Rolling Harvest Business Plan
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Marketing and business plan for Rolling Harvest: Fast, fresh, healthy, farm to truck wraps.
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Rolling Harvest Business Plan
- 1. Rolling Harvest, LLC Fast, Fresh, Healthy Farm to Truck Wraps Greg Farrenkopf Drew Farris Kwamena Sankah Jason Valmoja
- 2. Core Product Definition Fresh, healthy, organic, locally sourced, and homemade wraps Key attributes Healthy Fresh Locally sourced Organic Gluten-free 2
- 3. Basic Strategy Food Truck market penetration Healthy food option Organic, Gluten-free, Fresh Locally sourced ingredients Target working adults and event goers Technology enhanced operations 3
- 4. Environmental Analysis Economics Strengthening U.S., Sarasota, and Manatee County economies characterized by growing consumer spending, higher wages, and lowering unemployment Consumer social and food trends Growing consumer preference for healthy, fresh, locally sourced food (Appendix 2, 3, 6) Convenience required by busy lifestyles Case study: Chipotle Food truck technology Heavy use of digital and social media for informing customers about menu and locations Consumer demand for streamlined ordering and mobile payments 4
- 5. Environmental Analysis Natural environment implications for food supply Local, organic produce and protein supply will vary by season and availability Supply subject to weather and other natural environment phenomenon Regulations Business registration Heavy regulatory burden in Sarasota County Political considerations Special interest groups Sarasota Originals vs. SRQ Food Truck Alliance 5
- 6. Top Lessons Learned from Food Truck Owners1 Rules and Regulations most consistent external source of frustration Requires serious business planning Requires hands on ownership Most successful food truck owners have “passion for the food” and “love interacting with people” Events generally do better than daily sales Make sure to purchase a reliable truck 1FoodTruckr.com 6
- 7. What makes a successful food truck? From the Experts at FoodTruckr.com: Focus on Execution Limit the number of food items Find a specialty/niche Create Demand - Scarcity built into business model Limited Serving Time Limited Supply Location Mobility Use Social Media Right Stimulate an immediate response Makes consumers feel closer to the people serving the food (augmenting the food truck experience) 7
- 9. Healthiest menu with relatively high price point. 9
- 10. Alone with the healthiest and most convenient menu 10
- 11. Freshest and most convenient menu 11
- 12. Most high tech and highest quality customer service 12
- 13. Most locally sourced menu and close second for most gluten- free options 13
- 14. Most vegetarian options offered, close second for most gluten-free option 14
- 16. SWOT Strengths Weaknesses • Rare combination of fresh, fast, and healthy cuisine • Most locally sourced menu • Mobile payment and online ordering • Emphasis on customer service and building loyalty • Flexibility to alter menu and service locations • Lack of brand recognition and awareness • Limited menu size • High price point • Inability to quickly restock products that run out • Relatively little experience as compared to competitors Opportunities Threats • Growing consumer preferences for local, organic, and healthy cuisine • Growing demand for gluten-free options • Recovering U.S. economy and strong, growing local economies • Few food trucks in the area have the advanced technology capabilities demanded by consumers • Heavy regulation in Sarasota County • Competitor price reduction • Poor weather conditions either rain or heat induced • Decreased volume during summer months • Heavy traffic when traveling between locations • Increasing gas prices • Unavailability of locally sourced products 16
- 17. Target Market Identification Lunch Segment Ages 21 to 65 Busy lifestyle - convenience oriented Health conscious Dinner Segment Ages 21 and over Support local business Seeking higher quality, freshness, and variety Festival/Event Segment Ages 18 to 65, tourists and local residents Want a taste of fresh, local cuisine 17
- 18. Sarasota Trade Fair Center 18
