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MenuI had an idea that I presented at the Startup weekend two years ago. And now I see couple of companies already working on it. What should I do?
The two companies that are working on the idea are implementing it in two different cities. josephine.com and mytable.org .. I also have a decent prototype ready. Should I try to reach out to them and try to join them or continue working on my own and bring it to the market. I love the idea, we are a team of engineers who are excited about it but now we are confused.
Answers
If you have no team or your team is lacking what they have it could be a great reason to reach out to them. On the other hand, if you have or can build the right team there is little to gain from partnering with starups like this. Remember that it takes a team to build a successful business and they are not the first or second to try this.
My caution would be to make sure you have someone with food safety/regulation experience on your team. This business model has safety concerns which must be addressed to make it viable. Having started, worked with and consulted for food startups, as large as $1B, I can assure you there is a significant public health risk associated with this business model.
Sorry to be the voice of reason here, but it is better to hear it from me than someone who is suing you due to a case of food poisoning or worse. As the purveyor of food - or even if acting as a conduit - you have an obligation to consider the public's health and safety. There is an assumption that the product will be safe, just as you assume your Uber will not be a 1971 Ford Pinto with bald tires and an unlicensed driver. Disrupting an industry by challenging the regulations is a great way to go, think Uber or airbnb. Even with the disruption you must still be able to service the customers in a safe way. The FDA states that there are "about 48 million cases of foodborne illness annually...these illnesses result in an estimated 128,000 hospitalizations and 3,000 deaths." Food industry regulations, both local and federal, have evolved as a necessity.
If you would like to talk through options which begin to address the safety concerns I would be more than happy to talk with you.
It really depends. Does any company have a firm grip on the niche? Or are they new/upstarts without a foothold?
If you're in a market without your solution, you may be able to target just your city with great results (for example, Portland has a few PDX-specific apps and rewards programs that do pretty well).
If your competition is already in your market, but you're filling one of their gaps, they may be interested in acquiring your idea — just make sure it's less work to acquire you than build their own version of the feature.
Even if you have direct competition, though, if you really believe in your idea you should just go for it. Foursquare and Yelp both have audiences. PayPal and Square and Stripe all have their own user bases. There's a lot of room in the world for great products.
Quickly answer this question...did you start working on your idea to build a business or create something to sell right away? The answer should tell you where your passion is. Passion is what gets you through the rough spots (as corny as that sounds).
No matter what the answer is, the next step is to study these competing services to figure out what your compelling point of difference is. Improve your product based on what you find. If you choose to try to work jointly, you'll be on favorable terms coming into the discussion. If not, you'll have something that works better than the competition.
Related Questions
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Want to start my business in the food delivery industry!
The online food delivery industry is at its growth stage, especially after lockdown. There is a surge in demand due to the COVID-19 outbreak as the customers were unable to visit their favorite restaurants and opted for ordering food online. As a precaution, even the restaurants have reduced the sitting capacity in the restaurants, which is one big reason for the increase in online orders. Apps like Uber Eats, GrubHub, Deliveroo are high in demand with an increasing number of downloads each day. This is because consumer behavior has changed, people now feel it safe and more convenient to order food online during the pandemic to avoid crowded places. Even the restaurants that earlier did not have the online services available have started investing to digitize their food ordering and delivery system. However, the entrepreneurs demand platforms similar to top players like Uber Eats. Here is a blog that has explained in detail “How to build an app like Uber Eats”: https://www.fatbit.com/fab/how-to-build-an-app-like-ubereats/ To build an online food ordering and delivery platform you can either opt for a ready-made solution that is a cost-efficient investment or build the website/app from scratch. Food Delivery Solution like YoYumm is suggested based on the features they offer to their customers and the after-sales services provided by the Yoyumm team to build an app like Deliveroo and Just Eat. For more information, you may visit: https://www.fatbit.com/online-food-ordering-software.html For entrepreneurs who are planning to invest or start their online food ordering and delivery business, this is the right time as the demand in the market is high for food delivery services. On the other hand, if we talk about the offline food business, they too are finding their way back. Offline food joints and restaurants have resumed their services after lockdown with more safety and sanitization precautions for both their customers as well as staff. Although the footfall is comparatively less still the business owners are looking for a better solution to cope up with the new norms and change in customer behavior. Take Away The online food delivery marketplace provides customers with the choice & convenience of getting food delivered at their doorsteps with a few taps on their mobile phones. To deal with the change in norm due to the pandemic online service for food ordering and delivery is in demand and entrepreneurs/restaurant owners should pay attention to online food delivery services. You can either create your own platform to receive the order and deliver food or register your restaurant/food joint on platforms such as Uber Eats, Just Eats, and Deliveroo to make the best use of the new digital opportunities. Suggested read: Looking To Start an Online Food Delivery Platform? Take a Look at These Key Features (https://www.fatbit.com/fab/depth-feature-analysis-create-successful-online-food-delivery-platform/ )PC
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How should I begin research for opening a cafe in an industrial area? I have the land, but I'm not sure where to begin with cost analysis, etc.
