Develop a feasible business idea by answering the following questions:
1.1Choose a business idea: Select an idea that you believe fills a gap in the market
or solves a problem for a specific target audience. Describe in detail your
business idea.
[4]
1.2Explain the approach you used to generate your business idea.
[2]
1.3 Based on your business idea, explain your business establishment.
[2]
1.4Product Description: Provide a detailed description of your product layers,
including the competitive advantage.
[5 + 1 = 6]
1.5Design and prototype: Draw a basic design or prototype of your product to show
its functionality and appearance.
[5]
1.6 Identify the type of business structure you will use for your enterprise and justify
the chosen business structure.
[1+ 1 = 2]
1.7 A business is defined by its mission statement. A clear definition of the mission
and purpose of the business makes it possible to set clear and realistic objectives.
Write down your mission statement and outline three (3) objectives of your
business using the SMART principle. (This should clearly be aligned with your
business idea and product.)
1.1 Business Idea: A personalized meal planning and grocery delivery service that caters to individuals with dietary restrictions or specific health goals. Users will be able to input their dietary needs and preferences, and our service will generate customized meal plans and deliver all the necessary groceries to their doorstep.
1.2 Approach: I have identified a growing trend towards personalized nutrition and the difficulty that individuals with dietary restrictions face when trying to plan meals and shop for groceries. I have conducted market research and surveys to understand the pain points of our target audience and have identified a unique opportunity to provide a convenient solution.
1.3 Business Establishment: The business will be established both online through a user-friendly platform where customers can input their information and preferences, as well as a physical location where meal plans can be curated and groceries can be sourced and packaged for delivery.
1.4 Product Description: Our service will offer customizable meal plans tailored to the individual's dietary restrictions and health goals. The competitive advantage lies in the convenience of having all necessary groceries delivered directly to the customer's home, saving them time and effort. Additionally, our service will offer a wide range of recipes to choose from, ensuring variety and enjoyment in the meal planning process.
1.5 Design and Prototype: ( attached image of a sample meal plan with grocery list and delivery schedule)
1.6 Business Structure: I will use a Limited Liability Company (LLC) structure for my enterprise. This structure provides liability protection for the owners while allowing for flexibility in management and taxation. Additionally, an LLC is ideal for a service-based business like mine as it allows for multiple owners and the ability to easily scale the business in the future.
1.7 Mission Statement: Our mission is to empower individuals with dietary restrictions to easily plan and enjoy delicious, healthy meals with the convenience of grocery delivery.
Objectives:
1. Increase customer satisfaction: Increase customer satisfaction ratings to 90% within the first year of operation by consistently providing high-quality service.
2. Expand market reach: Expand our service to two additional cities within two years to reach a larger customer base.
3. Enhance product offerings: Introduce a subscription model within six months to provide recurring revenue and increase customer loyalty.