UNIVERSITY OF SIERRA LEONE

FOURAH BAY COLLEGE

FACULTY OF ENGINEERING

MODULE: ENTREPRENEURSHIP AND INNOVATION FENG 510

GROUP 22
DATE 14TH MAY 2024

GROUP MEMBERS

N0 NAME Reg No Department

1 Desmond Sannoh 43066 Electrical
2 Sahr Konoadea Sessie 43777 Electrical
3 Aruna Osaio Kamara 43099 Civil
4 Alimamy Kebbie Turay 43244 Civil
5 Elton Daryl Guy Wilson 43096 Civil
6 Kadiatu Cordelia Kuyateh 42770 Civil
7 Ahmed Fofanah 42783 Civil
8 Mohamed Idrissa Koroma 41310 Mechanical
 Executive Summary
Our community kitchen, Savory Spice, is a dynamic culinary hub designed to
empower aspiring chefs, food entrepreneurs, and community members to thrive
in the vibrant local food scene. Located in the western Part of Freetown. Our
kitchen offers state-of-the-art facilities and comprehensive support services to
help culinary enthusiasts turn their passion into successful ventures.
 Table of Contents
Purpose.......................................................................................................................................................4
Company Description..................................................................................................................................4
Market Analysis...........................................................................................................................................5
Local Food Industry Trends......................................................................................................................6
Demand for Shared Kitchen Spaces........................................................................................................6
Needs of Target Market...........................................................................................................................6
Marketing and Sales Strategy......................................................................................................................7
Funding Request......................................................................................................................................8
Use of Funds............................................................................................................................................8
Offer in Return.........................................................................................................................................8
Operations Plan...........................................................................................................................................9
Financial Projections.................................................................................................................................10
 Purpose

Savory Spice aims to address the challenges faced by individuals and small businesses in accessing
affordable and fully-equipped kitchen space. Our goal is to provide a collaborative environment where
food professionals and enthusiasts can unleash their creativity, develop their culinary skills, and bring
their culinary visions to life.

Target Market: Our primary target market includes:

 Aspiring chefs and culinary professionals seeking a professional kitchen space to launch or grow
their food businesses.

 Food entrepreneurs looking for a cost-effective solution to develop and produce food products
for sale or distribution.

 Community groups, organizations, and culinary enthusiasts interested in hosting cooking classes,
workshops, and events.

Unique Value Proposition

 State-of-the-Art Facilities: Savory Spice features top-of-the-line kitchen equipment, spacious

workstations, and versatile storage options to meet the diverse needs of our clients.
 Comprehensive Support Services: In addition to kitchen rental, we offer a range of support
services, including business consulting, marketing assistance, and access to networking events
and resources to help our clients succeed.
 Collaborative Community: Savory Spice fosters a vibrant community of food enthusiasts,
entrepreneurs, and industry professionals, providing opportunities for collaboration, learning,
and growth.
 Affordable Accessibility: We offer flexible membership options and competitive pricing, making
our kitchen accessible to individuals and businesses of all sizes and budgets.
 Company Description

Vision: Our vision at Savory Spice Community Kitchen is to cultivate a thriving culinary
ecosystem where individuals and food entrepreneurs can flourish, innovate, and connect with
the local community.

Mission: Savory Spice Community Kitchen is committed to providing accessible, state-of-the-art

kitchen facilities and comprehensive support services to empower aspiring chefs, food startups,
and community members to turn their culinary passions into successful ventures. We aim to
foster a collaborative environment where creativity, education, and entrepreneurship intersect,
driving culinary innovation and promoting local food culture.

Location: Nestled in Aberdeen, Savory Spice Kitchen is strategically situated in a vibrant culinary
hub, surrounded by local markets, artisanal producers, and food enthusiasts. Our central
location offers convenient access for our clients and fosters connections with the broader food
community.