- 19. Comments from the Lunch Customers “I was often tempted by the food trucks with their innovative options such as mac-n-cheese philly cheesesteaks. But I would be far more likely to purchase from a food truck on a regular basis if they provided me with healthy, yet delicious options.” Jillian (female, age 26), Bealls, Inc. “I made an attempt to buy my lunch from the food trucks that came to my offices, but the options were fried or BBQ and just too unhealthy. Would have loved a fresh, healthy alternative!” Eva (female, age 34), Bealls, Inc. 19
- 20. 20
- 21. Local Festivals with Food Trucks21
- 22. Goal Setting Short Term Goals Customer satisfaction of 6 (Scale 1-7) in 3 years Break even in 30 months Long Term Goals Payoff loan in 5 years Increase Sales by 160% in 5 years Savings of $100,000 in 5 years Open a restaurant in Sarasota by Year 10 22
- 23. Positioning Our strengths Fast, Fresh, Healthy Organic, Locally Sourced Advanced technology use Superior customer service Our Positioning Fresh, fast, and healthy wraps made with locally sourced proteins and organic produce. Vegetarian and gluten-free options available 23
- 24. The Thai Steak Wrap Locally raised grass fed flank steak with locally grown organic Asian style cabbage slaw 24
- 25. The Veggie & Hummus Wrap Organic fresh made hummus and feta with locally grown organic sautéed zucchini, squash, onions, tomatoes, and spinach 25
- 26. Promotion Website, social media, and mobile application User-friendly and easy to navigate Menu and location information Core brand story Online ordering enabled Pay-per-click advertising Google and Facebook Target those w/in 5 miles of each location’s address and interest in “food trucks” Branding Brand logo on water bottles Creative truck decoration displaying benefits of healthy, fresh, local cuisine 26
- 27. Mobile Website27 • Locations and Menu updated daily • Accepts online orders and payments • Allows selection of available pickup times • Orders automatically entered in POS in real time
- 28. Promotion28
- 29. Promotion Sampling Deliver samples of each wrap to proposed locations Marketing collateral Printed menus to drop off with samples 29
- 30. Sampling – Lunch on Us Operate on-site for one hour without charge to customers. Hand out menus Contact office manager to set-up time for a free service Come to agreement on operating days and hours Maintain relationship by being timely in arrival and clean- up, and honoring any requests 30
- 31. Customer Experience Attraction points Website/Social media Mobile app PPC advertising Sampling Engagement points Truck decoration and friendly atmosphere with entertainment to occupy customers during waiting periods Emphasis on streamlined ordering and pick-up (on and offline) Picnic area with tables and chairs for customers Exit/Extension points Food consumption Word of mouth 31
- 32. PPC Adverts Visit website /Review menu Physical Evidence CustomerContact Person On Stage Back Stage Support Processes Ad creation Samples/Menu Owners deliver samples /menus Owners prepare samples /Obtain printed menus Taste samples /Review menu Website/App Visit website/ Download application. Menu and location info provided Website/App Order online Online ordering enabled Appearance of truck/Outside seating areas/Atmosphere music Arrive at truck/Wait in line Entertainment with music /Truck with story and facts on it Customer Experience Blueprint 32
- 33. Truck window/Truck kitchen appearance. Give order to cashier Physical Evidence CustomerContact PersonOn Stage Back Stage Support Processes Owners obtain proper inventory levels Card payment screen/Counter Pay for order/ Swipe card and sign. Give customer water bottle. Take cash, return change, and give receipt if necessary POS System Wait for order Order screen/Pick up window. Pick up order Consume order Order menu displays order name and contents Take order. Recommend if necessary Input order into computer Input cash into drawer/Send order to kitchen/Kitchen prepare order Chef 2 prepares wraps/Chef 1 prepares "to go" bag with fork, knife, napkins and inserts wrap in bag Appearance of truck/Outside seating areas/Atmosphere music Food Chef 1 brings prepared item to pick up counter/Fulfills any extra requests. Give water bottle if online order Customer Experience Blueprint 33
- 34. Resourcing Role Responsibility Training Experience Owners (3) Cashier Chef Accounting Promotion Inventory Driving Set-up/clean-up None 7 years food service Employees (2) Cashier Chef Set-up/clean-up One week on site 2+ years 34
- 35. Preparation Location Woody’s River Roo Pub & Grill - Ellenton, FL Quick access to I-75 Includes Food Storage Deliveries accepted 35