You already have part of your answer. You know what types of foods the local workers are eating based on the food trucks. What you need to consider is how much of that type of food can you sell and at what cost in order to recoup your costs to develop the land. This is assuming that there are currently no buildings on the land that can be converted into a restaurant. Keep in mind that you are in an industrial area, how many shifts are there, how many workers buy their meals, and not bring them from home. The first step I is to find out the cost of development, while doing that make a survey and go down by those food trucks (if you can afford it hire some young people to do that for you) Count the number of customers that eat there and ask the people that buy food there if they would come to a restaurant if it was built? What kinds of food they would be looking for? How much of a break do they get for meals? Things of that nature. You may find it better to develop the land in an industrial way rather than a restaurant. The surveys will reveal the possible amount of customers you potentially have, and can give you a price point on how much they are willing to pay, and even do they have the time to come to a restaurant to eat.CA
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What steps do I need to take to start my own pet consumables brand?
Hello, Most businesses despite the product fall under two general categories: 1. Products 2. Services For USA based businesses – we consult on every aspect from Conceptualization-to-Completion, including federal, state, and local laws/regulations, etc. We even provide referrals for Branding (Logo/Product Packaging, etc.), Website Building & Security, SEO, Google Search, etc. With a few more details we are happy to provide you clarity to help you reach your ultimate goals.DP
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How should I go about sourcing for a packaging company or finding a company with competitive prices?
Shipping components are expensive and unless you have the volume to buy in quantity vs small bundles is when you'll be able to shop around for a better deal. For example, Uline offers packaging in bundles of 8 or 25 as their minimum, this is stock item for which they order several thousands units of to keep the cost down. For you it fits because you can buy in small amounts at a time. However, if you have a need for 1000 at least or more units then buying from Uline is really expensive compared to what you could buy them for. Uline is a major distributor with a 45-50% markup on their items (give or take) as they have large warehousing and infrastructures. If you are ready to move to the next level, first find the correct material name for each packaging component, and look for suppliers of that particular item. Search websites likehttp://www.thomasnet.com/ for suppliers. Or go through a packaging broker instead of a distributor, like Landsberg Orora, or Ernest Packaging, and they can do all the leg work for you and still save money. Additionally, I know your drawing is not to scale, but there seems to be excess empty air space, if that is true then you can customize your packaging per exactly your needs, which will help to further bring the cost down. An engineer should take a look at your current situation because there is more at play than just shipping components - method of shipping, weight, weather condition, materials thickness etc all play a roll and can all contribute to cost saving while making the whole thing function better. This question is common enough that I've written tutorials on it http://howtobuypackaging.com/how-to-buy-packaging-part-1-determining-your-packaging-needs/.SG
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What first steps do I need to take in order to start my own fast food company?
My assumption is that fast-food chains begin as restaurants in a single location. Then, if they're successful, they expand – with or without franchising. Honestly, I know next to nothing about running a business in the food industry. But I can help you with 1 important first step: creating your brand, choosing a name, and obtaining the matching domain. A single-location restaurant might get by with a clunky domain or a brand name that isn't unique at a national level, as long as customers can find their building. However, if your goal is to expand beyond that 1 shop, then branding and the internet will be especially important.JP
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