Facilities: Our kitchen facility spans [Square footage] square feet and is equipped with cutting-
edge appliances, professional-grade cookware, ample workspace, and versatile storage solutions
to accommodate a wide range of culinary endeavors. Additionally, our kitchen is designed to
meet rigorous health and safety standards, ensuring a clean, safe, and compliant working
environment for our clients.

Services Offered

1. Kitchen Rental: Clients can rent our fully-equipped kitchen space on an hourly, daily, or monthly
basis, providing them with the flexibility they need to pursue their culinary goals.
2. Support Services: In addition to kitchen rental, we offer a suite of support services to help our
clients succeed, including business consulting, marketing assistance, access to industry
resources, and networking opportunities.
3. Event Hosting: Our versatile space is available for hosting culinary events, workshops, cooking
classes, pop-up dinners, and community gatherings, providing opportunities for learning,
collaboration, and celebration.
4. Membership Options: We offer flexible membership options tailored to the needs of
individuals, startups, and established businesses, allowing our clients to access our facilities and
services at a cost-effective rate.
 Market Analysis

Local Food Industry Trends

1. Rise of Food Entrepreneurship: The local food industry in Freetown has experienced a surge in
food entrepreneurship, with a growing number of individuals and startups launching innovative
food concepts, such as specialty foods, artisanal products, and unique dining experiences.
2. Focus on Sustainability: There is a strong emphasis on sustainability and locally sourced
ingredients within the local food scene. Consumers are increasingly seeking out businesses that
prioritize sustainable practices, such as reducing food waste, supporting local farmers, and using
eco-friendly packaging.
3. Demand for Culinary Experiences: There is a growing demand for culinary experiences,
including cooking classes, food workshops, and pop-up dinners, as consumers seek to connect
with their food and learn new culinary skills.

Demand for Shared Kitchen Spaces

1. Limited Access to Commercial Kitchens: Many aspiring chefs, food startups, and small-scale
food producers face challenges in accessing affordable and fully-equipped commercial kitchen
space. The high cost of building and maintaining a commercial kitchen, along with stringent
health and safety regulations, makes it difficult for individuals and small businesses to establish
their presence in the local food market.
2. Need for Flexible Solutions: There is a growing need for flexible kitchen solutions that cater to
the diverse needs of food entrepreneurs, including hourly, daily, and monthly rental options.
Shared kitchen spaces offer a cost-effective alternative to traditional commercial kitchens,
allowing entrepreneurs to minimize overhead costs and focus on growing their businesses.
3. Collaborative Environment: Shared kitchen spaces provide a collaborative environment where
food entrepreneurs can network, share ideas, and collaborate on projects, fostering innovation
and creativity within the local food community.
 Needs of Target Market

1. Affordable Access: Our target market, including aspiring chefs, food startups, and community
groups, is seeking affordable access to fully-equipped kitchen facilities that meet their specific
needs and budget constraints.
2. Comprehensive Support Services: There is a demand for comprehensive support services, such
as business consulting, marketing assistance, and access to industry resources, to help food
entrepreneurs navigate the complexities of starting and growing a food business.
3. Flexible Booking Options: Our target market values flexibility in booking kitchen space, with
options for hourly, daily, and monthly rentals to accommodate varying production schedules
and business needs.

Marketing and Sales Strategy

1. Online Presence:

 Website: Develop a professional website that showcases our kitchen facilities, services, pricing,
and testimonials from satisfied clients. Ensure the website is user-friendly and optimized for
search engines to increase visibility online.

 Social Media Marketing: Leverage popular social media platforms such as Facebook, Instagram,
and Twitter to engage with our target audience, share behind-the-scenes content, promote
events and workshops, and showcase the creations of our clients. Encourage user-generated
content by featuring photos and stories from clients using our kitchen space.

2. Content Marketing:

 Blog: Create a blog on our website to share valuable content related to cooking tips, industry
trends, success stories of our clients, and upcoming events. This will position us as a thought
leader in the local food community and attract visitors to our website.

 Email Marketing: Build an email list of prospective clients, local food enthusiasts, and
community organizations interested in culinary events and workshops. Send out regular
newsletters with updates on kitchen promotions, upcoming events, and helpful resources for
food entrepreneurs.