- 36. Scheduling 36 Start Time End Time Owner 1 Owner 2 Owner 3 Employee 1 Employee 2 Truck Location 6:30 7:00 Promotion Woody’s 7:00 10:00 Food Preparation Food Preparation Woody’s 10:00 10:30 Travel Travel 10:30 10:45 Site Setup Site Setup Site Setup Lunch Location #1 10:45 11:45 Food Service Food Service Food Service Lunch Location #1 11:45 12:00 Travel Site Cleanup Travel 12:00 12:15 Travel Travel Travel 12:15 12:30 Site Setup Travel Site Setup Lunch Location #2 12:30 1:30 Food Service Food Service Food Service Lunch Location #2 1:30 1:45 Site Cleanup Site Cleanup Site Cleanup Lunch Location #2 1:45 2:15 Travel Inventory Travel 2:15 2:45 Truck Cleanup Inventory Truck Cleanup Woody’s 2:45 5:45 Inventory Food Preparation Food Preparation Woody’s 5:45 6:15 Travel Travel Travel 6:15 6:30 Site Setup Site Setup Site Setup Dinner Location 6:30 9:00 Food Service Food Service Food Service Dinner Location 9:00 9:30 Site Cleanup Site Cleanup Site Cleanup Dinner Location 9:30 10:00 Travel Travel 10:00 10:45 Truck Cleanup Truck Cleanup Woody’s 10:45 11:15 Accounting Woody’s
- 37. Lakewood Ranch Medical Center Est. Employees: 400 Pop. w/in 5m: 112,000 Sarasota Trade Fair Center Est. Employees: 347 Pop. w/in 5m: 36,000 Tervis Tumbler Est. Employees: 250 Pop. w/in 5m: 32,000 Sun Hydraulics Est. Employees: 200 Pop. w/in 5m: 116,000 Bealls, Inc. Est. Employees: 500 Pop. w/in 5m: 122,000 State College of Florida Est. Employees: 472 Pop. w/in 5m: 112,000 Tropicana Products, Inc. Est. Employees: 600 Pop. w/in 5m: 122,000 Blake Medical Center Est. Employees: 200 Pop. w/in 5m: 122,000 Manatee Memorial Hospital Est. Employees: 402 Pop. w/in 5m: 122,000 USFSM Students & Faculty: 700 Pop. w/in 5m: 112,000 PGT Industries, Inc. Est. Employees: 200 Pop. w/in 5m: 32,000 Monday 10:45am – 1:30pm Tuesday 10:45am – 1:30pm Wednesday 10:45am – 1:30pm Thursday 10:45am – 1:30pm Friday 10:45am – 1:30pm 37
- 38. Quality Plan Local sources Naturally raised proteins - Dam Ranch, Bradenton, FL Organic produce - Geraldson Farms, Bradenton, FL Seafood - Star Fish Company, Bradenton, FL Wastage Chefs 1 and 2 will inspect quality of product during assembly and not serve any defective product to customers Owner 2 will record the amount of left over food as a percentage of sales each morning during inventory Wastage years 1-5: 10%, 9%, 8%, 7%, 6%, respectively 38
- 39. Food Truck Layout Cashier takes order. Order entered in POS System. Customer pays for order. (10 sec) Chef 1 cooks two tortillas (1 min) Chef 2 reviews order on POS system (10 sec) Chef 2 wraps tortilla with ingredients (10 sec) Chef 2 fills tortilla with ingredients (15 sec) Chef 1 packages wrap (5 sec) Chef 1 confirms order in POS system and delivers order and water bottle for online orders (5 sec) Cashier gives water bottle to ordering customer (10 sec) Tortilla pass Wrap pass Wraps created every 35 seconds after initial Start Up Ability to create 100 wraps per hour 39 Online order entered in POS system
- 40. Start Up Costs40 $77,698 $2,321 $1,788 $7,723 $5,225 $5,715 $80,000 Food Truck Business Licensing Liability Insurance Equipment Promotion POS System Operating Reserves
- 41. Business Loans41 Total Startup Costs $ 181,423 Owner Investment $ 37,796 Greg Farrenkopf $ 12,599 Kwamena Sankah $ 12,599 Jason Valmoja $ 12,599 Bank Loan (50% LTV) $ 89,766 Loan Amount, 10 Yrs @ 4.5% $ 94,491 Loan Fees $ 4,725 SBA Loan (30% LTV) $ 53,860 Loan Amount, 10 Yrs @ 4.5% $ 56,695 Loan Fees $ 2,835 Total Monthly Minimum Loan Payments $ 1566.86
- 42. Beginning Balance Sheet – Oct 1, 201542 Current Assets Current Liabilities Cash 80,001$ Accounts Payable 4,875$ Inventory 4,875$ Supplies 953$ Long-term Liabilities Prepaids 16,893$ Business Loan 94,491$ Total Current Assets 102,721$ SBA Loan 56,695$ Total Long-term Liabilities 151,186$ Property & Equipment Truck 77,698$ TOTAL LIABILITIES 156,061$ Equipment 7,723$ POS System 5,715$ Total Property & Equipment 91,136$ Common stock 37,796$ TOTAL ASSETS 193,857$ TOTAL LIABILITIES + OWNER'S EQUITY 193,857$ ASSETS LIABILITIES OWNER'S EQUITY
- 43. Salaries and Wages43 $11.00 $11.50 $12.00 $12.50 $13.00 $13.50 $14.00 $14.50 $- $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 Owner Bonus Owner Salary Employee Hourly Wage
