Professional Documents
Culture Documents
Final Draft Business Plan
Final Draft Business Plan
Section 6
Fall 2020
Business Plan
Team Members:
bocchijm@dukes.jmu.edu
Cheffed-Up L.L.C.
Team 9, Section 6
Address: 8524 Tyco Road, Vienna, VA, 22182
Phone: (703)-853-7344
E-mail: cheffedup@gmail.com
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$(354,879.30)
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Narrative
1. Elevator Pitch: According to Statista, meal kit revenue in the United States will increase
to over 7.6 billion dollars by 2024 (Topic: Online Meal Kit Delivery Services in the U.S.,
2020). With the at-home cooking lifestyle on the rise, more people have been
experiencing the desire to begin cooking for themselves. Cheffed-Up is a high-class meal
service that is focused on giving our customers an educational experience where they can
premium pedagogic videos, our customers can learn from a hands-on experience where
our chefs will guide them through the necessary techniques to cook any dish. From
chopping crisp vegetables to perfectly searing a juicy filet mignon on the grill, Cheffed-
Up will enhance our customer’s daily lives and boost their confidence in the kitchen.
culinary skills through in-depth educational videos of chefs preparing a variety of meals.
Cheffed-Up will also send each customer a box of locally sourced ingredients necessary
for the meal they are cooking, delivered to their doorstep in a reusable insulated bag to
ensure the ingredients are as fresh as possible, every single time. Customers will be able
to indicate their experience level to receive more tailored instruction, work on their own
3. Competitive Advantage: Differing from our competitors, customers will not only learn
how to cook their specific meals but also learn a variety of essential cooking skills, from
cutting vegetables properly to cooking the perfect steak through our instructional videos.
We will ask customers to indicate their current culinary experience level and will then
offer them a set of lessons that are more specific to their needs. As customers gain
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experience with our program, gradually learning more advanced techniques and skills, we
will begin to offer more complex meal options and expand the range of meals that
the cooking from home lifestyle. Our service will not only satisfy the desire to cook at
home, but also supply the necessary tools to develop the individual’s cooking abilities
through an educational experience. The lifelong skills that customers will obtain through
our service will give them the opportunity to spread their knowledge to their friends,
5. Business strategy: Our business strategy is to differentiate our service from similar
companies that already have an established market. We aim to focus on the high-quality
educational lessons and communicate the high value of the experience we provide to our
Arlington, Fairfax, and Reston, which are the areas we are targeting. Vienna is in close
proximity to major highways to make incoming and outgoing delivery easier and more
efficient. Vienna also gives us the ability to provide locally sourced ingredients due to the
7. Financial Performance: Overall, our business is losing money over the course of the
first several years of operation; however, there is a 48% growth rate in profit (loss) from
Year 1 to Year 5. Our losses gradually decrease over the years as our number of sales
increases. By the end of the second year, Cheffed-Up is bringing home over $362,789 in
sales revenue, this is a 58% increase from Year 1 sales of $238,098. As a result of our
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industries naturally fast inventory turnover rate, our sales are a direct result from the
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Exhibit 1: Organizational Chart
Organizational Chart Notes: The organizational chart above reflects the structure of our organization during our second year of operation.
During year one, our organizational chart will be structured as pictured above, and will remain the same throughout the year. In Year 4, we
plan on adding an additional unpacking/delivery worker. Following the changes made in year four, our organizational chart will remain the
same.
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Exhibit 2: Employee Cost Chart
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Segment Sizes: Using Bizminer population and demographics reports, we cross-referenced customers of our particular NAICS code with our targeted age range and location to determine an approximate size
for both segments in our location. We used these reports to find a total of 586,825 individuals that fall into both of these segments. To determine the approximate number of Connected Bohemians and Young
and Influential individuals in that total amount, we created a ratio of the total amount of Connected Bohemians (1.9 million) in the United States to the total amount of Young and Influential individuals (1.1
million) in the United States, or 0.63 for Connected Bohemians and 0.36 for Young and Influential. We multiplied these ratios by the total amount (586,825) to get a respective 215,816 Connected Bohemians
and 371,654 Young and Influential individuals.
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Exhibit 4: Market Quantification
Total Market Potential: We determined in the previous exhibit that our growth rate would be -0.21% over the next five years. To find our Total
Market Potential, we reviewed population reports from Bizminer, cross-referencing our targeted age range, NAICS code, and location (Industry
Market Report Series, 2020). We determined that the total market potential for year one would be 586,825 households and subtracted 0.042% (5-
year growth rate of -0.21% divided by 5 to obtain a yearly rate) each year. We have forecasted that the population will slightly decrease, but only
by a very small amount each year.
