work sample - individual business plan
TRANSCRIPT
F I S H O P
Business Plan | Shaoxia Lin
FISHOP — Fresh Seafood Experience In Food Truck
WHAT Fish Dumplings - the unique traditional cuisine from Shandong, China
HOW Use food truck to offer fast flavorful fish dumplings that prepared from fresh local ingredients
WHO Millennial foodies
WHERE Multiple spots in Manhattan: Columbia University; NYU; Financial District
Right now we are seeking working capitals in the amount of $400,000
Comparing To Other Products With ‘Fish’ Concept: FISHOP Offers The Affordable And Accessible Meals Made With Fresh Fishes.
• A Chinese restaurant located in Flushing, New York
• Offers Fish/Pork/Chicken dumplings($10), frozen dumplings($25) and other Chinese dishes
• Mainly targets Chinese community in Flushing
High-end products like Sushi • Ingredients are fresh. • Food has high quality.
• No sushi/sashimi served in food truck
• High-end image associated with high price
Fish and Chips • Available in the streets • Less expensive
• Unhealthy cooking methods • Ingredients don’t require
freshness that much
Fish Dumplings
The First In The Food Truck Category; Millennials Crave For Healthy Option, New Ethnic Flavors And Freshness.
First
of respondents like to experience new flavors
72%
Top three cuisines that respondents express the most interest in seeing more
spot selling fish dumplings in Manhattan
27% 91%
of millennials claim “freshness” as the strongest enticement for trying new menu items
Italian(63%)
Chinese(56%)
Mexican(50%)
more millennial respondents said they seek out healthier options in food trucks than in 2012
*Mintel Report: Food Trucks, US, September 2013 Base: 541 total 18+, 239 total millennials
*Mintel Report: Innovation on the menu, US, October 2015
Base: 1,904 internet users,18+
Foodie Millennials In Manhattan: Love Trying New Ethnic Flavors And Are Health Conscious.
Demographic • 18 - 34 • Students and young professionals • Location: near Columbia
University, NYU, and Financial District
Psychographic • Drive interest in emerging
concepts; • Fan of food trucks • Trying new ethnic foods is an
exciting experience for them; • Value authenticity, high-quality
ingredients • Seek food that is fresh, nutritious
and affordable. • Social media savvy.
*The Dynamic Population of Manhattan, 2012
*Enrollment by school, gender and degree level, Fall 2013.
www.columbia.edu
Market Size • 25,000 students
in Columbia University
• 70,000 daily commuters and residents in Downtown Manhattan and FiDi
Assumption: 60,000
Competitors Of FISHOP They Address Similar Needs Of Customers: A Fast, Convenient Meal For Lunch
Industry Overview Food truck’s competitive context include:
Kiosks and carts Chain Limited service restaurants
Have offerings similar to food trucks at a lower price
Share the same areas; Have similar customers
Other Food Trucks
Offer fast service with good food quality
Grocery and Convenience Store Pop-up RestaurantsDelivery
*Mintel Report: Food Trucks, US, September 2013
FISHOP Will Stand Out With Heathy And Gourmet Image
Gourmet
Fast Food
Low Health Conscious
Health Conscious
Competitors near FISHOP’s locations
Average Order Size Is Higher Than Mobile Vendors And Less Than LSRs
$7 $9 $12 $14$10
To millennial foodies who love to try new things and embrace a healthier lifestyle
Is the first food truck that delivers the new concept of seafood products with great quality
Because it offers distinctly upscale fresh seafood at an affordable price; it is healthier than normally offered meat dumplings from other places; it is very accessible due to its mobility,
So that you can have an ideal meal during your busy routine without all the fuss and concern from other places.
F I S H O P
Fresh Seafood Experience In Food Truck
The Menu Is Built Around Fish Dumplings. Fresh Dumpling Sales Will Be The Priority.
Fresh Frozen
Offer food truck customers frozen dumplings to take home $15 for 12 pieces
Catering
Provide limited service catering (Just pickup or delivery) for school club events, office lunches, casual dinners, and etc.
Keep Long-term Relationships With Reputable Partners That Offer Fresh Ingredients.
• Carry almost no frozen products • Meet the need of top-quality
freshness • Offer free fillet service • Concern about sustainable seafood
• Offer farm-fresh products • The majority of the products at the
Wholesale Greenmarket are harvested less than 24 hours before being sold.
Suppliers (both offer delivery service)
Fish: Wild Edibles Wholesale Seafood Market
Groceries: Wholesale Green Market
Regular Day Working Hours: 15.75+
1 2 : 0 0 P M
1 1 : 2 0 A M
1 1 : 0 0 A M
1 0 : 1 5 A M
0 6 : 1 5 A M
0 5 : 0 0 A M
(45 min)
(4 hr)
(45 min)
(20 min)
(40 min)
Get supplies
Prepare food / Drive food truck to kitchen
Load truck
Drive to site
Set up to start
1 2 : 0 0 P M
2 0 : 4 5 A M
1 9 : 1 5 P M
1 9 : 0 0 P M
(7 hr)
(15 min)
(1.5 hr)
Serving time
Drive to commissary
Clean truck and dishes
Reason of long time preparation We handmade fish dumplings everyday to make sure the freshness.