- 44. Pricing Wraps will be sold for $9 in Years 1 and 2 Lunch & Event serving includes wrap with Rolling Harvest labeled bottled water Dinner serving includes only wrap Price increase to $9.25 in Year 3 and $9.50 in Year 5 Average cost of raw materials per wrap is $3.25 Customers willing to pay more 62% for organic foods (Mintel, 2010) 70% for locally sourced foods (A.T. Kearney, 2013) 88% for healthy foods (Gagliardi, 2015) 44
- 46. Break Even Analysis46 $- $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 0 1000 2000 3000 4000 5000 6000 Monthly Unit Sales for Break Even Total Revenue Fixed Costs Total Costs Break Even Monthly Unit Sales = 3255
- 47. Expected Daily Sales47 Lunch Location Site Lunch Population Population Within Five Miles Bealls, Inc. 500 122,000 State College of Florida 472 112,000 University of South Florida - Manatee/Sarasota 700 112,000 Sun Hydraulics 200 116,000 Tervis Tumbler 250 32,000 Lakewood Ranch Medical Center 400 112,000 PGT Industries, Inc. 200 32,000 Tropicana Product Inc. 600 122,000 Sarasota Fair Trade Center 347 36,000 Manatee Memorial Hospital 402 122,000 Average 407 91,800 Dinner Locations Population Within Five Miles 3 Daughters Brewing 184,000 Motorworks Brewing 118,000 Jdubs Brewing Company 108,000 Green Bench Brewing Company 180,000 Darwin's Brewing Company 120,000 World of Beer Sarasota 76,000 Big Top Brewing Company 82,000 Average 124,000 Days Sales Per Month Projected Unit Sales Sales Rate Lunch Site #1 18 30 7.37% Lunch Site #2 18 30 7.37% Lunch Site Local Population 18 15 0.02% Dinner Site 18 52 0.04% Festival/Event (est. pop 2,500) 7 138 5.52%
- 48. Statement of Cash Flows48 Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 Opening Cash Balance -$ 80,001$ 41,166$ 69,252$ 80,679$ 81,867$ Total Cash In 181,423$ 271,395$ 423,691$ 539,894$ 626,426$ 712,374$ CASH OUT Truck 77,698$ -$ -$ -$ -$ -$ Equipment 7,723$ -$ -$ -$ -$ -$ Wages & Benefits -$ 128,909$ 142,374$ 155,551$ 168,728$ 181,905$ Liability Insurance 1,788$ 1,788$ 1,824$ 1,860$ 1,897$ 1,935$ Preparation Area Rental -$ 24,000$ 24,480$ 24,970$ 25,469$ 25,978$ Gas 553$ 9,000$ 9,180$ 9,364$ 9,551$ 9,742$ Propane 150$ 1,800$ 1,836$ 1,873$ 1,910$ 1,948$ Promotion 5,225$ 8,072$ 8,233$ 8,398$ 8,566$ 8,737$ Ingredients -$ 98,893$ 165,163$ 205,885$ 237,609$ 261,478$ Business Loan Payment -$ 18,804$ 18,804$ 18,804$ 18,804$ 18,804$ POS Fee 5,715$ 888$ 906$ 924$ 942$ 961$ Business License Renewal Fees 2,321$ 1,131$ 1,154$ 1,177$ 1,200$ 1,224$ Cooking Supplies 100$ 1,200$ 1,224$ 1,248$ 1,273$ 1,299$ Cleaning Supplies 150$ 1,800$ 1,836$ 1,873$ 1,910$ 1,948$ Credit Card Processing -$ 7,945$ 12,471$ 16,298$ 19,010$ 21,493$ Miscellaneous -$ 6,000$ 6,120$ 6,242$ 6,367$ 6,495$ Owner Bonus -$ -$ -$ 37,000$ 61,000$ 85,000$ Company Savings -$ -$ -$ 37,000$ 61,000$ 85,000$ Total Cash Disbursement 101,423$ 310,230$ 395,605$ 528,467$ 625,238$ 713,949$ Net Cash 80,001$ (38,835)$ 28,086$ 11,427$ 1,188$ (1,574)$ Closing Cash Balance 80,001$ 41,166$ 69,252$ 80,679$ 81,867$ 80,293$
- 49. Cash Balance By Month 49 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 $80,000 $90,000 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 CashonHand Month Cash Balance Two Months Operating Reserves
- 50. Income Statement50 Year 1 Year 2 Year 3 Year 4 Year 5 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 Sales 271,395$ 423,691$ 539,894$ 626,426$ 712,374$ COGS 98,893$ 165,163$ 205,885$ 237,609$ 261,478$ Gross Profit ($) 172,502$ 258,528$ 334,009$ 388,817$ 450,896$ Gross Profit (%) 63.56% 61.02% 61.87% 62.07% 63.29% Salaries & Benefits 129,197$ 142,374$ 155,551$ 168,728$ 181,905$ Preparation Area Rental 24,000$ 24,480$ 24,970$ 25,469$ 25,978$ Business Loan Interest 6,553$ 5,990$ 5,401$ 4,786$ 4,142$ Liability Insurance 1,788$ 1,824$ 1,860$ 1,897$ 1,935$ Promotion 8,072$ 8,233$ 8,398$ 8,566$ 8,737$ Business License Fees 1,131$ 1,154$ 1,177$ 1,200$ 1,224$ Credit Card Processing 7,945$ 12,471$ 16,298$ 19,010$ 21,493$ POS System 888$ 906$ 924$ 942$ 961$ Depreciation 9,636$ 9,636$ 9,636$ 9,636$ 9,636$ Supplies 10,800$ 10,896$ 10,994$ 11,094$ 11,196$ Travel (Gas) 9,000$ 9,180$ 9,364$ 9,551$ 9,742$ Total SG&A 209,009$ 227,144$ 244,573$ 260,880$ 276,950$ Net Income (36,508)$ 31,384$ 89,436$ 127,937$ 173,946$ Net Income Percentage (13.45%) 7.41% 16.57% 20.42% 24.42% Cumulative Net Income (36,508)$ (5,124)$ 84,312$ 212,250$ 386,196$
- 51. Important Financial Ratios51 Year 1 Year 2 Year 3 Year 4 Year 5 Gross Margin 63.56% 61.02% 61.87% 62.07% 63.29% Net Margin -13.45% 7.41% 16.57% 20.42% 24.42% Year 1 Year 2 Year 3 Year 4 Year 5 Days Inventory 6.56 4.20 3.30 2.84 2.50 Fixed Asset T/O 3.33 5.90 8.68 11.91 16.58 Year 1 Year 2 Year 3 Year 4 Year 5 Quick Ratio 8.44 14.21 16.55 16.79 16.47 Year 1 Year 2 Year 3 Year 4 Year 5 Times Interest Earned -4.57 6.24 17.56 27.73 43.00 Profitability Asset Management Liquidity Solvency
