Machine learning and business intelligence services are changing the way business are run. But there is still one area that resists the revolution: bar owners. Trakbar plans to change this.
Running a bar is a tough business that keeps owners locked most of the day and night. It’s a time consuming business that requires constant tracking of every single detail that is going on in the bar, from inventory management, to staff rotations and customer satisfaction.
Unfortunately, despite all bar owners’ efforts, it is really hard to be truly efficient by just following gut feelings or basic spreadsheet computations.
But what if there were a smart buddy helping bar owners with all of these? What if it could even reduce the stress of running the business?
Please meet Igor and Gabrijela, founders at Trakbar, the company that has a solution to make bar owners’ life much easier.
G: “When did you start working at the idea?”
It all began with Igor’s sister two years ago when she opened a new bar. We felt that she was not aware of how much money she could save in some areas of operation and how much time was going wasted just in the first two opening hours. Then we spoke with some other friends who are also in the hospitality businesses. All of them had the same problem and there weren’t many solutions that could help them.
That’s when we decided to do something about it. Given Igor’s experience as an IT developer, we came up with a BI solution for the bar industry.
G. ”What is the problem Trakbar is solving and how?”
Trakbar is a Business Intelligence solution with machine learning in the background for smart predictions. We are bringing BI solutions from big enterprises to the small and medium ones in the hospitality industry, to help them running their business in an easier and stressless way. We believe this will also help reduce the high failure rate in the industry and increasing chances of running a sustainable business especially for the new entrepreneurs opening up operations
Bar and restaurant owners are running their business out of their own gut feelings. This works if you have been in the industry for long time. But if you are a new entrepreneur, excel sheets are not going to do the job. Bar owners are facing hundreds of little problems everyday and not noticing the small savings they can make every day. Our solution is giving them smart predictions based on their own data, weather by forecast, hints at events in their surroundings, delivery turnover etc. to help them be proactive and to know what is “around the corner”.
For example, let’s imagine next Sunday the local football team is having an important match. It’s going to be sunny and the bar of our customer has a lovely outdoor patio. Based on our smart predictions, Trakbar recommends the bar owner to order 157 beers more than usual, since a huge crowd is expected, plus a TV outside and some cheering props to create the best experience for the customers.
Result? The bar owner has finally been proactive on every aspect of his business and is able to satisfy all the customers needs.
In addition, Trakbar is tracking every single transaction and can tell bar owners what to improve if they are struggling financially.
G. “What’s exactly your target and how do you manage the sales of the software?”
Our target customers are small and medium bar and restaurant owners who know the value of business optimization. Beside direct sales, we think that the best way to reach them is through partnerships with the players who already work with them such as distributors, producers and POS software vendors. In summary, the distributors and other partners sell the software for us and we share the profit with them.
G. “How do you expect to arrive at Demo Day?”
We already run our service in Croatia on a freemium model in more than 1000 bars. By Demo Day, we expect to convert 10% of them in paying customers. Regarding the Italian market, we aim to launch the service in January. We are confident that, thanks to partners like Gambero Rosso and other Italian distributors, we can reach a huge slice of the market.
G. “What’s your main goal for 2017?”
The goal for 2017 is to expand our market to other European countries and replicate the same successful model we have in place in Croatia and, hopefully, Italy. Our mission is helping small bar and restaurant owners to operate as efficiently as the large multinational chains and, with Trakbar, this mission is definitely accomplishable.
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