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Stats: 2,658,692 members, 6,241,453 topics. Date: Wednesday, 14 April 2021 at 09:04 AM
|I Want To Start A Crowd Funding On Nairaland by phatriqk(m): 6:46pm On Apr 08|
Hi, am an entrepreneur I own a tech startup, and currently we are developing a project (mobile app), but are getting short on funds to complete the development, I tried so many alternative to get funds but no individual or company will fund a startup without a product on ground.
How can we have a product when we lack the sufficient funds to finish developing one, many of you will be wondering how much I put into this project, well I can tell you that I put in everything I've got and we made progress so far but now getting funds for finishing up, launch and marketing is proving extremely difficult. I decided to attempt a crowd funding exercise here on Nairaland maybe with luck I can be able to raise the amount needed. Below Is A Quick Overview of What We Do.
I. EXECUTIVE SUMMARY
VASTY Grocery Delivery is a same day grocery delivery service founded in 2021. In a thriving delivery industry, VASTY Grocery Delivery offers a unique 45 – 90mins instant delivery of groceries and a friendly and familiar face when receiving your delivery. On top of the friendly and familiar face, VASTY Grocery Delivery also offers a less expensive option than our competitors.
We have created a web app that offers over 80 name brand items and stores ranging from food items to toiletries. Our website shares pictures for each item and also offers multiple flavors or scents for many items. The fee our service charges is a 20% delivery fee, and this fee is already built into each item individually on the website. Using this method our customers will see the final price on the shop page and there will be no hidden or extra fees on the payment page. Most of our competitors require a Naira amount fee and a percentage based service fee. Part of the reason we are inexpensive is that we partner with logistics companies, dispatch or courier riders at different locations to pick up deliveries in their general area across the FCT and we operate daily unlike other delivery businesses, whom normally operate on a weekly basis.
Customers are able to order at any given time, but pick up and delivery of orders is between 8:30am to 6:30pm. The groceries will be picked up, sorted, and delivered to individual addresses selected by our buyers. There is also scheduled pick up in which customers can choose to select a preferred time to pick up their orders personally from the stores, this is option is included inconsideration of people that will not be at home to receive delivery. We only have a few perishable items on the app, we have proven that this business can and will be successful by analyzing the macroeconomic climate of delivery businesses. This is a great time in the delivery business industry and we will bring this industry directly to Abuja resident’s front door. VASTY Grocery Delivery is ready to transform the way Nigerians buy their groceries!
Objectives: VASTY Grocery Delivery projects that we will break even after 177 sales at an average of N4,191.55 per sale. Based off our trial run, in which we received 41 orders at around N4,190 per sale, we believe that we can double the amount of orders reaching 82 orders per week. We are projected to break even within 3 weeks. In conclusion, we are projected to have a net income of N820, 019.60 by the end of 3 months.
III OPPORTURNITY ANALYSIS
A. Service Description
Our team will be providing a service to the residents of Abuja, we plan to expand our franchise Nationally across all the states. We know that as individuals, parents and university students it can be a difficult task to find time to make it to the grocery store. VASTY Grocery Delivery is a website based business (See Appendix, Item 1) that will receive the orders from our customers and bring their orders to their pre-selected address from various grocery stores such as: Shop Rite, Pick n Pay, and City Mart.
B. Target Markets
There are two ideal target markets of VASTY Grocery Delivery, students attending Universities and the family members of these students. Below are some statistics of UniAbuja students straight from the Admissions Office:
Students at UniAbuja (3,595)
○ Students living in University dorms and apartments (1008)
○ Student without cars on campus (753)
○ Student athletes (620)
○ Graduate students (514)
○ Students with on-campus jobs (361).
The second target market number will vary with everyone’s families being different. We will work to hit this large target audience by marketing to them mainly via Facebook. We will also retain emails of anyone who orders so that we can reach out to customers by email. We also intend to post flyers that parents will see when they visit campus.
C. Survey & Results
VASTY Grocery Delivery conducted two surveys during the course of the semester. The first was sent to business students that we were able to connect with. Our survey results were as follows:
● Reached 86 people
● Majority of those who responded were Juniors. (27%)
● Majority of people shop for groceries at City Mart (gwagwalada) (37%)
● Majority of the individuals that answered said that their parents helped them pay for groceries (44%)
After conducting our trial run, we sent another survey to the people that participated and our results were:
● Participants were highly satisfied (78%)
● Most students bought groceries twice a week (43%)
● The most popular day that students would use our website is Tuesday (45%)
● Showed that the students would use our service again
The first opportunity that VASTY Grocery Delivery wants to take advantage of is that everyone eats. Another major opportunity is that the majority of University students have busy schedules. Additionally, the opportunity to provide products that every individual and student could need repeatedly, and will often run out of, is excellent for the structure of VASTY Grocery Delivery. It is very rare to find an individual or student on University of Abuja campus that is not at least involved in one other thing outside of their school or work. Whether it be sports, clubs, working, or taking care of family members it is hard to find a balance between all the different schedules and all the different expectations one is held to. A lot individuals and students have shown interest in this service, and this will be talked more about in the section titled Marketing Plan.