- 52. Valuation52 Year 1 Year 2 Year 3 Year 4 Year 5 Free Cash Flow (79,330.28)$ 18,924.00$ 93,046.40$ 141,171.25$ 189,298.59$ No Growth Growth 2.5% Enterprise value (NPV) 262,882.89$ Enterprise value (NPV) 282,967.34$ Debt 151,186$ Debt 151,186$ Equity value 111,697.29$ Equity value 131,781.74$ Rolling Harvest
- 53. What makes a successful food truck? From the Experts: Focus on Execution Limit the number of food items Find a specialty/niche Create Demand - Scarcity built into business model Limited Serving Time Limited Supply Location Mobility Use Social Media Right Stimulate an immediate response Makes consumers feel closer to the people serving the food (augmenting the food truck experience) 53 Rolling Harvest: 4-6 menu items, changing with season and ingredient availability Focus on healthy, local food 5 hours a day, at a lunch location once a week Local ingredients, when we’re out we’re out More than 20 locations identified, more to be found Daily updates of menu and location Open conversation with truck owners on and offline
- 54. Questions?54
- 55. Appendix 1: The success of Chipotle 1600 stores with $3.2B in sales in 2014 (Mathews, 2014) Stock has grown 1080% since inception Compared with 46% S&P growth during same time High quality, locally sourced foods Served 140m pounds of naturally raised meat in 2013 Bought more than 20m pounds of local produce for its US restaurants an increase of more than 20% from 2012 55
- 56. Appendix 1: The success of Chipotle (contd.) Currently, 40% of the company's beans are organically grown, which has helped it to reduce more than 140,000 pounds of chemical pesticide since 2005. Raised prices and saw 17% sales increase 56
- 57. Appendix 2: Healthy Eating The healthy eating index is forecasted to grow by 2.6% between 2014 and 2019 (IBISWorld, 2014c). Health remains an important aspect at all restaurant types, which can be spun positively through using high- quality, natural ingredients in all sandwiches (Fajardo, 2014) Consumers are ordering more healthy wraps at restaurants compared to last year 54% (Fajardo, 2014) 57
- 58. Appendix 3: Locally Sourced 64% of consumers indicate locally sourced ingredients are important in their food choice (Mintel, 2013a) Increased 8% since 2009 96% of consumers have purchased a locally sourced food (Mintel, 2014a) 53% in the last week 71% in the last month 34% every week Locally sourced food purchases relatively equal amongst all household incomes and ethnicities 58
- 59. Appendix 4: Fast and Convenient 92% of consumers agree that they eat at fast food restaurants because “They’re quick” vs. 63% that choose fast food restaurants because “They’re inexpensive” (Fajardo, 2014) “Those employed are more likely to purchase fast food” (U.S. Department of Agriculture, 2014) 48% of consumers said that fast food is “not too good” for you. 28% said it was “not good at all” for you (Dugan, 2013) 59
- 60. Appendix 5: Organic Organic food sales in US topped $35B US in 2013, an increase of 11.5% from the previous year (The Shelby Report, 2014) 65% consumers interested in organic products (Mintel, 2010) Largest interest among 18-44 year olds Above 60% for all household income levels; interest level increases with income 45% consumers actively seek organic foods 60
- 61. Appendix 6: Freshness “Freshness” traits: (Mintel, 2013a) Made by the seller from raw ingredients – “made from scratch” Locally sourced 41% of consumers list fresh ingredients in their top three most important factors when considering where to eat Most important concern when buying fresh fruits and vegetables, 82% said quality/freshness How does produce quality at farmers' market compare to supermarket? 73% say quality is higher 61
- 62. Appendix 7: Gluten Free Market estimated to be $4.2bn in 2012 (Watson, 2014) Listed as the #5 Menu Trend for 2014 (National Restaurant Association, 2013) “24% of Americans say they, or someone in their household, currently eat gluten-free versions of foods that typically contain gluten” (Watson, 2014) 25% of gluten-free consumers purchase because “Gluten-free products are generally healthier” (Packaged Facts, 2015) Roughly one third of Gluten-free consumers are ages 25 to 34 (PR Newswire, 2015) 62
