BUSINESS PLAN FOR SPEEDMEAL
1. Executive Summary
Company Overview:
Speedmeal is a startup focused on providing fast, healthy, and convenient meal solutions to
the busy urban population in Lagos State, Nigeria. With an innovative hybrid model that offers
both a restaurant-style dining experience and an efficient food delivery service, Speedmeal aims
to redefine how consumers access and enjoy nutritious meals. Our meals are freshly prepared
in-house and can be customized to meet specific dietary needs, offering a range of African and
intercontinental dishes.
Mission Statement:
To provide high-quality, healthy meals quickly and conveniently, while fostering sustainable
business practices that align with customer needs and environmental consciousness.
Business Goals:
- Establish 3-5 outlets in Lagos within the first two years.
- Achieve market leadership in the premium fast and healthy food segment.
- Expand to additional Nigerian states and grow into a national brand.
- Attain profitability within five years, with projected revenue of 50 million Naira .
2. Business Overview
Company Name: Speedmeal
Legal Structure: Limited Liability Company (LLC)
Industry: Food and Beverage (Restaurant and Delivery Service)
Location: Lagos, Nigeria (with future plans for expansion to other regions)
Business Model:
Speedmeal operates under a hybrid business model. This involves a restaurant-style
experience in which customers can enjoy freshly prepared meals in-house, as well as a
dedicated food delivery service that provides fast, healthy meals to customers at home or at
work. The delivery service is accessible through Speedmeal’s proprietary app and website,
ensuring easy and quick ordering, real-time tracking, and direct customer feedback.
Products and Services:
- Meal Options: African and intercontinental dishes, including snacks like small chops,
donuts, meat pies, and various beverages.
- Service Channels: Same-day delivery, on-demand ordering, dine-in service, and online
ordering via the app and website.
- Customization: Tailored meals to meet customer dietary preferences (e.g., vegan,
low-carb, gluten-free).
- Unique Offerings: Subscription-based services that bundle meals with entertainment
options such as TV shows or cinema tickets.
3. Market Analysis
Target Market: The target market for Speedmeal includes:
- Busy Professionals: Individuals working long hours who seek convenient, healthy, and
quick meal solutions.
- Health-Conscious Consumers: Consumers who prioritize nutritious and balanced meals
over typical fast food.
- Students and Families: Those who want affordable, high-quality meals but lack the time or
resources to prepare them regularly.
Geographic Focus:
Speedmeal will initially operate in Lagos State, Nigeria, with plans to expand to other Nigerian
states and, potentially, other African countries.
Market Need:
The fast food market in Nigeria is saturated with high-calorie, unhealthy options. There is an
increasing demand for healthier, quick meal alternatives, especially in Lagos, where time is a
premium commodity for many. Speedmeal bridges this gap by providing nutritious, fresh, and
fast meals to consumers with little time to spare.
Competitive Landscape:
Key competitors include:
- Chicken Republic, Lala Bistro, The Place, Sugar Bistro
Speedmeal differentiates itself by:
- Providing healthier meal alternatives.
- Offering a combination of African and intercontinental dishes.
- Providing faster delivery services through a proprietary app and self-managed logistics
network.
- Enhancing customer experience through entertainment subscription offerings.
4. Products and Services
Meal Options:
Speedmeal offers a diverse range of menu options, including:
- African Dishes: Jollof rice, fried rice, pounded yam with soup (Egusi, Efo Riro), grilled fish,
and chicken.
- Intercontinental Dishes: Pasta, salads, sandwiches, grilled meats, and seafood.
- Snacks and Small Chops: Meat pies, donuts, egg buns, cross buns, chin chin, and other
pastries.
- Beverages: Fresh fruit juices, smoothies, and a variety of soft drinks.
Customization:
Customers can modify their orders based on dietary restrictions and personal preferences. We
offer vegetarian, gluten-free, low-carb, and keto-friendly meals.
Delivery & Dining Services:
- Same-Day Delivery: We provide same-day meal delivery through a user-friendly app and
website. Customers can track their orders in real-time and make payment securely through the
platform.
- In-House Dining: For customers who prefer to dine at our outlets, Speedmeal offers a
modern and comfortable setting where meals are prepared fresh and served quickly.
Special Features:
Speedmeal enhances the customer experience by offering subscription plans that include:
- Entertainment Bundles: Customers who sign up for meal subscriptions can also receive
discounted TV show subscriptions or movie tickets, creating a unique value proposition.
- Meal Subscriptions: Weekly or monthly meal plans at discounted rates, providing
convenience for regular customers.
5. Marketing Strategy
Customer Acquisition:
Speedmeal will implement a multifaceted marketing strategy to acquire and retain customers:
- Social Media Marketing: Aggressive campaigns on platforms like Instagram, Facebook,
and Twitter showcasing meal preparation, customer reviews, and special offers.
- Influencer Partnerships: Collaboration with local influencers, fitness enthusiasts, and
lifestyle bloggers to promote the brand and drive customer engagement.