Expected Market Share: We calculated our expected market share by first working backwards; we assume that we will be able to gain a market
share comparable to some of the smaller companies in the market within five years. We were able to find reports indicating that these smaller
companies (like Freshly, Every Plate, Purple Carrot, Gobble, Green Chef, and Marley Spoon) make up approximately 19% of the market share
(Market Share of the Leading Meal Kits Companies in the U.S., 2020). We divided that 19% by 6 to determine the approximate average market
share of these companies, which we found to be 3.167%. We then used this number as our fifth-year projection. Then, we conducted a survey to
gauge how potential customers would perceive our company entering the market; about 1.7% of the responses indicated that they would likely
switch from the meal subscription service they are currently using to our service (Cheffed-Up Survey, 2020). We then averaged this percentage with
the average market share of start-up companies across all markets, 0.5%, to determine that we would likely have a first-year market share of about
1.2%. To determine market shares for years 2, 3, and 4, we divided the difference between year 1's market share of 1.2% and year 5's market share
of 3.17% by 3 to get an average increase in market share of 0.49% each year. We also are confident that our advertising budget of $60,000 for Year
1, dedicated to targeted ads to potential customers, will boost our sales and help us secure the desired market share. Our advertising budget only
grows larger as the years go on, which will inevitably translate into a higher market share and a higher number of unit sales.
Annual Purchase Amount: Once again, we decided to work backwards for this calculation; we are assuming that we will be able to meet our full
operational potential within five years, so we used the average number of meals that each HelloFresh customer orders per year. In 2017 when they
were a much smaller company/more comparable to our start-up, their annual purchase amount was 3.43 orders per customer (HelloFresh Group,
2017). We then determined the average percent change in sales year to year for companies with our NAICS code in our selected region to be 1.12%
(Industry Market Report, 2020), and we used that statistic to work backwards from our projected year 5 to find the annual purchase amount for
years 1-4.
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Forecast by Month: We first took the annual unit sales from the first year of operation and divided it by 12 to obtain a monthly average number of
meals, which was determined to be 1,279 meals. To determine how the number of meals sold per month would fluctuate throughout the year, we
looked at the trends in HelloFresh’s sales by quarter. We determined that sales were relatively stable throughout the first three quarters of the year
with an average of 16.59% increase in sales during the fourth quarter (HelloFresh Number of Orders Worldwide, 2020) due to the holiday season.
Exhibit 5: Perceptual Maps and Positioning Statement
Positioning Statement: For upscale individuals that are eager to expand on their culinary skills,
Cheffed-Up offers a premium educational service. Cheffed-Up sets itself apart from competitors with
our different levels of education, ranging from beginner to advanced, which allows a wide variety of
combinations to satisfy the customer’s desire to learn new skills at their own pace.
Perceptual Map Notes:
We have identified two of our main competitors in the perceptual maps above, Purple Carrot and
HelloFresh. We believe that these companies will present the biggest threats, based on the similarities of
the services that we provide. We based the following claims on information gathered from the HelloFresh
website (HelloFresh, 2020), the Purple Carrot website (Purple Carrot, 2020), and HelloFresh Consumer
Reports (Lee, 2016). We chose these specific attributes because these attributes seem to be the most
important factors consumers think about when choosing between these different kinds of subscription
services. Price, of course, is always on the forefront of every consumer's mind; they want to make sure
they are getting the best deal. Quality is also always on the consumer's mind; they want to be getting the
best product possible as well. However, the instruction attribute is more specific to our particular
company; when comparing these different services, customers are also looking at the quality of the
instruction provided alongside the meals. Some consumers are looking to find new recipes and master
specific meals, while others are looking to build on and improve their overall cooking skills.
On the price axis, we believe that we will fall higher than both HelloFresh and Purple Carrot. Our
price is higher than our competitors due to the costs of recording, producing, and editing our educational
videos. Consistently recording high-quality, in-depth culinary lessons is an extra cost to our company that
our competitors do not incur, therefore our prices are adjusted to cover those costs. Based on their
respective websites, Purple Carrot and HelloFresh seem to be similarly priced, with HelloFresh coming in
as slightly cheaper, making it the most affordable option. On the quality axis, we have also determined
that we will fall higher than our competitors. Of course, we will have our high-quality videos, but we will
also be achieving extremely high-quality ingredients by committing to sourcing ingredients as locally as
possible and sticking to a small delivery range that will help us ensure the freshness of our ingredients.
