- Investment sought:
- Equity offered:
With the help of NatWest Bank, we have been transforming a 2,500 square foot property located in the heart of Camden, London - 'the music capital of the world'.
Soon the Music Walk of Fame, which will be officially linked to Hollywood Walk of Fame Stars, will nearly be at Tower 47's doorstep beckoning those weekly visitors (100,000 ) to come into Tower 47.
The goal within the walls of this 2,500 sq feet is to create an environment providing unique Customer Experiences for visitors and local residents which translate into revenues. The Customer Experiences will comprise of exciting technology, coffee science, workshops, retail, music rooms, and art galleries - kind of like a 'hip' interactive Hardrock Cafe. Many of these proposed facets of Tower 47 have been brought to life since opening last year. Each week customers ask us to build something similar in their 'neck of the woods'. We hope to do this one day, but first we need to complete this one!
Ideally, other high street shops will consider this model and together we can all give internet shoppers a reason to come back to the High Streets. In the case with Tower 47 (T47), once you have decided to walk into T47 you will find yourself immersed in the aroma of the leading boutique coffees roasted in London (Volcano, Alchemy, Camden Roast - and in the future we hope to bring you Tower 47's own roasted blend) brewed by using the most exciting methods such as Pour-over, Syphon, Aeropress and Espresso. All the amazing choices are ground, sold, and/or prepared by what we feel are the finest baristas London has to offer.
To accompany the exciting coffee choices are works of art created by various bakeries such as our selection of mini and full size NY Style authentic bagels. All bagels prepared in various NY styles of course!
Walk a few more feet inside and you’ll notice the mezzanine stage with its gorgeous display of neon works of art and high-spec musical instruments beckoning even those who have never played before - some secret gigs may take place there when you least expect it. Continue your walk through and you will find yourself strolling through various café galleries exhibiting one-of-a-kind works of art from some leading artists. When you stroll up to the 2nd floor, you might find yourself in one of the completely decked-out practice soundproof rooms endorsed by the industry leaders, or find yourself chatting to one of the leading directors of London Hackspace working right in our very own workshop - perhaps about interactive Customer Experiences!
Substantial accomplishments to date
- Received a write-up in the Huffington Post
- Received many short write-ups in local publications
- T47 now appears in London's Best Coffee Guide
- Secured what we feel is one of the most sought after buildings in Camden
- Received £80k from NatWest
- Made arrangements with Makerbot's Head of Global Distribution, RJ Wafer, to supply Tower47 with Makerbot along with its supplies.
- Endorsements from the leading music brands; Pearl, Sabian & possibly Gretsch.
- Have secured an all-star team for every facet of the new business. Each member possess expertise in their areas of operation and knowledge in other areas of the business. Cross skill sets a must.
Tower 47 is located where the Walk of Fame will be located in the near future. The Roundhouse is a few doors down, the Camden Stables is across the street, the famous Barfly is 2 doors down. We plan to have coffee/food, music, art, repair workshops, secret gigs, practice lesson rooms and retail (retail not included as part of this fund raising) - all have synergies - all compliment each other and will create foot traffic for each department within Tower 47. This combined with a great team of managers, sales staff, apprentices and Syd's background, focus, drive, energy and passion for this business, Tower 47 will be on its way to becoming something very special as well as profitable.
If Tower 47 captures just .05% of the weekly 350,000 passing trade, that would equate to 1,800 customers walking through the Tower 47 each week to browse and hopefully buy a cup of coffee.
With regard to the lessons, we have already booked several hours have already been requested/pre-booked from the relationships we've established with teachers, pupils and practicing musicians.
The second year in Camden is planned to see these lesson rooms fully booked as marketing efforts begin with offers to university students, additional teachers, additional practicing musicians and singers.
Third year will lead to next phase in strategy which will hopefully lead to building additional Towers to which the Tower 47 roast will be sold.
Use of proceeds
The funding requested will be applied to the following:
- £10,000 towards promotions/advertising/marketing materials for customer memberships and merchandise such a Tower 47 Camden t-shirts and other souvenirs, and general advertising ie., London Underground Tube signage if possible,
- £10,000 completion of the back part of the building which mostly sits idle. After this area has been soundproofed, it will be used for special events.