- 63. Appendix 8: Festivals and Events Food and beverage establishments accounted for 15.9% ($152bn) of the $960.2bn tourism market for 2014 (IBISWorld, 2015b; IBISWorld, 2015c) Nearly 60% of tourist consumers say “locally- produced food/drinks that you can’t get anywhere else” are important when choosing a vacation destination (Mintel, 2013) 73% say “unique restaurant/dining experiences” are important (Mintel, 2013) “More than 2.8 million visitors came through Bradenton in 2013” (Vargas, 2014) “Tourist season records hitting new highs” (Griffin, 2013) 63
- 64. Appendix 9: Breweries $5.1 billion market with projected annual growth of 5.5% from 2015-2020 (IBISWorld, 2015a) 47% of consumers “enjoy drinking craft beer with a meal” (Mintel, 2014b) 53% drink craft beer “to relax” (Mintel, 2014b) Craft beer appeals to 49% of Millennials and 40% of Gen Xers (Crowell, 2013) 28% of consumers ages 25-34 drink craft beer “once a week or more often” (Statista, 2012) 23% of ages 35-44 and 21% 45-54 agree. 64
- 65. Appendix 10: Food Truck Tech Heavy reliance on digital and social media (e.g., Facebook and Twitter) for providing menu and locations “Food trucks are increasingly launching branded apps to increase customer engagement.” (Hotard, 2014) “In 2015, food trucks will start adopting alternative methods such as Apple Pay, QR payments and more.” (Hotard, 2014) “In 2015, customers will increasingly order via their phones” (Hotard, 2014) 65
- 66. Appendix 11: ATM Analysis Key attributes Lunch Dinner Events Score Freshness 7 7 7 21 Local 6 7 7 20 Healthy 7 6 5 18 Fast 7 5 6 18 Tech 7 6 4 17 Organic 6 6 3 15 Gluten Free 6 5 2 13 Menu items 5 5 3 13 Cust. Service 6 4 2 12 Vegetarian 5 4 3 12 Brand rec 5 2 4 11 Price 3 3 1 7 Experience 2 2 2 6 Total 72 62 49 Key Very Important 7 Somewhat unimportant 3 Important 6 Unimportant 2 Somewhat Important 5 Very unimportant 1 Neutral 4 ATMAnalysis 66
- 67. Appendix 12: Competition Analysis Us Baja Boys Grill Croz's Surf Shack Darwin's on 4th Truck Rollin' Zoinks Attribute rating rating comp rating comp rating comp rating comp Menu items 6 8 -2 8 -2 9 -3 7 -1 Healthy 8 7 1 3 5 4 4 4 4 Fast 9 3 6 1 8 1 8 7 2 Local 9 7 2 6 3 7 2 5 4 Organic 7 6 1 1 6 5 2 4 3 Freshness 9 7 2 6 3 6 3 7 2 Gluten Free 7 8 -1 1 6 2 5 1 6 Vegetarian 7 5 2 1 6 2 5 6 1 Price 9 8 1 8 1 7 2 9 0 Tech 9 6 3 4 5 3 6 4 5 Cust. Service 8 7 1 5 3 6 2 4 4 Brand rec 1 9 -8 5 -4 9 -8 4 -3 Experience 3 9 -6 6 -3 9 -6 6 -3 Total 2 37 22 24 Competition Analysis 67
- 68. Appendix 13: SWOT Internal Strengths Low High Low High 1 2 3 4 5 1 2 3 4 5 Score Freshness X X 25 Healthy X X 16 Covenient X X 20 Local X X 25 Tech use X X 20 Customer Service X X 15 Perform Importance Strengths Internal Weaknesses Low High Low High 1 2 3 4 5 1 2 3 4 5 Score Brand Recognition X X 3 Menu Size X X 8 Price X X 4 Experience X X 2 Inventory replenishment X X 4 Perform Importance Weaknesses 68
- 69. Appendix 13: SWOT External Opps Low High Low High 1 2 3 4 5 1 2 3 4 5 Score X X 20 Gluten-free food demand X X 16 Strengthening economies X X 20 Lack of food truck w/ tech use X X 25 Local, Healthy, Organic food Opportunities Attractiveness Success Probability External Threats Low High Low High 1 2 3 4 5 1 2 3 4 5 Score Regulation increase X X 12 Competitor price reduction X X 9 Poor weather X X 25 Decreased volume during summer X X 20 Heavy vehicle traffic during traveling X X 12 Increasing gas prices X X 20 Unavailability of local sourced products X X 8 Likelihood of occurrence Seriousness Threats 69
- 70. Appendix 14: Goal Setting 70 Year 1 Year 2 Year 3 Year 4 Year 5 Sales Target 271,395$ 423,691$ 539,894$ 626,426$ 712,374$ Percentage Change from Year 1 0% 56% 99% 131% 162% Customer Service (Scale 1-7) Target 5.0 5.3 5.5 5.8 6.1 Percentage Change from Year 1 0% 5.0% 10.3% 15.8% 21.6% Product Quality Wastage % Target 10 9.2 8.5 7.9 7.5 Percentage Change from Year 1 0% -9% -15% -21% -25% Employee Safety Target 0 0 0 0 0 Percentage Change from Year 1 0 0% 0% 0% 0% Goals Years