Consumers generally concur that the quality of both HelloFresh and Purple Carrot is high, but the cult-
like following and huge popularity of HelloFresh leads us to believe that their quality is perceived as
superior to that of Purple Carrot. On the instruction axis, we have also determined that we will fall higher
than our competition. We plan to focus on providing a comprehensive educational experience rather than
teaching our customers how to cook the specific meal in their box; something that cannot be said for
either HelloFresh or Purple Carrot. While consumers generally regard the instruction quality of both
HelloFresh and Purple Carrot as high, we believe that the instruction level of Purple Carrot is slightly
higher, as they seem to offer more in-depth instruction.
Strengths: local ingredients, levels of cooking, quality of the food, delivery service, easily to order
online, professional instructional videos, self-paced cooking
Weakness: limited locations, price, length of cooking time, limited meal selection
12Opportunities: increasing meal options, established market, baking menu in future, potential to increase
delivery radius
Threats: other meal delivery services, HelloFresh currently dominates market share
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Exhibit 6: Marketing Mix
Service Branding: We plan to build a brand that impresses our customers with the quality of the education they are receiving. Customers will feel that they are
receiving a more well-rounded, immersive experience than the likes of our competitors. Our company offers customers the options to give us more information
about themselves in the form of indicating their level of cooking experience; this allows us to give a more effective lesson to the user, and gives us the opportunity
to provide them with the kind of instruction that is most valuable to them personally. While our company does deliver delicious local ingredients to our customers
that are sure to make them excited to get to work, we hope to communicate to potential customers that the real value of our service lies in building your cooking
skills beyond the recipes.
Pricing Strategy: To determine our retail price, we first analyzed the average price per meal of meal-kit delivery companies similar to ours (Meal Kit Average
Price U.S. By Company, 2019). Most of these companies happen to fall on the higher end of the price per meal, as we expected. We then decided on a price of
$12.99, with an additional $2.00 delivery fee, for a total retail price of $14.99. This price was adjusted to include the cost of writing, recording, producing, and
editing our educational videos, which is a large portion of the value our company provides to our customers. We plan to keep our prices consistent throughout each
year. We have decided to use this pricing strategy because we hope to stay within the competitive pricing range, but we also hope to signal a higher value service
through our slightly higher prices.
Location Strategy: We have decided that our company’s service location will be based in Vienna, Virginia. We chose this location because it is central to the
Arlington, Fairfax, and Reston areas, which are the areas that we are targeting. Vienna is located near major highways, allowing us to reach customers in a more
efficient way. As for employees, the Vienna Metro Station is a convenient option to commute to work in a low-cost and environmentally friendly way. A location in
Vienna, Virginia will give us access to an abundance of closely located farms, which are necessary for our desire to provide locally sourced ingredients delivered
daily. According to localharvest.org, there are a wide variety of different farms and farmers markets in the surrounding region, and one (Potomac Vegetable Farm)
that is even located right in Vienna (LocalHarvest, 2020). From previous market research, our team has determined that there is a high number of individuals that
fall into our target market who live in this area. The Fairfax, Reston, and Arlington areas are popular locations for recent college graduates and are home to many
young and wealthy families. The state of Virginia is home to a large amount of highly regarded state universities and private universities that produce highly
qualified employee candidates who are looking to enter the workforce each year. Schools such as the University of Virginia, Virginia Tech, and James Madison
University would provide us with the opportunity to hire highly qualified accountants, sales staff, etc. While the area proposed does not offer any relevant tax
benefits, we believe that the previously listed benefits of the Vienna, Virginia location outweigh the potential tax benefits we may receive if we were located
elsewhere.
Promotional Strategy: The overarching objective of our promotional plan is to showcase the education we plan to give to our customers. We are planning on
promoting through ads on YouTube, Facebook, Instagram, and Hulu because our target segments spend a considerable amount of time on social media platforms
and streaming services. In addition to these paid ads, we also plan on taking advantage of all the free forms of social media, such as starting a Cheffed-Up
Pinterest board, or a Cheffed-Up Twitter account. The goal of our promotional programs is to spread awareness of the specifics of our services to future customers
who might be interested in learning how to become an exceptional cook. We plan to build a brand that has an impact on our customer’s daily lives by focusing our
efforts on teaching our customers a life-long skill. Often, cooking your own meals is perceived as a tedious, time-consuming task that people view as a chore
rather than a enjoyable and meaningful experience. We hope to change our customers’ perceptions from just cooking to eat, to cooking for fun and feeling really
proud of their skills by building their confidence in the kitchen through the consistent high quality of our educational videos.