There are various threats that VASTY Grocery Delivery could face. The first threat is other delivery services such as: Jumia, Konga, SparkNg, Supermart. The next threat is the potential for car accidents. Although we have met with Theresa Charles (VASTY's attorney) to make sure that VASTY would not be at fault if something like this were to happen, we cannot control the actions of other motorists. The next threat is if our website were to malfunction. Technology is not always the most user-friendly, so there is the potential that something could happen to cause our website to malfunction and prevent us from getting orders for a period of time. Though we did due diligence to choose the best site provider available that meets our needs, nothing is perfect. The last major threat is money transfer holdups. Unfortunately, we are not able to control how quickly the money transfers from our website to our various partner stores bank account. This is why we need upfront money from the Investors in the event of a hold up at the bank like there was during the trial run.
E. Resources & Placement
The first major resource that VASTY Grocery Delivery is fortunate to have is that we do not need to own individual/official car or motorcycle to make delivery possible, we partner with logistic companies and dispatch riders who already have experience in package pick-up and delivery with their established routes, vehicle and networks, we partner with various of these companies across different locations, this makes it easier to reach and pick up orders in time around them, which increases time efficiency in reaching our target customers.
F. Macroeconomic Climate
The macroeconomic climate for VASTY Grocery Delivery is booming. This is because the delivery industry as a whole is on the rise. In 2010 groceries being bought online only accounted for about 1.8% of all groceries purchased in the United States, but in 2021, when we will launch, that number will have more than tripled to 6.4%. It is exciting for our company to be operating in a growing industry that shows no signs of declining in the near future.
That Is Just Quick Summary of The Business Its About 30 pages long but i think these should give you an idea of what we do.
Here's How I Intend To Go About It:
I will create a group on telegram and whatsapp I'll be dropping my WhatsApp number at the end for those interested in participating.
1. The amount we need is between N700,000 to 1,500,000, I know small money huh!. Nairaland has over 2.5m users registered, if we can get the first 500-1500 users to fund N500-1,000 or more it will greatly help us in achieving our aim but we do not intend to exceed more than 1,500 users for reasons explained below.
2. Unlike other crowd funding exercises, when you fund us your money doesn't just go like a donation, I choose between 500-1000 people so I can keep records of them and the amount they put in as our investors not donors, we intend to give these people back a return on their investment in the future, think of it like Alibaba, Facebook, Amazon and Google at their startup stage when they were also struggling to get funds, the very few who believed in them and supported them at their early days are today reaping the fruit of their labor.
3. If all goes as planned we plan to launch our product by the end of the month. Thank you.
Reach Me on WhatsApp on 08187685288
|Re: I Want To Start A Crowd Funding On Nairaland by Dcnj(m): 6:52pm On Apr 08|
Your plans are not well explained...
If going by what I have read, you just want to raise money that "you" will be the one doing the sharing.
1.What is the mobile app about?
2.What are your projected returns?
3.Who/what are your target market?
4.What are the calculated risk involve/i.e the risk assessment?
5.So to whose account will the money be paid?
6.Who will we hold accountable when the "plan" goes south?
Abi you dey find quick money?
|Re: I Want To Start A Crowd Funding On Nairaland by phatriqk(m): 7:08pm On Apr 08|
I didn't want to post that here on Nairaland, but if it's necessary I'll upload our business detailing every aspect of it...... I feel uploading all those things on the post will only make for a very long write-up that most people won't read until the end if you're interested, I will send u a copy of the business plan containing everything
|Re: I Want To Start A Crowd Funding On Nairaland by AMI3(m): 7:34pm On Apr 08|
Post it here
|Re: I Want To Start A Crowd Funding On Nairaland by phatriqk(m): 7:58pm On Apr 08|
|Re: I Want To Start A Crowd Funding On Nairaland by SavageResponse(m): 8:17pm On Apr 08|
I want to know about your background especially with regards to your career path
How many years work experience do you have?
What positions have you held in your previous places of employment?
Have you ever held a leadership position?
Have you ever been entrusted with other people's money or assets before? If yes how much was it?
What educational qualifications do you have?
What professional bodies do you belong to?
With regards to the business you want to invest the funds to be realised from this crowdfunding exercise what experience do you have in it?
How many years?
To be continued...
|Re: I Want To Start A Crowd Funding On Nairaland by phatriqk(m): 8:40pm On Apr 08|
I will mail all those details, i don,t want to give out too much personal details on-line.
|Re: I Want To Start A Crowd Funding On Nairaland by phatriqk(m): 8:41pm On Apr 08|
I modified and updated a quick overview of the startup
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