I gave a brief talk yesterday on ghost kitchens. My point of view is that of a cornershop cafe operator, so you can consider it the built-in bias. Here we go!
.
1. If your plan is to be the digital/software layer that bridges ghost kitchens with orders, then you need to aim for 51% share of mind, in a very small geographical location, own it, then get funding , and grow. If you can't obtain and defend that position, you will find it more difficult to raise money. This is purely a market grab opportunity, so your job is pretty cut out... it's basic-B growth hacking, and at any specific level of service and marketing intelligence, the player with the largest marketing budget will win. Your survival will depend on growth, and your growth will depend on funding, and your funding will depend on your ability to hit targets every few months. If this is your play, try to avoid too much capex, and really spend all your money on market dominance.
.
2. If your plan is to be the physical/mechanical layer that builds and rents kitchen spaces, then there are at least two extremes you'll want to consider, and maybe the bits in between. On the high-end, if you want the best tenants in your kitchen, realise that they are cash-rich and probably highly stylised... if their operations take off, they may want to open their own shops with new financing; on the other hand, if they are rushing to market and if they are inexperienced and underfinanced, they will quickly fold - that sort of sudden attrition should be in your risk model. On the low-end, if you want to test an MVP, remember that hawker stalls in Malaysia rent out for only RM20-30 per DAY. If you want skirt regulations and go to market quickly, consider simply renting a cheap residential property with good ventilation, water, and electrical supply (CHECK EVERYTHING) and start marketing kitchen rental to first-time entrepreneurs and students who are looking to test their hand in the cookery business. Of course, the latter is a lower-capex, lower value-at-risk approach! If you spend RM50,000 outfitting a fully regulatorily compliant commercial kitchen, then your cash flow requirements will be quite high, and your Balance Sheet will be as weak as a restaurant's from day one! Don't forget that this is primarily a LANDLORD business, and once space is rented, you are out of stock of space. Just like a coworking business.
.
Of course, you may pick some special blend of 1. and 2. because you believe in your design acumen. But you may want to consider these points for general risk management.
.
Personally both types of businesses are a bit too boring for me, so I wouldn't intentionally get into them. My own office focuses on technology and capability development for the industry.
.
3. Delivery: running a delivery/fulfilment fleet is non-trivial, and it deserves special attention whether you (a) build it yourself, or (b) outsource it. This has been covered in articles by people who run last mile general delivery networks - so you should definitely read into that if you haven't done this before..
.
4. Actual food production: again, this is non-trivial, and you have the (a)/(b) options as in (3.). However this is best addressed by articles on running industrial food production, which already exist. Google for articles on running a restaurant or kitchen!
.
Finally, there are at least three or four distinct ways to manage invoicing, power hierarchies, and business incentives across {delivery people, production people, software operators}. I have written a view on this, about how delivery services can be improved, but that is also a separate document.
No comments :
Post a Comment