The food and edible delivery industry is growing exponentially – before, during, and now after the pandemic.
Leading online food delivery platforms have established their ground and now they are working (fighting) to increase their market share amongst their competitors.
This gap of fight between the competitors can be very well utilized to win over the local markets with your food delivery marketplace solution.
To begin with, you have to know how to plan and structure your online food delivery business.
Read this blog completely to analyze the aspects to cover while writing a business plan for your food delivery startup.
Let’s get going!
What is an online food delivery business?
An online food delivery business is a connecting platform for the users, restaurants, and delivery partners.
The owner of the platform will be the admin (you!) who will be responsible for operational aspects of the business. As an admin, you can monitor and manage the marketplace platform.
How to write an online food delivery business plan in 6 steps?
These are the six steps to follow when you write your online food delivery business plan. Let’s zoom in to know the details.
1. Business objectives, mission, and vision statement
Putting down your business objectives is step one when it comes to business plans. Come up with your short-term and long-term plans, align them with your objectives accordingly.
Cover up all the WH questions in your business objectives.
Your mission statement should contain the purpose of your business and your stakeholders. And your vision statement should be futuristic towards your business goals.
Make sure to be very clear on these three since they could seem to overlap with one another.
2. Narrow down the business and revenue model
There are numerous business models to choose from when it comes to running an online food delivery business. Let’s say you choose to run your startup using an aggregator business model.
State what kind of business model it is – “X food delivery platform will be operated by the admin, where the users, the restaurant, and the delivery partner are connected under the marketplace.”
And it goes on.
Determining the revenue stream should also be given equal weightage since it’s how you earn money. Make sure to collaborate with your CFOs and CMOs to learn their insights on the same.
CFOs will communicate their cases based on the stakeholders’ mindset and the CMOs try to commemorate the audience’s reaction to the revenue system, the market feasibility, etc.
3. SWOT analysis on the food delivery industry
SWOT analysis – Strength, Weakness, Opportunities, and Threat. Understand your market based on demographics, target audience, the content they consume, their attention span, competitors, and include both the internal and external factors that might affect your business.
4. How to develop a tech solution for your online food delivery business?
Analyze the technology that has been used in the market by your competitors. Check the performance of the apps or web platforms of that particular technology before choosing it.
If you plan on buying a ready-made food delivery solution then Flutter would be the best technology option.
You can launch your business more quickly and run your startup more efficiently. In your business plan, try to mention the pros and cons of the top 3 technologies that you plan on using to build your tech solution.
And also mention why you chose the one – its advantages, the app solutions in the market that functions perfectly well, and other technical aspects of choosing the technology.
5. How to allocate a budget to build your online food delivery app & other business expenses?
Start by mentioning your investors’ list, the mode of investment you planned on procuring for your startup, & the details of the seed investor.
When you happen to stumble upon the Series A & B investors, keep including them as well until your startup stabilizes.
Plan to include your budget;
- To procure technology for your online food delivery business.
- Product launch marketing budget.
- Work on the split-up percentage of your revenue and the earnings distribution to the delivery partners.
- Platform promotion budget. (to get the restaurants list in your online food delivery platform)
- Personnel management budget (if there is any)
And many more.
6. How to promote your online food delivery business?
These are some of the points to include in your business plan about promoting your online food delivery business.
- Create a tempting UI for your website (Collab with a super cool 😎 designer)
- Give sufficient content concentrating on the SEO aspects of your business on the website. (Promotion gets so much easier when you target it properly)
- Run ads when you plan on a sale. (Product launch sale can be planned)
- Use social media handles to engage with your customers, be creative with the word choices. (Food is one of the easiest niche but highly competitive – Be unique)
- Social media manager. (Please do not be monotonous)
- Test your audience before dumping with content all over the social media handles and your website. (test it through FB /Google ads)
- Encourage the restaurant listing in your platforms to collab with an influencer to talk about their food and how the audience can order from your food delivery platform.
These are some of the aspects to cover in your online food delivery business plan. Once you are done formulating your business plan, the first step you’ll have to do is what kind of technical solution to buy to start your startup.
Well, you can stop running around and just get to know our ready-made UberEats clone app – WooberlyEats.
Our product is 100% customizable & scalable which means you can shape the platform according to your business needs.
Check out our FREE demo and WhatsApp us about any questions you have – technical or non-technical.
We are here to help you. Let’s lift each other!!