Lean Canvas Business Model

VisualBite MenuHub

Abdullah virk (01-111212-062)

Ahmed Abrar (01-111212-018)
Anas Hafeez (01-111212-040)
Shaheer Tariq (01-111212-168)
Murtaza Amir (01-111201-285)
Contents
Assignment Title: Lean Canvas Business Model Development:....................................................2
Introduction:................................................................................................................................2
Key Elements of the Lean Canvas:..............................................................................................2
1. Customer Segments:.............................................................................................................2
Early adopters:.........................................................................................................................2
2. Problem:................................................................................................................................3
 Decision-Making Challenges:...........................................................................................3
 Limited Engagement with Traditional Menus:.................................................................3
3. Unique Value Proposition:...................................................................................................3
High-level concept:..................................................................................................................3
4. Solution:................................................................................................................................3
5. Channels:..............................................................................................................................4
6. Revenue Streams:.................................................................................................................4
7. Cost Structure:......................................................................................................................4
8. Key Metrics:.........................................................................................................................5
9. Unfair Advantage:................................................................................................................5
Conclusion:..................................................................................................................................5

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Assignment Title: Lean Canvas Business Model Development:
Introduction:
We have selected an invented startup idea for this assignment that seeks to transform the
restaurant dining experience. VisualBite MenuHub the Company that is being suggested
will aim to create a visual menu tablet that highlights food items with visually appealing videos
and images. This innovative approach aims to address the challenge customers face in making
informed decisions when selecting dishes from traditional text-based menus.

Key Elements of the Lean Canvas:

1. Customer Segments:
Restaurant owners/managers and tech-savvy restaurants that serve younger audiences are our
main target customer demographics. Restaurants in Islamabad, and Rawalpindi, varying in size
from small to large businesses. These can include well-known restaurants, fast-food chains, and
recent startups, particularly those serving unusual cuisines like Italian or other cuisines that are
still relatively new in Pakistan. These establishments must demonstrate their excellent food
presentation to draw in new customers.
Early adopters:
Innovative Independent Restaurants:
 Characteristics: Independent restaurants with a reputation for innovation and a
willingness to experiment with new technologies.
 Why: Such restaurants frequently seek ways to differentiate themselves in a crowded
market and may be more open to implementing cutting-edge solutions to improve the
dining experience.
Urban Cafés Catering to Millennials:
 Characteristics: Trendy urban cafés with a younger population, typically looking for
methods to create a distinctive and Instagram/Snapchat-worthy experience.
 Why: Because Millennials value interactive and visually appealing experiences, they are
more likely to accept a tablet-based visual menu.
Restaurants in Tech Hubs:
 Characteristics: Restaurants located in areas with a high concentration of technology-
based companies and staff of those companies.
 Why: Tech-savvy communities are frequently more open to new ideas, and these eateries
may attract customers who value the convenience and novelty of a tablet-based menu.
Hotel Restaurants and Fine Dining Establishments:
 Characteristics: Restaurants within hotels and fine dining places that strive to give an
enhanced guest experience.

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  Why: Upscale restaurants may use the tablets as a means to show their menu in a more
sophisticated and modern manner.

2. Problem:
For the tablet-based visual menu startup, the problem is the challenge customers face in making
informed decisions due to the limitations of traditional text-based menus. These problems
include.
 Decision-Making Challenges:
Problem: When using traditional text-based menus, customers frequently find it difficult to
decide what to get. Text descriptions might not do a dish's visual appeal or provide
enough details of the dish, which could leave diners confused and possibly disappointed.
Impact: This difficulty may lead to drawn-out decision-making processes, unhappy customers,
and maybe lower levels of overall customer satisfaction. Additionally, restaurants might pass up
chances to successfully sell extra or advertise particular items.
 Limited Engagement with Traditional Menus:
Problem: Modern customers, especially those belonging to younger demographics, want an
engaging experience from their dining experiences, something that traditional menus fail to
provide. Static language is ineffective at drawing readers in and may result in a less engaging
and memorable experience with the restaurant's offerings.
Impact: Insufficient participation could lead to restaurants missing out on chances to successfully
highlight their distinctive menu items, deals, or promotions. It may also make it more difficult
for the establishment to give customers a unique brand experience and ambiance.
NOTE
The existing alternatives of these products are the printed menus with images but they aren’t
enhancive like our product.