3. Partnerships and Collaborations:

 Local Businesses: Forge partnerships with local food producers, farmers' markets, culinary
schools, and food-related businesses to cross-promote each other's services, collaborate on
events, and tap into each other's customer bases.

 Community Organizations: Collaborate with community organizations, nonprofits, and schools

to offer cooking classes, workshops, and events that cater to different segments of the
community and promote culinary education and engagement.
4. Events and Workshops:

 Cooking Demonstrations: Host regular cooking demonstrations featuring local chefs, food
entrepreneurs, and culinary experts to showcase the capabilities of our kitchen facilities and
inspire attendees with new culinary ideas and techniques.

 Community Events: Organize community events such as food festivals, tasting events, and
themed dinners to bring people together, showcase the talents of our clients, and raise
awareness of our community kitchen among the local community.
 Funding Request

Amount Needed: We are seeking a funding amount of $800,000 to support the launch and growth of
Savory Spice Community Kitchen.

Use of Funds

1. Facility Setup: A portion of the funds will be allocated towards setting up our kitchen facility,
including the purchase of kitchen equipment, appliances, furniture, and necessary infrastructure
to ensure a fully functional and compliant workspace.

2. Marketing and Promotion: We will allocate funds towards marketing and promotional activities
to raise awareness of our community kitchen among our target audience. This includes digital
marketing campaigns, social media advertising, print materials, and participation in local events
and festivals.

3. Operational Expenses: Funds will be used to cover initial operational expenses such as rent,
utilities, insurance, and staffing costs during the startup phase of our business.

4. Support Services: We will allocate a portion of the funds towards providing comprehensive
support services to our clients, including business consulting, marketing assistance, and access
to industry resources and networking opportunities.

Offer in Return

In return for funding, we are offering the following:

1. Equity Stake: Investors will receive an equity stake in, Savory Spice Community Kitchen
proportional to their investment amount.

2. Return on Investment: We aim to generate a steady return on investment for our investors
through the growth and profitability of our community kitchen business. This may include
dividends, profit-sharing arrangements, or capital appreciation over time.

3. Recognition and Brand Exposure: Investors will be recognized and acknowledged as valued
partners and supporters of , Savory Spice Community Kitchen through various channels,
including our website, marketing materials, and community events.

4. Exclusive Benefits: Depending on the level of investment, investors may receive exclusive
benefits such as discounted kitchen rental rates, priority access to events and workshops, and
invitations to investor-only networking events.
 Operations Plan

By implementing these operational strategies, Savory Spice Community Kitchen will be well-equipped to
provide a professional, safe, and supportive environment for our clients to pursue their culinary passions
and achieve their business goals.

1. Management and Staffing

 Management Team: Savory Spice will be managed by an experienced team with expertise in
foodservice operations, business management, and customer service. The management team
will oversee all aspects of kitchen operations, including facility management, client relations,
and strategic planning.

 Staffing: We will hire a team of qualified kitchen staff, including kitchen managers, chefs, and
support personnel, to ensure smooth day-to-day operations. Staff will be trained in food safety,
sanitation procedures, and customer service to maintain high standards of quality and
professionalism.

2. Hours of Operation

 Regular Hours: Savory Spice will operate seven days a week, providing flexible access to kitchen
facilities for our clients. Our hours of operation will be structured to accommodate a variety of
production schedules and client needs, including daytime, evening, and weekend hours.

3. Booking Procedures

 Reservation System: Clients can book kitchen space through our online reservation system,
which allows for easy scheduling and availability tracking. Clients can reserve kitchen space by
the hour, day, or month, with flexible booking options to accommodate their production
schedules.

 Cancellation Policy: We will implement a cancellation policy that allows clients to cancel or
reschedule their bookings within a specified timeframe without penalty. This ensures fairness
and flexibility for our clients while minimizing disruptions to our operations.