- Billboards and Signage: Strategic outdoor advertising in high-traffic locations across
Lagos, targeting busy professionals and urban dwellers.
Pricing Strategy:
- A la Carte: Customers can select individual meals at competitive prices.
- Bulk Pricing: Family packs and group meal orders at discounted rates to encourage larger
orders.
- Subscription Plans: Discounted weekly or monthly meal plans for customers who opt for
regular deliveries.
Brand Identity:
Speedmeal will position itself as a premium, eco-conscious brand. By using sustainable
packaging and sourcing locally produced organic ingredients, we aim to appeal to
environmentally aware consumers.
Promotions:
- First-Time Discounts: Offering 10-15% discounts for first-time users of the delivery app.
- Referral Incentives: Customers who refer friends and family will receive discounts on future
orders.
6. Operations Plan
Logistics and Delivery:
Speedmeal will manage its own delivery fleet, ensuring fast and efficient delivery within Lagos.
Our proprietary app and website will allow customers to order meals, track delivery status, and
give feedback. We will also integrate with third-party delivery services to expand reach.
In-House Preparation Centers:
Meals will be prepared in Speedmeal’s kitchens by a team of professional chefs, allowing us to
maintain high standards of quality and hygiene. Each kitchen will be equipped with modern
appliances and use locally sourced ingredients.
Supply Chain:
We will establish partnerships with:
- Local Farmers: For fresh vegetables, fruits, and grains.
- Wholesalers: For bulk purchases of staple food items.
- Organic Suppliers: To ensure we meet the demands of health-conscious consumers.
Technology & Platform:
- App Development: Speedmeal’s app will feature easy navigation, order customization,
secure payment options, and delivery tracking.
- Website: A user-friendly website will mirror the app experience, enabling desktop ordering
and customer support.
7. Management and Staffing
Management Team:
The management team consists of the founding members, experienced chefs, operational
managers, and a dedicated marketing team. Key roles include:
- CEO/Founder: Oversees business strategy and partnerships.
- Operations Manager: Manages kitchen staff and logistics.
- Marketing Director: Drives customer acquisition and brand positioning.
Staffing Needs:
Each Speedmeal outlet will initially require 20-25 employees :
- Kitchen Staff: 10-12 chefs and kitchen assistants.
- Customer Service & Counter Staff: 5-6 employees.
- Delivery Drivers: 4-5 drivers, depending on demand.
- Tech Support: A dedicated team for maintaining the app and website.
8. Financial Plan
Revenue Model:
- Meal Sales: Primary source of revenue from dine-in and delivery meals.
- Subscription Services: Recurring income from meal subscription plans.
- Delivery Fees: Charges for home deliveries.
- Partnerships: Revenue from corporate partnerships, including bundling meals with
entertainment services.
Startup Costs:
- Kitchen Setup: 10 million Naira.
- Food Stocking: 5 million Naira.
- Software Development (App/Website): 8 million Naira.
- Marketing and Influencer Partnerships: 7 million Naira.
Funding Requirements:
Speedmeal seeks 30 million Naira in external funding from venture capitalists and angel
investors. The funds will be used for kitchen setup, software development, marketing, and initial
operational costs.
Financial Projections:
- Year 1: Projected revenue of 10 million Naira with moderate growth.
- Year 3: Revenue expected to reach 30 million Naira as we expand operations and build
customer loyalty.
- Year 5: Expected revenue of 50 million Naira with increased market penetration and new
outlet openings.
9. Legal and Administrative Considerations
Licensing and Regulations:
Speedmeal will obtain all necessary certifications from:
- NAFDAC (National Agency for Food and Drug Administration and Control)
- ICCON (Institute of Chartered Chemists of Nigeria)
- IPAN (Institute of Public Analysts of Nigeria)
Insurance:
Speedmeal will secure general liability insurance to protect the business from risks related to
property damage, employee safety, and customer complaints.
10. Risk Analysis
Key Risks:
- Market Saturation: The Nigerian food delivery space is becoming increasingly competitive.
- Regulatory Compliance: Failure to meet local health and safety standards could result in
fines or business closure.
- Supply Chain Issues: Price fluctuations or disruptions in local agricultural production may
affect cost and availability of ingredients.
- Consumer Trends: Changes in consumer preferences could impact demand for our
product offerings.
Mitigation Strategies:
- Niche Marketing: Focus on health-conscious consumers who prioritize fast, nutritious
meals.
- Regulatory Adherence: Strict compliance with local food safety regulations and hygiene
standards.
- Supplier Diversification: Establish multiple supplier relationships to avoid dependency on
any single source.
- Flexible Menu: Regularly update the menu based on customer feedback and emerging
food trends.
Conclusion:
Speedmeal is poised to capitalize on the growing demand for fast, healthy meals in Lagos, with
plans for further expansion. Our innovative approach, solid operational strategy, and dedicated
team will enable us to build a brand that resonates with consumers and drives long-term
profitability.
