Lean Canvas Example

Summary

Joe, a vegan facing lunch challenges in Pilla, envisions a vegan restaurant to cater to the area's untapped demand. Targeting vegans aged 25-35 with high incomes, he identifies a lack of vegan dining options as a problem. His solution involves a restaurant near office complexes offering quality, quick service. Leveraging his vegan chef brother's expertise, he aims to stand out. Joe plans to reach potential customers through targeted Facebook ads and word-of-mouth, focusing on metrics like returning customers and food quality. Initial financial estimates show a promising customer acquisition cost to lifetime value ratio, with MVP tests planned for validation.

Takeaways

• 🌿 Joe's a vegan facing a lack of vegan food options in Pilla.
• 🏢 Joe works in Pilla and sees a business opportunity for a vegan restaurant.
• 👨‍🍳 Joe's brother, a vegan chef, could be a unique advantage for the restaurant.
• 👥 The target customers are vegans living or working in Pilla, aged 25-35 with a high income.
• 🍽 The solution involves offering good quality, quick service vegan food near office complexes.
• 📈 Joe plans to use Facebook groups and targeted ads to reach his audience.
• 📊 Key metrics for success include the number of returning customers, food quality, and service speed.
• 💰 Joe estimates a customer acquisition cost (CAC) of €19 and a lifetime value (LTV) of €19x per customer.
• 🔍 The business model is in its early stages, with costs and revenue being rough estimates.
• 🛠 Joe will conduct MVP tests to validate his business assumptions and learn from the results.

Q & A

What is Joe's dietary preference and how does it affect his lunch options in Pilla?

Joe is a vegan, which means he doesn't eat meat, milk products, or anything that comes from animals. In Pilla, there are no restaurants serving vegan food, so he has to prepare his own lunchbox.

What is the main idea Joe has for a business in Pilla?

Joe's main idea is to open a lunch restaurant in Pilla that serves vegan food, as he has noticed there is no such option available for vegans in the area.

Who are the primary customers Joe envisions for his vegan restaurant?

Joe's primary customers are vegans who live or work in Pilla, specifically those within the age range of 25 to 35 years old with a reasonably high income.

What problem does Joe identify that his potential customers face?

The problem Joe identifies is the lack of vegan food options in Pilla, which forces him and others like him to prepare their own lunch every day.

What are the key ingredients of Joe's proposed solution for the vegan restaurant?

The key ingredients of Joe's solution include serving good quality food, having the restaurant located near Pilla office complexes, and providing quick service to accommodate tight workday schedules.

What makes Joe's vegan restaurant unique compared to other restaurants?

Joe's restaurant would be unique because it would be the only one serving vegan food in Pilla, offering a distinct advantage in a market with no competition.

What is Joe's unfair advantage in starting this restaurant?

Joe's unfair advantage is that his brother is a chef and a vegan himself, interested in opening a restaurant. This gives Joe access to expertise in making vegan food taste exquisite, which is a hard skill to replicate.

How does Joe plan to reach his target audience of vegans in Pilla?

Joe plans to reach his target audience through outdoor ads near workplaces and by leveraging Facebook groups and targeted advertisements on Facebook, which allows for precise demographic targeting.

What metrics has Joe chosen to measure the success of his restaurant?

Joe has chosen metrics such as the number of returning customers, the quality of food, and the average time it takes to serve a meal (food turnaround time) to measure the success of his restaurant.

How does Joe estimate the financial viability of his restaurant?

Joe estimates the customer acquisition cost to be €19 per customer and expects each customer to visit 30 times, paying €12 per lunch. This results in a LTV (Lifetime Value) to CAC (Customer Acquisition Cost) multiplier of 19x, which is considered a good ratio.

What is the next step Joe plans to take to validate his business idea?

The next step for Joe is to conduct a series of MVP (Minimum Viable Product) tests to validate whether his business idea aligns with reality. He will use Innovation Accounting to record and analyze the learnings from these tests.