4. Safety Protocols
 Health and Safety Standards: Savory Spice will adhere to strict health and safety standards in
accordance with local regulations and industry best practices. This includes regular cleaning and
sanitization of kitchen facilities, proper food handling procedures, and compliance with food
safety regulations.

 Training and Certification: All staff members will undergo comprehensive training in food safety
and sanitation protocols to ensure the highest level of hygiene and safety in our kitchen
facilities. Additionally, clients will be required to adhere to our safety guidelines and undergo
training as necessary.
 Financial Projections

Startup Capital: $800,000

Year 1:

 Revenue:

 Total Revenue: $400,000

 Kitchen Rental Fees: $300,000

 Support Services: $50,000

 Event Hosting: $30,000

 Other Income: $20,000

 Expenses:

 Total Expenses: $350,000

 Rent and Utilities: $100,000

 Personnel Expenses: $150,000

 Marketing and Advertising: $50,000

 Kitchen Maintenance: $30,000

 Administrative Expenses: $20,000

 Net Income:

 $50,000

 Net Cash Flow:

 $350,000

 Assets:

 Total Assets: $830,000

 Cash and Cash Equivalents: $350,000

 Accounts Receivable: $30,000

 Equipment: $450,000

 Liabilities and Equity:

  Total Liabilities: $20,000

 Owner's Equity: $810,000

Year 2:

 Revenue:

 Total Revenue: $550,000

 Kitchen Rental Fees: $400,000

 Support Services: $70,000

 Event Hosting: $50,000

 Other Income: $30,000

 Expenses:

 Total Expenses: $365,000

 Rent and Utilities: $105,000

 Personnel Expenses: $160,000

 Marketing and Advertising: $40,000

 Kitchen Maintenance: $35,000

 Administrative Expenses: $25,000

 Net Income:

 $185,000

 Net Cash Flow:

 $185,000

 Assets:

 Total Assets: $1,000,000

 Cash and Cash Equivalents: $535,000

 Accounts Receivable: $40,000

 Equipment: $425,000

 Liabilities and Equity:

 Total Liabilities: $25,000

 Owner's Equity: $975,000

Year 3:
  Revenue:

 Total Revenue: $700,000

 Kitchen Rental Fees: $500,000

 Support Services: $90,000

 Event Hosting: $70,000

 Other Income: $40,000

 Expenses:

 Total Expenses: $380,000

 Rent and Utilities: $110,000

 Personnel Expenses: $170,000

 Marketing and Advertising: $30,000

 Kitchen Maintenance: $40,000

 Administrative Expenses: $30,000

 Net Income:

 $320,000

 Net Cash Flow:

 $320,000

 Assets:

 Total Assets: $1,305,000

 Cash and Cash Equivalents: $855,000

 Accounts Receivable: $50,000

 Equipment: $400,000

 Liabilities and Equity:

 Total Liabilities: $30,000

 Owner's Equity: $1,275,000

Allocation of Startup Capital ($800,000)

1. Facility Setup ($500,000):

  Kitchen Equipment and Appliances: $300,000

 Renovations and Fixtures: $150,000

 Initial Inventory and Supplies: $50,000

2. Operating Expenses for Year 1 ($300,000):

 Rent and Utilities: $100,000

 Personnel Expenses: $150,000

 Marketing and Advertising: $50,000

The financial projections indicate that Savory Spice Community Kitchen will achieve steady revenue
growth over the first three years, starting from $400,000 in Year 1 and reaching $700,000 by Year 3.
Expenses will be carefully managed, resulting in increasing net income each year: $50,000 in Year 1,
$185,000 in Year 2, and $320,000 in Year 3.

The initial startup capital of $800,000 will be primarily used for facility setup and initial operating
expenses, ensuring a strong foundation for the business. The balance sheet projects healthy growth in
assets, with cash reserves increasing from $350,000 in Year 1 to $855,000 by Year 3, reflecting strong
cash flow management. Liabilities remain minimal, while owner’s equity shows significant growth,
demonstrating a solid financial position for future expansion and sustainability.