Weekly Food Truck Schedule: 12 pm - 7 pm
Ensure The Presence In 3 Key Mllnnls Gathering Spots.
Columbia University:
NYU
Financial District
Mon Tue Wed Thu Fri Sat Sun
CU CU CUNYU NYUFiDi FiDi
Choose Appropriate Facilities To Ensure The Efficiency Of The Operation.
Commercial Kitchen Hot Bread Kitchen: 1590 Park Ave, East Harlem
Commissary (for parking and cleaning the truck) NYC Licensed Commissary: 261 E 134TH ST, Bronx
• Spacious kitchen with 24/7 access • Full suite of professional kitchen
equipment • Dedicated dry, refrigerated and
freezer storage
Close to the major operating spot Columbia University
CEO/CMO/CFO Shaoxia Lin
Social Media Intern
Chief Shuyu Liu
COO Youhan Wang
Cook/ Assistant 1
Cook/ Assistant 2
Cook/ Server 3
Cook/ Server 4
Team 1 to prepare food (Kitchen)
Team 2 to drive food truck and serve food (Food truck)
• MS in Marketing from NYU / BS in Finance • 3 years of Marketing experiences • Passionate about food and cooking • Live in Manhattan: knows the areas
• A master of fish dumplings with the secret recipe that is famous among her family’s friends, relatives and co-workers • MS in Computer
Science from CU • 2 year of website
design experience • Cooperate and
communicate effectively when build client relationships
Have A Team Of Experts With Skills And Passion In Food
Food Truck Sales • Average Order Size: $10 • 28 days/month • 20 orders an hour, 140 orders
per day. (Full capacity); • 25% lower traffic in
winter(December and January) • Daily order number monthly
growth rate: Year 1: 7%; Year 2: 1.3%; Year 3: 1%
• Average Daily Order Numbers
Frozen Dumpling Sales • Unit price: $15 • % of food truck
sales : Year 1: 2%; Year 2: 5%; Year 3: 7%
Catering Sales • January, February and
May are the related holiday and graduation season. There could be more student catering events.
• Monthly Growth Rate Year 1: 20%
Year 2: 16% Year 3: 12%
• Average Monthly Catering Size:
Make Conservative Assumptions About The Order Numbers And The Growth Rates.
Year 1 243
Year 2 1,026
Year 3 3,607
Year 1 73
Year 2 106
Year 3 120
Revenue 3 year forecast Year 1 Year 2 Year 3Total Food Truck Order Numbers 24,444 35,476 40,320Total Cateting Size 1,479 6,280 22,010
Food Truck Sales $244,440 $354,760 $403,200Frozen Dumpling Sales $7,333 $23,946 $36,288Catering Sales $14,790 $62,800 $221,010Total Revenue $266,563 $441,506 $660,498
P & L
Break Even Point
Year 3, the 5th Month
Year 1 Year 2 Year 3
Revenue $266,563 $441,506 $660,498
COGs $85,300 $141,282 $211,359
Gross Margin 68% 68% 68%
Operating Expenses $411,785 $416,625 $422,433
Net Profit -$220,522 -$116,401 $26,705
Revenues Primarily From Food Truck Sales.
Business Objectives • 73 orders a day in first year with
7% monthly growth rate • $266,563 revenue
FISHOP — Fresh Seafood Experience In Food Truck
Year 1 Marketing Budget • $24,200 • 9% of the revenue; • Budget allocation:
Marketing Objectives • Create awareness among 40% of
the target market. • 24,000 customers
• Acquire 5% customers of the target market • 3,000 customers
Food Truck, $5,000, 21%
Digital, $6,000, 25%
Yelp Advertising, $3,600, 15%
Sampling, $1,800, 7%
Coupon, $1,800, 7%
Food Festivals, $6,000, 25%
Tactics • Apply to be a Vendy Plaza
vendor • Every Sunday 12pm -6pm
from May to September
Objectives • Spread the words and
widen the audience • Test the product and the
market
Cost • Application and booth fee:
$6,000
Start With A Soft Launch To Test The Market And Spread The Word.
Tactics • Design the truck as a moving billboard • Have a strong digital presence: Website and
SEO, Food Blog, Social Media • Claim business and advertise on Yelp and
apply to get Zagat rated
Objectives • Increase awareness, build fan base and
engage with customers • Add credibility
Cost • Food truck decor: $5,000, • Digital(Domain, SEO,Social Media) :$6,000/
year • Yelp Advertising: $3,600/year
Keep Building The Brand And Increase Awareness.
Grow The Business By Promoting Supplementary Services.
Tactics • Give complimentary tastings to NYU/CU
clubs to build partnerships • Use digital coupons to promote frozen
dumplings
Objectives • To acquire more catering requests • Increase awareness of the food truck and
frozen dumplings
Cost • Sampling: $1,800/year • Coupon cost: $1,800
Potential clubs to partner with:
And hundreds of other clubs…
NYU
CU
Dive into the fresh seafood experience
T H A N K Y O U
F I S H O P
F I R S T F A S T F L A V O R F U L F R E S H F I S H D U M P L I N G S