3. Unique Value Proposition:

The interactive tablet menu in this instance offers a unique value proposition by showcasing food
products through visually appealing videos and photos. By giving consumers an aesthetically
pleasing and educational way to select dishes, this strategy improves the eating experience and
distinguishes your firm from rivals that use traditional menus.
“Enhance the dining experience with an interactive tablet menu solution, providing engaging
visuals to aid decision-making”
High-level concept:
Imagine if your restaurant's menu could not only speak to your guests but also visually enchant
them, guiding them on an exquisite trip. A Traditional menu evolved into dynamic, interactive
experiences delivered on sleek tablets.
VisualBite MenuHub = Pinterest for dining experiences.

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 4. Solution:
We propose the design and building of an improved tablet in response to the changing landscape
of culinary tastes and technology expectations. This smart solution is precisely created to show
restaurant menus through appealing visual representations, breaking free from the typical limits
of standard printed menus. The primary goal is to provide consumers with a more enjoyable
eating experience by promoting informed decision-making. By smoothly integrating technology
into the food service industry, our program responds to the desires of tech-savvy clients and
positions establishments as leaders in improving consumer happiness through inventive and
visually engaging menu presentations.

5. Channels:
Our startup is perfectly positioned to reach and engage our target audience through a diversified
approach.
 Direct sales to restaurants will be a cornerstone, developing personalized partnerships and
understanding specific business requirements.
 Collaboration with Point-of-Sale (POS) system providers (a point-of-sale system is a
software and hardware combination that businesses, including restaurants, use to manage
transactions and streamline operations) will ensure seamless integration, extending our
reach within the restaurant technology ecosystem.
 Simultaneously, our online marketing strategy attempts to increase awareness and engage
tech-savvy restaurant owners by leveraging popular social media sites.
This all-encompassing strategy, which combines direct involvement, strategic collaborations, and
online outreach, provides subtle and successful penetration into our target market, cementing our
position in both the offline and online areas.

6. Revenue Streams:
Revenue will be generated through subscription fees for using the tablet application, one-time
setup fees for restaurants, and a commission structure based on increased sales through the
platform. This diversified revenue stream will contribute to the financial sustainability of the
startup.
 Tablet Purchase: Offer tablets at a one-time purchase cost of PKR 30,000 per tablet.
 Subscription Fee: we can Charge a monthly subscription fee of PKR 5,000 per restaurant
for access to the visual menu software.
 Commission: We can also introduce a 5% commission on increased sales facilitated
through the platform.

7. Cost Structure:
The startup's costs include the development and maintenance of the tablet software, sales and
marketing charges, and customer support and training. It is critical for efficient cost management
to analyze both fixed and variable costs.

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  Tablet Procurement: Estimated cost of tablet procurement at PKR 25,000 per tablet. This
can be done with new local brands like VGOTEL, SMART, etc.
 App Development and Maintenance: We can allocate PKR 50,000 for initial development
and PKR 10,000 per month for maintenance.
 Sales and Marketing: Budget PKR 20,000 per month for advertising and building brand
awareness.
 Customer Support and Training: We can allocate PKR 15,000 per month for customer
support and training.

8. Key Metrics:
The number of restaurants using the platform, user engagement (time spent on the tablet app),
and the conversion rate, which indicates the percentage increase in sales caused by the platform,
are key success measures.
 Number of Tablets Sold: Track the sales volume of tablets.
 Subscription Renewal Rate: Measure the percentage of restaurants renewing their
monthly subscription.
 Conversion Rate: Monitor the percentage increase in restaurant sales through the
platform.

9. Unfair Advantage:
Exclusive agreements with well-known restaurants and a commitment to continual improvement
based on consumer feedback and data analytics give our startup an unfair advantage. These
elements lead to a competitive advantage that competitors find difficult to imitate. We also have
the early mover advantage for our product. We can also apply for a patent on our product.
Another point of differentiation for our tablet-based visual menu startup might be a seamless
connection with POS systems. This level of integration goes above and beyond a standalone
menu solution, providing a comprehensive platform that integrates with a restaurant's existing
POS system. This assures real-time updates on inventory, pricing, and order processing, resulting
in unrivaled restaurant efficiency. Competitors would struggle to replicate this level of
synchronization, giving a unique selling advantage that considerably improves the total value
proposition for both restaurants and customers.

Conclusion:
Finally, the Lean Canvas for our tablet-based visual menu VisualBite MenuHub business
presents a complete plan for tackling the highlighted restaurant sector problem. The startup's
prospective problems and prospects underline the significance of constant adaptation and
improvement to secure long-term market success.

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