Sales Management Plan: Due to the fact that we will only be conducting sales through our website and our supporting Android and IOS applications, our team
determined that we do not need typical salespeople, but rather positions that focus on advertising, brand image, and gaining new customers. In the first year of our
company's operations, we plan on having a single Marketing Manager who will be responsible for these activities. We will also be outsourcing to a marketing
agency who will provide commercial screening, social media ads, and social media branding. We will be paying this agency $18,000 per year as a fee for their
services and allocating an additional budget for them to use as they see fit. Our Marketing Manager will be responsible for overseeing the outsourcing to this team,
as well as editing and producing our instructional videos. Because our company only conducts sales through an online interface, we will not be offering commission
to any of our employees.
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Exhibit 7: Process Flowchart
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Exhibit 8: Quality
Dimensions of Corresponding Steps on
Quality on Which Why is this Dimension Important? Process Flowchart
We Will Focus: (Exhibit 7):
Given our industry and target market, it is
Consistency imperative that we ensure that our ingredients are Q1, Q2
locally sourced, fresh, and clean for every single
meal.
Given our industry and target market, we will be
focusing on exceeding expectations by
individually checking each box to ensure that
Expectations customers are receiving the meals that they have Q3
selected. We will also be individually labelling
ingredients within the boxes to minimize
customer confusion.
Given our industry and target market, we will be
prioritizing the reliable delivery of our meals by
transporting them in refrigerated/insulated
delivery van, packaging them in a reusable Q4
Reliability insulated bag, and having our delivery drivers
take a photo of the package when it is dropped
off to ensure that customers are receiving the
correct meals on the correct date.
Use the space below to describe any additional Proactive Quality Assurance Plans that are not
connected to a specific activity on your Process Flowchart/Service Blueprint.
In addition to the quality steps listed above, we will also have an Operations Manager role who will be
responsible for overseeing the overall quality of the facility’s operations, correcting any operational errors
and ensuring the smooth flow of our process flowchart. Any employees that are directly involved with the
handling of our ingredients will receive training to become certified Food Handlers, a step that is necessary
to ensure that we are adhering to food safety guidelines.
Describe any reactive quality assurance plans. Include a recovery plan should a customer receive
poor quality goods and/or services.
In the event of a customer being dissatisfied with the product they receive, receiving the wrong product, or
receiving food that is not safe to eat, we will offer to send customers their next meal free of charge. In the
event of an issue with delivery, such as the customer’s order being mishandled, damaged, or delivered late,
we will waive delivery costs on their next order.
Provide a specific explanation of how your chosen quality methodology relates to your business
and how it will be applied.
Total Quality Management calls for a company-wide dedication to customer satisfaction and high-quality
processes. We are willing to incur the extra costs of hiring an Operations Manager to improve and
oversee the day-to-day operational processes and enhance the quality of our customer’s experience.
Additionally, we will be hiring a team of customer service representatives to address any issues that our
customers face while using our service, which is an extra cost that we are willing to incur to ensure that our
customers have the best experience possible. TQM is a relatively more expensive option, but because
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Cheffed-Up is focused on providing the highest quality possible to our customers, we feel that it is the best
choice for us and our customers.
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Exhibit 9: Inventory Management
Item(s) Supplier Name & Reason for selecting this Supplier lead time (in Frequency of System of Management Mode(s) of
Location (City, supplier days) replenishment Transportation
State, Country)
Vegetables Potomac Vegetable Within 7 miles of our 1 day (order 2 weeks 1 day Fixed Order Interval ☒ Highway ☐ Rail
Farm warehouse, fresh and local of raw materials in ☐ Waterway ☐ Air
Vienna, VA, USA ingredients delivered daily advanced but get them
delivered daily)
Meat DePaul Urban Farm Within 7 miles of our 1 day (order 2 weeks 1 day Fixed Order Interval ☒ Highway ☐ Rail
Vienna, VA, USA warehouse, fresh and local of raw materials in ☐ Waterway ☐ Air
ingredients delivered daily advanced but get them
delivered daily)
SUMMARY OF RESOURCES AND THEIR SHIFT PATTERNS:
Types of resources Total hours # of operating # of full time (FT) # of part time (PT) Shift pattern(s):
used: required per days per resources required (40 resources required:
week: week: hours/week):
Year 1
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Exhibit 10: Capacity and Resources
Demand (per Capacity (per Utilization Hours of Bottleneck name & How we will manage the bottleneck:
hour): hour): Percentage: Operation description
Year 1: 6.15 60 10.25% 8 hours per day, 6 Our bottleneck is not an issue as our demand does not
days a week exceed our capacity.
Package the
Year 2: 9.69 60 16.12% 8 hours per day, 6 Vegetables: slowest Our bottleneck is not an issue as our demand does not
days a week throughput rate in exceed our capacity.
the process and
Year 3: 13.96 60 23.27% 8 hours per day, 6 slower to ensure Our bottleneck is not an issue as our demand does not
days a week quality exceed our capacity.
