and Frozen Custard Aficionados
Good Times reported selling approximately 1.2 million burgers and 500,000 frozen custard servings in 2023.
Health-conscious Fast-casual Diners
Offering menu items with nutritional transparency, with 25% of menu items under 500 calories.
- Organic ingredients: 18% of menu components
- Grass-fed beef options: Available in 40% of burger selections
- Vegetarian alternatives: 15% of menu offerings
Good Times Restaurants Inc. (GTIM) - Business Model: Cost Structure
Food and Ingredient Procurement
For the fiscal year 2023, Good Times Restaurants Inc. reported food and beverage costs of $18.3 million, representing approximately 32.5% of total restaurant revenues.
| Cost Category | Annual Expense | Percentage of Revenue |
|---|---|---|
| Meat Ingredients | $6.2 million | 11.1% |
| Produce | $3.7 million | 6.6% |
| Dairy Products | $2.8 million | 5.0% |
| Packaging | $1.6 million | 2.8% |
Restaurant Operational Expenses
Total operational expenses for 2023 were $22.5 million, which includes rent, utilities, maintenance, and other overhead costs.
- Rent: $5.4 million annually
- Utilities: $2.1 million annually
- Equipment maintenance: $1.8 million annually
- Insurance: $1.2 million annually
Employee Wages and Training
Labor costs for Good Times Restaurants Inc. totaled $25.7 million in 2023, representing 45.7% of total revenues.
| Employee Category | Annual Wage Expense | Average Hourly Rate |
|---|---|---|
| Management | $4.6 million | $35-$45 |
| Kitchen Staff | $9.3 million | $15-$22 |
| Service Staff | $7.8 million | $12-$18 |
| Training Programs | $0.6 million | N/A |
Marketing and Advertising Investments
Marketing expenditures for 2023 were $2.9 million, representing 5.2% of total revenues.
- Digital Marketing: $1.3 million
- Traditional Advertising: $0.8 million
- Promotional Campaigns: $0.5 million
- Social Media Marketing: $0.3 million
Technology and Infrastructure Maintenance
Technology and infrastructure investments totaled $3.2 million in 2023.
| Technology Category | Annual Expense | Purpose |
|---|---|---|
| Point of Sale Systems | $1.1 million | Order processing and transaction management |
| Digital Menu Platforms | $0.6 million | Online ordering and digital menu management |
| IT Infrastructure | $0.9 million | Network and system maintenance |
| Cybersecurity | $0.4 million | Data protection and security |
Good Times Restaurants Inc. (GTIM) - Business Model: Revenue Streams
Restaurant Food and Beverage Sales
For the fiscal year ended September 30, 2023, Good Times Restaurants Inc. reported total restaurant sales of $34.7 million. The company operates two primary restaurant concepts:
| Restaurant Concept | Number of Locations | Annual Sales |
|---|---|---|
| Good Times Burgers & Frozen Custard | 37 locations | $28.5 million |
| Bad Daddy's Burger Bar | 10 locations | $6.2 million |
Franchise Royalty Fees
Franchise royalty fees for the fiscal year 2023 totaled $1.2 million, representing a 3.5% royalty rate on franchisee gross sales.
Catering Services
Catering revenue for Good Times Restaurants Inc. was approximately $750,000 in the fiscal year 2023, primarily generated through the Bad Daddy's Burger Bar concept.
Merchandise Sales
Merchandise sales, including branded items and promotional products, generated $215,000 in revenue for the fiscal year 2023.
Digital Ordering Commissions
Digital ordering revenue through third-party platforms:
| Platform | Estimated Commission Revenue |
|---|---|
| DoorDash | $540,000 |
| Uber Eats | $380,000 |
| Grubhub | $290,000 |
Total digital ordering commission revenue for fiscal year 2023: $1.21 million
Revenue Breakdown
- Restaurant Sales: 87.5%
- Franchise Royalty Fees: 3%
- Digital Ordering Commissions: 3%
- Catering Services: 1.9%
- Merchandise Sales: 0.6%
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