- 71. Sarasota Trade Fair Center Est. Employees: 347 Pop. w/in 5m: 36,000 Sarasota County Zone: PID Tervis Tumbler Est. Employees: 250 Pop. w/in 5m: 32,000 City of Venice Zone: PID Sun Hydraulics Est. Employees: 200 Pop. w/in 5m: 116,000 Sarasota County Zone: ILW State College of Florida Est. Employees: 472 Pop. w/in 5m: 112,000 Manatee County Tropicana Products, Inc. Est. Employees: 600 Pop. w/in 5m: 122,000 City of Bradenton Zone: PD-UI, LM, CITY, RSF-6 Blake Medical Center Est. Employees: 200 Pop. w/in 5m: 122,000 City of Bradenton Manatee Memorial Hospital Est. Employees: 402 Pop. w/in 5m: 122,000 City of Bradenton Zone: PD-UI, LM, CITY, RSF-6 USFSM Students & Faculty: 700 Pop. w/in 5m: 112,000 Manatee County PGT Industries, Inc. Est. Employees: 200 Pop. w/in 5m: 32,000 City of Venice Zone: PID Lunch Map 71 Lakewood Ranch Medical Center Est. Employees: 400 Pop. w/in 5m: 112,000 Manatee County Bealls, Inc. Est. Employees: 500 Pop. w/in 5m: 122,000 Manatee County Zone: BR_SD1
- 72. Appendix 15a: Lunch Locations72
- 73. Appendix 15b: Lunch Locations73
- 74. Big Top Brewing, Co. Pop. w/in 5m: 82,000 Sarasota County Zone: ILW Darwin’s Brewing, Co. Pop. w/in 5m: 120,000 Manatee County Green Bench Brewing, Co. Pop. w/in 5m: 180,000 St. Petersburg, FL 3 Daughters Brewing Pop. w/in 5m: 184,000 St. Petersburg, FL Motorworks Brewing Pop. w/in 5m: 118,000 Manatee County Jdubs Brewing, Co. Pop. w/in 5m: 108,000 Sarasota County Zone: IHD World of Beer Sarasota Pop. w/in 5m: 76,000 Manatee County Dinner Map 74
- 75. Appendix 16a: Dinner Locations: The Breweries75
- 76. Appendix 16b: Dinner Locations: The Breweries 76
- 77. Appendix 17: Food Preparation Chef Schedule Lunch77 Start Time End Time Action Time Ingredient Recipe Equipment Active 7:00 7:05 Cleancauliflower 5 min Cauliflower Mash Comfort Food Sink x 7:05 7:10 Cleanveggies 5 min Marinara Sauce BakedEggplant Sink x 7:10 7:15 Cleaneggplant 5 min Eggplant BakedEggplant Sink x 7:15 7:20 Cleanveggies 5 min Veggies Veggie Sink x 7:20 7:25 Cleanbroccoli 5 min Broccoli Rabe Comfort Food Sink x 7:25 7:30 Cleanveggies 5 min AsianCabbage Thai Steak Sink x 7:30 7:40 Cut veggies 10 min Veggies Veggie Countertop x 7:40 7:50 Cut veggies 10 min Marinara Sauce BakedEggplant Countertop x 7:50 8:30 Mix ingredients 40 min Dough Tortillas Mixer x 9:30 9:10 Divide dough 40 min Dough Tortillas Countertop x 9:10 9:50 Form dough 40 min Dough Tortillas Countertop x 9:50 10:00 Overall Cleanup 10 min All All None x
- 78. Appendix 18: Food Preparation Equipment Schedule Lunch78 Start Time End Time Action Sink Countertop 1 Countertop 2 Mixer Food processor Stovetop Flattop Grill Oven 7:00 7:05 Clean cauliflower X 7:05 7:10 Clean veggies X 7:10 7:15 Clean eggplant X 7:15 7:20 Clean veggies X 7:20 7:25 Clean broccoli X 7:25 7:30 Clean veggies X 7:25 7:30 Cut cauliflower X 7:30 7:40 Cut veggies X 7:40 7:50 Cut veggies X 8:30 9:10 Divide dough X 9:10 9:50 Form dough X 7:40 7:45 Dry Cauliflower X 8:15 8:20 Mix ingredients X 8:45 8:50 Cool broccoli X 9:40 9:50 Rest steak X 7:50 8:30 Mix ingredients X 7:20 7:25 Mix ingredients X 7:45 7:55 Mix ingredients X 7:30 7:45 Boil cauliflower X 7:55 8:15 Cook veggies X 8:15 9:15 Simmer X 8:20 8:25 Cook ingredients X 8:25 8:35 Cook veggies X 8:35 8:45 Cook ingredients X 8:45 9:00 Cook eggplant X 9:00 9:30 Grill chicken X 9:30 9:40 Grill steak X 9:00 9:30 Bake eggplant X
- 79. Appendix 19: Typical Work Week Open four weekdays plus two weekend Events Hours worked per Resource 79
- 80. Appendix 20: Thai Steak Wrap Cost 80
- 81. Appendix 21: Depreciation Five year depreciation of all Equipment 81 Initial Cost Year 1 Year 2 Year 3 Year 4 Year 5 Food Truck 77,698 7,770 7,770 7,770 7,770 7,770 Equipment 7,723 772 772 772 772 772 Promotion 5,225 523 523 523 523 523 POS System 5,715 572 572 572 572 572 Total Depreciation 9,636 9,636 9,636 9,636 9,636
- 82. Appendix 22: Cost of Goods Sold82 Year 1 Year 2 Year 3 Year 4 Year 5 Ingredients 98,893 165,163 205,885 237,609 261,478 Propane 1,800 1,836 1,873 1,910 1,948 Cooking Supplies 1,200 1,224 1,248 1,273 1,299 Credit Card Processing 7,945 12,471 16,298 19,010 21,493 50% Miscellaneous 3,000 3,060 3,121 3,184 3,247 Cleaning Supplies 1,800 1,836 1,873 1,910 1,948 Payroll System 288 294 300 306 312 POS System 888 906 924 942 961 Depreciation 9,636 9,636 9,636 9,636 9,636 Total Cost of Goods Sold 98,893 165,163 205,885 237,609 261,478
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- 84. References Hotard, J. (2014). What tech-savvy food trucks will look like in 2015. InnovationInsights. Retrieved from http://insights.wired.com/profiles/blogs/what-tech-savvy-food-trucks- will-look-like-in-2015#ixzz3V275BmVe IBISWorld. (2015a). Craft beer production industry at a glance. Retrieved from http://clients1.ibisworld.com.ezproxy.lib.usf.edu/reports/us/industry/ataglance.aspx?e ntid=4302 IBISWorld. (2015b). Tourism industry at a glance. Retrieved from http://clients1.ibisworld.com.ezproxy.lib.usf.edu/reports/us/industry/ataglance.aspx?e ntid=2002 IBISWorld. (2015c). [Graph illustration tourism industry products and services segmentation 2014]. Retrieved from http://clients1.ibisworld.com.ezproxy.lib.usf.edu/reports/us/industry/ Mathews, B. (2014). Chipotle’s Recipe for Success. The Motley Fool. Retrieved from http://www.fool.com/investing/general/2014/04/21/chipotles-recipe-for-success.aspx 84