Year 4: 19.14 60 31.90% 8 hours per day, 6 We increased our delivery drivers by one employee so
days a week that we can meet the increase in demand.
Year 5: 25.44 60 42.40% 8 hours per day, 6 Our bottleneck is not an issue as our demand does not
days a week exceed our capacity.
Based on 8 hours a day and Based on our forecasted Based on our demand per Based on our capacity of 60 units/hr. Based on our flow Demand /
working 26 days a month. We sales of 15,351 units in Year month divided by our hours Our capacity would be our hours of chart, our capacity capacity =
would operate 208 1. Our monthly sales would of operations, it would be operations multiplied by our per hour would be 60 6.15/60 =
hours/month be 1,280 units. 6.15 meals an hour. capacity, to get a total of 12,480. units/hr. 10.25%
Additional resources (beyond your bottleneck) must be allocated appropriately to support operations. Identify which resources have a
significant impact on capacity at start up and describe why these are appropriate amounts of resources at start-up. Besides our machinery, our hourly wage employees could
affect our operations, due to the chance of an employee becoming sick or injured during our work week. Based off of our utilization, this should not be too dangerous to our company
as we never exceed 35% and we will have a very flexible process to fight the bottleneck.
Describe adjustments you will make as resource requirements vary with time. Be specific regarding which key resources (beyond your bottleneck) will be adjusted,
when and how. If you will make multiple adjustments, explain each. In Year 3, we will be increasing the hours of our Meal Prep/Delivery Workers to adjust to the increased
demand. In Year 4, we will be purchasing another delivery van and tables to prepare the food, which will allow us to combat the bottleneck. Again, in Year 5, we will increase our wage
employees’ hours based on the increase in demand of our service.
How will you manage seasonality? In our forecasting statement we accounted for the increase in demand seasonally, and this should not be an issue for our company because even
with the seasonal increase, we are still under maximum utilization and our output should not be affected by the bottleneck.
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Exhibit 11: Income Statement
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Exhibit 12: Balance Sheet
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Exhibit 13: Cash Flow Statement
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Exhibit 14: Financial Notes
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$2.34/gallon, based on average gas costs in Vienna (Gas Prices in Northern Virginia, 2020).
Naturally, as the number of orders and vans increase, the average yearly cost increases as well.
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Exhibit 15: Financial Ratios
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Exhibit 16: Financial Analysis
The current ratio is considerably higher than the industry average. This is due to the fact that a
majority of our assets are cash, which is tied to long term debt. Since our current liabilities are the
principle payment on the 20-year loan that we pay each year, plus two weeks’ worth of inventory,
the total cash that we have due to our loan is going to be much higher.
Our gross profit margin is much higher than companies in the same industry as us. This is
mainly due to our low ingredient cost compared to our higher product cost. Our product price is
higher than our competitors because our product does not just include the ingredients, which their
companies focus on, but also the educational cooking videos that make our product more
valuable.
Inventory turnover is consistently the same for all 5 years. The turnover is higher than the
industry average due to having higher quality inventory over the course of production as
compared to the lower quality of what our competitors have in the industry.
The debt-to-equity ratio starts out considerably smaller than the industry average, but
continually increases over the years, coming closer to the average. Our debt to equity is so low
because our owner’s equity is so high. The ratio increases as the years go on since the company
posts a loss each year which decreases our equity, increasing the ratio.
Our fixed asset turnover is 3.034 which increases to 17.542 in year 5. Our ratio is consistently
higher than the industry average of 2.1, which is due to our low fixed asset amount. Our company
does not require as much money invested in fixed assets as other comparable companies. Most of
our fixed assets are the delivery vans and the warehouse equipment. Since we don’t need to
significantly increase our fixed assets over the first five years while our revenue becomes much
higher as the years go on, our ratio will increase.
DuPont Analysis: Net profit margin, equity multiplier and total asset turnover all increase over time.
The total asset turnover increases at a faster rate than the other two since we can increase our revenue
without drastically increasing our assets. The equity multiplier increases mainly due to our decrease in
26 equity over time due to consistent losses. Net profit margin starts negative and goes towards a positive
since we lose less money each year and we come closer to attaining a profit.
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34
Meet the Team
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My name is Ben Lynch and I am from Richmond, Virginia. I
am a junior Marketing major at JMU, and I enjoy playing
soccer and hanging out with friends in my free time. I would
like to get a job in the marketing or sales field after graduation.
36
Team Meeting Form
37