December 2021 Status Update (12/4)
I was able to define my business model about food waste. Tina, my entrepreneurship partner, and I decided to focus our target group on big chain grocery stores and big chain restaurants. This allows us to make more revenue and makes our business model more unique compared to other competitors. After all of our research, writing, summarizing and data collection, I was also able to begin our final pitch deck. I completed the easy parts first with the problem, the solution, value proposition, market size, and competitor slide. My next steps are to create a financial projection, marketing plan, growth traction, and current trends that support our business.
December 2021 Status Update (12/29)
Over winter break, I was able to create a marketing plan, a financial projection, traction, and current trends. The financial projection took quite a long time: there were many adjustments and drafts made before the final one. There was also a lot of research done regarding Walmart's food revenue, food waste percentage of food supply, the salary of each person (managing director, finance & accounting, marketing, programming, etc), the office rent, loan interest rate, and many more. There were many considerations throughout the process of creating a service margin which is our platform's main revenue stream. We had to make sure the service margin wasn't too high, that we weren't making too much revenue which would be unrealistic, that we weren't making a deficit, and that we wouldn't need a large amount of money to start our business -- which is costly considering app creation. The financial projection gave me a clear overview of the company so I was able to easily create growth and traction by planning to partner up with other large grocery stores and restaurants apart from Walmart only. After completing the pitch deck, I wrote a report about our start-up.