- 85. References Mintel. (2013). State tourism - US - August 2013. Retrieved from http://academic.mintel.com.ezproxy.lib.usf.edu/display/675315/ Mintel. (2014a). The Locavore: Attitudes toward Locally-sourced Foods – US – February 2014. Retrieved from http://academic.mintel.com.ezproxy.lib.usf.edu/display/696804/#figure1 Mintel. (2014b). Craft beer - US - June 2014. Retrieved from http://store.mintel.com/craft-beer-us-june-2014en 2005 and 2010. Retrieved from http://www.usda.gov/wps/portal/usda/usdahome Statista. (2012). [Graph illustration frequency of craft beer consumption in the United States by age group 2012. Retrieved from http://www.statista.com/statistics/289590/us-frequency-of-craft-beer- consumption-by-age-group/ U.S. Department of Agriculture. (2014). American adults are choosing healthier foods, consuming healthier diets: USDA research shows improvements in diet quality betwecontentidonly=true&contentid=2014/01/0008.xmlDugan, A. (2013). Fast food still major part of U.S. diet: Most Americans believe fast food is not “good for you”. Gallup. Retrieved from http://www.gallup.com/poll/163868/fast-food-major-part-diet.aspx 85
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Editor's Notes
- Drew to update this slide
- We have a seafood aspect at dinner that is not shown here.
- 10 locations, doubled up. Just add these (Manatee Memorial Hospital w/ Tropicana; Blake Hospital;) Sarasota Memorial Hospital; Sun partner PGT probably gone
- Change woman and wrap photo
- http://geraldsoncommunityfarm.org/ http://www.thedamranch.net/ http://starfishcompany.com/starfishcompany/index.html
- Drew to update this slide
- I don’t think this fits here but it’s a lot of how our model works too. http://www.fool.com/investing/general/2014/04/21/chipotles-recipe-for-success.aspx http://eds.b.ebscohost.com/eds/pdfviewer/pdfviewer?sid=7c220121-d4ba-432d-8319-82e37f28785f%40sessionmgr114&vid=6&hid=113
- https://www.restaurant.org/Downloads/PDFs/News-Research/research/2014Forecast-ExecSummary.pdf
- Make this into two slides
- http://www.ers.usda.gov/media/1704536/err178_summary.pdf http://www.gallup.com/poll/163868/fast-food-major-part-diet.aspx http://academic.mintel.com.ezproxy.lib.usf.edu/display/625829/ http://academic.mintel.com.ezproxy.lib.usf.edu/display/676571/ http://www.sciencedirect.com.ezproxy.lib.usf.edu/science/article/pii/S0002822308017288 http://www.forbes.com/sites/forbesleadershipforum/2013/06/05/fast-food-chains-had-better-move-past-value-meals-and-embrace-health/
- http://www.iatp.org/files/258_2_96641.pdf Pg. 5
- http://www.foodnavigator-usa.com/Markets/What-s-the-size-of-the-US-gluten-free-prize-490m-5bn-or-10bn https://www.npd.com/wps/portal/npd/us/news/press-releases/consumers-generally-view-gluten-free-diet-as-healthy-for-everyone-reports-npd/
- http://clients1.ibisworld.com.ezproxy.lib.usf.edu/reports/us/industry/ataglance.aspx?entid=2002 http://academic.mintel.com.ezproxy.lib.usf.edu/display/675315/ http://www.mysuncoast.com/news/local/bradenton-tourism-enjoys-record-breaking-growth/article_35991de4-d632-11e3-b21c-001a4bcf6878.html http://www.heraldtribune.com/article/20130310/ARTICLE/130319977?p=1&tc=pg
- http://clients1.ibisworld.com.ezproxy.lib.usf.edu/reports/us/industry/ataglance.aspx?entid=4302 http://www.gallup.com/poll/163868/fast-food-major-part-diet.aspx http://www.craftbrewingbusiness.com/business-marketing/craft-beer-consumer-stats-how-will-affect-your-business-plan/ http://www.statista.com/statistics/289590/us-frequency-of-craft-beer-consumption-by-age-group/ http://www.qsrmagazine.com/marc-halperin/fulfilling-generation-next
- http://clients1.ibisworld.com.ezproxy.lib.usf.edu/reports/us/bed/default.aspx?entid=88090 http://clients1.ibisworld.com.ezproxy.lib.usf.edu/reports/us/bed/default.aspx?entid=88087 http://insights.wired.com/profiles/blogs/what-tech-savvy-food-trucks-will-look-like-in-2015#ixzz3V275BmVe http://insights.wired.com/profiles/blogs/what-tech-savvy-food-trucks-will-look-like-in-2015#ixzz3V27cahW2