- If investment exceeds £20k, then T47 would likely invest in a roaster to begin roasting its own beans.
- if additional investment remains after investing in roaster, the balance will go towards a super neon sign to be created and then mounted on top of the building (per the council's guidelines of course) so that our business would stand out from afar.
Tourists, Musicians, Artists and everyday people like me. Tower 47 has enough of a few great things to capture the attention of the most average person to the most extraordinary person. Furthermore, there are plenty of people like myself who like to experience something different from the traditional stock and display environment or just a stand alone coffee shop. In both of these situations, within a few minutes I have exhausted the experience and need to move on. Whereas with Tower 47, there will be interesting things going in various rooms which will likely keep customers lounging/roaming about a little longer. With the Tower 47 model, it all begins at the front door for just about any type of person.
As for musicians being a target market, given that Camden is considered the Music Capital of World, there is a good chance that passer-bys will be musicians and/or groupies both of which will find Tower 47 useful as 'all things music' attract this type of customers. The lesson/practice rooms target a specific target market which are pro-musicians, students and teachers, making this a destination location for this target market. This type of customer will again create foot traffic for the coffee/food area. The art galleries combined with coffee and wifi are perfect for hundreds of thousands of tourists that Camden receive each weekend who are people like myself who are looking for a good cup of coffee in a good environment.
Characteristics of target market
With regard to Tower 47's market:
According to BBC, Camden is the Rock'nRoll capital of the world. According to miPRO, information based on Census information, within London, Camden is 1 of 3 boroughs with the highest concentration of musicians. That is an ideal demographic for a state-of-the-art music rooms that Tower 47 will provide. Currently Scar Studios in Camden provides music rooms for musicians -- each room is booked solidly every day which translates into approximately £510,000 per year turnover.
With regard to coffee entertainment: we think if people are willing to queue at the neighbouring Costa, they will likely want to prebook to queue at Tower47 when some top entertainers are booked at Tower 47.
Tower 47 will focus intensely on social networks by holding contests and creating events to drive traffic to Tower 47. Each day Tower47's street team will walk into surrounding businesses offering vouchers good for various samples during the first few months to learn and understand locals' interests and demands. With approx 350,000 tourists visiting each week through Camden where Tower 47 is located, hundreds of people will be passing Tower 47 every hour. Therefore creative signs will be built to capture their eye amongst all the other businesses.
Within walking distance from Camden is Primrose Hill which is where some of the Tower 47 team members reside. Those residents will make great customers as they tend to seek highend foods - the type that Tower 47 will be offering. Additionally, there are a number of recording studios in Primrose who cater to high profile musicians and bands such as Snow Patrol and Coldplay. And just another walk in another direction up Haverstock Hill is the enormous Air Studios which accommodates a never-ending list of artists.
Tower 47 will most certainly form synergies with and try to complement those businesses with their services wherever possible. It is common to have high-profile artists associated with workshops so ideally some of them will partake in Tower 47’s workshops in the future. These high profile studios and artists would feel confident in placing their trust with Tower 47 as members of Tower 47 have already begun to establish a reputation for accommodating these high profile artists.
Through working tirelessly, Tower 47 members developed relationships and provided services to high profile customers such as the Birmingham Symphony Orchestra, Hungary’s Szolnok Orchestra, Dame Evelyn Glennie and The Royal Academy of Music via Julian Wolstencroft.
Currently, there is one educational facility in Camden which is Scar Studios. Scar has been servicing Camden musicians for 17 years, but in recent years we think it has been neglected, with the rooms themselves starting to look dilapidated. However, each room is booked solidly every day. Tower 47 plans to have approximately 500 hours available each week.
In the unlikely event that Scar relocates the business nearby, it's viewed as a positive addition as competition contributes to an industry cluster within the music economies further solidifying Camden becoming an educational hub of London. Therefore, it’s a ‘win-win’ with either outcome. With regard to coffee entertainment, to date no one is doing anything like what Tower 47 will be doing. Therefore, for now, we think there is 0 threat.
So for a little while, Tower 47 will be unique on this front. As Tower 47's model is about creating Customer Experiences, Tower 47 will surely have new Customer Experiences to implement within no time at all making their environment again unique from their competitors.